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You are here: Home / Archives for British Virgin Islands

Regal Financial Bank settles lawsuit, admits to no wrongdoing in Ponzi scheme

July 21, 2011 By Northwest Asian Weekly

By Jean Wong Northwest Asian Weekly Regal Financial Bank (Regal Financial), a local community bank, announced that it has settled a lawsuit accusing it of defrauding a group of Indonesian investors in a Ponzi scheme. The settlement was announced through a June 27 press release.

Filed Under: Business Tagged With: 2009, 2010, 2011, Basant Singh, British Virgin Islands, CEO, Craig Werner, Danny Wong, Dressel Investments, Hank Lo, Indonesia, Jeanne Chang, Omar Lee, Pacific Islands, Randy James, Tonga, Vol 30 No 30 | July 23 - July 29

Local Asian-owned bank accused of Ponzi scheme

May 2, 2009 By Northwest Asian Weekly

Regal Financial Bank, a small bank in Seattle, was sued earlier this month by a group of 4,200 Indonesian investors over accusations that it helped operate a $600 million Ponzi scheme. A Ponzi scheme involves a fraudulent investment operation that pays returns to investors from their own money (or money paid by subsequent investors) rather than from any actual profit earned.

Filed Under: News, Briefs, Community News Tagged With: British Virgin Islands, China, Danny Wong, Dressel Investments, Hong Kong, Indonesia, Local Asian-owned, North Carolina, Regal Financial Bank President, Seattle, vol 28 no 19 | May 2 - May 8

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