Top Belize Lawyer To Represent Depositors Of Atlantic International Bank
Our law firm, Glenn D. Godfrey & Co. LLP, has been contacted by many of the depositors of Atlantic International Bank seeking advice in the wake of the bank's collapse in April 2019. As the leading law firm in Belize, we are well placed to help. We are currently assisting many of the depositors of Atlantic International Bank with recovering their money from frozen bank accounts. We invite you to contact us for a free consultation if your bank account has been frozen and you would like to recover your money.
On 12 April 2019, depositors received the devasting news of the closure of Atlantic International Bank in Belize. This news came just ten months after Choice Bank, another offshore bank in Belize, had collapsed.
The problems for Atlantic International Bank, which is largely Belizean-owned, started as far back as 2015 when the bank got caught up in the Belize de-risking saga and lost its correspondent banking relationship with Bank of America. However, the bank was eventually able to establish a relationship with another correspondent bank to facilitate wire transfers for their depositors.
The bank was barely overcoming that crisis when it was confronted with a much larger problem in November 2018: it was accused by the US Federal Trade Commission (FTC) of helping to facilitate the Sanctuary Belize real estate scam. The so-called “Sanctuary Belize” scam guaranteed Americans a no-hassle route to retirement in paradise. Instead, a syndicate of international scammers allegedly stole millions of dollars as ordinary consumers invested their retirement savings in the sham luxury development on the southern coast of Belize. The scam targeted small-business owners at or near retirement age, who were persuaded to invest in plots of land that cost between $100,000 to $500,000.
Initially, the Belize Government conveyed optimism that Atlantic International Bank would be able to work through its difficulties with the FTC: “Atlantic Bank International has a stellar reputation and all Belizeans should wish the bank well”, the Belize Prime Minister told the media.
Unfortunately, despite their initial optimism, ultimately the government ended up rescinding the bank’s license and appointing a liquidator to wind up the bank on April 12, 2019. These events took place before depositors could withdraw their cash. This has turned out to be the beginning of a battle between the clients of Atlantic International Bank and the Liquidator appointed by the Belize Government.
Because of the unending legal struggles between Atlantic International Bank and the US Federal Trade Commission, the claims of Atlantic International's depositors were being ignored. So, finally a large group of them decided to take matters into their own hands and retained one of the leading law establishments in Belize ㅡ Glenn D. Godfrey & Co. LLP.
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Our law firm was founded in 1979 by Glenn D. Godfrey, a former Attorney General, Minister of Tourism and Environment and Member of the Belize National Assembly, who has more than thirty years of experience in the legal, political and international business community in Belize. We represent some of the largest domestic and global corporations doing business in and from within Belize.
Glenn is advising many of the depositors of Atlantic International Bank. We welcome you to contact us for a free consultation if your bank account has been frozen and you would like to recover your money. Send us an email using the form below, and we will reply within 24-hrs.