US rewards T&C for helping with a security fraud case

The government of the Turks and Caicos has been rewarded for its valuable law enforcement assistance in helping the U.S Federal Bureau of Investigation (FBI) to seize assets in a security fraud case.

A cheque worth $279,620.32 from the U.S Consular Agency was handed over for the islands’valuable law enforcement assistance in the case.

The money is a percentage of net assets seized in a securities fraud case conducted by the New York Division of the FBI in the United States. The primary defendant, “Sammy” Galasso III, pleaded guilty in this case and was sentenced to a term of 30 months imprisonment. Turks and Caicos Island authorities provided valuable law enforcement assistance leading to the successful forfeiture of these monies and collaborated with the U.S. Government to seize these funds.

U.S. Chargé d’Affaires John Dinkelman noted that the presentation of forfeited assets is just one example of cooperative bilateral efforts between law enforcement agencies representing the United States and the Turks and Caicos Islands.

“I want to thank those who were involved with this case that dates all the way back to 2001. The Turks and Caicos Islands continue to be a great partner to the United States and it is only fitting that these funds be shared to strengthen efforts to both counter money laundering and terrorism finance while supporting law enforcement and rehabilitation efforts,” Dinkelman said.

According to FBI Legal Attache Jeffrey Stanley, “Galasso pleaded guilty in connection with a post-9-11 scheme to exploit the country’s fears of anthrax attacks for the purpose of manipulating the stock price of a publicly traded company. This is an example of outstanding cooperation between the FBI and the Royal Turks and Caicos Police Force.”