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FTC announces US$23 million settlement with AIBL

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Posted: Tuesday, September 24, 2019. 11:17 am CST.

By BBN Staff: The Federal Trade Commission (FTC) of the United States, which is investigating the Sanctuary Bay real estate fraud case, today announced that it has approved a $23 million US settlement to be paid by Atlantic International Bank Ltd. (AIBL) to settle charges against the bank for assisting various entities related to Sanctuary Bay in deceiving US consumers as part of the scheme.

The FTC said it will use the money to provide redress to more than 1,000 consumers who were conned by the Sanctuary Bay Belize scheme.

“The proposed court order, to which the defendant has agreed, settles the FTC’s charges against AIBL. The order requires AIBL to cease all business activities permanently, aside from those involved with its liquidation. In addition, after the bank is liquidated, the order prohibits the liquidator or anyone else from seeking to re-license and operate AIBL’s business,” the FTC statement said.

The order also imposes a $23 million judgment against AIBL and details how AIBL must transfer the money to the FTC. It explains that the FTC will use the money to provide equitable relief, including consumer redress, to consumers injured by AIBL’s illegal conduct. Finally, the order appoints a receiver to collect the financial judgment from the bank, and assigns to the receiver AIBL’s rights in certain property also to be used for consumer redress, it explained.

The Commission vote approving the proposed stipulated final order was 5-0. The FTC filed the proposed order in the U.S. District Court for the District of Maryland, Southern Division. Litigation continues against the remaining defendants including Andris Pukke, Peter Baker and Luke Chadwick.

 

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