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A Settlement between A.I.B.L. and F.T.C. is Imminent #538339
09/20/19 06:12 AM
09/20/19 06:12 AM
Joined: Oct 1999
Posts: 70,171
oregon, spr
Marty Offline OP

Marty  Offline OP

The winding down and liquidation of Atlantic International Bank Limited is nearing completion as a settlement with the Federal Trade Commission is imminent.  This succeeds the Sanctuary Bay real estate scam in which A.I.B.L. was the offshore banking institution used by dozens of American investors.  Prime Minister Dean Barrow did not go into great details on the latest development; suffice to say that an official statement will be issued by the F.T.C. in the days ahead.  He also says that when a settlement has been reached, it is expected that A.I.B.L.’s liquidator will also be making a statement.

Prime Minister Dean Barrow

“The commissioners have signed off on the settlement.  There is a press release that’s going to come out next week.  There is one housekeeping aspect, they’ve got to go before the two judges to formalize the withdrawal of something in Miami and the, as it were, enshrinement of the settlement that the commissioners of the FTC have now approved.  So it’s just a matter of one or two additional housekeeping items, but as I say, the commissioners have now signed off, have now approved and by next week you should get a press release from them.  …after the press release is given by the FTC, I would imagine that the liquidator here will make his own statement or no doubt have a briefing with you all so that he could get into all the details of how the settlement has panned out.”


“In that regard, we’ve gotten reports that some Belizeans who have monies in AIBL actually got their monies ahead of the liquidation process and your brother being one of them…”

Prime Minister Dean Barrow

“I know nothing about that, you’d have to ask the liquidator.  It doesn’t sound to me that that is possible, but you’d have to ask the liquidator.”

Channel 5

Re: A Settlement between A.I.B.L. and F.T.C. is Imminent [Re: Marty] #538414
09/24/19 10:31 AM
09/24/19 10:31 AM
Joined: Oct 1999
Posts: 70,171
oregon, spr
Marty Offline OP

Marty  Offline OP
Federal Trade Commission Approves Settlement – AIBL & Sanctuary Bay Scam

Belizean Bank to Pay $23 Million US and Cease Operations to Settle FTC Charges It Provided Substantial Assistance to the Sanctuary Belize Real Estate Scam

Under a proposed consent order, Belize’s Atlantic International Bank Limited (AIBL) will pay $23 million, representing approximately all of its U.S.-based assets, to settle Federal Trade Commission charges that it assisted various related entities (the Sanctuary Belize Enterprise, or SBE) in deceiving U.S. consumers as part of a scheme to sell property in Sanctuary Belize.

FTC presented evidence that AIBL assisted SBE by providing Belizean banking services both for SBE itself and for U.S consumers the scheme targeted, all with knowledge that U.S.-based consumers were SBE’s primary targets. Furthermore, AIBL provided many of these banking services through correspondent banks in the United States.

The proposed court order, to which the defendant has agreed, settles the FTC’s charges against AIBL. The order requires AIBL to cease all business activities permanently, aside from those involved with its liquidation. In addition, after the bank is liquidated, the order prohibits the liquidator or anyone else from seeking to re-license and operate AIBL’s business.

The order also imposes a $23 million judgment against AIBL and details how AIBL must transfer the money to the FTC. It explains that the FTC will use the money to provide equitable relief, including consumer redress, to consumers injured by AIBL’s illegal conduct. Finally, the order appoints a receiver to collect the financial judgment from the bank, and assigns to the receiver AIBL’s rights in certain property (also to be used for consumer redress).

Re: A Settlement between A.I.B.L. and F.T.C. is Imminent [Re: Marty] #538422
09/25/19 05:35 AM
09/25/19 05:35 AM
Joined: Oct 1999
Posts: 70,171
oregon, spr
Marty Offline OP

Marty  Offline OP
GOB Issues Press Statement From Liquidator Of AIBL & Sanctuary Belize Settlement

The United States Federal Trade Commission (“FTC”) has announced the approval of a Settlement with Atlantic International Bank Limited (“AIBL”), now in liquidation, that pertains to a lawsuit filed in the U.S. District Court for the District of Maryland on October 31, 2018, against several companies and individuals involved with the Sanctuary Belize development.

Atlantic International Bank Ltd. was named in this suit for allegedly “aiding and facilitating” the other defendants’ violations of the Telemarking Sales Rule and the FTC Act. The FTC had obtained, ex parte, a Temporary Restraining Order on November 5, 2018, that, among other things, purported to freeze all of AIBL’s assets (or at least those assets in the United States) up to US$144 million, the purported extent of losses suffered by the alleged victims affected by the violations the defendants were accused of.

The Settlement agreed upon will see the ceding to the FTC of US$23 million of AIBL assets held in the US and currently subject to the restraining order, along with various agreements of cooperation with the FTC. The Settlement resolves all allegations against AIBL, ensures the recognition of the liquidation process under US Chapter 15 bankruptcy laws thereby enabling access to the remaining assets in the US, and paves the way for the optimal and most expeditious possible return for depositors and creditors in the liquidation process.

Although there has not been any court judgement or determination against AIBL in the substantive Sanctuary Belize suit, and the bank has strongly denied any wrongdoing, a reasonable settlement of the FTC allegations was in the best interest of AIBL’s depositors and creditors and the liquidation process, for several compelling reasons.

First, the ability to effectively dispose of the bank’s loan portfolio without hindrance, a portfolio which represents a significant portion of AIBL’s assets and is located in Belize, is a material factor for prospective purchasers of those assets. The FTC proceedings against AIBL had impaired loan repayment flows which, without an urgent settlement, would have severely deteriorated the quality of the loan portfolio and negatively impacted its value.

Second, the financial, human resource and time costs attendant to an extended legal battle with the FTC in US courts would be an unendurable burden on the liquidation estate. At the point of revocation of its license on April 12, 2019, AIBL’s management had already spent over US$2 million in legal costs. Since the liquidation process began, these costs continued to rise and have reduced reserves that would otherwise be available to distribute to depositors and creditors.

Third, the liquidation could not be concluded until the FTC proceedings are concluded and AIBL’s liability is determined by the US courts. Despite the considerable outlay of time and costs already expended in just the preliminary rounds of court action in the US, the substantive FTC Sanctuary Belize case is not scheduled to begin until late January, 2020 in Maryland. The uncertainty of the duration, and most importantly, the outcome of the substantive case were therefore plausible risk factors that had to be considered.

AIBL’s assets located in Belize include fixed assets, limited investments, and the loan portfolio which represents close to 70% of the total assets. The majority of the fixed assets have already been disposed of via public auction, and targeted values have been successfully realized. A transparent sales process for the loan portfolio has also commenced. The loan portfolio sale process is at an early stage and there are multiple factors which will likely impact the disposal value of the portfolio. Nevertheless, my team and I will continue our best endeavors to ensure that maximum values are realized on all assets to safeguard the best outcome for depositors and creditors.

Liquidator - Atlantic International Bank Ltd.

Re: A Settlement between A.I.B.L. and F.T.C. is Imminent [Re: Marty] #538432
09/26/19 04:11 AM
09/26/19 04:11 AM
Joined: Oct 1999
Posts: 70,171
oregon, spr
Marty Offline OP

Marty  Offline OP

Briceno Says FTC Settlement Still Leaves Belize With A Smear

Last night we told you about the 23 million US dollar settlement between the Federal Trade Commission in the US and Atlantic International Bank.

Now, first off, to be clear, that 23 million dollars is coming out of the Atlantic International's US held assets - not taxpayer or government money.

But, that doesn't mean that Belize won't take a licking. Speaking today in Orange Walk, Opposition Leader John Briceno today said the damage to Belize's reputation is significant and could have been prevented:

Hon. John Briceno, Leader of the Opposition
"That there was a settlement, I am happy for the people who were scammed that at least there are going to get something. Now we need to ask what is going to happen to the depositors, the people that put or placed or deposited their money in Atlantic International Bank Limited in good faith thinking that they were putting their monies in a safe back and that they were going to be able to use it for investment or retirement or whatever that may be. That also is of grave concern, because then in the future or foreigners kinda have second thoughts about depositing monies here in Belize whether it is a domestic or international bank."

"What is important is that the prime minister needs to hold somebody responsible for what happened. As I said the FIU alerted the Central Bank and the Central Bank did nothing and then the FIU act did nothing. As you know a regular citizen of this country when they want to open a bank account, it takes weeks to open a single bank account and now you are telling me that the FIU was unable to act on its own? or even when they saw the Central Bank was not doing anything? The prime minister at the end of the day it's his government, it's the people that he appointed fell at the wheel and people need to be held accountable for dragging Belize's name into the mud on the Sanctuary Bay land scam."

A statement from the The Central Bank of Belize says quote, "This settlement agreement does not involve taxpayer or Central Bank funds and is entirely confined to AIBL's assets that are in the custody of the Liquidator. AIBL will forfeit US$23m already frozen in US banks..." end quote.

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