Legal Floris LLC Releases Final Advisory Concerning FBME Bank Failure
Firm is now representing 15% of the customer base of the Federal Bank of the Middle East
By: Legal Floris LLC
FBME was founded in Lebanon in 1952 and later moved to Cyprus. Until 2002, the bank was located in the Cayman Islands. Currently FBME's main license is in Tanzania with its center of activities in Cyprus. The bank was renowned for offering top-notch customer service, cards, and internet banking to offshore companies and high net worth customers. Yet, the bank was placed under resolution by the central banks in 2014 and lost its operating license in Cyprus in 2015.
The circumstances leading up to the loss of FBME's license weren't sudden, according to Legal Floris LLC. The bank had years of struggling before the final blow.
In 2002, FBME nearly lost its license. Then, the bank left the Cayman Islands for reasons including compliance and tightening regulations. Customers took advantage of loan-back techniques and the ability to use their anonymous ATM cards around the world. Customers also didn't have to visit the bank to open a new account and customer due diligence was not always executed thoroughly. Offshore capital, investments and private placement programs kept cash coming in.
In 2014, the Financial Crimes Enforcement Network (FinCEN) finalized an investigation and found that FBME was guilty of providing a platform to facilitate substantial money laundering. The Central Banks in Cyprus and Tanzania appointed administrators to limit and control the bank's activities.
Now, FBME is awaiting the final verdict, which is anticipated to be geared towards liquidation. Customers of the bank branch in Cyprus can, for a limited time, file a claim with the Deposit Guarantee Scheme, but they must be verified first. Many individuals and businesses are impacted by the closure, and FBME is caught in litigation with the U.S., and the Arbitrage Tribunal of the ICC. Still, Cyprus is the only court that can order the liquidation of FBME, and that ruling will be final.
The downfall has turned into a fallout that has affected countless individuals and entities. While FBME is considered a small-scale international bank, it still has customers around the world. Legal Floris LLC is offering its recovery services for people affected by the closure of the bank.
For FBME customers who want their funds returned, Legal Floris LLC is offering assistance. "We currently represent over 1,000 customers of FBME Bank, both with accounts in Cyprus as well as in Tanzania," said Floris Alexander, the representative of Legal Floris LLC. Legal Floris LLC is proud to help legitimate, vetted, verifiable customers get their funds back.
"Customers who want their money back are encouraged to act quickly due to the upcoming closure of the Deposit Guarantee Scheme. The closure of the DGS will have a negative impact on the payment to account holders with a balance that exceeds 100,000 Euro and those with accounts in Tanzania," said Mr. Alexander. It is therefore recommended to act fast to avoid losing assets.
More information and a detailed description of the recent years, can be found at the Legal Floris website and the article 'FBME Bank; a prolonged struggle'; http://www.legalfloris.com/
About Legal Floris LLC
Legal Floris LLC specializes in representation for consumers and enterprises caught in the crosshairs of bank failures and investment fraud, including Ponzi and pyramid schemes, insider trading and losses of capital, and more.
Legal Floris LLC
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Legal Floris LLC