Tag Archives: Leroy Parris Fraud

Does Leroy Parris of CLICO infamy have anything to do with Welches Insurance Agent Inc. ?

Editor’s note: Remember folks… this is an anonymous blog so don’t take anything for true without a little salt and lots of questions. We received this anonymously and have no way to check the information.

If it is true, it is news. If it’s not true, it was sent by some anonymous mischief troublemaker…

submitted by anonymous…

I would like for somebody to tell me how it is that Faye Wharton-Parris wife of CLICO Ex boss Leroy Parris has so boldly displayed on the door next to her business Premier Event Services Inc @ Welches Plaza a sign with the name Welches Insurance.

Are people so blind or is it that they don’t know of this newly formed insurance Company? I know for a fact that it is belongs to them. The PARRISES making jokes at us and turning some Bajans into parros because they can’t get their investments back.

Name    WELCHES INSURANCE AGENT INC.
Number    37958
Category    Company
Date registered / Incorporated    2014-02-18

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Filed under Barbados, Business & Banking, Corruption, Offshore Investments

Barbados removes assets from CLICO victims: Sam Lord’s Castle to be expropriated by government

CLICO policy holders will never see a dollar for this ‘fire sale’ of assets

submitted by Parris Pauper

The Barbados Government is moving to ‘compulsorily acquire’ the Sam Lord’s Castle ruins and lands. As Minister of Housing and Lands Michael Lashley stated, Sam Lord’s is being acquired “for housing purposes, tourism development and beach access.”

Sam Lord’s Castle has been owned by CLICO for almost ten years (memory fails – if someone has the exact date CLICO purchased Sam Lord’s, speak up please) and is an incredibly valuable piece of property if developed. The hold-up to development approval was always the historic Sam Lord’s Castle building, but just as Barbados Free Press predicted in April 2009 – a fire took care of that little impediment.

If anything, the burning of Sam Lord’s Castle raised the end value of the land because the historic building was totally destroyed and ceased to be a major political obstacle in new development. Only the facia remains and this could be incorporated into any new structure if it doesn’t totally fall down first.

With the collapse of CLICO, the DLP government moved to grab the asset. They didn’t move to protect the public interest in the historic building before the CLICO collapse because Leroy Parris, David Thompson and the DLP were tight as thieves and the idea was to allow Parris to let the building fall to ruin, then maximize the profit from the lands.

And there was also that one little sticking point about the DLP never acting responsibly at the time to protect the interests of Bajans: Prime Minister Thompson and Leroy Parris were godfather to each other’s children. Thompson was also CLICO’s lawyer for over a decade when the company failed to file financial statements and broke the law, and CLICO Parris et al were major financial contributors to the DLP.

CLICO was a very messy conflict of interest indeed for Thompson and the DLP.

Fortunately for the DLP though, David Thompson is now conveniently dead and revered instead of being subject to what would have been a tsunami of Opposition attacks over the CLICO cover-up and conflicts of interest.

Now the DLP government is going to take Sam Lord’s and sell it to make some good profits. Or… perhaps sell it to friends at a low price so the friends can make the profits and kickback some contributions to the DLP. That’s how things work around here, you know.

Here is the one truth in my article that you should remember above all else if you are a CLICO policy holder or other victim…

The Barbados Government will never pay CLICO for Sam Lord’s Castle. No matter whether the asset is fairly valued or under-valued, not one dollar of government money will be transferred to the assets of CLICO where the money could benefit the victims.

Instead there will be some finagling with the books and some credit or swap against CLICO’s real or contrived debt to the government coffers.

The pillaging of the good CLICO assets continues to the ultimate detriment of the poor suckers who believed that the Barbados Superintendent of Insurance and the Barbados Government were looking after policyholders’ interests.

Parris and his gang were able to do what they did only because they had the cooperation and friendship of Caribbean governments. Indeed, it could truly be said that in the case of Barbados, CLICO, Parris and Thompson owned the DLP government.

Policyholders: kiss your assets goodbye.

Further Reading

BFP, October 21, 2010: Sam Lord’s Castle burns to the ground thanks to Barbados DLP, BLP, CLICO, Leroy Parris

BFP, April 11, 2009: How CLICO Ruined A Barbados Heritage Site: Sam Lord’s Castle

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Filed under Barbados, Consumer Issues, Corruption, Political Corruption, Politics & Corruption

Barbados court orders CLICO criminal charges stayed against Terrence Thornhill, Leroy Parris

Unethical, Corrupt: CLICO Bigshots Leroy Parris, Terrance Thornhill

No surprise at all!

Come on, folks! You know that Leroy Parris was the godfather to one of Prime Minister Thompson’s children. You know that Thompson was CLICO’s lawyer. You know that CLICO gave oodles of money to the Democratic Labour Party and let them use the corporate jet. You know that as a lawyer Prime Minister David Thompson money-laundered funds from CLICO to Leroy Parris. That’s what the auditors say.

We poor CLICO policy holders are suckers. The poor taxpayers are suckers.

Leroy Parris and good friend Finance Minister Chris Sinckler share champagne

Nothing changes ’bout hey.

Forget about your children’s futures and education: you and your children will be a long time paying (it’s called ‘bailing out’) the elites who built that Ponzi house of cards called CLICO.

I’m sure there’s some good legal reason why High Court Justice Kaye Goodridge ordered the Barbados Police to put the CLICO criminal charges on hold. Always is some good legal reason for doing what is done.

It’s just that we predicted this months ago. Futures destroyed, pensions gone, lifetimes of work and savings stolen… and nobody will ever pay.

Nothing changes ’bout hey. Nothing. Ever. Changes.

Further Reading

Nation News (read it at the Nation News website here)

Stop Order

Commissioner of Police Darwin Dottin has been ordered to stop the criminal matter brought against the president of CLICO International Life, Terrence Thornhill, at least for now. Continue reading

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Filed under Barbados, Business & Banking, Consumer Issues, Corruption, Crime & Law

CLICO Scandal: Leroy Parris charged criminally, Former PM David Thompson law firm money-laundered millions from CLICO to Parris: How much came back to Thompson & DLP?

CLICO's lawyer, David Thompson, helped build the house of cards.

UPDATED: February 23, 2012

It gets worse, much worse. Former PM David Thompson was in the the thick of it in August 2007, prior to being elected. Thompson’s law firm took 4% of the purchase of CLICO’s new business jet for ‘legal fees’. We told you so, folks. We told you.

Stabreoek News: Stunning revelations in Barbados CLICO probe

PM Thompson said DLP use of CLICO's business jet was none of your business, but policy holders didn't know just how dearly it was costing them.

BFP’s original story published February 22, 2012…

Deloitte Auditors list shocking revelations

We all knew the relationship between Parris, Thompson and the DLP was dirty. Now, as they say, you can take it to the bank… except the bank is empty.

I still don’t believe we’re really going to get to the whole truth, but for now this is the news…

Legal Fees for Parris

Late Prime Minister David Thompson’s law firm received a whopping $3.3 million in legal and retainer fees from CLICO International Life Insurance Limited (CIL), but the fees were actually destined for former CLICO executive chairman Leroy Parris.

This was among the explosive revelations of the Deloitte Canada-led forensic audit into the operations of the insurance company and its financial relationship to the parent company – CLICO Holdings Barbados Limited (CHBL) – and other members of the local CLICO empire.

“On January 16, 2009, a payment for $3.333 [million] was made to the law firm Thompson & Associates by CIL…

The Nation: Full story: Legal fees for Parris

And…

CLICO Action

Criminal charges have been filed in the magistrates’ court against former executive chairman of CLICO Holdings (Barbados) Limited, Leroy Parris, and current president Terrence Thornhill.

Official police sources have told the MIDWEEK NATION that the two executives are to be served with summonses to appear in court.

They are accused of contravening an order by the Supervisor of Insurance in August 2009, which prohibited the company’s subsidiary CLICO International Life Insurance (CIL) from selling new business.

Read the full story: CLICO Action

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Filed under Barbados, Consumer Issues, Corruption

British American Insurance fat cats doing fine as policy holders take beating

Cocky BA, CL Financial and CLICO executives have no worries

The numbers have been crunched and the result is what everyone already knew: ordinary BA policy holders will lose. Barbados Today neatly lays it out in a single sentence…

“Thousands of Barbadians who own policies with British American Insurance Company (Barbados) Limited will have to walk away from the insurer without all of what they are owed.” (Barbados Today article here)

A second Barbados Today story about the sale of the new BA office building tells us that although the building was carried on BA’s books with a value of $34 million dollars, it was in fact worth only about half of that.

This outrageous over-valuation of assets is so typical of the entire CL Financial / Clico / British American scandal. Policy holders should remember that company executives made the decisions to over-value assets, and that these decisions were taken for a purpose: to deceive the public and policy holders who believed that the auditors and government regulators were protecting them.

What the public and policy holders didn’t know though, was that the regulators and auditors were more like partners in crime with the CL Financial crooks than unwitting dupes.

Over valuations were only one part of the fraud, for there were other crimes committed too. We published an exclusive story in June, 2009 that showed how CL Financial Group – British American insiders took bribes and kickbacks to have the company purchase land for more than market value…

Court documents sent to Barbados Free Press reveal that a CL Financial Group company involved in a US$300 million dollar Florida land deal – paid more than market value for the land. This happened because the seller of the land provided “incentives” (read “secret commissions”, “bribes” or “gifts”) to company insiders in return for having CL Financial Group purchase the land for more than it was worth.

from BFP’s story CL Financial Group Insiders Took Bribes To Have Company Purchase Land For More Than Market Value!

Partners in Crime then. Partners in the cover-up now.

Government regulators, company auditors & British American Insurance executives – can you really tell them apart?

For years Bajans faithfully made those investments, premium payments and pension contributions. We trusted our Government’s oversight of the Insurance industry. We didn’t ask if our pension funds were segregated and protected: we knew they were because that was the law and we had auditors and government to keep an eye on the insurance companies.

We were lied to: by British American, by our government and by the auditors.

We trusted our government leaders – who took political contributions from CL Financial companies and then looked the other way when those same companies violated the rules, gambled with our money and stole what they didn’t lose.

Then when that house of cards, that Ponzi scheme, collapsed – our DLP Government protected CLICO CEO Leroy Parris and all his friends. And lest the BLP Opposition gloat, we remind Owen Arthur that he was in thick as thieves too.

Once again the ordinary folks who trusted these fine leaders get the backhand, while the crooks continue to live the good life with no worries.

No one will go to jail for what happened, no matter the evidence. You can take that to the bank… which is exactly what Leroy Parris and his friends are doing.

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