The Central Bank and CLICO are claiming that two former executive directors of CL Financial (CLF) operated or procured the operation of two types of Ponzi schemes in the group, which collapsed in January 2009, posing a danger of disruption to the financial system of Trinidad and Tobago.
The claim is part of a civil lawsuit brought by the Central Bank and CLF’s subsidiary CLICO against CLF and its former executive directors—Lawrence Duprey and Andre Monteil and their respective companies, Dalco Capital and Stone Street Capital.
The case has been in the courts for 11 years, and the Sunday Express understands that the matter is scheduled for trial this year.
The Central Bank and CLICO, which is under the Bank’s management, initiated civil action against CLF and its directors in 2011.
The case is framed around “fraud against the public,” alluding to two Ponzi schemes within CLF, following investigations by forensic investigator Bob Lindquist.
The information in the statement of claim came from investigations conducted by Lindquist for the Central Bank.
In their statement of claim, the Central Bank and CLICO, who are the claimants in this matter, argue that there was no proper governance of CLICO (nor of CLF and CLICO Investment Bank).
The claimants make the following allegations against Duprey and Monteil:
• “Internal Ponzi scheme: Mr…
