May not be the exact bankRegulators in St Vincent and the Grenadines have taken control of an island bank that U.S. authorites linked to an alleged $68 million Ponzi scheme, the prime minister said Friday. Ralph Gonsalves said in an interview with the Associated Press in Millennium Bank in the eastern Caribbean island chain has just $4 millionin assets and equity.
It is this year's second prominent fraud allegation involving a Caribbean- based offshore bank. Last month, authorites accused Texas billionaire R. Allen Stanford of defrauding investors of some $8 billion througha bank in Antigua, Gonsalves said he had tried to kick millennium Bank out of the country for mismanaging assets.
from Wire Reports
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