A director and shareholder in a former Bahamas-based bank has been sentenced to 37 months imprisonment and ordered to pay just over $124 million in restitution for his part in a scam that defrauded investors across the globe of $214 million.
Robert W. Boyd was sentenced last week in the US District Court for the Middle District of Florida on several counts of fraud in relation to his role in Evergreen Security, a bankrupt offshore mutual fund that was largely managed from the Bahamas.
Mr. Boyd was a former director and shareholder in Surety Bank and Trust, the Paradise Island-based financial institution that ceased operating in 2001.
Source: The Tribune
