A Vincentian woman and two companies based in St. Vincent and the Grenadines (SVG) are among six individuals and four corporate entities indicted in the United States in international securities fraud and money laundering schemes amounting to US$50 million.
Linda Bullock, 57, along with Loyal Bank, an off-shore bank with offices in Budapest, Hungary and SVG; and Loyal Agency and Trust Corp. (“Loyal Agency”), an off-shore management company located SVG, are among the group that prosecutors in New York say proposed that an undercover law enforcement agent purchase a Pablo Picasso painting to launder fraudulent profits from stock manipulation scheme.
The multi-count indictment was unsealed on Thursday in federal court in Brooklyn.
The other individual defendants are: Panayiotis Kyriacou, also known as “Peter Kyriacou”, 26, Aristos Aristodemou, 49, and Matthew Green, 50, residents of London, England; Arvinsigh Canaye, also known as “Vinesh Canaye”, 30, a resident of Mauritius and Adrian Baron, 63, a resident of Budapest, Hungary.
The other corporate defendants are Beaufort Securities Ltd., of London, England and Beaufort Management Services Ltd., of Mauritius.
The charges include conspiracy to commit securities fraud and money laundering conspiracy.
Richard P. Donoghue, United States Attorney for the Eastern District of New York alleged that 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,”
He added: “The charges announced today reflect that this Office, together with our law enforcement partners, is committed to holding accountable those who defraud investors, regardless of the complex schemes they use to hide their ill-gotten gains.”
Among other things, prosecutors have alleged that between January 2011 and February 2018, the Beaufort defendants; Loyal Bank; Loyal Agency; Baron, the Chief Business Officer of Loyal Bank and a Director of Loyal Agency; and Bullock, the Chief Executive Officer of Loyal Bank and a Director of Loyal Agency, together with their co-conspirators, devised and engaged in a scheme to launder securities fraud proceeds for their clients.
To facilitate this scheme, Beaufort Securities transferred funds to corporate bank accounts at Loyal Bank opened in the names of off-shore shell companies that were controlled by the bank’s clients, the allegation said.
It is further alleged that Loyal Bank then provided debit cards to its clients to withdraw funds from those accounts in an untraceable manner to hide the source of the money and facilitate ongoing securities fraud.
The United States Attorney General’s Office, Eastern District of New York noted that the charges in the indictment are merely allegations and that the defendants are presumed innocent unless and until proven guilty.
Flash back to the days when offshore banking was rampant and the only mainstream news I heard about Hairouna was that of money laundering, and other illegal international financial schemes. The Nano family and their Limited bank is gone, and now this Otto Hujber and his Loyal Bank. What we have seen in the past is that the only ones who benefit are corrupt politicians and attorneys, not the Vincentian public. There is no economic benefit from having these criminal entities. They obtain their money through international drug dealing, international crimes, tax evasions, etc, and use us to clean it for them! What utter nonsense. But why is SVG a magnet for international criminals and their businesses? Why can’t we attract legal industries such as manufacturing, information technology, and similar services. These money laundering business are not going to improvement our economy. They wont create jobs, and certainly will not help to improve the quality of life for the average Vincentian. They will increase crime because that’s just the nature of that business. They also severely damage the international reputation of SVG. Thinking back about the Nano family when they were friends with the incumbent administration at that time, and their attorney was a prominent member of the opposition. Oh, and don’t forget about the attorney general who they had in their back pocket. I’m afraid of these guy they use their finances to manipulate our leaders. They are the proverbial tail that wags the dog. As my “Yardies” would say ‘what a bam bam”! It’s obvious that these criminals chose SVG because they can “buy their way” through the system and maybe the venue is well seasoned for that. My advise is we need to get rid of corruption, crack down on crime, and concentrate on building the economy, tourism, for a better and safer SVG.
Is there an app coming soon?
This is the best most intelligible piece I have every read from a Vincentian. I applaud you Dr Hines as an intellectual, as an activist and as a woman. I would also support you in any way I can.
Thanks, I read your following review