News

Desarrollos Owners accused in Ponzi scheme; could jeopardize TCI Ritz Carlton

Published

11 years ago

April 13, 2015

Providenciales, 13 Apr 2015 – Seems a four year investigation by the SEC of the United States has come to public attention, and only now are we learning that the company which had for years been courting the Turks and Caicos Islands Government to build a new hotel in Grace Bay has a scandal surrounding some of its executive moves.
This scandal seriously threatens the construction of the Ritz Carlton which was recently announced as poised for construction start in November this year; a $224 million agreement.

Online reports are revealing that the Desarrollos Hotelco is embroiled in a court case where it is alleged the company received $15 million dollars from a company which has confessed to a Connecticut court, its orchestration of a $300 million Ponzi scheme.

This is nasty business once again for the Turks and Caicos as the country is falling in less than favorable light for missing the allegations which reached the courts in the US since June last year.
It was the Governor’s Office which in October 2012, before a new elected government came to office, gave credence to the interests of the Desarrollos Group.

At the time, the report was headlined that three hotel agreements valued at $500 million dollars were signed by then Governor, Damian Ric Todd.

We learned then that the Desarrollos Hotelco first visited the TCI in March 2011 and that the company worked with the Investment Unit and Horton Realty to acquire 10.5 acres of land.

The Venezuelan company reportedly had meetings with the Planning Department, the Airports Authority and hired KPMG TCI as consultants on the development which was originally proposing three hotels all together; at the time the brand being touted was Marriott.

In October 2012, Governor Ric Todd remarked: “This is the best possible vindication of the new Turks and Caicos Inward Investment Policy, management structure and approach to attracting inward investment on the best terms for the taxpayers of the Turks and Caicos. This confirms that major international investors are impressed by the reforms that we have made over the past three years…”

The irony of these remarks plays out regrettably in many of the reports surfacing online now; residents reaching out to Magnetic Media about this erupting scandal want to know how the UK appointed and TCI elected governments both missed the allegations of corruption and what these reports mean, if anything, to the recently signed agreement.

We have reached out to both the Office of the Premier and the Governor’s Office on this matter; up to news production time, there was no response.

The court document, which is available online and which we reviewed, says: “…payments from the Receivership Entities directly to entities controlled by Walter Stipa for the benefit of Romeo Mouawad, Miguel Mouawad, and Jespa Mouawad” – all are named as owners in the Desarrollos Group of companies – it continues: “These funds must be returned to the Receiver for distribution to the defrauded victims of Connecticut’s largest Ponzi scheme.”

Up Next

FortisTCI on five hour Chalk Sound black out

Don't Miss

Bahamas PM to Sue to FNM Senator

Deandrea S Hamilton

Magnetic Media is a Telly Award winning multi-media company specializing in creating compelling and socially uplifting TV and Radio broadcast programming as a means for advertising and public relations exposure for its clients.

News

Flow TCI powers Inter-High Track and Field Championships

Published

4 days ago

March 5, 2026

Deandrea Hamilton

Providenciales, Turks and Caicos Islands (March 5, 2026) – As the Turks and Caicos sporting community celebrates the spirit of youth athleticism, leading telecoms provider, Flow is highlighting the transformative power of connectivity following the successful conclusion of the 2026 Inter-High Track and Field Championships held at the Turks and Caicos Islands National Stadium from February 26 to 28.

As the Official Media Sponsor for the event, Flow provided livestreaming services that premiered across social media and on Flow TV’s Channel 111. This ensured that families and fans throughout the Turks and Caicos Islands could witness every record-breaking moment. To keep the event running at top speed, Flow also provided broadband services throughout the venue, maintaining seamless connectivity throughout the games.

“Our long-standing partnership with the Turks and Caicos Islands Sports Commission is a shared promise to invest in the next generation. Over the years we have worked together to create opportunities for young people to train, compete and grow,” said Joanne Missick, Country Manager, Flow Turks and Caicos Islands.

“We make this investment because sport develops more than athletes. It’s a long-term investment for us in our people, pride and possibility, and it’s a partnership we hold close because advancing our youth advances the entire nation.”

The commitment to the Games extended directly to the track, where Flow served as the headline sponsor for the 200-meter category. Spanning seven races, the partnership culminated during the official medal ceremony with the company presenting winners with Flow merchandise bags.

Off the track, Flow mobilised engagement through the interactive sales booth. The site became a hub for activity, featuring Spin the Wheel promotions and gift certificate giveaways during Q&A intermissions, ensuring the energy of the crowd remained high.

Looking ahead, Flow is preparing to carry this momentum into the upcoming Inter-Primary Track and Field Championships, continuing its investment in the next generation of sporting talent in the Turks and Caicos Islands.

News

Police Commissioner Honoured with Distinguished Civic Service Award at TCHTA Star Awards

Published

5 days ago

March 5, 2026

Deandrea Hamilton

Providenciales, Turks and Caicos Islands – Commissioner of Police Fitz Bailey has been recognised for his contribution to national security and the tourism industry, receiving the Distinguished Civic Service Award at the Turks and Caicos Hotel and Tourism Association’s Star Awards held on February 19, 2026 at Beaches Turks and Caicos.

The annual awards ceremony is the premier recognition event for the territory’s hospitality sector, bringing together industry leaders, executives and frontline professionals to celebrate excellence and the individuals whose work strengthens the destination’s global reputation.

Commissioner Bailey was honoured for his strategic leadership in the fight against crime and the measurable reductions in major offences, efforts widely credited with improving public confidence and reinforcing the Turks and Caicos Islands’ standing as a safe and competitive tourism jurisdiction.

In accepting the award, the Commissioner dedicated the recognition to the officers and staff of the Royal Turks and Caicos Islands Police Force, praising their commitment and professionalism in what he described as a collective national effort to make the islands more secure.

The TCHTA Star Awards spotlight the link between public safety and tourism performance, acknowledging that a stable and safe environment is essential to visitor confidence, investment and the continued growth of the sector.

This year’s ceremony featured high-energy hosting by Super P the Entertainer, with Omega serving as awards announcer, as the industry gathered to honour the people and partnerships that continue to elevate the Turks and Caicos brand.

Health

TCI Hospital Celebrates Successful “Heart Strong TCI” Initiative During Heart Month

Published

1 week ago

March 2, 2026

Deandrea Hamilton

(Providenciales – Monday, March 2, 2026) TCI Hospital proudly announces the successful achievement of its Heart Strong TCI initiative, a comprehensive Heart Month campaign focused on raising awareness and strengthening cardiovascular disease prevention efforts across the Turks and Caicos Islands.

Heart disease remains the leading cause of death in the Turks and Caicos Islands, highlighting the critical need for sustained public education, risk-factor reduction, and early intervention. The Heart Strong TCI initiative was designed to actively engage the community through education, outreach, and physical activity.

Key Activities Included:

Educational Training Sessions

Healthcare professionals conducted structured sessions addressing hypertension, diabetes, cholesterol management, nutrition, exercise, smoking cessation, and the early warning signs of heart disease.

House Call Talk Show Feature

A dedicated Heart Month episode of the hospital’s House Call program provided expert discussion on cardiovascular risk factors and prevention strategies, empowering viewers with practical, evidence-based guidance.

Red Fridays Awareness Campaign

Throughout the month, staff wore red every Friday to increase visibility around heart disease awareness and reinforce the campaign’s message within the community.

Heart Strong 5K Walk/Run

In collaboration with the Rotary Club, TCI Hospital hosted a community-wide 5K walk/run to promote physical activity as a cornerstone of heart health. The walk/run also provided an opportunity for community screening.

Digital Health Education Campaign

To expand its reach, TCI Hospital also shared ongoing heart health education tips and prevention messages across its social media platforms, including Facebook, LinkedIn, and Instagram. These posts provided actionable guidance on diet, exercise, blood pressure control, and lifestyle modification, and encouraging community members to learn CPR.

Heart Strong TCI: A Continuous Commitment

While Heart Month has officially ended, Heart Strong TCI represents an ongoing institutional commitment to cardiovascular disease prevention and awareness. TCI Hospital will continue to prioritize:

Community-based education initiatives
Preventative screening and early detection programs
Lifestyle and wellness promotion
Strategic partnerships that advance public health outcomes

“Heart Strong TCI is not limited to a single month,” CEO, Dr. Denise Braithwaite-Tennant. “Cardiovascular disease prevention requires sustained effort. We remain committed to promoting healthy hearts across the Turks and Caicos Islands year-round.”

For more information about cardiovascular health services or upcoming screening initiatives, please contact TCI Hospital at 649-941-2800 in Providenciales, 649-941-2900 in Grand Turk or email us at info@interhealthcanada.tc

About TCI Hospital

TCI Hospital is dedicated to delivering high-quality healthcare services to the people of the Turks and Caicos Islands, with a strong emphasis on prevention, education, and community wellness.