Bahamas Investors Bail Out In Face Of Investigation
Two of the largest investors in Imperial Holdings have sold their entire stakes in the company, which is the target of a federal investigation.
Federal authorities raided the Boca Raton-based company’s offices in September in connection with a probe by the U.S. Attorney’s Office for the District of New Hampshire. Subsequently, numerous shareholder class action securities fraud lawsuits were filed against Imperial Holdings.
Meanwhile, some major Imperial Holdings investors have checked out. After reporting that it owned 2 million shares, or 9.5 percent, of Imperial Holdings in February 2011, Pine Trading disclosed in a U.S. Securities and Exchange Commission filing Friday that it no longer owned any shares of the company. Pine Trading is registered in the Bahamas and lists David Haring as its beneficiary.
In another SEC filing on Friday, a three-way offshore partnership said it sold all of its stock in Imperial Holdings after previously owning 1.27 million shares, of 6 percent, on Dec. 31. That partnership consists of Bahamas-based Chase Ridge Ltd., led by Jefferson R. Voss; Joseph Lewis, a British citizen residing in the Bahamas; and a branch office of Skarbonka Sp. in Luxembourg.caribbean, corruption, crime, financial, fraud, investing, money