http://www.pacificislands.cc/pm62001/pmdefault.cfm?articleid=13

Notes from the Pacific

Americans Charged For
Money-Laundering, Fraud 

The president of the defunct Private
International Development Bank
(PIDB) of American Samoa, William
Hugh Cravens, was arrested at his
home in La Jolla, California in April in
connection with a mainland investment
scheme that reportedly bilked $74
million from 2,500 investors. Cravens, a
former resident of American Samoa,
and four others are charged with mail
and wire fraud, money laundering and
conspiracy. Others indicted include
John Zidar, John Mathews, Elizabeth
Phillips and Steven Moreland. 

According to the 50-page indictment,
Cravens not only established and
controlled the Private Inter-national
Development Bank (PIDB) of American
Samoa but he also established bank
accounts in Apia. Cravens is a former
president of the Polynesian Cultural
Center in Hawaii and a former chairman
and president of the Development Bank
of American Samoa.

The indictment said from 1997 to 2000,
the defendants promised a return of 120
percent annually to people who invested
in a series of dubious funds called Vista
Inter-national, Oakleaf International
and Rosewood International. The
indictment said none of the ventures
were successful, and many resulted in a
total loss, including a $300,000
investment in an Ecuadorian gold mine. 
-Fili Sagapolutele