West Indies Bank Targeted

Tue., June 3, 1997

From Staff And Wire Reports

A West Indies bank accused of soliciting uninsured deposits on the Internet faces a cease-and-desist order from the Idaho Department of Finance.

European Union Bank claims to be the first offshore bank on the Internet, and is attempting to lure deposits by offering high interest rates, the agency said.

Also named in the order are: Dr. Kenneth Suhandron, president; “Lord Mancroft,” board chairman; Dr. Klaus Apel, Germany; Dr. Michael Wunsh, Austria; and Dr. Edward Manukian, Canada.

European Union is not chartered to act as a financial institution in Idaho, Finance Department Director Gavin Gee said. The order requires the company to halt the solicitation.

Gee warned the deposits are not protected by the Federal Deposit Insurance Corp.

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West Indies Bank Targeted

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