Customers. Group of pBrazilian and foreign individuals invested in the offshore arm of a Brazilian bank based in a Caribbean tax haven.

Problem. Investors received “bonds” issued by the offshore bank. The Brazilian bank underwent intervention. The bonds were not paid, resulting in losses of US$ 250 million to investors.

Corporate Corruption

Investigation. The investigation revealed a Ponzi scheme by the owner of the Brazilian bank with total losses of US$ 1 billion. The international money laundering structure was outlined by a Swiss lawyer considered hitherto to to have an impeccable reputation. Some of the clients' money was diverted and used to pay for the bank's owner's personal expenses, purchase art and antiques, as well as part diverted to private accounts in tax havens.

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The names of those involved cannot be revealed for reasons of secrecy.

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