05162024 BUSINESS

THURSDAY, MAY 16, 2024

Bahamian whistleblower survives latest strike-out

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A BAHAMIAN whistle-

blower and his 11,000 e-mail haul this week survived the latest bid by a former Nassau-based broker/dealer’s principal to have them struck out as trial evidence.

Judge Edwin Torres, in a May 14, 2024, ruling, found that Guy Gentile, former head of Swiss America Securities, had “failed to show bad faith” was involved when Philip Dorsett, his company’s former chief compliance officer, incorrectly stated during a 2023 deposition that a small group of these e-mails were inadvertently deleted . The judge, sitting in the south Florida federal district court, criticised the

Securities & Exchange Commission (SEC) for failing to supervise the process that led to the original “deletion” by Mr Dorsett but said this amounted to

Bahamians leap to defend FTX’s former

By NEIL HARTNELL

Business Editor

MULTIPLE Bahamians have praised the good character of FTX’s former local head in supporting his plea that he receive a jail term “of no more than 18 months” for violating US law. An ex-attorney general, local aviation entrepreneur and former Bahamian staff have all supplied glowing testimonies on Ryan Salame, the ex-FTX Digital Markets chief, who is due to be sentenced by the southern New York federal court on May 28, 2024, for breaches of US campaign finance laws and operating

an unlicensed money transmission business. Ceri Howells, CLX Logistics Bahamas’ chief operations officer, even told Judge Lewis Kaplan how Mr Salame helped him rebuild his life following the

Bahamas ‘back at forefront’ on digital assets, securities

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Securities Commission’s top executive yesterday asserted that reforms to two key laws will “put The Bahamas back at the forefront” of the global digital assets and securities industries.

Christina Rolle, the capital markets regulator’s executive director, told Tribune Business that the “modernised” Securities Industry Bill “places us in a more competitive space” while the upgraded Digital Assets and Registered Exchanges (DARE) Bill has been benchmarked against leading crypto jurisdictions such as New York, Hong Kong and Europe.

Speaking after both Bills were yesterday tabled in the House of Assembly, Ms Rolle said: “We’ve completed all our reviews of the Bills. We’ve addressed all the feedback we received in the consultation process...

“What we’ve done with the Securities Industry Act is really a modernisation of the legislation since it was developed more than 12 years ago; since it was passed more than 12 years ago. We’re keeping pace with how securities legislation has been modernised over the years.

“In that respect, it puts us in a position where we have similar regulatory tools to those that have been developed over the past decade, and puts us in a more

“negligence” rather than an action in “bad faith”.

Mr Gentile, whose Bay Street-based broker/dealer

local principal

twin blows of Hurricane Dorian’s devastation and his father’s critical illness. The FTX Digital Markets’ chief’s support, he revealed, gave him the platform to invest “my last $200” in setting up CLX Logistics

which has grown into “a thriving enterprise”. “I first met Ryan during one of the most challenging periods of my life,” Mr Howells wrote. “It was

Auto H & L borrowers hit by excess interest

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

SEVERAL thousand Bahamians may have been over-charged interest on loans issued by one of this nation’s largest used car dealers, it was revealed yesterday.

The Securities Commission, in a notice published on its website and in today’s newspapers, disclosed that an “independent examination” - conducted at its request - uncovered that Auto H & L had “miscalculated” the interest it was demanding borrowers pay and had violated the Rate of Interest Act.

The auto dealer, which is based on Tonique Williams Highway, had “asserted that these miscalculations were inadvertent” and has pledged to “fully reimburse” all impacted

Bahamians for the period between 2019 and 2023.

However, the compensation effort has been complicated because some Auto H & L client files were “irreparably damaged” by what was described as an “on-site accident”.

Christina Rolle, the Securities Commission’s executive director, declined to comment beyond the details contained in the capital markets regulator’s statement. However, wellplaced sources told Tribune Business on condition of anonymity that the total overcharged sum could amount to $500,000 or possibly be even higher given the uncertainty created by the destruction of borrower files. Given that the loan amounts were relatively small, representing credit

RYAN SALAME

GUY GENTILE

CHRISTINA ROLLE

5G to drive major shift in business operations

IBy KEITH ROYE

n the fast-paced world of technology, the advent of 5G (fifth generation) stands as a monumental leap forward, marking a new era in connectivity and business operations. As businesses and consumers alike adapt to this new wave, the implications of 5G technology extend far beyond faster Internet speeds, heralding a transformation in

how industries operate and interact with the digital world. At the heart of 5G technology lies its promise to deliver unprecedented Internet speeds, which are expected to be up to 100 times faster than its predecessor, 4G. This surge in speed and the significant reduction in latency, which means the delay before a transfer of data begins following an instruction for this to take place, enables real-time communication and the seamless operation of digital applications. This is a critical factor for businesses reliant on instant data exchange and cloud computing.

5G’s ability to support a massive increase in connected devices per square kilometre revolutionises the Internet of Things (IoT). With its enhanced capacity, 5G can connect numerous devices seamlessly, facilitating the IoT’s expansion in smart cities, where everything from traffic lights to water systems can be interconnected and optimised for efficiency. For businesses, this means enhanced data collection, improved analytics and more informed decisionmaking processes.

The roll-out of 5G technology is set to transform various industries by enabling services that rely on advanced connectivity. In healthcare, for example, 5G can support remote patient monitoring and telemedicine, allowing for timely medical interventions and reducing the need for physical visits. The manufacturing sector stands to benefit from 5G through the implementation of smart factories where machines are interconnected, facilitating real-time monitoring, predictive maintenance and automated production processes.

For businesses, the adoption of 5G technology means not only improved operational efficiency but also the potential to enhance the customer experience. High speed connectivity can drive more sophisticated and personalised services, ranging from

augmented reality (AR) shopping experiences to real-time customer support. The ability to handle large volumes of data at high speeds allows businesses to gain deeper insights into customer behaviour, enabling them to tailor their offerings more effectively. Despite the promising advantages of 5G, its deployment comes with challenges. The transition to 5G requires substantial investment in infrastructure and technology upgrades. Additionally, concerns regarding data privacy and security are more prominent given the increased volume and speed of data transmission. 5G technology is not just about faster Internet speeds. It represents a fundamental shift in the landscape of connectivity and business operations. As businesses navigate the transition, the focus should be on harnessing the potential of 5G to drive innovation, improve efficiency and deliver a superior customer experience, while also addressing the challenges that come with such a transformative technology. The journey towards a fully connected, 5G-powered world is just beginning, and it promises to reshape the contours of the digital ecosystem for businesses and consumers alike.

PHARMACIES ‘NOT ADEQUATELY CONSULTED’ ON CANNABIS BILL

By FAY SIMMONS

THE president of the Bahamas Pharmaceutical Association has criticised the government’s consultation process for the Cannabis Bill, saying neither he nor his association were adequately included in the drafting.

Dr Marvin Smith said the association and other stakeholders received a draft of the legislation last year and submitted their concerns to the government but did not receive a reply.

He said: “The government invited the association last year to a meeting and promised us along with a number of other stakeholders there will be consolidation throughout this process and it will be public. We took the draft and we expeditiously reviewed it as an association and sent the government a written document in response

“I don’t know why the government wouldn’t respond back to the association. I’ve been in contact with the Medical Association, they weren’t consulted in this meeting that the minister had in the last week and a half.

“So, you’re taking the two major association of healthcare professionals in the country who comprise the two stakeholders in dispensing and prescribing medicines and you take an Act to Parliament without talking to them.... They can’t say that we weren’t open to communication, we wrote them and sent them a written document and invited their response.”

Dr Smith argued the version of the cannabis bill tabled yesterday differed from the one initially sent to stakeholders and if they did not agree with the views of medical personnel a response stating so was merited.

He said: “Let me be clear about consultation, it cannot be you ask me for my opinion and when we sit down as an association and give it to you, you don’t respond back to us. That’s not consultation. Consultation cannot be that you’re doing this that affects the health of people in The Bahamas and we have yet to see the first town hall meeting on this.

“We have yet to see any joint stakeholder meetings on this in a universal sense where Bahamians who are in healthcare can log in electronically or come to a meeting and state their concerns. So I don’t know what the new definition of consultation is, but this certainly cannot be consultation because if because consultation has to be a conversation.”

The Cannabis Bill states that in order to apply for a licence to dispense cannabis the individual must be a citizen of The Bahamas who is 21 years or older or a legal entity, who has not been convicted of a criminal offence under the Dangerous Drugs Act, the Proceeds of Crime Act or Criminal Justice (International Co-operation Act).

Mr Smith said that while the association agrees with the implementation of medical cannabis as a therapeutic option that should be made universally available to patients, they had concerns on how it would be dispensed.

He argued that cannabis distribution should be overseen by pharmacists and housed in a pharmacy like any other prescription drug. He said: “It’s an inherently dangerous public safety issue. And here’s the thing, if the government wants access to the public for medical cannabis in Nassau alone, there are over 60 private pharmacies, forget the public facilities, there are over 60 private pharmacies and an island 21 by seven.

“If you put it as a medicine where medicines are supposed to be, in a pharmacy, anybody who has a legal and proper prescription for it can get it. There are over 60 pharmacies that are already regulated with a pharmacist so why are we recreating the wheel for this one little product.

“It’s disappointing that when we look at the draft of the bills that have been tabled, today, it appears that all of our concerns related to this issue have fallen on deaf ears.”

The cannabis regulations state that a registered cannabis dispensary must be under the supervision of a licensed pharmacist in accordance with the Pharmacy Act and that pharmacist shall not have supervision of more than five cannabis dispensaries at one time.

The compendium of bills tabled also included amendments to the Dangerous Drugs Act and the Dangerous Drugs Act (Prescription of minimum amounts) aiding in the rescheduling of cannabis from an illegal narcotic to a controlled drug.

Dr Smith said it is “disengeneous” to reschedule cannabis as a controlled drug rather than a narcotic, while allowing it to be dispensed by non-medical personnel while every other drug with that designation must be prescribed by a doctor and dispensed by a pharmacist.

He also raised issue with one pharmacist overseeing up to five dispensaries as the real time operation of these sites will not be undertaken by pharmacists.

He said: “There is an issue with dispensaries being managed by one pharmacist who can manage up to five dispensaries. The government itself in their own documents, is rescheduling cannabis as a controlled drug rather than an illegal narcotic. If you look at what controlled drugs are, those are your

major narcotic meds like Percocet and like all, things that you can’t get without a prescription, you can’t get refills for and only a pharmacist could dispense.

“So it seems disingenuous on its face, that you will say that cannabis, as a medicine is in that same category

but they’re going to allow people who aren’t pharmacists to dispense them. And they think that one pharmacists can oversee up to five facilities. That means as a controlled drugs cannabis is going to be dispensed in real time by people who aren’t pharmacists.”

He argued that patients with illnesses grave enough to require medical cannabis are often on a host of other medication and so pharmacist needs to be involved with dispensing cannabis

SEBAS IN ‘BAHAMIAN DREAM’ FOR WESTERN NEW PROVIDENCE

A

aiming to leave his mark on western New Providence with 14 projects - ranging from dining to multi-million dollar estates - stretching from Old Fort Bay towards both Lyford Cay and Love Beach.

Sebas Bastian, Island Luck’s principal, The Bahamas’ non-resident ambassador to Central America and developer of several existing communities such as Venetian West, unveiled his latest plans during an event held at Old Fort Bay Club recently.

Held in partnership with Better Homes and Gardens Real Estate MCR Bahamas, the unveiling was intended to update area residents.

The first development scheduled for completion is the Venetian Village, a community shopping centre featuring restaurants, a pharmacy, home goods store, doctor’s office and other amenities. It is

scheduled to open by fall 2024 and all 28 spaces are leased.

The Aspara Social Club, located adjacent to Venetian Village and featuring racquet sports, fitness and wellness facilities, spa amenities, a pool area, casual dining and a pro shop, is also set to open this year. It will be followed by three residential communities in Love Beach and 90 commercial lots in Westfield Commerce Park.

Mario Carey, Better Homes and Gardens MCR Bahamas partner, said interest in the residences on Love Beach and Westfield Commerce Park has been intense given the demand for upscale housing and ongoing flow of companies moving to western New Providence.

“Westfield Commerce Park will be similar to AIP (Airport Industrial Park), and will support manufacturing, commerce, warehousing and retail,”

Mr Carey said. “If the pace

of interest and reservation with deposits continues as it is, they will sell out in record time.” Those lots range in size from just under 18,000 square feet to more than 113,000 square feet, with a pricing scale from $259,000 to more than $1.6m.

The plans call for a road that would link the Airport Industrial Park to the Westfield Commerce Park, flowing around a roundabout and south to join Frank Watson Highway.

The road, a major capital investment by the developer, is designed to allay concerns about traffic congestion and make travel west and south more convenient for current and new residents and business traffic alike..

“For so many years, Love Beach remained the hidden secret right in front of our eyes,” said Danae Bethel, a sales associate with Better Homes and Gardens MCR Bahamas. “With what is probably the best beach

REALTORS from Better Homes and Gardens MCR Bahamas, together with developer Sebas Bastian (centre), co-hosted a presentation at Old Fort Bay Club unveiling 14 developmentsranging from retail and dining to high-end residential - targeted at western New Providence. Also pictured are Better Homes and Gardens MCR Bahamas partners Mario Carey (third

on the mainland of New Providence, it will now be more inviting and accessible to those who will have a choice of three distinctive residential communities.”

One of those choices will be the two-storey townhouse style Vilara Villas with six units, each with three bedrooms, two-anda-half baths, a private plunge pool and an outdoor kitchen. Prices start at just under $1.4m for the 1,650 square foot residence with garage parking and traditional construction methods, including concrete blocks and steel.

Construction on those has started with an anticipated completion date of May 2025. Other developments, the Sevyn Residences and

Chamber names its new chief executive

THE Bahamas Chamber of Commerce and Employers’ Confederation (BCCEC) has named Dr Leo V. Rolle as its new chief executive.

The business advocacy group, in a statement, said its new chief executive has more than 19 years’ experience and began his career with Scotiabank (Bahamas) before moving

into insurance, education and micro, small and medium-sized (MSME) business development. The latter was described as his “passion”.

Dr Rolle has a bachelor’s degree in Education, along with an MBA and a PhD in finance, in addition to designations in areas including life insurance, medical billing and coding, regulatory

compliance, LIMRA and LOMA International.

The Chamber said he plans to develop an environment that fosters innovation, and creates opportunities for businesses in The Bahamas, with a particular focus on empowering SMEs through development, training and advocacy. The new chief executive also intends to expand the Chamber’s collaboration with local and international partners.

“Collaboration will be the lifeblood of our organisation and imperative for real change,” said Dr Rolle. “I am excited about the prospect of mutually beneficial arrangements with stakeholders, partners and the communities we serve.”

Timothy Ingraham, the Chamber’s chairman, said Dr Rolle’s vision is closely aligned with the organisation’s mission to advocate for - and support - the

PUBLIC NOTICE

The Disability Affairs Division of the Department of Social Services has been RELOCATED from 4th Terrance Centerville to Alexander House / Department of Social Services, Robinson Road and Montel Heights with effect from 29th April, 2024. Phone contact 397- 2503/ 397-2525

LEGAL NOTICE

International Business Companies Act (No. 45 of 2000)

Evergreen Fund Limited (the “Company”)

Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of Evergreen Fund Limited has been completed, a Certifcate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the Dissolution was the 6th day of May, 2024.

Cristiano Freire Amorim Liquidator

N O T I C E

S.P.I. DISTRIBUTION LIMITED

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 16th day of April, 2024.

Dated the 16th day of May A.D., 2024.

Gustaaf Meijers Liquidator of S.P.I. DISTRIBUTION LIMITED

growth of the country’s private sector.

“The Board of Directors believes that Dr Rolle’s leadership qualities and passion for private sector development make him the ideal choice to lead the BCCEC to a prosperous future,” said Mr Ingraham. “We are confident that he will be an outstanding advocate for our members and the business community at large.”

Sevyn Beach Club, are scheduled to break ground this year.

“It is our goal to bring dreams to life in a responsible and affordable way that allows more Bahamians to enjoy the best of life in The Bahamas,” said Mr Bastian. “The movement west prior to this time was largely residential and educational.

“These carefully planned developments by our company, Brickell Management, will unite the community, bringing energy, new life and excitement with dining, shopping, sports and so much more in a carefully curated environment while maintaining the option of living by the sea. That is truly the Bahamian dream.”

SALESPERSON WANTED for established technology company based in Nassau.

Must haves include: drive, ambition, excellent presentation, oral and written communication skills, and technology awareness. Direct selling experience a plus, career path guaranteed. Must have your own vehicle. Base salary plus commission, health and pension plans, etc.

Reply to: with your resume and cover letter to resourcesit2@gmail.com with your resume and cover letter.

N O T I C E

SOUTH PACIFIC REFINING LIMITED

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 16th day of April, 2024.

Dated the 16th day of May A.D., 2024.

Gustaaf Meijers Liquidator of SOUTH PACIFIC REFINING LIMITED

44th Annual General Meeting of the

and the meeting at 6:00p.m. at the Fusion Superplex, Gladstone Road, for the following purposes:

and ratify the Board of Directors’ Report

To receive and ratify the 2023

and

DR LEO V. ROLLE

MINNIS: HOSPITAL PLAN ‘WRONG, WRONG, WRONG’

By FAY SIMMONS Tribune

FORMER Prime Min-

ister Hubert Minnis yesterday hit out at the government’s proposed new $290m hospital, calling it the “wrong project, in the wrong place, with the wrong price, the wrong financing and the wrong workers”.

The plan is funded by a loan from China ExportImport Bank, the same institution that financed Baha Mar’s multi-billion resort.

Dr Minnis said: “On the broader issue of health care in The Bahamas, I continue to be alarmed by the statements that come from the government on the socalled specialty hospital they plan to build here in New Providence.

“This is the wrong project, in the wrong place,

with the wrong price, the wrong financing and the wrong workers. There are so many things we don’t know about the Chinese hospital that is going to be built in a heavily residential neighbourhood in New Providence.”

The government is aiming to break ground the hospital by September 2024 after the project was approved for “concessionary financing’ via a 20-year loan with an interest rate set at just two percent

Dr Minnis argued that if the government had not returned the more than $86m loan his administration secured prior to the September 2021 general election, through a World Bank guarantee, work at the Princess Margaret Hospital would have been completed last year.

He said: “They said in their blueprint that they would build a new hospital in New Providence through

public private partnership with simultaneous improvements to conditions at the Princess Margaret Hospital. And after cancelling the proposed new multi-storeyed infant and maternity clock at PMH the PLP was absolutely desperate to find financing to build some sort of health care facility. Had they continued with our plans that facility would have been finished from April of last year.”

Dr Michael Darville, Minister of Health and Wellness, called a point of order and accused the former Prime Minister of having “no plans” and using the borrowed funds as an “election ploy” to create the “illusion” the former administration would improve the infrastructure at the hospital. He said the loan secured by the former Minnis admiration was “tied up with small and medium-sized business”, forcing the Davis

GB water supplier names new operations manager

GRAND Bahama’s water supplier has named Leon Cooper as its new operations manager.

Grand Bahama Utility Company (GBUC), in a statement, said he has more than three decades of experience in engineering, management and related fields. Mr Cooper’s career was also said to have included 13 years as an entrepreneur, where he served as a project manager and engineer, contributing to various industries.

GB Utility’s new operations manager earned his Bachelor of Science degree in mechanical engineering with honours from Alabama Agricultural and Mechanical University, and bolstered his credentials

as a certified maintenance manager through the University of Alabama. Prior to his entrepreneurial experience, Mr Cooper spent more than two decades in the electricity industry, serving in roles

including plant operations, maintenance, project management, and metering and billing activities. His experience spans the design and construction of various water systems and their related components.

“We are thrilled to welcome Leon Cooper to the GBUC family as our new operations manager,” said Ian Rolle, president of Port Group Ltd. “Leon’s extensive experience, coupled with his dedication to safety, mentorship and community service, make him the ideal leader to drive our operations forward and uphold our commitment to excellence in serving the people of Grand Bahama.”

administration to renegotiate with lenders. He said: “The member for Killarney is in a different world, on coming to office, the member for Killarney had a concept of a four-storey complex that was in his own mind. The

reality is that he did nothing. He produced nothing. He had no plans. And his whole attempt was an election ploy to try to create the illusion that this administration was about to implement infrastructural

at the Princess Margaret Hospital.

“The reality is he speak about this financing that he had in place and on coming to office, we did an analysis of the financing with the

LEON COOPER

Auto H & L borrowers hit by excess interest

issued for the purchase of autos and other consumer items, it was suggested that several thousand borrowers may be victims. The true number, though, is presently unknown which is why the Securities Commission is asking Auto H & L loan clients to e-mail details and proof to the accounting firm that conducted the examination.

When Tribune Business attempted to obtain comment from Auto H & L, whose principal was identified as Hal Shearer, repeated calls to its office telephones were eventually answered by the cleaning lady who said all staff had gone home at 4pm. This newspaper, which eventually managed to pass a message to the auto dealer’s

principal via his attorney, was subsequently told: “He has no comment.”

The Securities Commission, in its statement, confirmed that Auto H & L was one of its licensees under the Financial and Corporate Service Providers Act 2020. “Through an on-site examination conducted in March 2022, and followed-up in March 2023, the Commission became aware that Auto H & L miscalculated the interest on loans for its customers as required under the Rate of Interest Act,” the regulator said.

“Subsequent to its follow-up examination in March 2023, the Commission engaged the audit firm, Baker Tilly Gomez, to conduct an independent examination focused on interest calculations during

the period 2019 to 2023. The examination confirmed that Auto H & L was in breach of the Rate of Interest Act and a final report was provided to Auto H & L in January 2024.”

The Securities Commission provided no specifics, but the Rate of Interest Act is designed to protect Bahamians from becoming victim of predatory or usury lending. It regulates the interest that can be charged on loans, stipulating that this must not exceed 20 percent per annum on credit of more than $100 or 30 percent on sums below $100.

While the regulator’s release did not specifically say so, the fact Auto H & L was “in breach” seems to imply it was charging interest in excess of those percentages. “They

JOB VACANCIES

The Tribune

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over-billed,” one source simply said.

“In its defence, Auto H & L has asserted that these miscalculations were inadvertent and, as such, has agreed to fully reimburse all clients who were impacted,” the Securities Commission said. “Persons affected by Auto H & L’s miscalculations may include both present and past clients of Auto H & L during the years 2019 to 2023.

“However, due to an onsite accident, certain client records of Auto H & L were irreparably damaged. As such, the Commission requires Auto H & L to reach out to the public in order to ascertain, as best as possible, the full population that may have been impacted by the interest miscalculations.”

One source, speaking on condition of anonymity, said of the “on-site accident”: “There was a truck that ran into a building where the files were kept.”

They added that Auto H & L will also have to likely reach a settlement with the Securities Commission over the affair which could result in the company having to pay fines/penalties. The regulator yesterday called on all borrowers who believe they have been over-charged, and paid excessive interest on their loans, to contact Baker Tilly Gomez and its top accountant, Craig A. (Tony) Gomez electronically with proof of their identity, the loan and its terms/rate, and payments made on it.

Mr Gomez declined to comment when contacted by Tribune Business instead referring this newspaper back to the Securities Commission. All potentially impacted Auto H & L borrowers have until Friday, August 30, 2024, to submit the necessary documents to Baker Tilly Gomez.

“Note that if you are unable to locate any of the above required documents, Auto H & L may not be able to disburse any owed amounts to you,” the Securities Commission warned. Several sources yesterday suggested the dealer appeared to be running down its inventory in preparation to exit the auto business and focus solely on loans, although this could not be confirmed before press time.

NOW ARMED WITH AI, AMERICA’S ADVERSARIES WILL TRY TO INFLUENCE ELECTION, SECURITY OFFICIALS WARN

By DAVID KLEPPER and ERIC TUCKER Associated Press

AMERICA'S foreign adversaries will again seek to influence the upcoming U.S. elections, top security officials warned members of the Senate Wednesday, harnessing the latest innovations in artificial intelligence to spread online disinformation, mislead voters and undermine trust in democracy.

But the U.S. has greatly improved its ability to safeguard election security and identify and combat foreign disinformation campaigns since 2016, when Russia sought to influence the election, U.S. Director of National Intelligence Avril Haines testified to the Senate Intelligence Committee. The latest warning from security officials comes as advances in AI make it easier and cheaper than ever to create lifelike images, video and audio that can fool even

the most discerning voter.

Other tools of disinformation include state media, online influencers and networks of fake accounts that can quickly amplify false and misleading content. Russia, China and Iran remain the main actors looking to interfere with the 2024 election, security officials said, but due to advances in technology other nations or even domestic groups could try and mount their own sophisticated disinformation campaigns.

ESTATE OF DIRK ORLANDO DARVILLE

TAKE NOTICE that anyone having a claim against the Estate of DIRK OLANDO DARVILLE late of Eastern Road, New Providence, Bahamas, who died on the 6th day of May, 2022, may submit such claim in writing to the law frm of MAILLIS & MAILLIS, Chambers, Fort Nassau House, Marlborough Street, Nassau, Bahamas, tel: (242) 322-4292/3, fax: (242) 323-2334 ON OR BEFORE the 31st May, A.D., 2024

Bahamas ‘back at forefront’ on digital assets, securities

competitive space with the Securities Industry Act.”

The new Bill, according to its “objects and reasons” section, creates a new framework for “the management of systemic risk in the capital markets”.

It also contains enhanced enforcement provisions to better enable the Securities Commission to carry out investigations and inspections of both its licensees/ registrants as well as nonregulated persons, while “identified deficiencies “ in its anti-money laundering, terror financing and anti-nuclear proliferation funding regime are said to have been plugged. The “legislative standards around freezing assets” have also been updated.

Describing the securities and wider capital markets sector as “well established”, and not “evolving as rapidly as digital assets”, Ms Rolle added: “There are cross-border issues that probably have arisen since 2011 to now that we need to address as well as general modernisation based on how registrants and licensees do business compared with ten years ago.

“We just need these changes to be reflected in legislation because it affects them.” As an example, the Securities Commission chief said licensees are running afoul of provisions in the current Act that require them to issue

physical statements to clients despite operating in a digital era that has made this practice obsolete.

“No one provides physical statements any more,” Ms Rolle reiterated. “It’s these types of thing. While the principles [in the new Bill] are basically the same, it just addresses the way business is done now. The way custody takes place, the way settlement now takes place, and the way our licensees’ operations are taking place nowadays.”

As for the upgraded digital assets legislation, she said the new Bill introduces a “first-of-its-kind” disclosure regime for staking activities which mandates that registrants must reveal “essential information” to their clients. Standards are also incorporated to address potential conflicts of interest and regulate third-party relationships.

“In terms of the DARE Act, we have definitely benchmarked what we consider to be some of the leading jurisdictions in areas of crypto regulation, particularly the EU and Hong Kong,” Ms Rolle told this newspaper. “And, with respect to the stablecoins regime, we have benchmarked New York which we saw as probably having one of the best regulatory structures for stablecoins.

“We’ve taken all those elements into consideration. We think that what we have produced now puts The Bahamas back in the

forefront of the space for crypto and digital assets. I think that’s important for the industry.

“From our perspective as regulators, it’s important for us to to have the relevant tools to address situations that may arise, to address international standards, to address cross-border issues. It’s important for us to be up-to-date from a regulatory perspective as well as an industry perspective.”

The Securities Commission, in a series of written replies to address similar questions submitted by Tribune Business and Bloomberg, reiterated that The Bahamas is still enjoying “healthy interest” from digital asset and crypto firms - despite FTX’s collapse - as measured by the number of inquiries and applications it is still receiving.

“Due to the stringent and robust regulatory framework currently in place in The Bahamas, there is continued healthy interest, measured through the level of incoming inquiries and applications. We anticipate that once the new DARE Bill is passed, there will be an even greater uptick in interest in operating in The Bahamas,” the regulator said.

Touting that the original DARE Act sought to bring regulation to a thenunsupervised global digital assets sector, the Securities Commission said it enabled The Bahamas “to be the

first to act quickly and decisively on FTX”.

Describing the existing 2020 Act as “a starting point”, the regulator added that it had been working to incorporate newly-discovered best practices into the legislation since April 2022 and prior to FTX’s collapse.

“Changes in the DARE Act reflect the evolving digital asset class,” the Securities Commission said.

“The latest iteration expands the scope of digital asset activities, and encompasses a more comprehensive range of digital asset activities and appropriate protection mechanisms for operators’ registration and ongoing supervision.

“There is also an even more stringent focus on consumer and investor protection by strengthening the existing safeguards afforded to digital asset participants, including increased disclosure and reporting requirements for digital asset businesses, expanded activities- based registration obligations for potential registrants, and enhanced ongoing supervision of operators.”

Client protection, the Securities Commission said, is the priority in regulating digital asset custodians and wallet providers. “The DARE Bill introduces a first-of-its-kind, dedicated disclosure regime for staking activities that promotes transparency and

accountability within the digital asset ecosystem,” it added.

“Authorised registrants must disclose essential information to clients, including details of staking protocols, lock-up periods, potential rewards or interest earned, penalties and participant selection criteria. The Bill includes a new stablecoin regime that requires stablecoins to be backed by reserve assets.

“Stablecoin issuers must disclose these assets for the Commission to evaluate.

Under the Bill, the issuance of algorithmic stablecoins is

expressly prohibited in The Bahamas. The Bill brings a significant set of guardrails to DARE that provide more clarity and legal definitions to its bespoke regime,” the Securities Commission continued.

“For example, the categorisation of non-fungible tokens (NFTs) under the DARE Bill now depends on the distinction between financial or consumer assets, resulting in financial NFTs falling within the scope of regulation, whereas consumer NFTs, particularly in the realm of gaming, do not.”

ESTATE OF LINCOLN WINTERS a.k.a LINCOLN ARLINGTON WINTERS

TAKE NOTICE that anyone having a claim against the Estate of of LINCOLN WINTERS a.k.a LINCOLN

ARLINGTON WINTERS a.k.a ARLINGTON WINTERS a.k.a ARLINGTON ANTHONY

WINTERS late of Acadia Avenue, Nassau, Bahamas, who died on the 10th day of December, 2019, may submit such claim in writing to the law frm of MAILLIS & MAILLIS, Chambers, Fort Nassau House, Marlborough Street, Nassau, Bahamas, tel: (242) 322-4292/3, fax: (242) 323-2334 ON OR BEFORE the 31st May, A.D., 2024.

Pharmacies ‘not adequately consulted’ on Cannabis Bill

products prevent adverse side effects.

He said: “If you look at the list of diseases for which they have for cannabis to be approved for use, these are not run of the mill diseases. These are serious, complex, complicated diseases in which medical cannabis will never be the only drug the only medicine that’s being used. It is going to be used in concert with other medicines.

“That’s why pharmacists have to be involved because there are interactions. You need to have a qualified pharmacist overlooking that at the point of dispensing for the patient.”

NOTICE

NOTICE is hereby given that KESHENA KELLY of Hanna Hill, Eight Mile Rock, Grand Bahama, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 16th day of May2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

JVVA PARTNERS LTD.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration number 202195 B (In Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on the 14th day of May A.D. 2024.

Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mr. Eduardo De Carvalho Andrade, whose address is Arizona 1051 BL1 AP 222, CEP: 04567-003, Sao Paulo, SP, Brazil. Any Persons having a Claim against the above-named Company are required on or before the 13th day of June A.D. 2024 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in efault thereof the ma be e clu e from the beneft of an distribution made before such claim is proved.

Dated this 14th day of May A.D. 2024.

EDUARDO DE CARVALHO ANDRADE LIQUIDATOR

He added that the Cannabis Bill does not include real time sharing of information which would alert pharmacists before a drug is dispensed.

He said: “There’s nothing in the Act that talks about sharing of information, there’s nothing it talks about a real time system in which a pharmacist is alerted before anything is dispensed.

“So let’s just say there’s one pharmacist overseeing five facilities so they driving around checking facilities, but while they do that the patient has already gotten the cannabis.”

WARREN BUFFETT’S BERKSHIRE HATHAWAY REVEALS NEW $7 BILLION STAKE IN SWISS INSURER CHUBB

By JOSH FUNK AP Business Writer

WARREN Buffett's Berkshire Hathaway on Wednesday revealed a new $7 billion stake in fellow insurer Chubb. Berkshire disclosed the investment it has been building over the past nine months in a quarterly filing with the Securities and Exchange Commission. Buffett's conglomerate had received permission to keep the Chubb investment confidential while it was still buying.

Berkshire said it held nearly 26 million Chubb shares at the end of March, giving it a 6.4% stake in the company. Chubb shares jumped more than 7% in after-hours trading to sell for $271.82 after Berkshire's investment was revealed.

Bahamian whistleblower survives latest strike-out

operated under the names SureTrader and Mintbroker International prior to being wound-up and placed into Supreme Court-supervised liquidation in March 2020, has spent much time and effort seeking to prevent Mr Dorsett and the e-mails from being used as evidence against him by the SEC.

The deleted e-mails, which lie at the heart of this pursuit, involve communications with Mr Gentile and SureTrader’s lawyers that are attorney/client privileged, meaning they cannot be used as evidence at trial or before a court. Among the e-mails involved in the dispute are those sent to, and received from, Philip Davis KC, who acted as the former broker/ dealer’s Bahamian attorney prior to becoming Prime Minister.

Referring to Mr Gentile’s latest bid to bar Mr Dorsett and the evidence from appearing at trial, Judge Torres wrote: “The motion here focuses on a key witness for the SEC, Philip Dorsett, who was SureTrader’s chief compliance officer from 2011 through 2017. He claims to have witnessed key meetings at which Gentile and other SureTrader’s principals concocted a scheme to evade federal securities law.

“In the course of the litigation, Gentile has pursued much discovery related to Dorsett and his allegations. This included production of e-mails and documents the SEC had received, or was about to receive, from Dorsett and other former SureTrader employees.

“Dorsett, in particular, had amassed approximately 11,000 SureTrader work e-mails that were backed up to his personal gmail account during the time he was employed with SureTrader. Dorsett produced those materials to the SEC.” Gentile and his former broker/ dealer are accused of violating US federal securities laws by directly soliciting American clients despite not being registered with the SEC.

Judge Torres recalled how the SEC asked Mr Dorsett to separate and segregate from the rest of the e-mails any correspondence that could be attorney/client privileged.

“Specifically, these hits would involve Michael Miller, Philip Davis and Adam Ford (counsel of record in this case). Dorsett was instructed to produce the 11,000 emails minus the ‘hits’ to the SEC,” he wrote.

Mr Dorsett and the e-mails survived Mr Gentile’s bid to have them dismissed as evidence because the correspondence was “improperly obtained” by the SEC. But the Bahamian chief

compliance officer, when deposed on February 27-28, 2023, stated that he had “deleted” all e-mails he deemed to be attorney/client privileged.

After checks by the SEC’s attorneys, it was discovered that Mr Dorsett had made a mistake in his testimony and that the relevant e-mails were still in his possession.

“Dorsett set forth that he worked on a company laptop while he worked for SureTrader but his work e-mails were backed up to a gmail account,” Judge Torres wrote.

“When he separated from SureTrader in August 2017, he was not instructed to remove or destroy SureTrader data or work from his personal laptop. So when the SEC requested that he voluntarily produce SureTrader e-mails backed up to his gmail account, he did so but for e-mails between SureTrader and its lawyers.

“To do so, Dorsett exported his gmail account to Outlook and created a data file. He then searched for e-mails with Michael Miller, Philip Davis and Adam Ford, and deleted those particular e-mails. He also searched for (and deleted) e-mails from Bettina Albury, who he recalled worked with Michael Miller, as well as the term ‘lawyer’,” the judge continued.

“After Dorsett produced the 11,000 e-mails to the SEC (minus the deleted e-mails relating to the attorney names), he kept the original Outlook Backup file on his computer. When the SEC contacted him, he then searched for the same attorney names in the Outlook Backup File, located them and forwarded those to the SEC.

“Mr Dorsett explained that, although he testified during his deposition that he had ‘deleted’ the e-mails with SureTrader’s attorneys after running the searches, the e-mails in fact were not deleted. He clarified that he ‘misspoke when [he] said they were deleted’ and said that the ‘more accurate explanation is that the e-mails with SureTrader’s attorneys were removed from the sub-folder so that they would not be sent to the SEC but the ‘e-mails with SureTrader’s attorneys remained in the Outlook Backup File’.”

This, though, did not prevent Mr Gentile from launching a second legal bid to have the e-mails struck out and prevent Mr Dorsett from testifying. Judge Torres, while finding that the chief compliance officer had a duty to preserve evidence, ruled that the former SureTrader chief “seems to just ignore the record showing” the disputed e-mails were

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000 HHI CORPORATION LIMITED (IN VOLUNTARY LIQUIDATION)

NOTICE IS HEREBY GIVEN that in accordance with section 138(4) of the International BusinessCompanies Act, 2000, as amended, HHI CORPORATION LIMITED is in dissolution.

The dissolution of the said Company commenced on May 13th, 2024, when the Articles of Dissolution were submitted to and registered with the Registrar General in Nassau, The Bahamas.

The sole liquidator of the said Company is Kim D Thompson of Equity Trust House, Caves Village, West Bay Street, P O Box N 10697, Nassau, Bahamas.

Kim D Thompson

made available to himself and his attorneys.

“Rather than disputing this factual point head on, Gentile cursorily insists that some e-mails seem to be missing from an 11,000 batch of documents,” the judge wrote, adding that he had failed to show that these documents were lost for good.

“Instead, Gentile falls back on highlighting what Dorsett originally testified in his deposition as to his ‘deleted’ e-mails. That evidence is certainly something that can be used as impeachment at trial if Gentile testifies. Indeed, the ability to cross-examine any witness as to missing information or

‘deleted’ e-mails is always available to undermine a witness’s credibility.

“Nothing stops Gentile from doing so here notwithstanding the supplemental showing the SEC has made that Dorsett cured this problem and clarified the record..... What the record does show is that Dorsett produced to the SEC, and the SEC produced to Gentile, a huge batch of e-mails that include many relevant e-mails for purposes of the case.”

Dismissing Mr Gentile’s strike-out attempt, Judge Torres added: “Gentile has failed to show that bad faith is evidenced in this record.....

At best, Gentile has made a case that Dorsett’s original testimony revealed negligence on his part, but that showing is clearly not enough to evidence bad faith in his review and production of e-mails that he stored in his gmail account.

“To begin with, the company may have access to more e-mails than the one he backed up into his gmail account. But, in the second place, his storage and production of that account does not reveal any intentional or reckless conduct given that Gentile now has the benefit of those 11,000 e-mails and may make of them as he wishes. So the witness’s

actions here undermine any showing of bad faith.”

The judge, though, offered some mild criticism of the SEC. “Gentile has instead only shown that the SEC erred in having the witness conduct the privilege review that led to the original ‘deletion’ of e-mails in Dorsett’s production,” he added.

“That process should have been supervised by counsel and not left to a witness to undertake on his own.... Leaving any privilege review to a witness alone is not advisable. But, again, that does not evidence bad faith on the SEC or its witness’s part. Negligence committed during the scope of good faith production does not warrant spoliation sanctions.”

Wall Street rallies to records after inflation slows

By STAN CHOE AP Business Writer

HOPES that inflation is

finally heading back in the right direction swept through Wall Street Wednesday and ignited a record-setting rally for U.S. stocks.

The S&P 500 jumped 1.2% to top its prior high set

a month and a half ago. The Nasdaq composite added 1.4% to its own record set a day earlier, and the Dow Jones Industrial Average gained 349 points, or 0.9%, to beat its all-time high set in March. Relief came from the bond market, where Treasury yields eased to release some of the pressure on the stock market. The moves resulted from strengthening expectations among traders that the Federal Reserve may indeed cut its main interest rate this year. Stocks that tend to benefit the most from lower interest rates helped lead the market. Homebuilders

were strong on hopes that cuts by the Fed could lead to easier mortgage rates, with Lennar, D.R. Horton and PulteGroup all rallying more than 5%. Big Tech and other high-growth stocks also rode the wave of expectations for lower rates, and Nvidia's gain of 3.6% was the strongest force pushing the S&P 500 upward.

Real-estate stocks in the S&P 500 climbed 1.7%, while stocks of electricity companies and other utilities rose 1.4%. The dividends they pay look better to investors when bonds are paying less in interest.

The optimism came from a report showing U.S. consumers had to pay prices for gasoline, car insurance and everything else in April that were 3.4% higher overall than a year earlier. While that's painful, it's not as bad as March's inflation rate of 3.5%.

Perhaps more importantly, the slowdown was a relief after reports for the consumer price index, or CPI, earlier this year had consistently come in worse than expected. That string of disappointing data had washed out forecasts for the Federal Reserve to lower its main interest rate soon.

The federal funds rate is sitting at its highest level in more than two decades, and a cut would

goose investment prices and remove some of the downward pressure on the economy.

"There was a lot lying on today's CPI print to prove that disinflation was simply delayed these last three months and not derailed," according to Alexandra Wilson-Elizondo, co-chief investment officer of the multi-asset solutions business in Goldman Sachs Asset Management.

A separate report showed no growth in spending at U.S. retailers in April from March. It was a weaker showing than the 0.4% growth economists expected.

Slowing growth in retail sales could be seen as a positive for markets, because it could reduce the upward pressure on inflation. But a stalling out also raises worries about cracks forming in U.S. consumer spending, which has been one of the main pillars keeping the economy out of a recession. Pressure has grown particularly high on lower-income households.

That could threaten one of the main hopes that's rallied the U.S. stock market toward its records: The Federal Reserve can pull off the balancing act of slowing the economy enough through high interest rates to stamp out high inflation but not so much that it causes a bad recession.

A separate discouraging report released in the morning, meanwhile, said manufacturing in New York state is contracting more than expected.

On Wall Street, Petco Health + Wellness helped lead the market after soaring 27.9%. It named Glenn Murphy, who is CEO of investment firm FIS Holdings, as its executive chairman.

On the losing end were GameStop and AMC Entertainment, as momentum reversed following their jaw-dropping starts to the week. GameStop fell 18.9%, though it's still up 126.5% for the week so far.

AMC Entertainment sank 20% after it said it will issue nearly 23.3 million shares of its stock to wipe out $163.9 million in debt. All told, the S&P 500 rose 61.47 points to 5,308.15. The Dow added 349.89 to 39,908.00, and the Nasdaq jumped 231.21 to 16,742.39.

"Hopefully the consumer isn't running out of steam, but with pandemic savings spent, rising delinquencies, slower wage growth, and now flat retail sales, a more abrupt slowing of the economy can't be ruled out," said Brian Jacobsen, chief economist at Annex Wealth Management.

NOTICE

NOTICE is hereby given that JASON JEAN BAPTISTE of Poincianna Avenue, Nassau, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 9th day of April 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that SAMENDA AUGUSTE of P. O. Box N-356, Soldier Road, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 9thday of May, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that ROCHELLE CHARLES of Sandylane, off East Street, Nassau, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 9th day of April 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

PUBLIC NOTICE

The Public is hereby advised that I, ALBURY FRANCOIS, of 100 Hampshire Street, Nassau, The Bahamas, intend to change my name to ALBURY FRANCIS . If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Offcer, P.O.Box N-742, Nassau, The Bahamas no later than thirty (30) days after the date of publication of this notice.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, EDITH ODELUS of Farrington Road, New ProvidencXe, Bahamas, intend to change my child’s name from DAMIEN AUDLEY HUMES to BRAIDEN EVANS If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Offcer, P.O. Box N-742, Nassau, New Providence, Bahamas no later than thirty (30) days after the date of publication of this notice.

Minnis: Hospital plan ‘wrong,

Ministry of Finance, and realise, yes, some financing was in the country but the financing was tied up with small and medium-sized business that there was a great cloud over that aspect of the financing that the Ministry of Finance wanted to renegotiate with the World Bank and the Bank of Santander.”

Dr Darville said the records of the deal struck by the former Minnis administration could not be found and they were advised by lenders to restart negotiations and used the funds to construct the new medical facility in Grand Bahama.

He said: “In the attempt to renegotiate, we were advised by the bank, that we should start our negotiations all over again if we wanted to decouple the money that was allocated for the small and mediumsized business that the member already earmark for some members on his side of the fence.

“The reality is, we did not have the records. The records were not found by competent authority and we were unable to assess it and so we went straight to the bank. In doing so, we were advised by the bank to start over which we did, and in doing so we renegotiated what was left behind for the facility in Grand Bahama.”

During his contribution, Dr Minnis said he “warned the PLP about borrowing money from China” and noted that loans from Chinese banks come with the caveat that the structures will be built with Chinese labour.

He said: “I warned that China has a policy that will only lend you money when you agree to them being the contractor and them having the workers. This $290m Chinese hospital will be

built on a cheque by a Chinese company and largely by Chinese workers.”

Dr Darville said Dr Minnis was misleading the house by implying all of the construction workers will be Chinese and argued the hospital will be built with a combination of foreign and Bahamian labour.

He said: “The member for Killarney is correct. When it comes to Chinese concessional loan funding, it is usually tied in with a Chinese contractor. What he is misleading this house about is the fact that the building itself will be constructed with a combination of foreign and Bahamian labour. The reality is, like every responsible government in the country or around the region, this is nothing new to The Bahamas.

“This is not the first time Chinese resources were pouring into the country. But look at how it was handled. It is our responsibility as a responsible government to mitigate the fact of any labour component”

Dr Minnis questioned how many Chinese workers will be onsite and accused the Davis administration of having a “Chinese first policy”.

He said that while the “Chinese hospital” would be a “great deal” for China, the Bahamian taxpayers will be repaying the loan for “many years”.

He said: “Will there be many hundreds of workers or up to 1,000 or more workers under the plans my administration left in place the vast majority of workers would be the Bahamians. We had a Bahamian first policy with this project the PLP has a Chinese first policy. The Chinese hospital, Madam Speaker, is a great deal with China that the Bahamian people will have to pay for over many, many years.”

Bahamians leap to defend FTX’s former local principal

shortly after Hurricane Dorian had devastated our area, leaving me with nothing. Around the same time, my father was critically ill in

Nassau. I had to make the painful choice to quit my job and move to be with my father, as my employer at the time showed no flexibility or understanding of my dire situation.

“When I was introduced to Ryan, I was struggling to rebuild my life while supporting my dying father. Ryan, after hearing my story, offered not just sympathy but provided me with an opportunity that proved to be the turning point. He trusted me to handle some shipping tasks for his business, an opportunity that allowed me to stand on my own feet again.

“Thanks to Ryan’s support, I used my last $200 to secure a Business Licence and begin shipping under my own name. Now, that business has now grown into a thriving enterprise. It’s no lie to say this opportunity changed my life, while also creating employment for many others in our community.”

Mr Salame’s attorneys, in late Tuesday legal filings that called for as light a sentence as possible, argued that the FTX Digital Markets chief was not part of the “innermost circle” surrounding the crypto exchange’s founder, Sam BankmanFried. They asserted their client was “duped” - along with thousands of FTX customers - into believing the enterprise was “legitimate, solvent and wildly profitable”.

“Indeed, when he finally understood the FTX fraud, he was the first person to blow the whistle to authorities in The Bahamas who regulated FTX Digital Markets, FTX’s Bahamian subsidiary Ryan headed,” Mr Salame’s sentencing submissions stated.

“Ryan contacted the Securities Commission of the Bahamas, FTX Digital Markets’ regulator, as soon as he learned about the fraud that Bankman-Fried and others had committed. Ryan contacted the Securities Commission to alert them to the fact that ‘assets which may have been held with FTX Digital were transferred to Alameda Research’, and that ‘such transfers were not allowed and therefore may constitute misappropriation, theft, fraud or some other crime’.

“Ryan further informed the Securities Commission that the only three people who had the necessary codes or passwords to transfer clients’ assets were Bankman- Fried, Nishad Singh and Gary Wang. This information appears to have initiated the Bahamian investigation into FTX and those three individuals.”

The November 10, 2022, affidavit by Christina Rolle,

the Securities Commission’s executive director, attesting to these events and Mr Salame’s ‘whistleblower’ co-operation is attached to the sentencing submissions but it remains to be seen how much this sways Judge Kaplan.

Also supplying a character reference on Mr Salame’s behalf was Allyson Maynard-Gibson KC, the former attorney general and Cabinet minister, whose law firm represented FTX’s Bahamian interests during the 18 months immediately prior to its November 2022 collapse.

She was joined by David Dingman, the principal behind a Lyford Cay condominium project that aroused significant opposition from the surrounding community when it sought to obtain the necessary planning permissions. There was widespread speculation, none of which could be proven or confirmed, that the project was targeted at providing accommodation for FTX’s expatriate workforce.

“Our law firm advised FTX for its registration in The Bahamas and other matters for which it sought legal advice from non in-house counsel,”

Mrs Maynard-Gibson told Judge Kaplan in a May 3, 2024, letter. “I was in charge of the FTX matter.

“This gave me the pleasure of working with Ryan for almost two years while he lived and worked in The Bahamas. In all of my dealings with him I found him to be straightforward, honest and meticulous in his dealings with others and about compliance with the law.

“I also found him to be a kind and generous man with deep concern for his team members and for those in need. He personally visited several soup kitchens and ensured that they were able to feed the hungry and clothe children and the elderly, for whom he was especially concerned.”

Mrs Maynard-Gibson, confirming she chairs the University of The Bahamas’ board of trustees, added that Mr Salame was also “committed to ensuring that training and micro-credentialing opportunities be provided for young people to find employment in the technology sector”.

Mr Dingman, meanwhile, told Judge Kaplan: “I have never had any business dealings with FTX, and I have no personal knowledge of his business illegality. In that regard, I hope and trust that this illegality was isolated and out of character for him..

“Rather, I got to know Ryan on a personal level during his time in The Bahamas, and where I got to know him well and observe him closely. During his time in The Bahamas, Ryan Salame demonstrated a genuine and substantial commitment to charitable causes, and he showed kindness and compassion towards those less fortunate and who were in need of help.”

Valdez Russell, FTX’s former Bahamian spokesperson, told Judge Kaplan that Mr Salame was sometimes “prone to trusting too quickly” - something that at least one other character reference mentioned. “As my supervisor during our endeavours with FTX in The Bahamas, I witnessed first-hand his innate ability to lead, mentor and consult with a level of wisdom far beyond his years,” Mr Russell added.

Paul Aranha, the Bahamian aviation entrepreneur whose firm in March secured a $2m settlement with the US Justice Department and FTX’s US chief to resolve the fate of the crypto exchange’s two aircraft, said Mr Salame had worked on plans to both monetise this nation’s carbon sinks - and protect its seagrass and mangroves - via carbon credits.

Describing himself as “an FTX creditor and victim of Samuel Bankman-Fried’s (SBF) fraud,”

the Trans-Island Airways president wrote: “In my private aviation career, I have interacted with thousands of clients. Even among the most considerate, respectful and kind in that group, Ryan stood out as by far the warmest, most generous, friendliest and most caring.

“The first time we met, I was hired to pilot him from Nassau to New York. The trip began with a Customs delay, which in turn would delay him, so our very first conversation required me to notify him of the inconvenience. Instead of the push back, complaints and aggravation I was expecting, Ryan instead invited me to sit with him and asked about my day. From that point, our friendship grew.”

Noting that the Government “had opened its doors to the world of crypto with the Digital Assets and Registered Exchanges (DARE) Act, Mr Aranha recalled how FTX’s former Bahamian head had taught himself and his employees about digital assets and crypto currency.

“Suddenly, Bitcoin, Solana and stablecoins were no longer an unintelligible quagmire that was inaccessible to regular Bahamians,” Mr Aranha said. “Of course, it is impossible to address the good that was done in The Bahamas without acknowledging the vast harms SBF perpetrated, including many that would have come to light during SBF’s second trial.

“But if there was one person whose actions serve as a counterpoint to those harms, it is Ryan, who was responsible for leading the charitable endeavours at FTX in The Bahamas and was the model of what a good corporate citizen could mean for my country.

“While I recognise that much of the funding for Ryan’s corporate responsibility flowed directly from SBF’s fraud, that should not completely overshadow Ryan’s impressive accomplishments during his short time in The Bahamas as FTX’s ambassador,” the Trans-Island chief continued.

“Ryan used his kindness and influence in the business community to address long ignored and oft-overlooked issues. When Ryan encountered a lopsided labour relations situation in The Bahamas, he made sure to fix that for FTX employees by creating a welcoming and inclusive work environment unlike anything seen before in this country.

“His company recognised that staff at all levels faced challenges associated with childcare, homemaking and mental health, amongst others, and actively created policies that allowed parents to support their children’s development, engage in their lives and get the support they needed.”

Disclosing that Mr Salame once “refused to work with a contractor until they had removed decades-old concrete that they had dropped on the road”, Mr Aranha added:

“Ryan fell in love with the Bahamian culture and our environment, championing causes that would protect our spaces and promote our nation and its people.

“His work on carbon credit proposals sought to protect our seabeds and mangroves while turning them into revenuegenerating spaces for our country. He spoke fondly of the tools that he was developing to enable his team to implement literacy and numeracy tutoring programmes for elementary school children.....

“Ryan lifted The Bahamas up at every conference, highlighting our talents and ability. The seeds Ryan planted in The Bahamas during his time there, although brief and now long behind him, have already grown trees whose shade he will not benefit from, but will provide a foundationally better nation for others.”