September 24, 2019

Belize’s Atlantic International Bank Limited (AIBL) has agreed to pay $23 million to the FTC to settle its liability in a real estate fraud scheme targeting U.S. investors.  According to the FTC, co-conspirator Sanctuary Belize (SBE), a massive planned community, sold lots to U.S. investors by making false promises, including claiming the lots were low-risk investments that would appreciate rapidly.  AIBL allegedly assisted in this scheme by visiting SBE’s offices in the U.S. and coaching telemarketers on AIBL banking services that could be sold as part of SBE’s sales pitch.  FTC

Tagged in: Financial and Investment Fraud,