A police raid was effected this afternoon on the offices of Titan Securities on the fourth floor of the Matalon Building on Coney Drive. We understand police were out in numbers on the ground and inside the building, seeking the owners of the business who are allegedly wanted by U.S. authorities.
Titan Securities’ name came up earlier this year in the penny stock bust involving CYNK Trading, whose stock shot up dramatically despite being basically a shell of a company. That company was suspended by the U.S. Securities and Exchange Commission but Titan was forced to defend its name as legitimate after there was some confusion as to whether the two companies worked with each other and were based in the same suite in the Matalon.
According to international reports today, another company, IPC Management Services LLC, a Belize-based investment firm, and its founder were accused of a $500 million scheme to launder money and hide investments as part of a U.S. crackdown on tax evasion. Robert Bandfield, a U.S. citizen, was charged today in Brooklyn federal court with conspiring to commit securities fraud, tax fraud and money laundering. He and other individuals apparently set up sham companies in foreign countries such asBelize for tax sheltering.
International reports also say that the group also manipulated stock prices in those companies and helped the clients evade U.S. tax reporting requirements as well as launder proceeds. Bandfield was arrested today in Miami and according to the international media, the other defendants have residences in Belize, hence the reason for the raid at the Matalon today.