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$358m penalty for fraud with Bahamas 'alter ego'

A US judge has imposed a $358 million fine on the perpetrators of an alleged multinational fraud that he found employed a BISX-listed firm’s subsidiary as its “alter ego”.

'Severely hampered' over legal action against Alliance

Liquidators for an alleged multi-million dollar Ponzi scheme have been “severely hampered” by a lack of financing in their efforts to recover a $5 million investment, and pursue legal action, against a BISX-listed company’s main affiliate.

Commission forces Benchmark into broker 'guarantee'

BISX-listed Benchmark (Bahamas) has been forced to “guarantee” its broker/dealer subsidiary will meet all financial obligations for “at least 12 months”, after regulators expressed concern over whether it was a ‘going concern’.

BISX listee's principal seeks SEC suit dismissal

A BISX-listed company’s principal, and its broker/dealer affiliate, are demanding that a federal regulator’s lawsuit against them be dismissed because the US courts have “no jurisdiction”.

'Risk' broker may not return investor funds

There is a “legitimate risk” that a BISX-listed broker/dealer may not return funds caught up in a $340 million Ponzi scheme to their rightful owners, court documents obtained by Tribune Business have alleged.

Dames, Lightbourne to join Panthers prep programme

THE BC Christian Prep Panthers basketball programme is establishing itself as a pipeline for Bahamian talent and will add another pair of local student-athletes.

Bridgewater leading scorer with 22.4 points per game

DOMNICK Bridgewater continues his dominant play in his second stint in France’s NM2 League.

Tobacco start-up targets up to $10m first year sales

A Bahamian-owned tobacco manufacturing start-up yesterday said it was targeting $5-$10 million in first year gross sales, but warned this and employee hires could be “significantly impacted” if no Excise Tax exemption was forthcoming.

BVI court criticises Bahamas liquidators

The Bahamian liquidators for an alleged multi-million dollar international fraud have been blasted by a British Virgin Islands (BVI) judge over a “remarkable” and “gratuitous” agreement with a BISX-listed broker/dealer.

Broker ‘acted in good faith’ on $400m fraud

A BISX-listed company’s principal, and its main broker/dealer subsidiary, are demanding that a US federal lawsuit against them be dismissed because they “acted in good faith and did not receive ill-gotten profits” from an alleged $400 million financial fraud.

BISX-listed firm’s $5m ‘recapitalise’ after SEC settles

A BISX-listed company will have to undergo a $5 million ‘recapitalisation’ as a result of the deal struck by its principal and main subsidiary to settle a lawsuit against them by US federal regulators.

Court 'quashes' Commission probe into BISX firm's broker

The Securities Commission is appealing a court verdict that “quashed” its bid to assess the solvency of a BISX-listed company’s broker/dealer affiliate, which is embroiled in an ongoing $340 million fraud probe.

Caribbean Amateur Golf Championships wrap up

THE 2016 Caribbean Amateur Golf Championships closed out at the Ocean Club resort, Paradise Island, on Friday with the Bahamas remaining in the same position they occupied all week in both the men’s Hoerman Cup and the ladies’ George Teale Memorial Cup.

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