Inspector Andrew Arsenault of the Financial Investigation Unit of the Royal Anguilla Police Force announced the arrest of a prominent businessman on the island on Wednesday morning this week, January 7.

Inspector Andrew Arsenault

Mr. Arsenault declined to name the individual as investigations were still being carried out pending charges. He described the person as being a Company Formation Agent and a Trust Manager.

“We were responding to an allegation from an off-island victim and we are investigating the alleged misappropriation of nine hundred and fifty thousand US dollars,” Inspector Arsenault told reporters at the weekly police press briefing. “The subject is in custody and we expect to charge the individual later today and he will be processed by the courts. That’s the essence of what I want to tell you.”

Pressed for further information, the Financial Crime Investigator only said that the person’s business was located in The Valley.

“We can’t give you any name at this time. We want to charge the individual first and then it will all become very apparent,” he added. “It is alleged that he misappropriated nine hundred and fifty thousand US dollars from a Trust Fund that he was the Manager of.”

Up to press time, late Wednesday, the name of the person was not officially released.

The Trust was owned by persons not living on Anguilla.

The company was struck off the register last Wednesday as the police began their investigations.

Editor's Note:
Since the publication of this story, the Royal Anguilla Police Force charged Mr. Joseph Brice of St. Lucia in connection with the matter. He appeared in the magistrate's Court and was released on bail in the sum of EC$150,000. In addition the court ordered the relinquishing of his passport into police custody.

the hearing of the case has been set for April 9. A team of lawyers representing Brice said they would be fighting vigorously to clear his good name.

As a consequence of hte charge of stealing against Brice, the Anguilla Financial Services Commission headed by Mr. Niguel Street, announced that the following 10 companies associated with him had been suspended until further notice with effect from 31, December 2008:

1. Private International Trust Corporation
2. AEM Managers Limited
3. Anguilla European Masters Investors Services Limited
4. IALD Corporate Servicees Limited
5. IALD Fund Services Limited
6. Caricom corporate Services Limited
7. Caricom Management Services Limited
8. IALD Management Limited
9. Intertrust Corporate Services Limited
10. Iota Fiduciary Company Limited

During this suspension the above named companies are not authorised to conduct any licensed activity in or from within Anguilla, with the exception of a) providing statements to clients and/or creditors and b) responding to clients and creditors queries.

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