MORE DETAILS EMERGE REGARDING PERSONAL MISCONDUCT OF ITS OWNER IN CENTRAL BANK TAKEOVER OF SAINT LUCIA NBFI FINANCIAL INVESTMENT AND CONSULTANCY SERVICES

Lorne Theophilus 

The recent action, taken by the ECCB, the regional financial regulator for the East Caribbean, to take over management and administration of Saint Lucia's principal indigenous non-bank financial institution, FINANCIAL INVESTMENT AND CONSULTANCY SERVICES, has caused us to make further inquiries concerning the grounds believed to be the reasons for the regulator's swift action to take immediate control of the formerly majority family-owned and operated entity.

While the Eastern Caribbean Central Bank has not officially announced upon which basis it made the decision to intervene, in order to protect the bank's depositors, we have learned that some of its shareholders sought to sell their share of stock last year, without success. Most financial observers of the bank's operation believe that the ECCB action was taken after well-founded fears of the bank's solvency surfaced in the business community, causing the regulator to quietly open an investigation of the conduct of management of the principal officer, LORNE THEOPHILUS.

Any investigation into Theophilus would also inquire into his other activities, which means that his role as de facto Chairman of Saint Lucia's CIU, where he has come under fire for allowing alleged widespread misconduct by that agency in the sale of Citizenship by Investment (CIP) economic passports, and his potential exposure to criminal charges, both in Saint Lucia and in the United States. Additionally, even the most rudimentary investigation of Theophilus could reveal his prior arrest for Sexual Battery, which constitutes a crime of Moral Turpitude; Such a morally reprehensible act would affect the regulator's judgment regarding his fitness to lead a financial entity under its supervision, especially since the case was closed under questionable circumstances, concerning whether justice was served, due to Theophilus' privileged status. We have read the victim's statement in that case, and it is damning.

So, did the ECCB step in because it had serious reservations regarding Mr. Theophilus' ability to lead the FICS profitably, questions about his moral compass, or some additional grounds of financial mismanagement not yet made public? We cannot say, but we welcome the injection of Administrator Streete, to protect the assets of the depositors, and keep FICS solvent and operational for its customers, and will be seeking to learn further details as they unfold.