A leading insurance company in Guyana says it has lost nearly $1.5 million in pension funds after investing with Texas financier R. Allen Stanford.
Spokesman Hewley Nelson says the “Hand in Hand” company began investing money with Stanford Financial Group three years ago.
The government of the South American country plans to meet with other business owners next week to determine whether they, too, are reporting losses.
Former presidential adviser Raymond Gaskin said Saturday that Stanford representatives visited Guyana three years ago to encourage business leaders to invest in long-term securities.
U.S. regulators are investigating Stanford Financial Group for an alleged fraud scheme involving billions of dollars.
Topics Carriers Profit Loss
Was this article valuable?
Here are more articles you may enjoy.
Alaska Airlines Vows IT Upgrades After Outage Forces 400 Flight Cancellations 
Satellite Data Reveals Hurricane Melissa Damage in Jamaica 
Brown & Brown Reports Strong Q3 Revenue Growth of 35.4% 
Reinsurers Hold Bulk of Jamaica’s Property Exposures From Hurricane Melissa: Reports 
