Monday, October 16, 2000
Background on Wellington
1993: John E. Brinker Jr., then of Batavia, shuts down a pair of advertising-related firms and files for bankruptcy. The filing lists $463,316 in debts and $97,445 in assets.
1994: Gary J. Bentz leaves his job at a uniform service company to try his hand at the investment business.
Gilbert A. Ziegler shuts down mortgage firm in Portland, Ore., and files for bankruptcy.
1995: Mr. Ziegler establishes Fidelity International Bank in the Republic of Nauru, in the the South Pacific.
1996: Grenada approves the creation of an offshore banking industry in hopes of reducing its economic dependence on agriculture and tourism.
1997: Mr. Ziegler arrives in Grenada, taking out a second passport in the name of Van A. Brink.
First International Bank of Grenada First Bank opens, with Mr. Brink as chief executive. Fidelity International Bank's accounts are merged into the new institution, known colloquially as First Bank.
1998: The U.S. Comptroller of the Currency warns that First Bank is illegally soliciting deposits in the United States
John E. Brinker Jr. and Gary Bentz set up Wellington Bank & Trust in St. George's, Grenada.
1999: British Columbia authorities issue a cease-and-desist order against First Bank after complaints about efforts to raise money in the province.
Offshore Alert, a newsletter published by Miami-based investigative journalist David Marchant, chronicles the checkered past of First Bank and its founder, now in Uganda pursuing new banking and minerals ventures.
2000: Indiana Securities Division files an administrative complaint and cease-and-desist order against Wellington, alleging the bank sold unregistered securities, using unregistered agents, and violated anti-fraud rules by failing to disclose key facts about the nature and risk of the investments.
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