IN AN ATTEMPT TO FOLLOW THE MONEY, LETS TAKE A LOOK AT THE CARIBBEAN MERCANTILE BANKwe know the Caribbean Mercantile Bank NV opened in 1962 as a subsidiary of
Maduro and Curiel's bank of Curacao,
In the 30s during a worldwide depression Shon jojo Alveraz Correa proposed that
his bank merge with Curiel's bank.
snip
this time a nation not only managed to weather that difficult period in time but also expanded
to Aruba and 1936. In 1961 this branch became the Caribbean Mercantile Bank
http://www.mcb-bank.com/extra_pages/AnnualReport2005.pdfpage 33/50
Established on Aruba in 1962, Caribbean Mercantile Bank N.V. is a full service commercial bank as well as a subsidiary of Maduro & Curiel's Bank N.V. Curaçao, and affiliated with the Bank of Nova Scotia, of Toronto, Canada
www.cmbnv.com/main.html.
WE KNOW THAT IN 1970 THE BANK OF NOVA SCOTIA BOUGHT 30% OF THE EQUITY CAPITAL
AND THEN IT EXPANDED TO 49% OF THE MADURO AND CURIEL'S BANKIn 1970 Bank Mees and Hope had to sell their shares to another Dutch bank and they
sold their shares back. After an internal reshuffling among the original shareholders
families the final proportion in the ownership of the Maduro and Curiel Bank became
51% for the original shareholders and 49% for the Bank of Nova Scotia which remains
the distribution of MCB's shares as a major shareholder in MCB Scotia Bank is also
represented in the boa rds of supervisory directors and the managing director's. Since
that management of Maduro and Curiel's bank has been in the hands of three managing
directors one of which is appointed by Scotia Bank.
http://www.mcb-bank.com/extra_pages/AnnualReport2005.pdfWe know that in 2005 the Maduro and Curiel's bank had four subsidiary banks on the island of Aruba the Caribbean Mercantile Bank, and it appears to have three subsidiaries
Aruba
Caribbean Mercantile Bank NV
Caribbean Mercantile Credit company NV
Caribbean Mercantile Securities
Administration Company NV
http://www.mcb-bank.com/extra_pages/AnnualReport2005.pdffrom page 19 of the 2005 annual report
and we know the subsidiary, the Caribbean Mercantile Credit Company NV
is affiliated with the Bank of Nova Scotia2004-Caribbean Mercantile Credit Co.NV
made significant inroads and capturing large segments of the car financing market.....
we are the only remaining b ank in Aruba with worldwide credentials through our
international affiliation with the Bank of Nova Scotia and Canada
Our subsidiary, Caribbean Mercantile Credit Co.NV Af filiated with. The Bank of Nova Scotia,. Toronto, Canada
www.cmbnv.com/pics/arg/2004/CMBAnnRep2004.pdfpage 6/30
in order to get a full understanding you need to take a look at the history of the
Bank of Nova Scotia and the Maduro & Curiel's BanksBEFORE LOOKING BACK THROUGH THE HISTORY OF THE BANK OF NOVA SCOTIA OF TORONTO, CANADAWe must realize that several high-ranking members Cuntrera-Caruana moved to
Montréal in the 50s and became Canadian citizens in 1957
Pasquale Cuntrera and Leonardo Caruana moved to Montreal in Canada, while Giuseppe Caruana preferred Rio de Janeiro, where the now 86-year old family boss still resides in good health
snip
The Cuntrera-Caruana clan in all probability was involved in the trafficking networks. Some family-members had moved to Montreal in the 1950s. Canadian immigration records show Pasquale and Liborio Cuntrera arrived in 1951 and acquired Canadian nationality in 1957. (29) They moved up and down setting up base at both sides of the Atlantic
the Montréal- New York connection proved to be one of the gateways for narcotics to
the world's biggest consumer marketT he Montreal-New York and Caracas-Miami conne ctions proved to be the g ateway for narcotics to the world's biggest consumer-market. From its Venezuelan base the Cuntrera-Caruana clan supplied whatever drug was in demand – heroin, cocaine and cannabis. As their importance grew, however, the clan finally started to get to the attention of law enforcement agencies around the world
http://www.tni.org/detail_page.phtml?page=archives_tblick_arubaIn one bank alone Bourque traced nearly 16 million US dollars laundered through accounts of Alfonso Caruana. Every week a c ouple of Sicilians entered the branch of the City & District Bank in the Montreal suburb Dollard-des-Ormeaux carrying hockey-bags filled with half a million in cash. The tellers spent a half day counting the small bills. The clan brought in its dirty dollars and walked out with clean bank drafts. Thirty-six million US d o llars ended up in Swiss bank-accounts whi c h were used to pay the Sici l ian heroin suppliers. (64) The dollars the clan transported to Canada were enough to supply the Montreal money-exchange market with its weekly requisite of US cash. Bourque could trace some US$ 50 million laundered by the clan through 4 Canadian banks from 1978 until 1984
http://www.tni.org/detail_page.phtml?page=archives_tblick_arubaTHE CUNTRERA- CARUANA FAMILY EVENTUALLY SETTLED IN TORONTO(This column was published in the North Shore News on Mar. 22, 2000)
A couple of weeks ago in this space, I told you the story of the arrest and conviction of the top
echelon of the largest drug dealers in the world, the Cuntrera-Caruana crime family in Toronto.
snip
In the interim, the Cuntrera-Caruana family, under the leadership of Alfonso, had firmly established a
foothold in Canada. Alfonso moved to Canada, following the murder of Mafia capo, Paul Volpe, into
a quiet suburb of Toronto, where he was to later claim he was a simple car-wash attendant. In reality,
he controlled the largest drug dealing network in the world
http://query.nytimes.com/gst/fullpage.html?res=950DEFDD1438F93BA1575AC0A96F948260CANADA HAD NEVER PASSED A LAW MAKING MONEY LAUNDERING ILLEGAL
UNTIL 1988 Canada seen as m ajor haven for laundering drug money by Stephen Labaton, special to the New York Times
published September 28, 1989
''Canada does not fit the profile of the typical financial haven nation, yet it has been
a repository for drug monies in recent years as a result of certain anomalies in
Canadian law,'' the report said, noting that the country's statutes have no requirements
for reporting money that enters or leaves the country. ''Canada's stable political climate,
reasonably strong currency and well-developed banking system make it an attractive
repository or transshipment point for the movement of drug profits from U.S. drug
organizations.''
SNIP
Within the last year Canada has adopted laws that permit officials to freeze suspected
assets and have them forfeited for convictions of money laundering. The new laws
also make money laundering a crime for the first time in Canada, though American
authorities believe the laws are not as effective as those in the United States.
http://query.nytimes.com/gst/fullpage.html?res=950DEFDD1438F93BA1575AC0A96F948260
now that I think it's been shown that they had been, and were a powerful force
in the Montréal area during the late 50s and 60s onward
IT APPEARS THAT DURING THE PERIOD OF THE LATE 50s EARLY 60s, THE
CUNTRERA-CARUANA FAMILY INFLUENCED/ TOOK OVER THE BANK OF
NOVA SCOTIA, GIVING THEM THE THING THEY NEEDED MOST, A WAY
TO MANAGE/LAUNDER THEIR MONEYThis is speculation at this time we need to find a confirming piece
now let's take a look at what happened through the late 50s onward at
the Bank of Nova Scotia
IN 1957 THE BANK OF NOVA SCOTIA TRUST COMPANY (Bahamas)
LIMITED WAS STARTED In December 1957, the Bank incorporated The Bank of Nova Scotia Trust Company
(Bahamas) Limited. It was formed in association with: Eagles Star Insurance Company
Limited; Philip Hill, Higginson & Company, Limited; and Sir Robert McAlpine & Sons,
Limited with the Bank owning 60% of the capital stock. Headquartered in Nassau,
Bahamas, it would become the parent company of smaller trust companies established
by the Bank in the Caribbean
http://www.scotiabank.com/cda/content/0,1608,CID11732_LIDen,00.htmlIN 1958 THE BANK JOINED WITH BRITISH FINANCIAL INTERESTS
TO FORM THE BANK OF NOVA SCOTIA TRUST COMPANY TO
ENGAGE IN OFFSHORE AND TRUST OPERATIONS WHICH WERE
OFF-LIMITS TO FOREIGN BANKSIn 1958 the bank joined with British financial interests to form the Bank of Nova Scotia
Trust Company to engage in offshore and trust operations which were off-limits to
foreign banks. A year later, the Bank of Nova Scotia Trust Company of New York
was established.
http://www.answers.com/topic/the-bank-of-nova-scotia?cat=biz-finIN 1959 THE BANK OF NOVA SCOTIA TRUST COMPANY OF
NEW YORK WAS FORMEDThe Bank of Nova Scotia Trust Company of New York commenced business in 1959
in New York City
http://www.scotiabank.com/cda/content/0,1608,CID11732_LIDen,00.htmlBEGINNING IN 1960, THE BANK AGGRESSIVELY PURSUED A
STRATEGY TO INCREASE ITS VOLUME OF DEPOSITS BY
ESTABLISHING NEW BRANCHES IN CANADA AS WELL AS ABROAD
Beginning in 1960, the bank aggressively pursued a strategy to increase its volume
of deposits by resuming the establishment of new branches in Canada as well as abroad.
http://www.answers.com/topic/the-bank-of-nova-scotia?cat=biz-finIN 1961/62 THE CARIBBEAN MERCANTILE BANK IS ESTABLISHEDIn the 30s during a worldwide depression Shon jojo Alveraz Correa proposed that
his bank merge with Curiel's bank.
snip
this time a nation not only managed to weather that difficult period in time but also expanded
to Aruba and 1936. In 1961 this branch became the Caribbean Mercantile Bank
http://www.mcb-bank.com/extra_pages/AnnualReport2005.pdfpage 33/50
IN 1963 THE BANK OF NOVA SCOTIA WENT THROUGH MAJOR
INTERNAL REORGANIZATION WHICH ALLOWED THE BANK TO
FURTHER DECENTRALIZE OPERATIONS
In 1963 the bank underwent a major internal reorganization, and a new profit
planning system was introduced that required each branch and region to submit
annual loan and deposit forecasts to be incorporated into the bank's overall plan.
This system allowed the bank to further decentralize operations, to
encourage competition among branches, and to better identify the services its
customers wanted
Meanwhile, business in the Caribbean continued to g row, despite losses in
Cuba. Much of this growth was hotel and resort financing in areas such as
Jamaica and Puerto Rico , w here tourism was becoming big business
http://www.answers.com/topic/the-bank-of-nova-scotia?cat= biz-fin
THE REST OF THE CLAN HAD MOVED TO CANADA HALFWAY
THROUGH THE 60s, THEY DID NOT GET ALONG WITH THEIR & lt; BR>HOST LIKE THEY SHOULD OF, SO THEY JUST ELIMINATED
HIM. IT APPEARS THEY IMMEDIATELY DECIDED TO EXERT
CONTROLWhen the clan had to move to Canada half-way through the 1960s they found shelter
with the Montreal Cotroni Family, a sub-division of the New York Bonanno Family.
The logic of Mafia hierarchy requir ed the clan to be subordinate to the Cotroni bosses.
These bosses soon discovered they had lost control over their supposed Sicilian underlings
who had set up their own narcotics racket. When Cotroni boss Paolo Violi trie d
to re-establish his leadership, he was eliminated
snip
http://www.tni.org/detail_page.phtml?page=archives_tblick_arubaIN 1967 THE BANK OF NOVA SCOTIA TRUST COMPANY (CARIBBEAN)
LIMITED IS STARTEDThe Bank of Nova Scotia Trust Company (Caribbean) Limited commenced business in
1967 in Barbados
http://www.scotiabank.com/cda/content/0,1608,CID11732_LIDen,00.htmlIN 1970 THE BANK OF NOVA SCOTIA STARTED THE NEGOTIATIONS
AND ENDED UP BUYING 30% OF THE EQUITY CAPITAL OF THE MADURO
AND CURIEL'S BANK.
A SHORT TIME LATER IT CHANGE TO 49%
After riots of 1969 on Curacao. he received a surprise visit from Cedric Ritchie, at the
time chief General manager international of the Bank of Nova Scotia who had flown to
Curacao. He offered full support for the Maduro and Curiel Bank if it should experience
problems because of the turmoil. Until then Scotia Bank had served as a correspondent
bank to the Maduro and Curiel's bank
snip
in April of 1970 it was announced that the Bank of Nova Scotia had reached agreement
in principle to buy 30% of the equity capital of the Maduro and Curiel's bank
snip
In 1970 Bank Mees and Hope had to sell their shares to another Dutch bank and they
sold their shares back. After an internal reshuffling among the original shareholders families
the final proportion in the ownership of the Maduro and Curiel Bank became 51% for the
original shareholders and 49% for the Bank of Nova Scotia which remains the distribution
of MCB's shares as a major shareholder in MCB Scotia Bank is also represented in the
boa rds of supervisory directors and the managing director's. Since that management of
Maduro and Curiel's bank has been in the hands of three managing directors one of which
is appointed by Scotia Bank.
http://www.mcb-bank.com/extra_pages/AnnualReport2005.pdfWhen in 1975 bank Mees and hope was sold to a competing Dutch b ank it had to sell its sh ares back after the dust settled Maduro and Curiel Bank at 51% Bank of Nova Scotia had 49%
http://www.mcb-bank.com/extra_pages/AnnualReport2005.pdfIN 1972 CEDRIC RITCHIE BECOMES CEO OF THE BANK OF NOVA SCOTIA
AND HE BECOMES CHAIRMAN IN 1974
The early 1990s also saw a gradual transition in the top leadership at the Bank of Nova
Scotia. Cedric Ritchie, president and CEO since 1972 and chairman since 1974, handed
over the presidency to Peter Godsoe, native of Halifax and career banker at Scotiabank,
in 1992. Godsoe gained the CEO position the following year and became chairman at the
beginning of 1995.
http://www.mcb-bank.com/extra_pages/AnnualReport2005.pdfTHE BANK OF NOVA SCOTIA HAD ACTIVELY BEEN INVOLVED
IN THE PRECIOUS METALS MARKET SINCE 1958, AND
THROUGHOUT THE 70s THEY WERE BUYING TWO THIRDS OF
THE COUNTRIES ANNUAL PRODUCTION AND THEN SELLING
ACTUAL BULLION AND BULLION CERTIFICATESActively involved in the precious metals market since 1958, the bank expanded this
business throughout the 1970s by buying two-thirds of the country's annual production
and then selling actual bullion and bullion certificates. It was also during this period that
the rising expenses of branch development caused the bank to refocus its emphasis from
opening new offices within Canada to improving existing operations and relocating branches
to more lucrative areas
http://www.answers.com/topic/the-bank-of-nova-scotia?cat=biz-finBY THE END OF THE 1881 THEIR INTERNATIONAL BUSINESS WAS
GROWING TWICE AS FAST AS DOMESTIC OPERATIONS AND AT
A HIGHER RATE THAN THAT OF ANY OTHER CANADIAN BANK The bank's total assets reached C$50 billion by the end of 1981, with international
business growing twice as fast as domestic operations and at a higher rate than that
of any other Canadian bank. This growth was attributed to many factors, including
the bank's established European and American presence, its expansion into the
Asia-Pacific region with the 1981 opening of branch in Japan, and the development
of a worldwide foreign exchange and banking system that operated around the clock
http://www.answers.com/topic/the-bank-of-nova-scotia?cat=biz-finDURING THE FIRST HALF OF THE 1980s THE BANK WAS ACCUSED
OF WRONGDOING IN A SERIES OF CASES STEMMING FROM ITS
ACTIVITIES BOTH AT HOME AND ABROADDuring the first half of the 1980s, the bank was accused of wrongdoing in a series of
cases stemming from its activities both at home and abroad. In March 1983, the bank
was asked by a Miami court to release records from its Cayman Islands branch
concerning certain customers under investigation for narcotics and tax violations.
Although the bank was protected under Cayman Island law from such releases, a
Florida judge ruled that the bank stood in contempt of court and fined it US$25,000
a day, retroactive to November 1983, for each day it did not produce the re cords
http://www. answers.com/to pic/the-bank-of-nova-scotia?cat=biz-fin
IN 1984 THE BANK, ALONG WITH FOUR OTHER CANADIAN
BANKS, WAS THE SUBJECT OF A 1-YEAR INVESTIGATION
INTO DRUG DEALING AND MONEY-LAUNDERINGIn 1984 the bank, along with four other Canadian banks, was the subject of a one-year
investigation by the Royal Commission of the Bahamas into drug dealing and money
laundering by Bahamian Prime Minister Pindling and his wife. Scotiabank had lent
more than C$1 million to Pindling between 1977 and 1983 and had also accepted
deposits from the couple totaling C$114,000 from an unidentified source. Although
the investigation was inconclusive, it cast a cloud on a 1985 case alleging that the bank
had committed fraud against the Investment Dealers Association of Canada in its
involvement in the failure of At lantic Securities Ltd. in 1981. Although this case
generated much controversy, the Nova Scotia County Court acquitted the bank
http://www.answers.com/topic/the-bank-of-nova-scotia?cat=biz-finIN ADDITION TO ACQUIRING OTHER BANKS DURING THE
LATE 1980s AND EARLY 1990s THE BANK OF NOVA SCOTIA
PURSUED A STRATEGY OF GLOBAL EXPANSIONIn addition to acquiring other banks during the late 1980s and early 1990s, the Bank
of Nova Scotia pursued a strategy of global expansion to assure profitability regardless
of any fluctuations in individual markets. It also worked to improve the quality of the
loans in its portfolio and to increase the efficiency of its operations. Among the acquisitions
during this period was the 1988 purchase for C$419 million of the brokerage firm
McLeod Young Weir Ltd., which was later merged with Scotia Securities to form
ScotiaMcLeod. Scotiabank also acquired a 40 percent stake in Solidbank Corp. in
the Philippines in 1998 and a 24 percent stake in Banco Sud Americano, S.A., the
sixth largest bank in Chile, in 1991. Also, in 1992, in the wake of the enactment of
the North American Free Trade Agreement, Scotiabank became the first Canadian
bank to move into Mexico, spending US$75 million for a 5 percent interest in Grupo
F inanciero Inverlat, S.A. de C.V. The Bank of Nova Scotia also opened its first bank
branch in China, which it located in Guangzhou (formerly Canton).
http://www.answers.com/topic/the-bank-of-nova-scotia?cat=biz-finThe early 1990s also saw a gradual transition in the top leadership at the Bank of
Nova Scotia. Cedric Ritchie, president and CEO since 1972 and chairman since
1974, handed over the presidency to Peter Godsoe, native of Halifax and career
banker at Scotiabank, in 1992. Godsoe gained the CEO position the following year
and became chairman at the beginning of 1995.
http://www .answers.com/topic/the-bank-of-no va-scotia?cat=biz-fin
THE BANK OF NOVA SCOTIA TRUST COMPANY, OR BETTER KNOWN AS SCOTIATRUST, WAS INCORPORATED IN 1992
The Bank of Nova Scotia Trust Company, or better known as Scotiatrust, was incorporated
in 1992 and opened its first location in Toronto’s Scotia Plaza in June 1993. Beginning
modestly with a single office in Toronto, it has grown quickly, and has been strengthened
by the mergers of the Montreal Trust Company and the National Trust Company, to
become one of the largest personal trust businesses in Canada with a network of offices
around the world.
http://www.scotiabank.com/cda/content/0,1608,CID11732_LIDen,00.htmlIN 1992 CEDRIC RITCHIE RELINQUISHED CONTROL OF THE
COMPANY AND PETER GODSOE TAKES OVER THE PRESIDENCYThe early 1990s also saw a gradual transition in the top leadership at the Bank of Nova
Scotia. Cedric Ritchie, president and CEO since 1972 and chairman since 1974, handed
over the presidency to Peter Godsoe, native of Halifax and career banker at Scotiabank,
PART 2
BEFORE WE GET INTO THE CARIBBEAN MERCANTILE BANK,
WE NEED TO KEEP SEVERAL THINGS IN MIND
ALL THE THINGS MICHAEL POSNER HAS DONE TO MAKE IT
EASIER/MORE COMFORTABLE FOR PEOPLE TO COME TO ARUBA,
PRESUMABLY TO GAMBLE
1998 - Posner buys Excelsior Casino
2001 - Posner buys Bickell Bay Casino