TheFirst International Bank of Grenada (FIBG) was an offshore bank that operated between 1996 and 2000, duping thousands of people in aPonzi scheme. Four people were indicted, the result of a collaborative effort between theFBI and theInternal Revenue Service, estimating a monetary loss from investors at over $170 million.[1]
The scheme was first reported byDavid Marchant, the publisher of OffshoreAlert, a Miami-based newsletter.[2] The bank was put in liquidation with liabilities of $473 million.[3]
