Anthony @ Equity Investigations, Dear Anthony, Message Board

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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony,

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To: scion who wrote (89380)	1/15/2005 3:01:43 PM
From: scion	Read Replies (2) of 122087

This indictment marks the second time that Attorney General Brady has taken action against the sale of fraudulent securities issued by the First International Bank of Grenada. state.de.us How could it all have gone so wrong, so fast? In 1997, Grenada launched itself onto the international financial services stage with a package of measures designed to bring much needed wealth and high quality jobs to the small Caribbean community. In 1998, it granted a full service licence no. 0005 to First International Bank of Grenada. Grenada began a programme of economic citizenship and one of the early passports was to one Van A Brink, who became the inaugural chairman of First International Bank of Grenada. Over the next two years, Grenada saw the arrival of a revolutionary new stock market and First International Bank of Grenada worked with a company called International Deposit Indemnity Corporation to offer insured deposits and a secure means of investing in the companies listed on the stock exchange. In 1999, the Governor-General in his September 1999 Throne Speech for the State Opening of Parliament said " To date, less than three years after the first international business company was registered in Grenada, this sector has contributed more than EC$15 million to Government revenues and has created approximately 150 direct jobs for Grenadians." First International Bank of Grenada was lauded in the international press. In early 2000 criticisms of it were deflected by members of the Government. But by April, the Government was concerned that audits were not completed and compliance reports not filed. Now the government is in de facto control of the bank, Van Brink is allegedly trying to gain control over significant aspects of the financial system of an African country, the Government's investigators have accused senior officers and others of having siphoned off millions of dollars and of issuing certificates of deposit for more millions, claiming that the money to cover those CDs does not appear in the books of the bank and Grenadian authorities have commenced prosecutions against several people connected with the bank. The Insurance scheme is being shown up as having no merit and depositors can see little chance of money being returned. And in the face of all of this, FIB's website is back up and seemingly inviting business. In a major article, World Money Laundering Report examines the facts and rumours surrounding the anatomy of a scandal that will rock the offshore world and damage the reputation of Grenada so causing those dealing with it to assume that dealings with its new financial sector should be viewed with suspicion. vortexcentrum.com

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