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Philippe Martinez and MSR Media have filed a RICO lawsuit against the St. Kitts-Nevis-Anguilla National Bank (SKNANB) in the United States District Court for the Middle District of Florida, Tampa Division. The plaintiffs, MSR Media SKN Ltd., MSR Hotels & Co. Ltd., MSR Media International LLC, and Philippe Martinez, allege that the SKNANB participated in a scheme manipulating the U.S. banking system.

According to the lawsuit, the National Bank processed transactions as the primary Citizenship by Investment (CBI) bank in St. Kitts and Nevis. Bank personnel were allegedly aware of illegal discounting and underselling, processing CBI shares in their personal capacities while acting as representatives of the bank. The funds from this scheme, obtained from U.S. bank accounts in U.S. dollars, were moved in and out of the United States through correspondent accounts for the benefit of other enterprise members.

The National Bank maintained a correspondent account with Bank of America to route transactions in USD internationally. Additionally, Carib Trust and its operator, Defendant Lawrence, held Caribbean Galaxy’s CBI funds in escrow in St. Kitts and Nevis.

This lawsuit threatens the economic stability of St. Kitts and Nevis, where SKNANB is the largest financial institution. Martinez, appointed by PM Drew as the sole public benefactor in the CBI program, has initiated a legal battle that could have widespread repercussions for the country and the Eastern Caribbean Currency Union (ECCU).