TAG Virgin Islands owner accused of stealing millions
Published: February 23, 2013
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ST. THOMAS - A St. Thomas man was arrested Thursday in connection with a multi-million dollar investment scheme in which, prosecutors say, he used a Virgin Islands company as a clearinghouse for fraudulent transactions.
James Tagliaferri, 73, of St. Thomas, opened TAG Virgin Islands in 2007, according to a statement from the office of Preet Bharara, the U.S. Attorney for the Southern District of New York, who is leading the prosecution.
By routing fees to TAG through a TAG trust account in the Virgin Islands and other third-party accounts, Tagliaferri was able to receive these fees with no record of them appearing on monthly statements to clients, according to Bharara.
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