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The Toledo Teachers Credit Union - with 26 million dollars in assets and seven thousand members it's the dominant credit union in the Toledo District. And much of its economic power comes from the fast growing Bella Vista branch. But between late last year and this year - the credit union management has had to fire everyone from that branch. Why? Because of fraud and misappropriation - in the range of half a million dollars. It was a field day for fraudsters, and it seems everyone was in on it from the highest to the lowest positions in that branch office.
All was to be revealed to the members on Saturday at the annual general meeting. Courtney Menzies went down for the meeting - that turned out to be not much of a meeting after all. Here's her story:
A special investigation of the Bella Vista branch of the Toledo Teachers' Credit Union found that 8 staffers, including senior personnel, engaged in internal fraud and theft, leading to the direct misappropriation of funds from at least 28 member accounts.
It happened between the early months of 2022 and continued until it was discovered in the last quarter of 2024.
This was supposed to be reported to the 7 thousand members on Saturday at the Annual General Meeting at the TCC Auditorium on Saturday - but, the meeting could not proceed because they could not get the quorum of even 100 members to proceed.
And the bad news that the board had to share with them included the fact that this cluster of crooked employees at the Bella Vista branch had racked up more than half a million dollars through various acts of fraud, most prominently making loans on members' accounts without their knowledge and then disbursing the money - with the member not finding out until when the loans they never knew they took out became delinquent.
The Chairman was curt when we asked him about it:
Gustavo Requena, President, TTCU "The institution is exploring all legal, which includes civil and criminal, options in this matter."
Courtney Menzies: "Have they been terminated?"
Gustavo Requena, President, TTCU "Yes."
Courtney Menzies: "How much did the credit union lose as a consequence of this fraud?"
Gustavo Requena, President, TTCU "This is an ongoing investigation and we will be able to provide the details when we are completed with the investigation."
Courtney Menzies: "Are you pursuing legal action to try and recover the losses?"
Gustavo Requena, President, TTCU "I alluded to that earlier, I said we are pursuing civil and criminal options."
Courtney Menzies: "How has it affected so far the credit union's financial position?"
Gustavo Requena, President, TTCU "It has impacted the institution because now we need to provision more for those bad debts."
But might they also face a fine for running a financial institution basically like a bad panades shop? Requena says the Central Bank hasn't fined them, yet.
Courtney Menzies: "Has Central Bank imposed any sort of fine?"
Gustavo Requena, President, TTCU "No."
Courtney Menzies: "Have there been any internal control measures that have been implemented since then?"
Gustavo Requena, President, TTCU "Certainly, the board has responded as is required, we strengthened the internal governance within the institution."
And while Requena concedes that controls had to strengthened - he did not agree with the auditor about the internal culture which allowed members to be defrauded and their accounts to be used as basically a piggy bank for bad actors:
Courtney Menzies: "In the report it stated that the management allowed a "culture of unethical business practices to take root." What oversights or failures would you say led to this?"
Gustavo Requena, President, TTCU "That is an opinion that was shared. We do not share that opinion. We know that there were areas that were deficient and the institution has certainly strengthened those areas to ensure that there is not a reoccurrence of this situation."
And, the Chairman and his board have to hope that answer is satisfactory enough to satisfy the thousands of members who will likely face the reality of a very bad financial year:
Gustavo Requena, President, TTCU "We are going to explain to the members what happened and we are sure that our members understand how credit unions work and we will be able to ensure that they will be aware of what happened."
This afternoon, the credit union put out a release saying, quote, "we were unable to meet a quorum due to scheduling conflicts arising from other activities outside of our control. Notably, this was not the first time TTCU was unable to convene an AGM as a result of not meeting quorum." End quote.
The release also says, quote, "TTCU wishes to inform our members that we are by no means in "deep trouble" as being portrayed by the media. Despite a challenging year, we have strong legal reserves, remain stable and are progressing in a positive direction."
That was the message that the General Manager came to our studio with this afternoon when he spoke to Jules Vasquez:
Leopold Romero, GM - TTCU "Indeed there was there were fraudulent activities at the branch which the board of directors immediately implemented a complete audit of what was taking place and after that report we met with the police, we have provided statements and we are taking the necessary actions to recover from the credit union reserves are around 4.5 million dollars."
"What was in play right now is around 400,000 or a bit more because of other fines but all members who have been affected have been addressed, they have not lost any money and no member is losing any money at this point."
"The credit union has the reserves to take care of that."
Jules Vasquez "Between January or early 2022 and the last quarter of 2024 there were serial abuses fraud, misappropriation, false loans sent through 28 members accounts at least at the Bella Vista Credit Union."
"When did you become aware of this systematic fraud being perpetrated at the highest level?"
Leopold Romero, GM - TTCU "In the first instance, `employees and the branch manager was misusing their authority to access materials that under the credit union name and so we had to dismiss them. We visited members who were delinquent only to find out that the members were not aware of these loans, so the field officer from the head office uncovered that these were fraudulent loans."
"The board immediately put in place the forensic audit, a special audit that run into all of these accounts and contacted the members. The members who lost monies from their accounts, directly from their shares or their deposits, were compensated."
"And we have no member at this point saying that they did not recover the money that was taken out of their account."
Jules Vasquez "How many people were fired from the Bella Vista branch in total?"
Leopold Romero, GM - TTCU "In the beginning, we had five. After investigations and the audit, we had to release another 3. So that was 8. And then lately we release another 3. So we have about 10 people being released, nine people being released from the branch. and replaced with new employees."
Jules Vasquez "So basically you had to fire everybody."
Leopold Romero, GM - TTCU "We had to because all of them were colluding."
Jules Vasquez "What did you feel when you started to see what you what is being reported from this branch, what was your reaction?"
Leopold Romero, GM - TTCU "Jules, if I say that on camera you won't put it out. I felt disappointed very disappointed with our very close friends who we trusted, it sent shocking waves and an awakening that you can't trust nobody in the financial system. If you are giving out a loan at least you should go through at least five people; compliance, internal audit, management, member and the loans officer."
Jules Vasquez "Except in this case all those five people were colluding except for the member. So in some cases even the member was colluding."
Leopold Romero, GM - TTCU "In some cases that happened as well. This is a lesson that we take seriously and we address the matter by placing stronger internal controls and taking over the operations of the branch from the head office."
And while Romero says they have enough reserves to cover the losses and still remain financially viable, we asked him if it means that members will not get either a dividend or a rebate this year - as they have for the past 24 years since the credit unions founding?. Here's that exchange:
Leopold Romero, GM - TTCU "If we miss dividend this year, it doesn't mean that the Credit Union has failed. It's just a sacrifice to overcome and continue to keep our reserves to the best they should be. The demand is 10%. We are at 15% and moving to 20%."
Jules Vasquez "The requirement of your reserve to assets ratio is 10%. You all are at?"
Leopold Romero, GM - TTCU "We are at 12.15 right now. Even though we went through this payment of these things, our reserves are still there."
Jules Vasquez "But to keep it that way, it would be wise to withhold from a dividend and a rebate this year if you were giving the advice."
Leopold Romero, GM - TTCU "And that is the exact advice I presented to the board and that is what we should follow, because we entered this scheme. We found out this scheme and we need to recover. So it is from a wise position that we retain our reserves so that we can move forward."
"By next year, we should be able to do that again. I mean, for the last 24 years, we have paid a dividend and a rebate. And so if we don't this time, then it is a wise decision to make."
We'll continue with our coverage of the story tomorrow.
Toledo Teachers Credit Union is the smallest credit union in the country of Belize, and the only credit union in Toledo District.
59 year old Egbert Flowers woke up and headed to work at the Belize Waste Control every morning at 4:30. Mondays are garbage day for the Northside, so you'd likely see him driving garbage truck #32.
Except he wasn't driving this morning because he was gunned down before he could even leave his home. His family heard the shots and ran outside to see that he had been executed on top of his motorcycle.
Courtney Menzies went to the scene today and has this story.
59 year old Egbert Flowers lay dead in front of his gate before dawn this morning, the key still in the ignition of his motorcycle, and his wife sobbing in stunned disbelief. Moments earlier, he had gotten on his motorcycle to go to work at Belize Waste Control - as he does every morning. But before he could drive off, a gunman who had been waylaying him, appeared and executed him.
No money was stolen, and Flowers wasn't gang-affiliated or a troublemaker, which has left his family confused and disoriented. His supervisor at the Belize Waste Control - where they also consider the long serving driver family - said they still couldn't believe it.
Caryl Meighan, Supervisor, Belize Waste Control "I was surprised, I didn't really believe it until I went to his residence and I saw the evidence."
"He was a cool guy, we're still baffled over what's the motive, we don't have any idea."
He'd been working there for over 15 years and he was part of the backbone of the company.
Caryl Meighan, Supervisor, Belize Waste Control "He's one of senior - most senior drivers. Excellent workmanship, good work attitude. It's definitely a loss for us."
Courtney Menzies: "What would you say stood out about the way he conducted his work?"
Caryl Meighan, Supervisor, Belize Waste Control "His attitude and he was a very reliable driver. We're certainly going to miss him."
"He usually reports for work. He was stepping out of his residence something like a quarter to 5 or something like that. That's when somebody came up according to his wife. And they executed him or whatever."
"We have substitutes so the spare driver just jumps in but he's the OG so we're definitely going to miss him, he's an integral part of our family here at Belize Waste Control. We're certainly going to miss him."
No motive is known at this time for killing this workingman - but no explanation can make sense of this for his family who had to witness his terrible undoing right in front of their home.
And police don't have a lot of info at this time, but they say that while Flowers was the intended target, he is not known to them for any criminal activities. Here's what ASP Stacy Smith told us about the investigation so far.
ASP Stacy Smith, Staff Officer "Police are investigating this incident, this area is one which has video cameras, the police surveillance footage so they are being reviewed intently with a view to ascertain how this incident unfolded and with the view of ultimately making an arrest."
Reporter: "Do you guys believe he was the intended target?"
ASP Stacy Smith, Staff Officer "From all indications it appears that he was the intended target."
"Mr Flowers is not known to police."
Reporter: "There had been some speculation that had to do with a land dispute, can police confirm?"
ASP Stacy Smith, Staff Officer "Police have been following several leads as it relates to that."
A road traffic incident in led to the death of Steve Bell on Saturday. He was riding on a motorcycle when it collided with a vehicle. ASP Smith has the details so far.
ASP Stacy Smith, Staff Officer "Police responded to the scene of an accident on San Andres Street in Orange Walk Town where Mr Bell was observed in an unresponsive state and exhibiting varying degrees of injury to the body. Also observed in the area that was designated as the scene of the accidents was a Lifan motorcycle which bore damages and an SUV. what the investigators have thus far ascertained is that Bell was the pillion rider of the motorcycle when the collision occurred between that cycle and an SUV."
Heidi Chan, who was driving the vehicle, was served with an NIP.
Attorney Orson "OJ" Elrington appeared in the High Court this morning, where he was formally indicted for rape, just one day before his 44th birthday.
Accompanied by his father and legal representative, Senior Counsel Hubert Elrington, OJ Elrington was arraigned in Justice Nigel Pilgrim's courtroom. Elrington pleaded not guilty and was informed that his case will proceed in a trial without a jury.
The charge stems from an alleged incident on January 12, 2024, involving a woman in her mid-20s.
Elrington remains out on bail granted by the Magistrate's Court in 2024.
Joseph Budna has been in the news recently after he was attacked while in San Felipe village. And while he asked for court action against his aggressor, no charges were brought, and now he's the one on the other end of the law after being charged with cyberbullying crimes. Here's what the police told us.
ASP Stacy Smith, Staff Officer "Police formerly arrested and charged Joseph Budna of Trial Farm Village for two counts of using a computer system to public computer data to cause a person substantial emotional distress and one count of using a computer system to disseminate a false statement with the intent to cause another persons to be the subject of public ridicule. This arrest and charge was as a consequence of a report made by a female in relation to several postings of Mr Budna."
"In relation to Mr Budna's report, police have commenced an investigation and they're in the process of recording statements as it relates to allegations that have been made by Mr Budna."
17 pounds of suspected marijuana were found in the luggage on a bus in the Orange Walk district. Except that the bus the weed smugglers boarded was a police bus(!) loaded with police officers headed to the city to report for duty. And it was one of those same officers who detected the strong smell of weed. ASP Smith told us more.
ASP Stacy Smith, Staff Officer "Police arrested and charged Ellis Rudon, a 52 year old Belizean of Ladyville as well as Mysti Smith with the offense of possession of controlled drugs with the intent to supply. This arrest was as a consequence of a search being conducted on a luggage that police believed was in their custody and their luggage contained approximately 7,784 grams of suspected cannabis. Ellis and Smith boarded a bus in the Orange Walk Town district and this bus was transporting police officers who were primarily reporting for the 12-6am tour of duty when one of the officer, being alerted by the prevailing odor of the cannabis, decided to utilize the opportunity where the bus stopped to refuel to conduct a search and the search led to the aforementioned discovery."
On May 25th, 16 year old Denver Jackson was killed at the scene of an accident while crossing the Santa Elena new bridge. He was riding pillion, and the driver has since been charged for his death as well as for being under the influence of alcohol. The police gave us more details.
ASP Stacy Smith, Staff Officer "Police formerly arrested and charged Jose Funes, a 20 year old Santa Elena Town resident for the crimes of manslaughter by negligence and causing death by careless conduct as well as the offenses of using a motor vehicle not covered by third party insurance, using a motor vehicle that was unlicensed and drove motor vehicle without due care and attention as well as driving a motor vehicle with alcohol concentration above the prescribed limit. He was arraigned before the San Ignacio Magistrate Court on aforementioned charges."
Two days after 49 year old Orange Walk District resident James Mendez went missing, he was found dead in a well in the San Pablo area of Orange Walk. His postmortem examination was later conducted and ASP Smith told us the cause of his death.
ASP Stacy Smith, Staff Officer "The postmortem was conducted on the body of Mendez and the result is that the injury that was observed on the body when it was discovered was a gunshot wound which was the cause of death. Police investigation into this matter continues."
Reporter: "Any suspects?"
ASP Stacy Smith, Staff Officer "No suspects so far."
Reporter: "No possible motive? Was he involved in anything drug related or anything like that? Is he known to police?"
ASP Stacy Smith, Staff Officer "He is not known to police, however, the investigation is still in its infant stage and the investigation will continue."
There was a fire on West Canal early on Saturday morning. It happened around 1:00 am when a two story structure was destroyed, and damages were caused to 5 standing structures in the yard.
More than a dozen people were displaced or lost possessions as a consequence. One resident told us they are fortunate to have been spared life:
Two US nationals were found dead within days of each other, in Placencia and San Pedro respectively. The police have not yet ascertained whether either death was attributable to foul play since both of the bodies require a postmortem. Smith told us more about both of the incidents.
ASP Stacy Smith, Staff Officer "Police are currently investigating the death of two US Nationals in separate circumstances. The first investigation pertains to Fred Mason Hoffman, 64 year old where on 29th of May at approximately 9:51pm police visited a residence on Placencia main road where Hoffman was observed in an unresponsive state. He was subsequently escorted to the Southern Regional Hospital where he was pronounced dead on arrival. The body of Hoffman did not exhibit any visible injuries, however, it now awaits a postmortem. Police were alerted as they were called to conduct a welfare check on the residence as persons familiar with him had stated they had not seen him for a few hours which is something outside of the norm for him. As it relates to the second death investigation pertaining to the US national, this one concerns Jeffrey Alan Young, 56 year old American National who was residing in San Pedro Town. This occurred on June 1st 2025. The wife of Young reported to police that around 3:00pm on that date she made checks on her husband and found him in an unresponsive state. Young was not known to have any preexisting medical conditions however due to observations made by the officers on the scene, the scene was processed by SOC personnel and the body was subsequently transported to the Karl Heusner Memorial Hospital where it now awaits a postmortem examination."
A 13 year old student was reportedly raped while on her school's compound by another student last week in Belmopan. She reported the incident and her assailant was charged. Here's what we know so far.
ASP Stacy Smith, Staff Officer "Police formerly arrested and charged a 14 year old male minor of Belmopan City for the crime of unlawful carnal knowledge. This arrest came as a consequence of a report being made by a 13 year old female minor that on the 28th of May whilst on her school compound in Belmopan City, the male minor had sexual intercourse with her against her will. The male minor was arraigned before the Belmopan Magistrate Court where he was subsequently remanded to New Beginnings Facility."
A slight correction, the charge was unlawful sexual intercourse, not unlawful carnal knowledge.
Last week retold you about the stop order that the Central Building Authority had lodged against the Belizean Beach property owned by John Pollard - where Boots Martinez is the contractor. The CBA said they didn't file their plans - but, it seems the work continued - which prompted them to make an enforcement visit on Saturday.
Now, of course there's a strong political dimension to this - but, we're here for all that and that's why Jules Vasquez went out to Belizean beach on Saturday.
Royal Honey - it's widely used as an aphrodisiac - but tonight, the Ministry of Health says that you should not consume it.
A release says the advisory follows alerts issued by the United States Food and Drug Administration and the Ministry of Health of Costa Rica, quote, "both of which confirmed, through laboratory analysis, that the product contains undeclared pharmaceutical ingredients.
These undeclared ingredients may cause harmful health effects, especially in individuals with underlying medical conditions or those taking prescription medications. The product is falsely promoted as "natural" and is sold primarily through online platforms and informal vendors."
Anyone who has encountered these or other questionable health products is encouraged to report them to the Ministry of Health & Wellness at drugalert@health.gov.bz or by calling+501-880-2363.
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The Toledo Teachers Credit Union - with 26 million dollars in assets and seven thousand members it's the dominant credit union in the Toledo District. And much of its economic power comes from the fast growing Bella Vista branch. But between late last year and this year - the credit union management has had to fire everyone from that branch. Why? Because of fraud and misappropriation - in the range of half a million dollars. It was a field day for fraudsters, and it seems everyone was in on it from the highest to the lowest positions in that branch office.
"The institution is exploring all legal, which includes civil and criminal, options in this matter."
"Indeed there was there were fraudulent activities at the branch which the board of directors immediately implemented a complete audit of what was taking place and after that report we met with the police, we have provided statements and we are taking the necessary actions to recover from the credit union reserves are around 4.5 million dollars."
59 year old Egbert Flowers woke up and headed to work at the Belize Waste Control every morning at 4:30. Mondays are garbage day for the Northside, so you'd likely see him driving garbage truck #32.
"I was surprised, I didn't really believe it until I went to his residence and I saw the evidence."
And police don't have a lot of info at this time, but they say that while Flowers was the intended target, he is not known to them for any criminal activities. Here's what ASP Stacy Smith told us about the investigation so far.
"Mr Flowers is not known to police."
Attorney Orson "OJ" Elrington appeared in the High Court this morning, where he was formally indicted for rape, just one day before his 44th birthday.
Joseph Budna has been in the news recently after he was attacked while in San Felipe village. And while he asked for court action against his aggressor, no charges were brought, and now he's the one on the other end of the law after being charged with cyberbullying crimes. Here's what the police told us.
17 pounds of suspected marijuana were found in the luggage on a bus in the Orange Walk district. Except that the bus the weed smugglers boarded was a police bus(!) loaded with police officers headed to the city to report for duty. And it was one of those same officers who detected the strong smell of weed. ASP Smith told us more.
Two days after 49 year old Orange Walk District resident James Mendez went missing, he was found dead in a well in the San Pablo area of Orange Walk. His postmortem examination was later conducted and ASP Smith told us the cause of his death.
Two US nationals were found dead within days of each other, in Placencia and San Pedro respectively. The police have not yet ascertained whether either death was attributable to foul play since both of the bodies require a postmortem. Smith told us more about both of the incidents.
Royal Honey - it's widely used as an aphrodisiac - but tonight, the Ministry of Health says that you should not consume it.