Dr. Paa Kwesi Nduom
Former Presidential Candidate of the CPP and PPP, Dr. Paa Kwesi Nduom, has been sued in the US for alleged money laundering, wire fraud.
He and his family members as well as several “sham companies” have also been sued for breach of contract, negligence, outright fraud, deceit and related criminal acts.
The suit was filed at the US District Court, Northern District of Illinois Eastern Division.
The plaintiff in the case according to court document available to DGN Online, is Birim Group LLC.
The document said “this racketeering case arises from a series of shocking acts of statutory violations, money laundering, wire fraud, breach of contract, negligence, outright fraud, deceit and related criminal acts perpetrated by defendant Paa Kwesi Nduom, his family members and the several sham companies they operate.”
It added that “Plaintiff’s assignors, like many similarly situated depositors of defendants Gold Coast Fund Management and GN Bank, are victims of defendants’ fraudulent, avaricious and criminal conduct perpetrated on more than a million unsuspecting depositors who have lost their life savings because of defendants’ unlawful acts.”
According to the document, “plaintiff alleges the Nduom Family defendants1, aided and abetted by each of the other defendants, engaged in a course of racketeering conduct predicated on illegal monetary transactions, money laundering, wire and mail fraud. Defendants were motivated by nothing more than greed and self-aggrandizement. They used the stolen money to fund eponymous vanity projects such as a sports Stadium, a University, a Foundation and a Soccer Club.”
It said “defendants’ actions not only cost depositors their life savings and untold hardship; they have.
The Nduom family defendants are Paa Kwesi Nduom, Yvonne Nduom, Nana Kweku Nduom, Edjah Nduom and Nana Aba Nduom. Given the number of defendants with that last name, plaintiff will refer to all the other Nduoms – except the aptly named paterfamilias Papa Kwesi Nduom – by their first names. Plaintiff means no disrespect by this familiarity in using first names. It is only for identification clarity and to avoid confusion.
Birim v. Nduom, et al.
The Nduom family defendants, by and through their ownership, control and use of defendants
GN Bank, Gold Coast Fund Management and over 60 undercapitalized interrelated companies, collected several million dollars of depositors’ savings, investment contributions and insurance premiums and, in violation of U.S. and Ghana laws, illegally laundered approximately $63,000,000 (Sixty Three Million Dollars) of depositors’ funds through its Virginia-based sham “procurement and consulting service” company, International Business Solutions, LLC (hereinafter, IBS), according to the suit.
It explained that “believing the U. S. to be a safe haven for the proceeds of their fraud, the criminal scheme involved, among other things, the transfer – through the instrumentality of the international money wire system – of inflated, over-invoiced and above-market rate fees disguised as payment for “management services” to defendant IBS. In fact, IBS is nothing but a shell company with an industrial zone store front office, no staff and a bare bones 4-page website created solely to facilitate the Nduom defendants’ fraud.”
“Plaintiff is informed and believes and alleges that all or a significant portion of the converted and illegally laundered depositor funds, including those assigned to plaintiff, were used for the personal benefit of the defendants to acquire assets, including the Illinois Service Federal Bank, which, consistent with the Nduom family’s self-aggrandizement, was promptly renamed Groupe Nduom Bank.
Sadly, the scale of defendants’ fraudulent and criminal conduct will put Bernie Maddoff to shame. In fact, defendants’ conduct, at once brazen, predatory, and wide-ranging in its effect on more than a million customers, is best described as Maddoff on steroids.”
“Plaintiff BIRIM GROUP, LLC, brings this action as the assignee for valuable consideration Birim v. Nduom, et al. of the rights, choses in action and claims of Mavis Amanpene Sekyere, an account holder and customer of defendant Gold Coast Fund Management (a.k.a. Blackshield Capital Management) and of Nana Kwame Twum Barimah, an account holder and customer of defendant GN Bank, Ghana. The more specific bases for Plaintiff’s complaint for damages follows.”
“This Court has subject matter jurisdiction over this action pursuant to 28 U.S.C.Section 1332. The parties’ citizenship is completely diverse and the amount in controversy exceeds the sum of $75,000, exclusive of interest and costs. Further, the Court has subject matter jurisdiction pursuant to 28 U.S.C. Section 1331; it has original jurisdiction of all civil actions arising under the Constitution, laws or treaties of the U.S. and the matter involves violations of federal laws and statutes. Substantial acts in furtherance of the fraud, money laundering, wire and mail fraud or the effects of same have occurred in this Judicial District. Defendants Nduom family are the beneficial owners of defendant GN Bank of Chicago, Illinois.
Venue is proper under 28 U.S.C. Section 1391(b).”
” Defendant GN Bank, its officers and directors, operate out of Chicago, IL and are subject to the court’s personal jurisdiction in this action.”
By Melvin Tarlue