Insurance scam conviction
About the article
This is a digitised version of an article from The Cayman Compass's print archive. Occasionally, the digitisation process introduces transcription errors, or other problems.
See the article in its original context from September 1999.
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A jury found George L.J. Wilson guilty on 18 conspiracy, fraud and money laundering charges relating to an offshore insurance company he established 13 years ago, Norma Estimbo Lacy, a spokeswoman with the U.S. Attorney's office, said last week.
Prosecutors alleged Wilson and a Bahamian accountant and attorney, Norwood Rolle, founded Winston Hill Assurance Company Ltd. in 1986 on a mountain of fictitious assets. Using the facade to lure insurance brokers to purchase policies, the company sold various lines of insurance to a wide range of customers, prosecutors said.
But while they took the premiums, they would not pay the claims, prosecutors charged.
Winston Hill was chartered in the Turks and Caicos Islands, a British territory of 30 islands southeast of the Bahamas that is an offshore. banking centre. The company also used banks in Houston to funnel the money, according to court documents.
When Wilson's company came under U.S. scrutiny in 1991, he put it into bankruptcy liquidation in the Turks and Caicos. Rolle, also an officer of Winston Hill, arranged to be named liquidator, authorities said.
Wilson was arrested last November while trying to leave Miami for the Caribbean. He remains free on $100,000 bond while awaiting sentencing. Rolle is not in custody.
