The cold reality of life behind bars has persuaded former offshore banker Paul Morgan Jones to start turning over his assets to the Receiver of Cash 4 Titles, which perpetrated one of the biggest Ponzi schemes in history, operating from
Two defendants face lengthy prison sentences after admitting their involvement in an investment fraud perpetrated by the First International Bank of Grenada.Robert Skirving and Rita Regale each pleaded guilty to one count of conspiracy to commit money laundering regarding FIBG's fraudulent proceeds at the U. S. District Court for the District of Oregon on July 19, 2006.
OffshoreAlert has previously reported about the long-running battle between Taiwan and China for influence in the Caribbean in which impoverished countries receive sizeable financial assistance in return for officially recognizing - or refusing to recognize - Taiwan as a country, depending on who is offering the most attractive deal; The Central Bank of Belize issued a warning about United eXchange International Bank on December 1, 2005; Richard Fogerty and James Cleaver, as joint official liquidators of Bancredit Cayman Limited (in liquidation), have filed two civil lawsuits in the United States in an attempt to collect $2.34 million of allegedly unpaid loans that were issued to customers of the banks; Why did First International Bank of Grenada founder Gilbert Allen Ziegler change his name to Van Arthur Brink in June, 1998?[ Florida-based attorney Nigel Scott Grant and his son, Nicolas E. Grant-St. James, who previously established and, in at least one instance, operated sham credit unions in St. Kitts & Nevis, are back in business together, this time onshore; and Kenneth Krys and Christopher Stride, of RSM Cayman Islands, were appointed as Joint Provisional Liquidators of PFA Assurance Group, Ltd. on September 19, 2005 following an investigation by the Cayman Islands Monetary Authority.
The front-man for one of the most notorious offshore banking scams has died of a heart attack in Oregon before he could be tried on 147 counts of conspiracy, fraud and money laundering. Van Arthur Brink, formerly known as Gilbert Allen Ziegler, passed away on Saturday, December 10, 2005, U. S. authorities have confirmed to OffshoreAlert. He was 54.
Two men who allegedly masterminded a $206 million offshore fraud and then fled to Uganda are back in the United States following a shoot-out that left a bodyguard dead.Former First International Bank of Grenada principals Van Arthur Brink, a.k.a. Gilbert Allen Ziegler, 53, and Douglas C. Ferguson, 71, were arrested by police at their residential complex in Kampala, Uganda on May 28.
Five insiders with the First International Bank of Grenada have been criminally indicted in the United States for allegedly perpetrating a scam that cost investors more than $206 million. Gilbert Allen Ziegler, a.k.a. Van Arthur Brink, a U. S. national formerly of Oregon and Hawaii, now living in Uganda; Douglas C. Ferguson, a U. S. national formerly of Oregon; Laurent E. Barnabe, a.k.a. Larry Barnabe, a Canadian national residing in Las Vegas, Nevada; Rita L. Regale, a.k.a. Rita L. Brunges, a U. S. national formerly of Hawaii; and Robert J. Skirving, a U. S. national residing in Oregon, collectively face 146 counts at the U. S. District Court for the District of Oregon.
Second Superseding Indictment in USA vs. Gilbert Allen Ziegler, a.k.a. Van Arthur Brink; Rita Regale, a.k.a. Rita Brunges; Douglas Ferguson, Robert Skirving and Laurent Barnabe, a.k.a. Larry Barnabe, at the U. S. District Court for the District of Oregon.
Christopher Stone, ex-Managing Director of now-defunct, Dominica-based Investors Bank and Trust Ltd. was released from custody in Belgium in February on bail of 125,000 Euros, said a source; A default judgment for $130 million was entered against Bahamas-registered Vavasseur Corp. at the U. S. District Court for the Western District of Virginia on February 21, 2003 for its part in an international Ponzi scheme; Grenada Supreme Court issued a $125 million judgment against Van Arthur Brink, a.k.a. Gilbert Allen Ziegler, former head of the First International Bank of Grenada; Allen Wheatley, former Financial Secretary of the British Virgin Islands, was sentenced to serve five months in prison on February 17 after being found guilty of corruption charges; Cayman Islands-based businessman Kenneth Dart has acquired a 5.7 per cent stake in financially crippled, Bermuda-based insurance firm Mutual Risk Management; British trader Sean Alexander Quinn, 36, was released from prison in Barbados on December 5, 2002 after pleading guilty to an amended charge of money laundering; Receivers for the fraudulently-operated asset planning group Merrill Scott & Associates have found $1.03 million of assets in the Cayman Islands; The Bahamas Ministry of Finance expects to receive a report on the status of the financially-troubled Bahamas International Securities Exchange in the first week of March, 2003; The number of companies incorporating in the Cayman Islands has steadily decreased over the last three years, according to a report by Cayman Net News based on information provided by the Registry General; Florida-based Briton Edward Myles Chism Jr., 63, was taken into custody in Florida on February 7, 2003 - one day after being criminally indicted on three counts of tax evasion at federal court in Miami; Bermuda may be about to lose its grip at the top of the offshore world; and The Irish Minister for Justice has applied to Ireland's High Court for an order directing the Cayman Islands branch of Ansbacher International to pay US$3.1 million to cover the costs of a long-running inquiry into corruption and tax evasion.
First International Bank of Grenada founder Van Brink stripped $4.5 million of assets out of the bank not long before it went bust, according to its liquidator.In his third report to creditors dated June 1, 2002, Marcus A. Wide, of PricewaterhouseCoopers, reported that details of the asset transfers were contained "unsigned minutes from FIBG's June 2000 Board of Directors meeting".
In his Third Report dated June 1, 2002, the liquidator of the First International Bank of Grenada has again warned creditors that there may not be any dividend distribution.Marcus A. Wide, of PricewaterhouseCoopers, advised "there is a real and distinct possibility that there will be no distribution whatsoever made by the Liquidator to the FIBG depositors/creditors".
Subpoenas have been sent out to several former officers of the First International Bank of Grenada, including Rita Regale, Robert Skirving and Van Brink, to appear for examination in Grenada as part of the liquidation process being carried out by PricewaterhouseCoopers; Yet another Grenada offshore bank has gone out of business amid allegations of fraud against its clients; The Bank of Bermuda has estimated that its remaining potential liability to outstanding litigation relating to the Cayman-based Cash 4 Titles Ponzi scheme, excluding the $67.5 million settlement of a class action lawsuit in the United States, is no greater than $20 million; A civil complaint alleging 'dumpster diving' against international debt recovery firm Interclaim that was reported in last month's edition of OffshoreAlert has been dropped; The incredibly slow - yet inevitable - collapse of The Harris Organization financial services group of Panama appears to be closer than ever; and Bermuda-based stockbroker Carol Green has been ordered by a local court to repay $143,536 of debt run up with her former employer Lines Overseas Management.
First International Bank of Grenada founder Van Brink appears to have spent much of his time viewing pornography over the Internet while clients were being fleeced, according to investigators. An analysis of a hard-drive taken from a computer used by Brink in Grenada showed that "about 80 per cent" of the settings on his Internet browser were pointed at porn sites, OffshoreAlert was told.
In the public interest, we have posted two new documents on our web-site about the First International Bank of Grenada, which can be downloaded from www.offshorebusiness.com/fibgpage.htm. Both documents are emails that were sent last year, one from FIBG founder Van Brink to Tai Hastey on March 28, 2001 and the other from British barrister Lawrence Jones to Brink on June 8, 2000.
Creditors of the First International Bank of Grenada have been informed by its liquidator that they might get back nothing from the liquidation. In a letter to creditors dated April 23, 2001, FIBG liquidator Marcus A. Wide, of accounting firm PricewaterhouseCoopers, wrote that "there will be a significant shortfall to creditors".
A new scheme run by former First International Bank of Grenada group officer Doug Ferguson has been denounced as a fraud by a representative of an organization within the United Nations. Ferguson has distributed promotional brochures in an attempt to raise "donations" for a "Foundation" to purportedly fund the G77 Chamber of Commerce & Industry of Developing Countries.
A petition to wind-up the First International Bank of Grenada was filed by the Grenada government on January 12, with PricewaterhouseCoopers appointed as liquidator. In the petition, the government announced that US$206 million of clients' principal went into FIBG and that an additional US$266 million of interest is owed to creditors.
American conman Van A. Brink, the founding chairman and CEO of the First International Bank of Grenada, recently married a considerably younger local woman in Uganda, where he fled just before FIBG collapsed in 2000 with an estimated $150 million stolen from depositors.
Grenada regulators have allowed the sham insurer known as IDIC to incorporate on the island after regulators in Nevis and Dominica closed down the company, we can disclose. IDIC was closed down by Nevis regulators on January 27, 1999 and, the following month, was shut down in Dominica, where it had moved.
The massive financial scam being committed in Grenada by Canadian and American crooks has reached new levels of farce after the island's government announced that it had investigated - and cleared - the First International Bank of Grenada of any wrongdoing. Grenadian Prime Minister Keith Mitchell gave the bank a clean bill of health at a press conference held on July 23 and attended by local journalists.
One of the First International Bank of Grenada's partners in crime, the Grenada-based World Investors' Stock Exchange, has stepped up its efforts to part the public from their savings. The shares of seven new companies were listed on WISE this month to go with the only other previous listing, that of EcoMed International, which we recently revealed had a false prospectus.
Grenada began to come to grips this month with a financial scandal that is threatening to make the island the laughing stock of the offshore world. Three months after Offshore Alert exposed it as a fraud, the First International Bank of Grenada appears to be on the verge of being closed down by the local government.