Dunkley: Arbitrade Charges Are ‘No Surprise’

October 5, 2022 | 3 Comments

“The PLP Government has shown its judgement is poor to say the least and the support of Arbitrade has cast a dark shadow over the island’s reputation,” Shadow Minister for National Security Michael Dunkley said.

Mr. Dunkley said, “It comes as no surprise that the SEC, after an investigation, has filed charges against Arbitrade, a Bermudian company, and its principals.

“It is surprising and shocking that the PLP Government led by Premier David Burt, who stated in Parliament that ‘enhanced due diligence was carried out accessing the international Interpol system’ could not see that this entire operation was a sham and a pump and dump!

“The claims made by Arbitrade raised red flags with anyone who had an ounce of common sense. The Government was warned over four years ago that the company was a sham. The Opposition was consistent in calling out that government should be very wary of any relationship with Arbitrade.

“In 2018, I asserted that Arbitrade and its outlandish claims raised glaring red flags! The PLP government even granted them a license to purchase Victoria Hall!

“When questioned in Parliament and often publicly through the media, the OBA opposition was met with fierce push back by Premier Burt and his colleagues.

“The PLP Government has shown its judgement is poor to say the least and the support of Arbitrade has cast a dark shadow over the island’s reputation.

“It did not have to be this way.”

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Comments (3)

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  1. Ringmaster says:

    Unfortunately the PLP Government has shown they are a perfect patsy for scams. Arbitrade (we have $10 billion in gold!) and Savvy are well known. They probably fall for the Nigerian lottery scams and the various e mail scams too. What an endorsement for the Minister of Finance who takes credit for these “opportunities”. No accountability and hides behind others when the scams emerge.

  2. LOL - the real one says:

    Mr. Dunkley, follow the money and all will be revealed. Contact the SEC and see what information they will provide you.

  3. Micro says:

    Multiple members of the company were under investigation when Burty announced the MOU…

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