Customs and FBI agents found that the bank was nothing more than a storefront operation, one of 18 such operations under the control of American International Bank, Ltd. in Antigua. Both banks have since been closed in connection with the fraud. Using these banks and numerous front companies, the scam artists were able to buy airplanes, yachts, vehicles, real estate, and other assets with the fraud proceeds. Customs is seeking the extradition of a defendant in Antigua accused of establishing Caribbean American Bank for the scam artists. Customs is also seeking the extradition of another defendant in Thailand.
Agents continue to pursue additional leads in the case.
Prior to last week, two targets of Operation Risky Business had been sentenced. Last week, senior U.S. District Court Judge Maurice Paul of the Northern District of Florida handed down sentences to 13 additional individuals over the course of three days. Four more defendants, including a former mayor, are scheduled to be sentenced in 2001.