Duprey, Parris, Thompson and some other people need to go to jail

CL Financial, CLICO – one huge unsustainable Ponzi Scheme

“Lawrence Duprey was paid $90 million a year from the deposits of policyholders in collapsed insurance company CLICO, attorney Neal Bisnath said yesterday.”

“CLICO invested US$445 million of policyholders’ money in a Florida real estate project called Capri, while the investment was worth only US$200 million.”

If Prime Minister David Thompson was alive today, he would have some difficult questions to answer about his activities as CLICO’s lawyer, and about how he and his government participated in building the house of cards Ponzi scheme known as CLICO. The public deserves the truth about what Thompson knew, what he did – and how his long-term service putting deals together for CLICO, Duprey and Parris put him in numerous conflicts of interest as Prime Minister.

David Thompson knew that CLICO policy holders were paying outrageous money to Duprey and Parris – probably illegally with no segregation of funds even where the rules called for this. David Thompson knew that the payments were being hidden. David Thompson was CLICO’s lawyer when ten years of accounting records were illegally withheld.

“We know now that on May 15, 2005 while acting as CLICO’s lawyer, David Thompson signed a secret contract between CLICO and Leroy Parris’ private company that in effect deceived shareholders into believing that Parris was being paid less than he really was.”

…from the BFP article Leroy Parris’ defence of Prime Minister David Thompson rings hollow now

David Thompson knew that CLICO was being raped by Duprey and Parris. David Thompson was part of it and you can bet that when he became Prime Minister his senior Cabinet members had to have known the truth too. That house of cards was wobbling long before it collapsed – and the Thompson-Stuart government covered up and protected Leroy Parris for as long as they could. After all, the government politicians got their bizjet rides, the DLP got its funding and Thompson’s law firm got big contracts – paid for with policy holders’ funds.

Now the only “solution” that the Thompson/Stuart DLP Government can come up with is for taxpayers to “invest” more money. Well, I guess that’s better than riots in the streets.

As for Leroy Parris and Lawrence Duprey – they laughed all the way to the bank and they are laughing still. There are hundreds of millions of assets missing, just vanished into thin air at the end of fraudulent paper trails, but nobody will go to jail for this massive fraud and breach of the public trust. No big shot ever goes to jail in Barbados.

This Barbados Today article lays it all out…

Bisnath made the statements as he cross-examined Michael Carballo, the former group financial director of CL Financial, during the commission of enquiry into the collapse of CL Financial and the Hindu Credit Union at the Winsure Building, Richmond Street, Port of Spain, yesterday.

Bisnath said CLICO’s cash stream was also used to fund investments made by CL Financial.

“Is it true to say that from what we have seen CLICO was really used as a cash cow in the group?” Bisnath asked Carballo.

“Yes, because CLICO was really the one that had the cash flowing in it,” Carballo said.

“And that cash that was flowing happened to be policyholders’ money and Mr Duprey and CL were using CLICO policyholders’ monies without regard to the risk that it was putting those policyholders under,” Bisnath said.

Bisnath described Duprey as a “great investor of other people’s money”.

He said CLICO invested US$445 million of policyholders’ money in a Florida real estate project called Capri, while the investment was worth only US$200 million.

“We know in taking on risks he (Duprey) used policyholders’ money, not his personal money; and when you use OPM, other people’s money, you can have all kind of fancy dreams and you can make all kind of fancy investments because if you lose it, it is not your money you are losing,” Bisnath said.

“He (Duprey) could therefore have a bold and aggressive attitude toward business, and an insatiable risk appetite because it was not his money he was using,” Bisnath said.

Read the entire story at Barbados Today: Duprey paid $90 million a year

Further Reading

Trinidad Express: Duprey bagged $1.1b before bailout


Filed under Barbados, Consumer Issues, Corruption, Crime & Law, Offshore Investments, Political Corruption, Politics & Corruption

11 responses to “Duprey, Parris, Thompson and some other people need to go to jail

  1. Cup Cake

    How come in Trinidad everything out in the open and yet in Barbados everything secret about CLICO?

  2. IMAGE FIRST! Substance later..

    Cup Cake darling,
    You obviously don’t know how Barbados operates, do you…

    Things that that simply “don’t happen here” -even if they do.

    Barbados is all about keeping the veneer of respectability shiny and polished.
    Do try to remember that..

  3. rasta man

    Just wondering how you send a dead person to jail.But the Lord will deal with him.

  4. Progressive

    I always had doubts and questions about the operational style of CLICO.It just seemed to be growing way too fast when compared to the other insurance companies in the market place.Now I understand what was going on.How can you expect people to trust Life Insurance Companies?

  5. just want to inow

    And now they want Government to invest more of tax payers money into this company. Duprey & Parris should be in jail just as Stanford is at this time, but in Barbados all crooks are friends of the politicians, because they help to spend the money as well. I would really hope a Forensic Audit will be done, and all who are responsible for this debacle put in jail.

  6. It's Time

    …and what about Duprey & Parris’s assets?

  7. Green Monkey

    Jon Stewart and the Daily Show on Wall St. bonuses and bailouts.

  8. 32535834/24346-C66

    -and Barbados fancies itself a Developed Country?

    Not until we can apprehend and prosecute common criminals
    (like how they do in big grown-up countries in the Top Ten of Transparency Int’l. list of perceived corruption).

    And so we remain just another little corrupt (offshore) West African Banana Republic
    as is so plainly evident by the DNA make-up of our nation.

  9. Heconomist

    Green Monkey
    Many thanks for that Jon Stewart clip!

    It precisely states our position re. CLICO
    and all others that might come tumbling down in its wake.

    Niiiice situation we find ourselves in:
    Financial Institutions made of Balsa wood, held together with Baby Tears!

  10. millertheanunnaki

    Forensic Audit my foot! We all know what such an audit will reveal. But the questions that need to be answered are:

    Can we really rely on any local or regional audit firm to carry this audit in an unbiased fashion? If such an audit is to be conducted it should be performed by an independent entity from outside the region with no local ties to the existing cartel.

    Who were the auditors that signed off on the balance sheets for CLICO Holdings Barbados and its subsidiaries? How could they certify that the balance sheets represented a true and fair view of the financial status of the businesses when so much money worth of assets is unaccounted for? Can’t the policyholders bring a class action suit against the Auditors for negligence and incompetence? Remember Arthur Andersen?

    Since the CLICO operations in Barbados are in such a financial mess can anyone explain why the Chief Financial Officer (CFO) Mr. TT is still on the job? It should be obvious to the JMs that if so many assets are unaccounted for there is a high possibility that the “books have been cooked” and the CFO should be asked to explain this state of affairs. We don’t want a similar occurrence at the EGFL where taxpayers’ money is involved.

    A forensic audit would result only in a waste of policyholders’ ongoing premium payments. This could be a very expensive exercise and should be undertaken only if policyholders can be given the assurance that something productive would come of it.

    When the evidence is established, do we really expect the main political parties to be supportive of any move to prosecute any officer or director of CLICO for fraud or misuse of policyholders’ funds? A forensic audit will certainly reveal that millions of dollars were used to finance political campaigns, some of which ended up in individual politicians’ pockets.

  11. Anonymous

    YOU are dead right a class action is necessary. Let the people bring all the mess from under the woodwork.