Bermuda police announced Wednesday that they are investigating the Emerald Financial Group, an offshore investment firm in the wealthy British territory.
An unidentified 45-year-old woman was arrested in the case Wednesday morning by officers from the islands' Financial Crime Unit, according to a police statement.
The Bermuda Monetary Authority, the territory's financial services regulator, also launched proceedings to take control of company assets, saying the police action aggravated its concerns about the soundness of the firm. It said the company had been under scrutiny for a year because of "regulatory irregularities."
License restrictions imposed on three of the company's entities in March barred them from providing investment advice or accepting new funds for investment.
The Hamilton, Bermuda-based company was founded in 1992 by a
husband and wife, David and Antoinette Bolden, and provides personalized investment advice for corporate and individual investors.
Messages seeking comment from company officials were not immediately returned.
The KPMG accounting company has been appointed as the provisional liquidator, said Pat Phillip-Bassett, a spokeswoman for the monetary authority. She declined to describe the size of the company's holdings.
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