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Wallace Groves
Wallace Groves (20 March 1901 – 30 January 1988) was an American financier and fraudster. After release from federal prison in 1944, he moved to the Bahamas where he founded and operated a free trade zone, resort, and casino development at what would become Freeport, Grand Bahama. He is credited with the development of the modern Bahamian economy of offshore banking. He was suspected to have links with the Meyer Lansky syndicate operating offshore casinos from Miami Beach. Early life and education Wallace Groves was born in Norfolk, Virginia on 20 March 1900. He attended Ursinus College and Georgetown University and was admitted to the Maryland Bar in 1925. Pre-war financier He moved to New York from Baltimore, where he was a bond salesman. Groves made an early career in financial transactions on Wall Street. He was "a young, flashy, and successful investor, he was involved in several businesses and had controlling interests in several others, including the United Cigar Stor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financier
An investor is a person who allocates financial capital with the expectation of a future return (profit) or to gain an advantage (interest). Through this allocated capital the investor usually purchases some species of property. Types of investments include equity, debt, securities, real estate, infrastructure, currency, commodity, token, derivatives such as put and call options, futures, forwards, etc. This definition makes no distinction between the investors in the primary and secondary markets. That is, someone who provides a business with capital and someone who buys a stock are both investors. An investor who owns stock is a shareholder. Types of investors There are two types of investors: retail investors and institutional investors. A ''retail investor'' is also known as an ''individual investor''. There are several sub-types of institutional investor: * Pension plans making investments on behalf of employees * Businesses that make investments, either dire ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Haven
A tax haven is a term, often used pejoratively, to describe a place with very low tax rates for Domicile (law), non-domiciled investors, even if the official rates may be higher. In some older definitions, a tax haven also offers Bank secrecy, financial secrecy. However, while countries with high levels of secrecy but also high rates of taxation, most notably the United States and Germany in the Financial Secrecy Index (FSI) rankings, can be featured in some tax haven lists, they are often omitted from lists for political reasons or through lack of subject matter knowledge. In contrast, countries with lower levels of secrecy but also low "effective" rates of taxation, most notably Ireland in the FSI rankings, appear in most . The consensus on ''effective tax rates'' has led academics to note that the term "tax haven" and "offshore financial centre" are almost synonymous. In reality, many offshore financial centers do not have harmful tax practices and are at the forefront among ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nassau, Bahamas
Nassau ( ) is the capital and largest city of The Bahamas. It is on the island of New Providence, which had a population of 246,329 in 2010, or just over 70% of the entire population of The Bahamas. As of April 2023, the preliminary results of the 2022 census of The Bahamas reported a population of 296,522 for New Providence, 74.26% of the country's population. Nassau is commonly defined as a primate city, dwarfing all other towns in the country. It is the centre of commerce, education, law, administration, and media of the country. Lynden Pindling International Airport, the major airport for The Bahamas, is located about west of the city centre of Nassau, and has daily flights to and from major cities in Canada, the Caribbean, the United Kingdom and the United States. Nassau is the site of the House of Assembly and various judicial departments and was considered historically to be a stronghold of pirates. The city was named in honour of William III of England, Prince of Or ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commission Of Inquiry
A royal commission is a major ad-hoc formal public inquiry into a defined issue in some monarchies. They have been held in the United Kingdom, Australia, Canada, New Zealand, Norway, Malaysia, Mauritius and Saudi Arabia. In republics an equivalent entity may be termed a commission of inquiry. Such an inquiry has considerable powers, typically equivalent or greater than those of a judge but restricted to the terms of reference for which it was created. These powers may include subpoenaing witnesses, notably video evidences, taking evidence under oath and requesting documents. The commission is created by the head of state (the sovereign, or their representative in the form of a governor-general or governor) on the advice of the government and formally appointed by letters patent. In practice—unlike lesser forms of inquiry—once a commission has started the government cannot stop it. Consequently, governments are usually very careful about framing the terms of reference and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Bahamian Party
The United Bahamian Party (UBP) was a major political party in the Bahamas in the 1950s and 1960s. Representing the interests of the white oligarchy known as the Bay Street Boys, including Stafford Sands, it was the ruling party between 1958 and 1967.Dieter Nohlen (2005), ''Elections in the Americas: A data handbook, Volume I'', p. 73. It was led by Roland Theodore Symonette. History It was established in 1956 as the Christian Democratic Party to oppose the black-dominated Progressive Liberal Party, which had emerged as the largest party in the 1956 elections with six seats, although 22 MPs had been elected as independents. Following the 1958 general strike, it was renamed the United Bahamian Party.Plural Political Parties in the Bahamas - Pt. 2 ''The Nassau Gu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Grand Bahama Port Authority
{{Short description, Government agency of The Bahamas The Grand Bahama Port Authority (GBPA or "Port Authority") is a privately held corporation that also acts as the municipal authority for Freeport, Bahamas, Freeport, Grand Bahama, Grand Bahama Island, The Bahamas. The GBPA was created by the Hawksbill Creek Agreement. The GBPA is horizontally integrated with property development, municipal services, airport (world's largest privately owned airport) harbour operations, and shipyard concerns. Ownership Structure The GBPA partners with Hutchison Whampoa on the container port (through Hutchison Port Holdings) and resort area at Lucaya. The Grand Bahama Port Authority is jointly owned by the Hayward and St. George families. Ian Rolle currently serves as President and Co - Chair of The Grand Bahama Port Authority. References External linksThe Grand Bahama Development Company Freeport, Bahamas Port authorities ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hawksbill Creek Agreement
The Hawksbill Creek Agreement{{cite web , title=Hawksbill Creek Agreement & Amendments , url=https://library.gbpa.com/docs/the-hawksbill-creek-agreement-amendments-1955.pdf , website=Grand Bahama Port Authority Library named in honour of the Hawksbill Sea Turtle was an agreement signed in 1955 between the government of the Bahamas and Wallace Groves to establish a city and free trade zone on Grand Bahama Island with an aim of spurring economic development in the area. Groves was granted 50,000 acres (200 km²) of land with an option of adding 50,000 acres (200 km²). The Grand Bahama Port Authority was created to develop and administer the land and thus the city of Freeport was planned and built from scratch. To encourage investment, the agreement allowed the port authority not to pay taxes on income, capital gains Capital gain is an economic concept defined as the profit earned on the sale of an asset which has increased in value over the holding period. An asset may ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stafford Sands
Sir Stafford Lofthouse Sands (23 September 1913 – January 23, 1972) was a former Minister of Finance of the Bahamas (1964–1967), who held other high positions in the islands until his self-chosen exile in 1967. Hailed as Father of Tourism, he succumbed to corruption, allowing organized crime to unfold activities like money laundering and to establish offshore banking on the Bahamas. Early life and education Stafford Lofthouse Sands was born in 1913 to Stafford Sands and Enid Rosalie Lofthouse. The elder Sands was founder of City Meat Markets after his stint with the Caribbean operations of the Bank of Canada. The father of the elder Sands was Sir James Patrick Sands, who was also a businessman whom served as Member of the House of Assembly and Executive Council. Sands was a lawyer before embarking his political career in 1937. Career Stafford Sands was a lawyer who, from 1946, represented Wallace Groves and other Americans who sought to establish casinos, resorts, free-trad ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Parliament Of The Bahamas
The Parliament of The Bahamas is the bicameral national parliament of the Commonwealth of The Bahamas. The parliament is formally made up of the sovereign (represented by the governor-general), an appointed Senate, and an elected House of Assembly. It currently sits at the Bahamian Parliament Building in Nassau, the national capital. The structure, functions, and procedures of the parliament are based on the Westminster system. History Originally inhabited by the Lucayan people, a branch of the Arawakan-speaking Taino people, the Bahamas were the site of Columbus's first landfall in the New World in 1492. Although the Spanish never colonized the Bahamas, they shipped the native Lucayans to slavery in Hispaniola. The islands were mostly deserted from 1513 until 1648, when English colonists from Bermuda settled on the island of Eleuthera. In 1670 King Charles II granted the islands to the lords proprietors of the Carolinas, who rented the islands from the king with right ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Grand Bahama Island
Grand Bahama is the northernmost of the islands of the Bahamas. It is the third largest island in the Bahamas island chain of approximately 700 islands and 2,400 cays. The island is roughly in area and approximately long west to east and at its widest point north to south. Its westernmost town, West End, is located east of Palm Beach, Florida. Administratively, the island consists of the Freeport Bonded Area and the districts of East Grand Bahama and West Grand Bahama. Nearly half of the homes on the island were damaged or destroyed in early September 2019 by Hurricane Dorian. Climate Grand Bahama Island has a tropical monsoon climate, consisting of a hot, rainy season from May through October, and a warm, dry season from November through April. In Freeport, the summer high temperatures average , and low temperatures average . During the winter, the average high temperature is , and the average low is . The hurricane season lasts from June through November, but the risk ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Danbury, Connecticut
Danbury ( ) is a city in Fairfield County, Connecticut, United States, located approximately northeast of New York City. Danbury's population as of 2020 was 86,518. It is the third-largest city in Western Connecticut, and the seventh-largest city in Connecticut. Located within the heart of the Housatonic Valley region, the city is a historic commercial hub of western Connecticut, home to many commuters and summer residents from the New York metropolitan area and New England. Danbury is nicknamed the "Hat City", because it was once the center of the American hat industry, during the nineteenth and early twentieth centuries. The mineral danburite is named after Danbury, while the city itself is named for Danbury in Essex, England. Danbury is home to Danbury Hospital, Western Connecticut State University, Danbury Fair Mall, and Danbury Municipal Airport. History Danbury was settled by colonists in 1685, when eight families moved from what are now Norwalk and Stam ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mail Fraud
Mail fraud and wire fraud are terms used in the United States to describe the use of a physical (e.g., the U.S. Postal Service) or electronic (e.g., a phone, a telegram, a fax, or the Internet) mail system to defraud another, and are U.S. federal crimes. Jurisdiction is claimed by the federal government if the illegal activity crosses interstate or international borders. Mail fraud Mail fraud was first defined in the United States in 1872. provides: Whoever, having devised or intending to devise any scheme or artifice to defraud, or for obtaining money or property by means of false or fraudulent pretenses, representations, or promises, or to sell, dispose of, loan, exchange, alter, give away, distribute, supply, or furnish or procure for unlawful use any counterfeit or spurious coin, obligation, security, or other article, or anything represented to be or intimated or held out to be such counterfeit or spurious article, for the purpose of executing such scheme or artifice ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
