Broker/dealer ordered to pay $850,000 over e-mail fraud
By NEIL HARTNELL Tribune Business Editor
A BAHAMIAN broker/ dealer has been ordered to pay $850,000 plus interest in compensation to a trustee and its client after all fell victim to an e-mail fraud that caused a $1.5m loss.
Sir Ian Winder, in an April 25, 2025, verdict awarded damages to Fidgen SA, trustee for the Three-Year Grat Trust, over its claim “for breach of statutory and contractual obligations and/ or negligence” against Lydda Capital involving the inadvertent transfer of trust funds to a fraudulent imposter.
Fidgen, which has its own Bahamian financial and corporate services provider affiliate, cut its claim to $1m after Lydda Capital paid it $500,000 in early 2021. The Bahamian broker/dealer had asserted the payment was not an admission of culpability, or “acknowledgement of any sums due”, but merely an “inter-related payment”.
And the Chief Justice further slashed the compensation demanded by 15 percent in finding that Fidgen was “not blameless” for the loss “as, with vigilance, it too could have uncovered the fraud” given that the bogus e-mail that facilitated the scam first appeared in exchanges with its Bahamas-based managing director, Desiree Terrell.
Detailing the background to the dispute, Sir Ian recorded that the Three-Year Grat Trust was established on June 17, 2020, by Carlos Piani as its settlor. However, the trust document named Alexandro Ferraresi as the authorised signatory for the trust and its accounts, with Maria Fernanda Ferraresi identified as its sole investment director.
Fidgen, as trustee, was already an existing client of Lydda Capital. It opened an account for the trust with the Bahamian broker/dealer on the same day that Mr Piani settled it, with some $3.7m in trust assets initially deposited. Around three weeks later, Mr Piani instructed Fidgen to transfer $1.5m from the Lydda Capital account to a US firm, HPX Capital Partners, via an account owned by Pershing LLC at Bank of New York. The Bahamian broker/ dealer was “expressly reminded and instructed” that it was required to “call back” to verify the transaction’s legitimacy, and the relevant details, before it executed the transfer of the funds. However, one day letter, on July 9, 2020, Mr Piani instructed that the $1.5m transfer “be put on hold” and Lydda Capital was duly informed.
Then, on July 13, 2020, Mr Piani issued new instructions for the
‘Back to drawing board’ on stopover visitor drop
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Bahamas will likely endure “subdued” stopover visitor numbers in 2025, a major bank has warned, with a former tourism minister yesterday urging the nation to “go back to the drawing board” in this segment.
Dionisio D’Aguilar, speaking after the Ministry of Tourism’s director-general revealed that stopover or land-based visitor numbers were around 4 percent down for the 2025 first quarter, told Tribune Business “that for whatever reason we’re not attracting a growing number of stopover visitors” and this is being reflected in The Bahamas’ slowing economic growth now the post-COVID recovery has been completed.
Latia Duncombe’s report on the three months to endMarch 2025 also reflects the just-released April
D’Aguilar, though, challenged whether the flat to slightly declining stopover visitor numbers are a function of insufficient room inventory, as his successor, Chester Cooper, has frequently asserted or a sign of lower demand and more fundamental, deep-rooted issues with the Bahamian tourism product.
2025 Caribbean Market Overview by CIBC, the Canadian-owned bank with extensive operations in The Bahamas, which noted that stopover arrivals for January and February were off
2.9 percent compared to 2024 levels. This followed a year when stopover tourist arrivals were essentially flat with 2023, falling just 0.2 percent to 1.7m arrivals. Mr
“I think that, for whatever reason, we’re not attracting a growing number of stopover visitors. The growth in that area is extremely anemic,”
Sales forecast to ‘explode’ at Windsor Lakes project
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
REALTORS yesterday predicted residential sales at a south-western New Providence development will “explode” once roads and other infrastructure are completed with a further $27m in gross income forecast.
Ryan Knowles, founder and chief executive of Maison Bahamas, told Tribune Business following the latest weekend open house for Windsor Lakes that buyer demand seems likely to largely withstand the Trump tariff
uncertainty with the community’s first three homes set to break ground on vertical construction shortly. Estimating that around 50 percent of the 173 available lots have now been sold, or are under contract, he voiced optimism that the entire development could be purchased by year-end 2025 as - once all infrastructure and amenities are completed - buyers will be able to see the reality rather than simply a vision relayed to them.
The developers, well-known Bahamian businessman Robert Myers and his partner, Michael Huttman, are also still
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
THE Bahamian Contractors Association’s (BCA) president yesterday estimated the property damage and loss caused by last week’s downtown Nassau fire as ranging from $5m to $10m.
Leonard Sands told Tribune Business he estimates the replacing the roof of Victoria Court alone could cost up to $2m, while the damage to multiple derelict buildings still would represent up to $300,000 in losses for the owners. It is unclear whether Victoria Court can be saved and rebuilt, or will have to be torn down.
“Nothing is more costly than a whole building that is still servicing the needs of people. I would estimate the damage at least upwards of $5m to $10m, that’s a conservative estimate. The roof of Victoria Court alone would’ve cost north of over $1.5m. Just the size and structure of it would be at
planning to develop a “small scale commercial village”, featuring retail, offices and even a restaurant component, to complement Windsor Lakes but that is thought to be “at least a couple of years out”.
“The community is essentially about 75 percent complete in terms of the infrastructure, layout and all of the amenities,” Mr Knowles told this newspaper. “The utilities are all completed. Road paving is going to start in the next four weeks; the paving of all the roads. The guardhouse at the entrance is nearing completion, and that will be done in the next few weeks.
least $1.5m to $2m.” said Mr Sands.
“The other buildings probably saw a net loss of about at least
$250,000 to $300,000 each, and then, of course, when you add all of the structural damage and the contents in the units of Victoria Court...
Mr Sands said there is a lack of city planning in downtown Nassau due to the age of the area and its structures, and called for more comprehensive studies of emergency access routes to Bay Street and the installation of more fire hydrants throughout the city.
“We have Town Planning, we don’t have city planning. We’ve inherited a city that was never
“The first three homes are breaking ground as we speak. In the next 45 days there will be at least ten homes under construction, and those are expected to be completed by November/December. It’s going to ramp up pretty quickly. We’ll have three homes going vertical in the next few weeks. Some of the first purchasers are going ahead and building, and they’ll be the first residents in Windsor Lakes by the end of the year. It’s about 50 percent sold.”
By NEIL HARTNELL Tribune Business Editor
A DELINQUENT mortgage borrower has successfully slashed the damages awarded to a BISX-listed bank by more than $101,000 after the Supreme Court deemed the ‘penalty on interest’ to be “impermissible”.
Renaldo Toote, the acting Supreme Court registrar, in an April 30, 2025, ruling cut the debt claimed by Bank of The Bahamas from $664,220 to under $563,000 after Mark Oscar Gibson Senior, who had defaulted on his loan repayments, argued there was no clause in the mortgage agreement that permitted the lender to levy a penalty on unpaid interest and principal.
Setting out the background to his damages calculation, Mr Toote said: “Mr Gibson was an existing customer of the bank when, in or about November 2006, he applied for and obtained a commercial loan in the amount of $80,000. This
DIONISIO D’AGUILAR KERRY FOUNTAIN ROBERT SANDS
SIR IAN WINDER
LEONARD SANDS
GB Shipyard names new chief executive
GRAND Bahama Shipyard has named Chris Earl, a retired rear admiral in the Royal Canadian Navy, as its new chief executive with effect from yesterday as it proceeds with its $600m expansion drive.
With the Shipyard awaiting the arrival of its two new docks, Mr Earl is replacing Dave Skentelbery, who is retiring after almost a decade with the Shipyard, including eight years as chief executive. A decorated 35-year naval veteran, Mr Earl is said to brings bring both international maritime operational and shipyard leadership experience to the role.
Canada’s west coast military ship repair yard.
“We are thrilled to have Chris join the Grand Bahama Shipyard team. His extensive experience and leadership in the Royal Canadian Navy will be instrumental in propelling the Shipyard into its next phase of transformation,” said Jason Liberty, Royal Caribbean’s president and chief executive.
Shipyard, with the Grand Bahama Port Authority’s (GBPA) Port Group Ltd affiliate owning the remaining 20 percent.
He previously worked at Seaspan Shipyards, where he led all naval ship and submarine maintenance programmes, commercial ship repair and overhaul projects, and shipbuilding manufacturing support in Victoria. During his 35 years in the Canadian navy, he held a variety of operational and senior leadership roles including the most senior material procurement and management positions for Canada’s Navy, Army and Air Force.
“We are proud to welcome Chris to the Grand Bahama Shipyard, where his leadership and expertise honed over years of service in the Royal Canadian Navy will undoubtedly drive the Shipyard to new heights at the forefront of maritime excellence,” said Josh Weinstein, Carnival Corporation’s chief executive.
During his service, he also served for four years as the commanding officer of
Carnival and Royal Caribbean both hold a 40 percent ownership interest in the Grand Bahama
Bahamas-based cloud provider expands team
A BAHAMIAN-headquartered cyber security and cloud services provider has added six persons to its growing team of 20 sales and support staff.
Cloud Carib, in a statement, said the new appointments across Barbados, Jamaica, Trinidad and The Bahamas will further solidify its ability to provide localised expertise, accelerate digital sovereignty and deepen client relationships. The company already covers countries such as Guyana, Venezuela and St Vincent and the Grenadines.
Joining Cloud Carib are account directors Brandon Waugh, in Barbados, and Jon-Rick Woollery, in Jamaica, plus Richard Fifi in Trinidad, along with
Carib’s marketing director, Olivia Dorsett, delivers a
sales
account executives Stephen Dennis, in Jamaica, Jessica R. Yee Yick, in Trinidad, and Baron Longley in The Bahamas. They bring with them experience from companies such as Cisco, Digicel
and LinkedIn best practices,
and Symptai Consulting. As part of their onboarding, all new team members took part in a three-day training and integration programme at Cloud Carib’s Nassau
SEE PAGE B4
“I’m honoured to join the incredible team at Grand Bahama Shipyard,” said Mr Earl. “The recently announced investments greatly enhance the ability of the Shipyard to support industry needs, while also providing long-lasting opportunities for Bahamians and the local economy. The transformation will be significant and I’m excited to be part of it.”
Mr Earl’s appointment comes as the Grand Bahama Shipyard is moving to regain its position as a leading cruise ship repair facility. In 2023, the Shipyard, together with Royal Caribbean and Carnival, launched a $600m expansion project to transform its capabilities.
The project, expected to be complete in 2026, features two new floating docks that will allow the Shipyard to service the entire range of cruise ships in operation and under construction, as well as much of the world’s commercial shipping fleet. The total project and its ongoing operation are expected to bring billions of dollars in economic value to Grand Bahama’s economy over the next 25 years. “The Grand Bahama Shipyard transformation could not have happened without Dave Skentelbery, whose retirement as the project is wrapping up seems fitting,” said Mr Weinstein. “Dave’s drive and vision for projects like the transformation have been instrumental in shaping the Shipyard’s success over the years. We extend our deepest gratitude for his exceptional leadership
BAHAMIAN REALTORS ATTEND FORBES’ EUROPEAN SUMMIT
A BAHAMIAN real estate firm is participating in the 2025 European regional meeting featuring members of the Forbes Global Properties network.
Senior executives from Maison Bahamas will be attending the event, taking place from May 7–8, at Villa d’Este in Lake Como, Italy. Hosted by Majeli Vassart Properties, the two-day event will bring together principals, senior executives and top agents from leading Forbes member brokerages around the world.
Ryan Knowles, Maison Bahamas chief executive, and Jeremy Pratt, its luxury real estate advisor, will join industry peers to share market insights, showcase high-end listings and take part in strategic
conversations and curated property tours.
“We are honoured to take part in this year’s meeting, a gathering that truly exemplifies excellence in the real estate industry. This is a valuable opportunity to engage with like-minded leaders and share what makes The Bahamas so wonderfully distinct,” said Mr Knowles. “We look forward to further strengthening our connections within the Forbes Global Properties network for the benefit of our clients.”
“This year’s meeting reflects the exciting momentum behind the shared vision that connects our members,” said Michael Jalbert, chief executive of Forbes Global Properties. “We look forward to coming together in Lake
and countless contributions, and we wish him all the best in his next chapter.”
“We extend our deepest gratitude to Dave Skentelbery for his exceptional leadership and countless contributions to the Grand Bahama Shipyard. His vision and dedication have been instrumental in shaping the Shipyard’s success over the years. As Dave retires, we celebrate his legacy and the significant impact he has had on our operations and the local community,” said Mr Liberty.
Mr Earl is a graduate of the Royal Military College of Canada. He earned a bachelor’s degree in electrical engineering, a master’s degree in defence studies, and is a graduate of both the Canadian Forces College Joint Command and Staff and National Security programmes.
Como to share insights, elevate one another and continue to shape the future of high-end real estate.”
“Being part of this global event is incredibly energising,” added Mr Pratt. “It’s a chance to align with the best in the business, explore international trends and bring that knowledge home to better serve our clients in The Bahamas.”
“We’re honoured to welcome our global peers to Lake Como, a destination that embodies timeless sophistication and international appeal,” said Simone Majeli and Virginie Vassart, founders of Majeli Vassart Properties.
“Gathering at the iconic Villa d’Este, a symbol of elegance and heritage, makes this moment even more meaningful. As hosts, we look forward to showcasing the unique lifestyle and world class properties that define this extraordinary region.”
CHRIS EARL
CLOUD
session on
enablement tools
equipping new team members for success.
EX-ABACO CHAMBER CHIEF BLASTS DOWNTOWN NASSAU FIRE RESPONSE
By ANNELIA NIXON
A FORMER Abaco Chamber of Commerce president yesterday questioned how the island’s volunteer fire fighters will be compensated as she blasted the response to last week’s downtown Nassau fire.
Daphne DeGregoryMaoulis told Tribune Business that “there’s not a penny that the Government contributes to” Abaco’s fire fighting capabilities as she praised the volunteer and private fire fighters who have been helping to contain blazes on the island.
“It’s all volunteer and private,” Mrs DeGregoryMaoulis said. “There’s not a penny that the Government contributes. In fact, we have to fight… They don’t even maintain the verges on the road enough, or the properties, like their abandoned properties are not cleared.
“The land isn’t cleared around them. There’s no fire prevention. There’s no equipment that the Government, Ministry of Works, has that can push in fire
breaks and clearing around private properties.”
As for the downtown Nassau fire that destroyed the Victoria Court residential condo complex, Mrs DeGregory-Maoulis added: “Well, 29 people lost their homes. Over here, we might lose one or two houses, which if we only lose one house, with all the fires that we’ve had, our fire department needs to really seriously be commended. “And what will the Government do about it? How will the Government thank the volunteer fire fighters of Abaco for saving the lives and homes of their citizen?. We are their citizens. Will they just say thank you? Or will they say: ‘Here’s a financial contribution?’ Every time the fire trucks go to the gas station to fill up, it comes out of a person’s pocket.
“They don’t have anything here, only at the airport. They only have one fire truck at the airport, which is mandatory for us to be able to receive planes. .. That’s why you all had to shut your airport down the other day, because the working fire truck had to go to fight the fire on Bay Street. Absolutely absurd,” Mrs
DeGregory-Maoulis continued.
“So, I want to know what our government is going to do to give thanks for the saving of lives and properties that these volunteer firefighters have done. Stepped out of their houses, left their homes, left their families everything, left their businesses to protect the Bahamian citizens of this island.”
She acknowledged Bahamas Power & Light (BPL) and a water aircraft from the US which aided in extinguishing the fires. The aircraft, according to Central and South Abaco MP, John Pinder, was a result of “coordination with local partners”.
A Facebook post by the Abaco MP said: “While I may not always be readily visible on social media, please know that I am fully engaged in the response efforts. Having served as a volunteer fire and rescue member since my youth, I understand the tremendous sacrifice and strength it takes to face these fires head on and am working alongside Abaco fire chief departments, RBDF, RBPF to provide them with any assistance I can provide.”
“I understand, talking to him and some of the guys involved in the politics part of it, they are intending to do some proper fire breaks around the communities that’s normally affected, along with the airport,” co-owner of Alltrax Heavy Equipment, Ken Bethel, said. “So that’ll be a help. If we could get some, not rushed, but jobs done right when it has to be done, if you could plan it and do it properly, where you got access for the trucks in the future, that’ll be a big help. “He has definitely reached out when it was burning in the Spring City community. At the time, we was already working on another project. But he’s reached out several times. So we fill in where we can. And some of the other companies I’ve seen moving around, doing stuff.
So, the MP John is a personal friend. I’ve known him for years, and he has been helping, and has said that his constituency will contribute towards paying us or paying for fuel or whatever. But we honestly haven’t even gotten that deep in the conversation, because at the time when you’re fighting fire, there’s
ABACO BLAZES BRANDED RESIDENT ‘WAKE-UP CALL’
By ANNELIA NIXON Tribune Business Reporter
ABACO residents and businesses yesterday described the recent fires that erupted on the island a wake-up call for greater precautions and readiness to be taken in future.
Ken Bethel, co-owner of Alltrax Heavy Equipment, which specialises in debris removal and land clearing, said many of the company’s private projects have been put on hold to deal with the fires burning throughout Abaco. He added that the fires had initially led to a slowdown in business due to employees being sent home to ensure their safety.
“Two or three of our projects that we had started had to go on hold just because of the smoke,”
Mr Bethel said. “The guys couldn’t work. But, at the
same time, whenever those fires start burning we are in high demand because everyone from local government, the MP, calling about us going out on the runway and clearing fire breaks.
“So it kind of shifts gears from our private, personal jobs. Then we turn into fire fighters, but on a bulldozer. So it never stops. We worked till dark Friday in the Sweetings Village area. Same thing on Saturday, back up Pine Woods Nursery, in different areas.
“And again on Sunday, just trying to push verges back and make fire breaks for the fire trucks get access to the different areas. We are always involved with the fires, because we are local. We’ve been in Marsh Harbour our whole lives doing this. So we the fire department. The boys on that team is like our brothers so we always try to
help wherever we can,” Mr Bethel added.
“Thankfully, [we were] blessed enough that we had other jobs going on, on the cays, and some in the northern part of Abaco that we were able to move things around. And also the same guys that were working on some of the private jobs, they just moved right on into fighting fire with the machines and moving around, and helping manually on the ground.
“So it all works out. We actually just started back on one of the jobs today that we had to take a week off from for sake of the smoke. So, we make it happen. We can move around and kind of keep everybody going. We hate to send anyone home, because we all got bills that don’t stop coming, regardless of fire or not.”
Carvan Ferguson, owner of Fergie’s Fire and Safety Maintenances Services, said
no time to sit and talk about money,” Mr Bethel added.
“We got to get it done. Now, if you want to contribute at the end of it towards the expense of doing it, then excellent. But at the time of need, no one should be worried about money, right at the moment.”
Carvan Ferguson, owner of Fergie’s Fire and Safety Maintenance Services in Abaco, also praised the volunteer and private fire fighters. In an effort to contribute, Mr Ferguson said he would like to install fire hydrants throughout the island.
“I want to install fire hydrants on every settlement in Abaco because a lot of times fire trucksafter they empty - there are no fire hydrants around,” Mr Ferguson said. “They have to turn back around, ride way back to the nearest fire hydrant. Sometimes the fire hydrants be far. So after the truck run out, what else can you do? So that’s a major problem here in Abaco. There’s really no fire hydrants here in Abaco.”
Mrs DeGregory-Maoulis questioned why more “hullabaloo” isn’t being made over the losses at the Victoria Court
her home. So this a wakeup call for everyone. I told her a business is not a business without fire and safety.
he is anticipating in uptick in calls for his services which include the installation and refilling of fire extinguishers and inspections. He noted that he has already installed fire extinguishers at The Bahamas Mortgage Corporation yesterday morning.
“They told me they got these fire extinguishers right in time because all these fires coming along and they are going to need these extinguishers,” Mr Ferguson said. “And, actually, she told me she’s going to need me for her personal use to put [fire extinguishers] in
“I don’t care how much money you making. Like Cable Bahamas. One of Cable Bahamas’ buildings burned down. I can remember I went to them and asked them if they want me install fire extinguishers and they never got back to me. I see what happened two days ago when their building burn down. Bahamians, we are reactive. We are not proactive. We wait until something happen for us to move,” Mr Ferguson added.
“I’m the only one who really installs fire extinguishers, checks smoke detectors, heat detectors
complex. “Unfortunately, I was very sad to hear what happened to Nassau with the losing of Victoria Court,” she said. “We have a fire department, a governmental fire department in New Providence. They are paid fire fighters, Fire Department. I mean, they have equipment.
“How is it that a fire truck can be dispatched with no water, number one? How is it that we don’t have a working fire truck in the immediate area of our hospital and Bay Street - that condensed business area. The time it takes for a fire truck to go from the airport to Bay Street, if no other car was on the road, is too long. Fire doesn’t wait. And I don’t understand how, with a volunteer fire department, we have a better fire equipment status than New Providence, the capital, the city where we have a paid Fire Department. This is, to me, unacceptable.
“I don’t see where there’s enough hullabaloo being raised about it. I mean, whoever’s in charge of the fire department should be sacked. That loss of those homes, those very valuable 29 families, as far as I understand, are displaced, have nothing left.”
etc, and checks kitchen systems like in the restaurant for too much grease. And [I] check the exhaust fans. All that can cause fire when you have too much grease and oil.
“I expect to get a lot of calls from the fire happening because this is a wake-up call for a lot of people. Now they saying ‘wow.’ So we need to really take safety very seriously. So I expect a lot of calls soon. I also teach a fire safety course, how to apply a fire extinguisher, for your business, for your homes.”
Mr Bethel agreed that Bahamians must take a proactive approach to fire safety stating that
