Word: centrust
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...spring, the Justice Department has been taking heat for its less than dynamic prosecution. But last week the department indicted B.C.C.I. and three bank officials, charging them with illegally taking over Independence Bank of Encino, Calif., and with fraud that contributed to the billion-dollar downfall of Florida's CenTrust thrift. Indicted with the bank were founder Agha Hasan Abedi, former bank president Swaleh Naqvi and B.C.C.I. front man Ghaith Pharaon. Since the U.S. stands little chance of extraditing Abedi from Pakistan and Naqvi faces charges in Abu Dhabi, Pharaon's indictment may be the most productive of the three...
...year-old mayor was charged last week in a 41-count indictment with extorting money and services in exchange for official favors. Federal prosecutors claim that he tapped developers, architects and unions. His most serious offense was an alleged demand of $35,000 from David Paul, former chairman of CenTrust Savings Bank, in return for approval to build a private dock at Paul's home on La Gorce Island. Daoud, who professes his innocence, is the third mayor in Dade County to be indicted or convicted for corruption in two years. Although he already planned to step down later this...
...estimated $12 billion from their depositors. In the U.S., B.C.C.I. used Miami as a staging ground for the largest single drug-money operation yet recorded, secretly bought and helped run the largest bank in Washington, and played a key role in duping regulators about the failure of Miami-based CenTrust Savings and Loan, one of America's costliest thrift bankruptcies...
Investigators are also probing allegations that Pharaon used B.C.C.I. funds to acquire the National Bank of Georgia for $18 million in 1978 and to invest $25 million in Miami's CenTrust Savings, which collapsed last year. Pharaon, whom the Federal Reserve wants to bar from U.S. banking, has denied any wrongdoing. But as authorities tried to serve him with a subpoena last week, he was believed to be sailing off the coast of Greece...
Whatever the reason, regulators around the world certainly allowed B.C.C.I. to flourish far too long. The alliance with Altman and Clifford's First American Bankshares was clearly -- and apparently successfully -- designed to win respectability in the American power establishment. The link with Paul's CenTrust S&L was a pipeline to the fast-buck financial arrivistes of the '80s -- a joining of hands by what history may well describe as the two great scandals of the century...