St Vincent offshore bank fraud

United States financial regulator, the Securities and Exchange Commission said it has uncovered a multi-million dollar investment fraud scheme at a St. Vincent and the Grenadines based offshore bank.



The commission claimed that the Millennium Bank, a subsidiary of United Trust of Switzerland SA, issued certificates of deposit promising high yielding returns.



The financial regulator has filed a complaint against two American business operators, William Wise and Kristi Hoegel.



Its alleged that they swindled 375 US investors out of US$68 million over four years.



Investigators say the banks’s operation is similar to what is alleged to have transpired at the Antigua-based Stanford International Bank.