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| By Sharon Walsh |
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November 14, 1999 |
A Case Study in
the Elusiveness of Offshore Banks
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| Intro: |
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Melvin J. Ford doesn't live in Switzerland or Antigua or South
America.
The 50-year-old insurance salesman-turned-investment guru conducts
his business from various offices near his Bowie home. He uses the
U.S. mail and invests the money of U.S. citizens. He advertises some
of his ventures in national publications and on television
infomercials.
But money he collected from investors in recent years--tens of
millions of dollars--has gone to offshore destinations such as
Antigua and Barbuda, Switzerland, and Panama, where it simply seems
to vanish. |
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| Excerpt: |
"I was pretty amazed that
$ 100 million disappears and the guy isn't prosecuted," said
David Marchant, publisher of the
Miami-based Offshore Alert.
"It's breathtaking. Why isn't anybody doing anything about this huge
criminal enterprise? . . . All these offshore scams are run from the
U.S." |
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