Financial Secretary Speaks on FTC/AIBL Settlement

Earlier in the month, Prime Minister Dean Barrow announced a settlement between the Federal Trade Commission and Atlantic International Bank Limited, describing it as a ‘win for Belize’. The settlement comes after Atlantic International was named in a claim in the US and formed part of the FTC’s investigation in what is described as the largest real estate scam in US history. Professional con artist and scammer, Andris Pukke was running the entire scam while behind bars. Pukke along with is associates devised the scheme that would later leave hundreds of US citizens out of a total of one hundred million dollars. The U.S. indictment named several persons and companies including Atlantic International Bank Limited as it relates to a civil complaint lodged against Sanctuary Belize. Following the FTC investigations, the Central Bank stepped in and terminated AIBL’s services. During the recent Sitting of the House of Representative, PM Barrow told the nation that a settlement was reached but did not provide much detail. According to Financial Secretary Joseph Waight, the bank would pay a certain sum of money and the FTC would drop its case as part of the settlement.

Joseph Waight, Financial Secretary

“I know there was a meeting with FTC and liquidator and the lawyers of course. I understand that there was an agreement whereby in consideration Atlantic International Bank would pay certain sums of money over and in consideration FTC would drop its case and claim against them.”

Reporter

“The claim would come from Atlantic International?”

Joseph Waight

“Indeed. That does not extend and would have never extended to the government of Belize nor to the Central Bank of Belize. Of that I am certain. We were not involved neither the Central Bank nor the Government of Belize was a party to this claim.”