The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The Bahamas’ former ambassador to Bahrain has been banned from holding any meaningful post in this nation’s financial services industry for 20 years after confessing that he “misappropriated significant client funds”.

The Securities Commission, unveiling its May 21, 2026, “prohibition order” against Taran Mackey, determined that he is not “fit and proper” to serve in any financial services post requiring the regulator’s prior approval after he agreed late last year to repay monies taken from clients of his now-former employer, IPG Family Office.

The capital markets, investment funds and digital assets supervisor added that Mr Mackey, who also resigned from his position as a government-appointed director at BISX-listed Bank of the Bahamas after agreeing the repayment deal with IPG, did not deny the misappropriation claims levied against him and only challenged the sum said to have been involved.

Christina Rolle, the Securities Commission’s executive director, declined to comment on the matter when contacted by Tribune Business other than to disclose the regulator has handed over all information obtained during its investigation into Mr Mackey to the Royal Bahamas Police Force. “Whatever information the Government has in its possession, we’ve handed it over to the police,” she told this newspaper.

It is unclear whether Mr Mackey could thus face a police probe and possible criminal charges over the client funds misappropriation. The value of the monies taken was not disclosed in the Securities Commission order, and some sources - speaking on condition of anonymity - suggested that the culprit himself may not know the true figure.

However, the regulator’s disclosure confirms why Mr Mackey suddenly stepped down from both his diplomatic post and Bank of The Bahamas directorship between Christmas and New Year 2025 with little to no explanation. “I have made this decision to focus on resolving a private matter,” he said in a statement at the time.

Tribune Business sources had alleged then that Mr Mackey had resigned over the misappropriation of client funds but this could not be confirmed and no one wanted to speak ‘on the record’. He had spent just eight months in his role as The Bahamas’ ambassador to the Kingdom of Bahrain, a Middle East state, and a similar duration on Bank of The Bahamas’ Board - where he was hailed as the institution’s youngest-ever director in a government statement.

The Securities Commission took action after Mr Mackey reached a November 22, 2025, settlement and repayment agreement with IPG, his former employer, “wherein [he] agreed to repay significant client funds he acknowledged, therein, to have misappropriated”.

A hearing involving Mr Mackey then took place on March 12, 2026, at the Securities Commission’s East Bay Street offices after submissions were made on his behalf by his attorney the previous day. Mr Mackey had been employed by IPG Family Office as its managing director, and the regulator found that he had abused his position of trust and breached his fiduciary duty to the company’s high net worth clients.

“Upon considering that Mr Mackey did not deny the allegations but, rather, objected to the amount of client funds alleged to have been misappropriated by him while employed by IPG, using his position of considerable trust, to do so, the Commission has determined that Mr Taran Mackey would not be fit and proper to serve in any capacity requiring the approval and/or consent of the Commission,” the Securities Commission determined in its ‘prohibition order’.

“It is hereby ordered that, pursuant to section 148(d) and (u) of the Securities Industry Act 2024, in light of the nature and gravity of this matter, Mr Taran Mackey is hereby prohibited for 20 years from engaging in any financial activity whatsoever requiring the Commission’s knowledge, consent, approval or otherwise, whether it be for himself or on his behalf personally, or for a regulated company. This final decision is effective immediately.”

The order was signed by retired Supreme Court justice, K. Neville Adderley, in his capacity as Securities Commission chairman. The order appears to have been carefully crafted, as it does not impose a total Bahamian financial services industry ban on Mr Mackey, but instead bars him from any post that he will need the regulator’s permission or go-ahead to hold - in other words, prohibiting hin from having access to, and decision-making power over, client and firm monies.

Mr Mackey’s former employer, IPG Family Office, was founded by Andrew Law, former head of Credit Suisse Trust (Bahamas), ex-Association of International Banks and Trust Companies (AIBT) chief, and founder of the annual Nassau Conference on financial services. Mr Law did not respond to a Tribune Business e-mail seeking comment yesterday.

IPG provides a comprehensive range of wealth and asset management, and trust and estate planning, services ranging from company formation through to family offices, executive entities, foundations and the provision of protector services to watch over trustees as they supervise trust assets. Mr Mackey’s Bank of the Bahamas biography described IPG Family Office, which provides its services to high net worth international clients, as having more than $2bn in assets under administration.

The Bahamas, from the perspective of reputation integrity, as a jurisdiction appears to have escaped any wider fall-out from Mr Mackey’s actions so far. His resignation from the ambassadorial post, as well as IPG Family Office and Bank of The Bahamas, came just months after Mr Mackey launched a variety of investments and business ventures.

Prominent among them is the Bimini Semi Submarine Adventures - the red-coloured, transparent bottom submarine that gives tours of the ocean floor on Bimini. Newly-re-appointed foreign affairs minister, Fred Mitchell, posted a photo of himself and Mr Mackey on board the submarine on October 12, 2025, which was taken just weeks before the latter agreed his settlement with IPG and only two months before he resigned his ambassadorial post.

“Congratulations to Ambassador Taran Mackey and his new investment in Bimini Semi Submarine Adventures,” Mr Mitchell posted. “Beginning 1 November, 2025, tours of the ocean floor around Bimini $100 all in. This is how we do it.”

Tribune Business had also reported in September 20205 how Mr Mackey had created Coconut Stock Bahamas (CSB), the local franchise for Coconut Stock, which custom brands fresh coconuts for events, venues and businesses.

“Our coconuts aren’t just a beverage, they’re an experience,” said Mr Mackey, its president. “We’re here to help hotels, cruise lines and event planners surprise and delight their guests with something that feels fresh, fun and unforgettable.” To celebrate its launch, Coconut Stock Bahamas said had partnered with Hands for Hunger to debut at Paradise Plates, the non-profit’s signature fundraiser.

There is no evidence, proof or confirmation that the client funds misappropriated were used to finance either Bimini Semi Submarine Adventures or Coconut Stock Bahamas.