Daily Archives: June 5, 2007



The following was posted apparently by VECO personnel in response to our article about their newly-appointed interim CEO “Daniel E. Armel” as indicated in their press release.

It appears that the Barbados Free Press article was incorrect and that another Daniel E. Armel was named in the U.S. Securities Exchange Commission Report.

Our apologies to Mr. Armel. We will leave this post up for the time being so that the truth can be seen by all who saw the incorrect article.

If we have to eat gull, we do it in public – but it is also the nature of the electronic media that errors can be immediately noted and corrected – which this was within hours.

Here is what we received from VECO and our original article…

(And after that, now that we have VECO’s attention, perhaps some of the citizens of Barbados have some questions they might like to ask VECO about the new prison or the oil terminal?)

Marcus (& unfortunately… Cliverton)


Unfortunately we are living in the days of negative press where some reporters no longer research to obtain accurate information. Reporters with lower ethical standards are making allegations against our newly appointed Interim CEO, Daniel EDWARD Armel, which are possibly slanderous and definitely untrue. You may be seeing these articles appear in print and over the internet, so I’d like to make sure you have the facts.

These articles referencing Daniel EUGENE Armel who was convicted of securities fraud, as stated in a 1966 Annual Report of the U.S. Securities and Exchange Commission have inaccurately named OUR Daniel E. Armel. At the time of this crime, VECO’s Daniel EDWARD Armel was enrolled at Ohio State University, was 21 years old, and very much the upstanding citizen he remains today.

Below is clarification:

Our research indicates the reference by the Barbados Free Press (and also published by the Alaska Report) have got the wrong man. Daniel EUGENE Armel who was born in 1917 in Columbus, Ohio, died sometime in the 70’s. His “empire” was something called either Certified Industries or Certified Credit Corporation, which was engaged in consumer lending, insurance and real estate. We believe that that Mr. Armel was incarcerated in a Federal penitentiary in Indiana for his crimes.

VECO’s Mr. Armel is Daniel EDWARD Armel, who was born in Phoenix, Arizona, in 1944. Our Mr. Armel is still very much alive. It is highly unlikely that, if in any way associated with the aforesaid crimes, our Mr. Armel would have been allowed to enjoy an illustrious career as a vice president of Morgan Guaranty Trust Company of New York, and then as a senior partner of the “Big Six” accounting firm of Coopers & Lybrand. Our Mr. Armel admits to two speeding tickets in his youth and has never been arrested for anything. Also, throughout his 35+ year career in challenging and highly complex transactions, our Mr. Armel has never been sued.

Barbados Free Press Also Received this email…

Your story titled “BREAKING NEWS: VECO Bribery Scandal – VECO Appoints Convicted Securities Fraud Felon As New CEO !” is incorrect.  You have the wrong “Daniel E. Armel” of VECO.  The Daniel EUGENE Armel who was convicted of securities fraud, as stated in a 1966 Annual Report of the U.S. Securities and Exchange Commission is not the Daniel EDWARD Armel who was just named VECO’s CEO.

I guess your reporters do not do very much research.  Sad.

Don Coscia
Piping Designer
VECO Alaska, Inc.
949 East 36th Avenue
Suite 500
Anchorage, AK 99508
(907) 762-1227
Fax (907) 762-1125

Original Investigation & Story Copyright Barbados Free Press – Not To Be Copied In Any Way Or For Any Purpose

NOTE: BELOW ORIGINAL STORY AS POSTED IS NOT ACCURATE. The wrong man was named and we are leaving this up for a time so those who saw the original story will now know that it was not accurate.

Scandal Ridden VECO Appoints Daniel E. Armel As Interim C.E.O. – Convicted Securities Fraud Felon

Does the Board of Directors for scandal ridden VECO Corporation know that their newly-appointed Interim C.E.O. was convicted and sentenced to 15 years imprisonment for his leading role in a securities fraud that took millions of dollars from trusting investors?

For VECO Corp’s Board of Directors, it is difficult to say what would be the best or worst answer to that question… “Uh-Oh, we didn’t know that” or “Yes, we know but we don’t care”

On Monday, June 4, 2007, VECO Corp. Chairwoman Tammy Kerrigan announced that Daniel E. Armel had taken over for disgraced company founder Bill Allen who resigned after pleading guilty to federal charges of extortion, bribery and conspiracy.

Before making their announcement, maybe VECO’s Board of Directors should have looked at the 1966 Annual Report of the U.S. Securities and Exchange Commission, that tells of Daniel E. Armel’s conviction and sentencing…


The conviction of Daniel E. Armel and others by a jury in the Southern District of Ohio culminated the Commission’s investigation of the corporate “empire” of Armel. The fraudulent offer and sale of securities of the numerous corporations which made up the “empire” resulted in the loss of over 9 million dollars to investors. Two of the defendants convicted, Donald Hathaway and Jack Singleton, were certified public accountants who actively assisted Armel in perpetuating this fraud. Armel, the chief architect of the fraudulent promotion, received a sentence of 15 years imprisonment.

… from the 1966 Annual Report of the U.S. Securities and Exchange Commission


Barbados Closely Watches The VECO Scandal

The continuing VECO scandal and ongoing FBI investigation is being watched closely by citizens of the Caribbean nation of Barbados where VECO and its subsidiaries are involved in government construction projects totaling hundreds of millions of dollars. The Attorney General of Barbados recently gave a press conference announcing that “any issues in relation to the United States has absolutely no connection to Barbados, or no connection at all to the construction of the prison”

Going even further in that interview, Barbados Attorney General Dale Marshall said “But I am satisfied that the company’s relationship with Barbados and the work they are doing for the Government of Barbados has at all times been entirely above board, and at no time is there any hint of a scandal in relation to the contracting of that company for the work on the prison or other work that they have previously done for the Barbados Government.” (Nation News article here)

Barbados Government Attempts To Defuse Questions About Relations Between VECO & Government Officials

Many Bajan citizens and local bloggers took issue with the apparent attempt by the Barbados Government to put “closure” on a scandal that is directly connected with Barbados – contrary to the Attorney General’s statements. It is alleged that Peter Kott, one of the accused in the FBI investigation, was offered a position at the new Barbados prison that is presently under construction. That project is hundreds of millions of dollars over the originally announced cost and Barbados citizens are concerned that VECO’s bribery techniques were used to obtain the prison contract and their previous major Barbados project, an oil terminal.

Barbados has no Conflict of Interest laws or Integrity Legislation for elected or appointed government officials. There is no Freedom of Information law that allows Barbados citizens or others to obtain information on government contracts. Recently there have been detailed allegations of corruption by government officials carried by that island’s independent web-based media, which the Barbados government ignores with increasing difficulty as an election is expected for the winter of 2007-2008.

Most recently a lawsuit was filed by a Canadian corporation against Barbados Prime Minister Owen Arthur, Chief Justice Simmons, Attorney General Dale Marshall and many other prominent Barbados politicians and corporations. The lawsuit apparently alleges corruption and behind the scenes dealings surrounding lands and government actions in Barbados. (see a BFP story list here)

A search of “VECO” on the Barbados Free Press website will reveal previous articles. This article first published on June 5, 2007 at 1:25pm Barbados local time.

UPDATE: Alaska Media Picking Up On This Barbados Free Press Story

Alaska Report


Filed under Barbados, Crime & Law, Offshore Investments, Politics & Corruption

Michael and Niamh Flatley Named Their Baby For The Barbados They Love!


Baby Michael St. James Flatley Is Named After The Barbados Parish

Flatley Family To Stay In Barbados For The Summer

Lord of the Dance and Celtic Tiger creator Michael Flatley and his wife Niamh named their son in part after Barbados St. James parish where they became engaged and own a house. This bit of Barbados trivia appeared yesterday in the Dublin Independent newspaper.

It can’t be a bad thing when a famous couple name their child after Barbados.

Shona and I saw Flatley’s Riverdance a few years back in New York City, came out of the theatre and immediately purchased tickets to see it again the following weekend. I didn’t know he owned a house on BIM.


Story Links

The Independent – (Flatley’s Name Baby After Barbados)

Lord Of The Dance – Website – Lord Of The Dance

Wikipedia – Michael Flatley

Official Website – Michael Flatley’s Personal Website


Filed under Barbados, Celebrities