Key player in Ponzi Scheme captured in Ambergris Caye

Friday, November 6th, 2015

A key player in one of the largest fraud schemes in history has been caught on Ambergris Caye. According to official reports, David Miguel Nanes Schnitzer was arrested in San Pedro Town on Tuesday, November 3rd following a special operation conducted by the San Pedro Police Department, International Criminal Police Organization (INTERPOL) and the US Marshals Service. He was part of the Ponzi scheme which was orchestrated by financier Allen Stanford and resulted in a $7US billion fraud. Nanes Schnitzer was the president of Stanford Group Mexico overseeing operations in Mexico, Panama and other parts of Latin America.

Nanes Schnitzer

Nanes Schnitzer

The Ponzi scheme entailed the selling of billions of dollars in certificates of deposit administered by Stanford International Bank Limited, an offshore bank in Antigua. Thousands of investors suffered major financial losses in the hundreds of millions of dollars leading to the collapse of Stanford International Bank. Allen Stanford, who led the scheme, was arrested in June 2009 and has since been serving a 110 year sentence at the Coleman II USP in Sumterville, Florida. While there are no public US criminal charges pending against Nanes Schnitzer, he is wanted by authorities in Mexico for his involvement in the defrauding of over a thousand Mexican investors.
According to police, Nanes Schnitzer had been living in San Pedro for close to three years and had obtained Belizean documents including a passport, driver’s license, boat captain license and even a Social Security card. While living here Nanes Schnitzer was under a different name, thus eluding authorities.
Since his apprehension, he has been processed by the San Pedro Police Department and handed over to INTERPOL. Nanes Schnitzer will be handed over to Mexican authorities to face charges for his crimes.


Please help support Local Journalism in Belize

For the first time in the history of the island's community newspaper, The San Pedro Sun is appealing to their thousands of readers to help support the paper during the COVID-19 pandemic. Since 1991 we have tirelessly provided vital local and national news. Now, more than ever, our community depends on us for trustworthy reporting, but our hard work comes with a cost. We need your support to keep delivering the news you rely on each and every day. Every reader contribution, however big or small, is so valuable. Please support us by making a contribution.

Click to Donate

Follow The San Pedro Sun News on Twitter, become a fan on Facebook. Stay updated via RSS

Leave a Reply

Comments are closed on this post.