bank collapse

How fraud brought down Colonial Bank and a private lending company

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Desiree Brown, the former treasurer of a private mortgage lending company, Taylor, Bean & Whitaker (TBW), has pleaded guilty to conspiring to commit bank, wire and securities fraud for her role in a more than USD1,900 million fraud scheme that contributed to the failures of Colonial Bank and TBW.

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Arising from the ashes .... a phoenix bank.

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First published in December 2000 in World Money Laundering Report Volume 2 Issue 9

First International Bank of Grenada (FIB) is dead, long live First Bank of Grenada. And along with it the International Deposit Indemnity Corporation (IDIC) which not only has its website at http://www.idic-ec.org/ functioning (complete with claim forms) but now announces that it has been acquired by a Ugandan corporation. This happens to - more or less - coincide with an announcement by Grenada's Finance Minister about the bank.

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bank collapse