First_International_Bank_of_Grenada

First International Bank of Grenada

First International Bank of Grenada

Offshore bank involved in a Ponzi scheme

The First International Bank of Grenada (FIBG) was an offshore bank that operated between 1996 and 2000, duping thousands of people in a Ponzi scheme. Four people were indicted, the result of a collaborative effort between the FBI and the Internal Revenue Service, estimating a monetary loss from investors at over $170 million.[1]

The scheme was first reported by David Marchant, the publisher of OffshoreAlert, a Miami-based newsletter.[2] The bank was put in liquidation with liabilities of $473 million.[3]

References

  1. [1]
    "Four Sentenced In Bank Of Grenada Ponzi Scheme". OPB. 17 July 2003. Retrieved 23 June 2014.
  2. [2]
    Woodard, Colin (31 May 2008). "Post-Ponzi scheme, Grenada to reopen for offshore banking". The Christian Science Monitor. Retrieved 23 June 2014.
  3. [3]
    Marchant, David (13 February 2002). "Funny Business: Oil or snake oil?". Retrieved 23 June 2014.
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