Dear Friends and Supporters,

While the biggest fraud in United States financial history has yet to be given proper attention, with two cases originating in the United States, we mark a double “anniversary” today:

• On March 23, 2015, we were misled by a lawyer about the hearing date and were not present in court. UBS’s lawyer, Marco Turnquest, then a partner at Lennox Paton (former local office of Bernie Madoff), delivered five false statements and concealments to the Hon. Justice Milton Evans (as he then was, now President of the Court of Appeal), based on a fraudulent affidavit from George Maillis, UBS manager and RECL product inventor:
  • Falsely told the judge that we had admitted default—when in fact, in our letter of March 2014, we only recognized that “as for the numbers, it seems we are under $700,000,” but clearly stated that we never agreed to keep it as dead amount on UBS account on top og which we woild paay interests,this figure would be correct only if UBS fulfilled its duties as our broker and executed our trades in a timely manner, which it had not.
  • Falsely stated that we were in arrears—which was untrue, and would not have been the case at all had UBS not wrongfully sequestered funds from our account.
  • Concealed that this was not a classical mortgage but an investment agreement, where a 5-year loan was secured by our dwelling house—illegal under Bahamian law, as no broker can take a dwelling as collateral.
  • Concealed that UBS (Bahamas) Ltd. had resolved to go into voluntary liquidation two days earlier, 2 years and 6 months before the RECL contract was due to expire in September 2017.
  • Misrepresented as a “ set-off,” what was in reality UBS’s attempt to impose a 10% penalty—a charge completely absent from our agreement and without legal basis. This so-called “set-off” was quietly withdrawn after we challenged it.
• Misled, the judge ruled against us—contrary to all Supreme Court Civil Procedure Rules, which do not allow Summary Judgment for residential property. However, he later recognized the error and corrected himself in his ruling of December 21, 2017.

It is also 5 years and 6 months since our trial was vacated on “sound grounds” after UBS applied to not present any witnesses, on 30 July 2019, going against procedural norms. and the court Case Management Conference directions were given on 6 July 2018.

The Chief Justice of The Bahamas, the Honorable Sir Ian Winder, delivered the ruling on May 8, 2023, in paragraph 32 it says:

“The Court agrees that the timing of the application was most unfortunate. The defendant said it was not “unusual” for the Court to hear and grant such an application at this stage in the proceedings not fully appreciating the implications of the inordinate and inexcusable delay. However, the authorities are clear on the matter of inexcusable delay and there is no doubt that there was inexcusable delay in the matter and then on the brink of a trial date. The Defendant in making this application seemed to be wanting a third chance at getting its Defence right even after the Raeber affidavit says that it had a good Defence to the Statement of Claim. The delay caused thereby has deprived the Plaintiffs of a trial date and to make an order in the Defendant’s favour would only further delay the trial. The Court will in no way intervene causing the Plaintiffs further expense and inconvenience.” (The bold is added)

We all know and feel what justice means, and it is clear—the injustice is dancing so far in this case. Perhaps the only explanation for this arduous effort is that we have discovered and are trying to stop the Fictitious Trading scheme run against the listed securities in the United States.

Thank you for your unwavering support. Together, we will continue to fight for justice and ultimately will see and celebrate our deserved victory!.

With blessings,
Irina

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