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FTC Uncovers Major Land Fraud Scheme in Southern Belize
posted (November 8, 2018)

There is huge news coming from the Federal Trade Commission in the US tonight - and it has to do with a mega project in southern Belize called Sanctuary Development.  

It is being called the “the largest real estate fraud the agency has ever  uncovered in its history.” The civil action names Belize’s Atlantic International Bank - among many other companies as part of the scheme.  Local Manager, Johnny Usher is also named.  He today told us he has no comment until he speaks to his attorney. 

So what is Sanctuary Belize - and who got the bad end of a raw deal?  Well, “Sanctuary Belize” targetted investors from across the United States - mostly retirees - to buy properties on their 14,000 acre development.  Here’s a video of the sales pitch made by principal Luke Chadwick:

Investors were promised dream retirement homes in a community developed with a raft of luxury amenities, including an American-staffed hospital, “world-class” arena and an international airport. They were also promised that their lots would double or triple in value in two or three years.  But the scheme was run by a string of American scammerS, and only about 10 percent of the lots bought by investors over more than 15 years were ever developed.

That’s because the developers were “about half a billion dollars short of the capital they would have needed to complete the development.”

A civil complaint taken out by the FCC names more than two dozen people and companies including Atlantic International Bank which the FTC says is the first foreign bank it has ever brought an action against.

According to the civil complaint, Atlantic International quote, “jointly markets with Sanctuary Belize…urged (Sanctuary Belize) telemarketers to sell its banking services to American consumers as part of the…sales.” End quote.  

The civil complaint adds, “Atlantic International has assisted and facilitated in the TSR violations this Complaint sets forth….At all times material to this Complaint, Atlantic International knew, or reasonably should have known, that its acts in furtherance of its unlawful coordination with SBE in violation of the TSR substantially affect the United States.” End quote.  We’ll keep following this story.

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