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By Tom Lutey |
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July 31, 2002 |
State's offshore banking coffers remain empty
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Intro: |
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Sometimes easy money isn't so easy.
Offshore banking was supposed to bring effortless millions to Montana. But in
the six years after its creation, it has only produced brushes with scandal.
The only application to open a "foreign capital depository" was
allegedly funded by the kind of criminal element feared by offshore banking's
opponents. |
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Excerpt: |
Five lawsuits were filed against Abraczinskas
in Bend, Ore., during the 1990s.
And there was more information Montana could have found on Abraczinskas, said offshore
banking watchdog David Marchant.
Marchant, the owner of
Offshore Business News
& Research Inc., published an investigative report on Abraczinskas in
February.
In it, Marchantfollows Abraczinskas' business dealings from an alleged Oregon
timber scam through the money laundering conviction.
Earlier, Marchant exposed a Montana registered company, known as "The Bank
Exchange" that is accused of helping operate and form bogus offshore
credit unions. Abraczinskas was the previous owner of The Bank Exchange,
Marchant
reported, but wasn't an owner last December when the credit union scam was
revealed.
The Bank Exchange's principals last December were Darryl K. Willis and Dale A.
Erickson, who were charged in June with bilking 100-year-old Una Anderson of
Jens out of her $6 million life fortune. |
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