An increasing number of Caribbean banks and wire transfer providers are getting cut off by U.S. commercial banks, who say their low volume business is not worth the risk of hefty fines over dirty transactions.
Nearly three in four Florida banks won a “recommended” rating from Bauer Financial and the number of “troubled and problematic” banks statewide fell, too. But two Miami-Dade financial institutions lost their five-star ratings.
A South Florida real-estate investor made a killing on a tiny Miami Beach condo he owned for just three months. The listed owner of the offshore that bought the unit turned up in the massive leak of documents known as the Panama Papers.
TotalBank filed a lawsuit against U.S. Century Bank and Luis de la Aguilera, former CEO of TotalBank and current president and CEO of U.S. Century, claiming that the parties are “deliberately” disrupting the business of TotalBank by poaching TotalBank employees and misappropriating confidential information.
People accused of corruption are setting up offshore companies and funneling cash into Miami condos and mansions, according to a massive leak of secret documents called the “Panama Papers.” That’s raising fears of money laundering in luxury South Florida real estate.
Editor’s Note: Mossack Fonseca responded to questions from the Miami Herald and the International Consortium of Investigative Journalists with the following statement, which did not address any of the specific due-diligence failings uncovered by reporters.
Attorneys for Steven D. Hayworth, founder and former CEO of Gibraltar Private Bank & Trust Company, filed a lawsuit against the bank late Friday in a Miami federal court, alleging fraud and breach of contract damages of $40 million.