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The Sanctuary Belize land fraud fiasco started playing out late last year when the investment scheme was named in a lawsuit by the Federal Trade Commission - which called it the biggest foreign land scam it had ever investigated.  

And, even though it was an All-American deal - that is, US developers selling land in US dollars to US citizens - the hammer blow fell on Belize.  

The country's largest offshore bank, Atlantic International had its foreign accounts frozen - and eventually had to shut down - sending dozens of employees home - and leaving hundreds of depositors - 80% of them US citizens -  uncertain about what, if anything, they will get back from their savings accounts.

It's a major disaster - but it could have gotten much worse for Belize's banking sector - and that's what government got involved to push for a settlement between Atlantic International and the FTC.

Well, the news tonight is that the settlement has been finalized and it was done so this week.  Today at a press conference, the Prime Minister and the Bank's Liquidator gave a brief overview:

Rt. Hon Dean Barrow - Prime Minister
"There has been a settlement of the AIBL difficulties arising out of the complaints made against and several other defendants by the FTC and the subsequent forced liquidation of AIBL."

Julian Murillo - AIBL Liquidator
"Though, there has not been any court judgement or determination against AIBL nor has the bank admitted to any wrong doing, a reasonable settlement of the FTC allegations in my judgement is in the interest of AIBL depositors and creditors and the liquidation process overall for the following reasons. First, the ability to dispose of the bank's loan portfolio which represents 70% of all AIBL assets is a material factor for prospective purchasers. Second, I on behalf of the depositors and creditors must be concerned about the financial human resource and time cost attendant to an extended legal battle with the FTC in US courts. At the point of liquidation, AIBL management had already spent almost 4 million dollars on legal costs. Subsequent to liquidation, these cost have continued to rise and now acrue directly to depositors and creditors. The settlement agreed upon resolves all allegations against AIBL and paves the way for the optimal and most expeditious possible return for depositors and creditors in the liquidation process."