Crisis at Loyal Bank without solution?

Discussion in 'Offshore Bank Accounts & EMI Accounts' started by Caporaso and Partners, Aug 6, 2018.

  1. Caporaso and Partners

    Caporaso and Partners Active Member

    The crisis at the offshore Loyal Bank of St. Vincent and the Grenadines with offices in Budapest continues, just recently its customers learned that incoming and outgoing transfers were suspended indefinitely; Although, as is often the case in these cases, neither the Caribbean country's financial authorities nor the bank itself have offered a detailed plan on how the depositors will be able to recover their funds.

    The scandal at the loyal bank began two years ago, when it was forced to close all correspondence accounts, which made the loyal bank inoperative for several months. However, thanks to its 400 million dollars capital, the bank managed to recover and continue operations.

    The loyal has been involved in serious conflict. This bank was one of those involved in the FIFA corruption scandal, which brought to prison so many leaders of the organization that governs the football milieu and more seriously was the involvement of Loyalist CEO and CBO, Adrian Baron and Linda Bullock, in an indictment of conspiracy to defraud the US government.

    The New York district attorney's bureau was in charge of presenting the case, which also involved the company broker Beaufort Securities, together with the loyal bank, the loyal Agency and Trust Corp., an offshore company located in Saint Vincent and the Grenadines.

    Between March 2014 and February 2018, Beaufort Securities along with its partners (including the Loyal bank) became involved in a scheme to defraud investors and potential investors in many U.S. companies by hiding the true ownership of these companies and manipulating the price as well as the volume of exchange in shares of those companies.

    As part of this scheme, Beaufort Securities transferred funds to corporate bank accounts at the loyal bank, which were created on behalf of offshore shell companies, which were controlled by bank customers. Another way to launder the money from fraud was through the purchase of works of art.

    The problems increased in March this year, the loyal suspended the issuance and recharge of prepaid cards and, now, deepened in its crises with the suspension of entry and exit transfers.

    On July 31, on the internet banking system of the Loyal bank, a communiqué was published, calling on customers not to transfer funds, or withdraw money, until further notice.

    If you have frozen funds at the loyal bank and need assistance, the Caporaso & Partners firm with attorneys having more than 30 years of offshore banking experience can assist you at very convenient rates.
    negon likes this.
  2. Martin Everson

    Martin Everson Offshore Consultant Business Angel

    Update: Defendant in Beaufort Securities court case pleads guilty

    The court case in the USA relating to collapsed broker Beaufort Securities has seen one of the defendants plead guilty to a money laundering conspiracy.

    Arvinsingh ‘Vinesh’ Canaye, a Mauritian citizen and general manager of Beaufort Management, an offshore company connected with Beaufort Securities, has pleaded guilty according to The Times.

    Canaye was one of six defendants named in a US indictment issued in March that came on the same day as the Financial Conduct Authority ordered Beaufort to cease all regulatory activity as the company was declared insolvent.

    Beaufort Securities has been in the spotlight since December 2016 when the FCA restricted its discretionary powers.

    The paper also reported that a second defendant, Adrian Baron, chief business officer of Loyal Bank, has been extradited from Hungary.

    Baron, 63, a British citizen, has been accused of a money-laundering conspiracy involving Beaufort and Loyal Bank, an offshore bank with offices located in St Vincent and the Grenadines and Budapest. He has also been accused of conspiracy to defraud the US. He has pleaded not guilty to all counts, according to court documents.

    In March US attorney Richard Donoghue said: 'As alleged in the indictment, the defendants engaged in an elaborate multi-year scheme to defraud the investing public of millions of dollars through deceit and manipulative stock trading, and then worked to launder the fraudulent proceeds through off-shore bank accounts and the art world, including the proposed purchase of a Picasso painting.'

    Beaufort Securities should not be confused with Beaufort Group, a national advice business and a completely separate company.
  3. Martin Everson

    Martin Everson Offshore Consultant Business Angel

    It gets worse for Loyal bank: Some how this bank's name has been involved in major scandals and now their name comes in in Paul Manafort trial. Yet another serious allegation but good luck to anyone who used that bank.

    The Mystery Of The Fake Invoices That Keep Popping Up In The Manafort Trial

    That Paul Manafort allegedly spent millions on luxury goods and services using foreign wire transfers of income he failed to report on federal tax forms is an accusation that special counsel Robert Mueller has made since he first brought charges against the former Trump campaign chairman last October.

    But at Manafort’s ongoing trial in Virginia this week, prosecutors have hinted that there was something even fishier in his financial relationship with a number of high-end vendors, many of whom were called to the stand to testify Wednesday and Thursday.

    A number of them were asked about seemingly faked invoices that appeared to have come from their companies, but were just a little off. Maybe the name of the company was misspelled, or the zip code was off by a digit. In one case, the executive at a home entertainment installation company in Florida explained that the invoice billed for general goods and services, whereas his company went into great detail in its invoices about what its clients were being charged for.

    These mystery invoices bear the stamp of a “Loyal Bank” in St. Vincent and the Grenadines. A bank by that name was indicted for money laundering earlier this year by a federal grand jury in the Eastern District of New York.

    Manafort’s attorneys, when questioning the vendors about the apparently fake invoices, stressed that the vendors aren’t aware of who was the signatory on the St. Vincent bank.
  4. Martin Everson

    Martin Everson Offshore Consultant Business Angel

    Admin likes this.
  5. Caporaso and Partners

    Caporaso and Partners Active Member

  6. Martin Everson

    Martin Everson Offshore Consultant Business Angel

    It makes you think. Why would he go to all the effort of helping a U.S person open an account at Loyal Bank unless he was getting some sort of large kick back. I am sorry but no bank CEO would risk hiding a U.S client and jail for a couple of dollars monthly account fee. He was either getting some money under the table or the $30 or whatever small monthly fee his bank would have made from this client is a lot of money in Hungary and worth risking jail for ns2.