Prominent Anguilla offshore practitioner charged with stealing US$950,000 from clients
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| Published on Wednesday, January 28, 2009 |
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By Tricia N. Henry
Caribbean Net News Staff Reporter
Email: tricia@caribbeannetnews.com
THE VALLEY, Anguilla: Online fraud watchdog, Offshore Alert has reported that a prominent offshore services provider in Anguilla has been charged with misappropriating US$950,000 from a trust fund that he managed, with the beneficiaries reported as being non-residents.
Joseph Brice was arrested in Anguilla on January 7 and was released on bail of EC$150,000 (approximately US$57,000). One of the conditions Brice’s bail was the surrender of his passport.
Brice is well known in Anguilla as the former Chairman of the Anguilla Financial Services Association, which represents the country's leading financial services firms. He is also the current Chairman of the local branch of the Society of Trust and Estate Practitioners, which is a professional association with members worldwide.
According to Offshore Alert, the Anguilla Financial Services Commission issued a press release on the day of his arrest announcing that the licences of ten companies associated with Brice had been suspended, effective December 31, 2008.
The companies include Private International Trust Corporation; AEM Managers Limited; Anguilla European Masters Investors Services Limited; IALD Corporate Secretaries Limited; IALD Fund Services Limited; CARICOM Corporate Services Limited; CARICOM Management Services Limited; IALD Management Limited; Intertrust Corporate Services Limited and Iota Fiduciary Company Limited.
"During this suspension the above named companies are not authorised to conduct any licensed activity in or from within Anguilla, with the exception of a) providing statements to clients and/or creditors and b) responding to clients and creditors queries," said Niguel Streete, Director, Anguilla Financial Services Commission. | | | | Reads : 3353 | | | |
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