CL Financial, CLICO Fraud Report: Dummy Company, Phantom “Consultancy” Payments, Vanishing Money Transfers From Company To Company

… However, reports this week indicated that forensic investigator Bob Lindquist has uncovered a dummy company associated with CL Financial and Clico.

The company is said to be linked to two former senior officials of CL Financial. Lindquist has been called in by Government to assist in untangling the maze of dealings in the CL Financial group in the wake of a State bailout of the conglomerate.

Sources said Lindquist has uncovered a paper trail showing the exchange of funds between the various companies of the group.  This paper trail suddenly came to an end after detailing the transfer of funds. The phantom payments were reportedly made under the guise of “consultancy fees” and cannot now be traced.

Sources would not reveal the names of the two men involved but would only say that they were high-ranking and had been influential in the company.”

… from T&T’s Newsday article I Have A File On CLICO

“Criminal Activity On The Part Of Clico” Trinidad & Tobago Attorney General John Jeremie

CLICO Barbados ThompsonSo much for the claim that Barbados has effective oversight and regulation of public companies and the insurance industry.

The house of cards known as CLICO has fallen and it turns out that CLICO’s criminal activities were known and documented by the Government of Trinidad & Tobago as far back as 2006.

“Sources would not reveal the names of the two men involved but would only say that they were high-ranking and had been influential in the company.”

Meanwhile, the current forensic investigation by Bob Lindquist has apparently uncovered dummy companies, monies being transferred to nowhere and the ever-present “consultant fees” by the truckload.

Barbados Free Press Uncovers New CL Financial-Related Company Created Under Suspicious Circumstances

A CL Financial company called British American Insurance Company Limited is being sued over a US$300 million dollar Florida land deal.

A court document obtained by Barbados Free Press alleges that secret “incentives” (read “secret commissions”, “bribes” or “gifts”) were provided to company insiders in return for having CL Financial Group purchase the land for more than it was worth.

Barbados Free Press today discovered that a Senior CL Financial Executive named Robert FULLERTON formed a new Florida company B. A. Payment Services LLC on February 5, 2009 after all the trouble started with CLICO & CL Financial but only 14 days before the lawsuit was launched over the US$300 million dollar land deal.

We find the timing highly curious and we’re sure that Bob Lindquist and the Plantiff Green Island Holdings, LLC will too!

For full details, copies of corporate and court documents, visit BFP’s story EXCLUSIVE REPORT BY BARBADOS FREE PRESS: CL Financial Group Collapse – Insiders Took Bribes To Have Company Purchase Land For More Than Market Value!

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21 Comments

Filed under Barbados, Corruption, Crime & Law

21 responses to “CL Financial, CLICO Fraud Report: Dummy Company, Phantom “Consultancy” Payments, Vanishing Money Transfers From Company To Company

  1. politicians of integrity

    It takes individuals of strong strength of character and integrity to be put in a position of authority over thousands of persons monthly savings eked over years of hard work and, in many cases, through much sacrifice.

    In the wrong hands and without strict Integrity legislation this responsibility and trust money disappears instantly and becomes play money to be squandered in an instant.

    Hundreds of millions of dollars of peoples savings and indirectly insurance premiums were flushed down the toilet for property that was probably a small fraction of what it was really worth.

    Barbadians sick of the lack of accountability of the last pack of elected officials turned out to make a change in January 2008 based on the promise of a Ministerial code, ITAL and FOI.

    Only Barbadians can fix this problem and they must dig deep to understand why they continue to elect those who are not worthy to be elected but who continue to betray their trust and promises.

  2. MANJAK

    Congratulations is certainly very much due here BFP.

    One would find it very difficult to beleive that the Fourth Estate in Barbados were unaware of the rotten and suppurate nature of Clico. Yet they have been silent as the graveyard at Westbury.

    The shower of incompetent and perfidious scribblers at Fontabelle have failed repeatedly to serve their Bajan readership and the wider society other than with trivia, omissions, and downright untruths. They plumb the depths of utter disgrace.

    We have had our Prime Minister one David Thompson who travels by Clico luxury jet to Toronto and London to address Canadian and UK/Bajans but before he does so Clico is the warm up circus act flogging houses to the attended Bajan audience.

    This is the humiliating role that a Barbados Prime Minister is reduced to and in doing so he demeans us all. What a sad and woeful position, what a burden to attache to the shoulders of the Bajans who are proud of their heritage and acknowledge with deep pride those Bajan patriots the Clement Paynes, the Nanny Grigs, the Clennel Wickhams who sacrificed so much to build this special little place in the Caribbean.

    Over the past few weeks the world has been witness to an utterly extraordinary spectacle. It has taken a whistle blower at the heart of the government and the British Parliament with the active involvement of the British press to expose its rotten and corrupt state. All have been tainted, the government, the opposition, the Speaker and the House of Lords.It is a very British revolution that is unfolding presently. The peasants are revolting and British democracy will not ever be the same ever again.

    Lessons here certainly for Bajans and the somnolent non seeing, non hearing, ask no questions Bajan Fourth Estate. One can but hope. But there must always be the threat, that damoclean sword, that unrelenting spotlight trained constantly on those business folk, some who mean us financial harm and especially onto the politicians many who are easily corrupted who will sell their mothers, their children and their souls for seven pieces of stinking silver.

  3. kiki

    And the moral of this story is:

    ” People / crooks WILL STEAL your money if you are stupid enough to let them.. “

  4. kiki

    “”Meanwhile, the current forensic investigation by Bob Lindquist has apparently uncovered dummy companies, monies being transferred to nowhere and the ever-present “consultant fees” by the truckloads””
    +
    That can not be true, money does not disappear to ‘nowhere’ (unless your wife is taking it)..

    .. it may have been diverted to another a/c

    .. maybe you can claim back the consultant fees by the truckload

  5. politicians of integrity

    correction Kiki

    It wasn’t their money.

    It belonged to thousands of small depositors and insurance clients.

    They were looking the other way because their silence had been bought.

    Maybe it was incredibly naive of the depositors to believe their government was protecting them from scam artists?

  6. cq8

    If you can’t find the money then it disappeared to nowhere. This is very common in Barbados. Witness the money-pit known as Hotels & Resorts (GEMS Hotels). Government won’t say how many millions are gone, but the money is gone and disappeared. Happens all the time in Barbados.

  7. kiki

    I know what you mean..
    but –
    when you debit one account by -X amount
    you must credit another account by +X amount

    surely a bank can identify who receives the cash in every transaction it performs

  8. Ganong

    All very interesting

  9. Sir Bentwood Dick

    Just a question, what are the nationalities of the persons mentioned in the article?

  10. cq8

    If the Stanford Bank is involved, that might be problematic!

  11. no name

    http://www.nationnews.com/news/local/LEAD-Shakeup-in-CL-Financial-board-FRONT-PAGE-OTHER

    Check this

    “He said the list of creditors included “all the local banks and large American banks”.”

  12. kiki

    Working from the other end.. can’t you identify suspect bank accounts with large amounts that can’t be explained

  13. Avatar Gurl

    That’s why i don’t pay my premiums no more! i only pay 400 dollars! And i closing it down TOO!

  14. Bajan Bullets

    Another vanishing act has occurred. The Clico Barbados website has been taken down due to “construction”. Anyone who knows anything about running professional websites knows that taking down your website altogether without even leaving up any contact information is a huge ‘no no’.

    The question is, why would a company like Clico do this, especially at a time when many people need or want to get in touch with them?

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  16. Donald Duck, Esq

    why is it that we are not hearing about the 2008 financials for clico insurance and clico mortgage and finance which should have been made public on or before april 30, 2009?

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