Financial Institutions/Services - Terry Neal

ProgramCritique.com Review:

The Chairman of Itex Corporation and author of “The Offshore Advantage”, Terry Neal do not hold good reputation because of his involvement in many shady deals. One of his first clients was O’Connell, of The O’Connell Group, Inc., who went through his book and was impressed with it. He wanted to save his assets among which the chief was Nevis American Trust Company. He had set up four companies namely the Leading Edge Recruiting Network, the International Recruiters Cooperative, the Private Source Lending and the Eagle Capital Finance Corporation through the Nevis American Trust Company. O’Connell further defrauded the government to an estimate of $143,718.

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O’Connell’s liaison with Terry landed the latter in trouble and he was prohibited to hold any public position in a listed company. He was penalized $200,000 and he had to repay $2.3 million as well. Terry not only took part in other shady deals but also he has undergone a sentence of three years because of faulty income tax returns. His imprisonment is further likely to extend to five 5 years if he is proved of the guilt.  

Since early, fingers were pointing on Terry for his alleged involvement in fraud cases. The SEC launched a fraud case in 1999 against Terry and other employees of “Itex Corporation”. The corporation is supposed to be involved in barter exchange business but SEC complained that it created many sham barter deals with “mysterious offshore entities” to enhance the company’s image and cheat shareholders. 

The Nevis American Trust further started to function as a bank and Terry began boasting of his asset in Oregon where he planned to slip after a while. The government took notice of the information and Terry was finally arrested on tax evasion charges on December 27, 2002 in Portland, Oregon. Terry has a tattered reputation and thus his materials are not worth recommendation.

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