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Dextra drew a cheque for $2,999,000 from its bankers to lend to the Bank of Jamaica. Its agents told Dextra the money was for a loan. The Bank of Jamaica was told the money was for foreign currency purchased by its agents. They gave the money to the agents, but the agents were fraudsters. Dextra wanted restitution.
Citizens Bank had started in 1967 as Jamaica Citizens Bank, the first Jamaican-owned bank. The US bank, Citizens and Southern had taken a 49% stake, and local interests owned 51%. At some point Citizens & Southern was forced to sell its shares to local interests. Eagle Commercial Bank had been established in 1968, and Island Victoria Bank in 1993.
The fraud was uncovered when Williams tried to hide the bad loans by rolling the interest and penalties into the principal for a new loan. One of Williams' subordinates was alarmed enough to alert bank officials. Community State Bank fired Williams and sued Megaladon for nonpayment. In August 2006, Community State Bank won $535,000 in damages.
SAN JUAN, Puerto Rico (AP) — An investigation into a private investment firm in Jamaica where $12.7 million belonging to The post Jamaica under scrutiny for fraud scandal that hit Usain Bolt ...
The Bank of Jamaica (Jamaican Patois: Bangk a Jumieka) is the central bank of Jamaica located in Kingston. It was established by the Bank of Jamaica Act 1960 [ 3 ] and was opened on May 1, 1961. It is responsible for the monetary policy of Jamaica on the instruction of the Minister of Finance .
1. Chase Bank sold to third party debt buyers hundreds of millions of dollars worth of credit card accounts. . .when in fact Chase Bank executives knew that many of those accounts had incorrect ...
After 3 years, both banks were put into bankruptcy, a new nationalized bank was created and the assets of the two bankrupt banks and the bank accounts of local account holders were transferred to the new bank and the local depositors were made whole by stealing about $180 million of money belonging foreign depositors, who lost their entire savings.
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