Bank fraud case.

The US Attorney for the District of Oregon, Karin Immergut, announced guilty pleas by two defendants in an investment fraud scam involving the First International Bank of Grenada (FIBG), reports Caribbean Net News (July 21, 2006). Robert Skirving and Rita Regale pleaded guilty to one count of Conspiracy to Commit Money Laundering. They and three others were charged in a scheme involving the FIBG, and various subsidiaries. The indictment alleged that defendants persuaded individuals to deposit money and invest in the "banks", promising annual returns of up to 300%. The defendants claimed the "banks" had assets worth up to US$74 billion, and that their deposits were 100% guaranteed against loss by the International Depositors' Insurance Corp.(IDIC). The indictment alleges the bank had no investment income and used new depositors money to make "interest" payments to earlier investors. In Aug. 2000, the FIBG was taken over by the Government of Grenada, resulting in losses to depositors in excess of US$100 million.