Text extracted via OCR from the original document. May contain errors from the scanning process.
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Economic Development Authority
WWW.USYIEOA.ORG
1 800 432-8784
August 15, 2011
Cecile De Jongh
Manager
Financial Trust Company, Inc.
6100 Red Hook Quarters, B3
St. Thomas, VI 00808-1348
Dear Mrs. De Jongh,
We have conducted a preliminary review of the reports filed with the Economic Development
Commission ("EDC") by Financial Trust Company, Inc for the extension certificate. Our review
noted areas which needed further clarification in the reports. Listed below are the areas that
require further clarification and/or change:
o Financial Trust reported on the certification pages of the EDC Affidavit of
Residency eleven (11) Virgin Islands residents and one (1) Non-Resident; a total
of twelve (12) employees for 2008 Is' to 41" quarter; and 2009 151 & 2"dquarter.
The Affidavit listing however showed a total of eleven (11) employees — ten (10)
Virgin Islands residents and I (one) non-resident.
o
Darren Indyke's residency status and date were listed as N/A for the period of
September 2007 to March 2010. (Please identify classification as 1-Resident or 2-
Non-Resident).
o Tequasi Hendricks was listed on the EDC Affidavit of Residency report for period
ending March 2009 but not on the report for quarter ending June 2009. If she is no
longer employed with Financial Trust, please give severance date.
o
Jeffery Epstein reported as re-hired 01/01/10 and Darren Indyke- severed
03/26/10. Both are listed as President for period ending March 31, 2010. (Please
clarify)
o On the EDC Affidavit reports for periods ending March 31, 2010 thru March 31,
2011, Jeffrey Epstein was reported as a resident with date of residency reported as
January 1999 (Please clarify; noting that the prior period for at least one year he
was not domiciled in the Virgin Islands)
Economic Development Commission
Enterprise Zone Commission
Government Development Dank
Industrial Park Development Corporation
Small Business Development Agency
ST. CROIX 116 King Street, Frederiksted, VI 00840
ST. THOMAS 5055 Hone Gade. St. Thomas, 0 00802
EFTA01100223
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Economic Development Authority
WWW.USVIECIA.ORG 1800 452-8784
Financial Trust Company, Inc.
page 2
o The Stockholders Reports for Tax Exempted Entities were not filed with the 2009
and 2010 Annual Lieutenant Governors reports.
We welcome the opportunity for you and/or your legal counsel to review the record and meet
with us to address these matters at any point. Please give us a timeframe by which you will be
able to address these points and submit to us your responses, possible corrections and
outstanding documents.
Again, should you have question, do not hesitate to contact me.
Respectfully,
44..
14
andra ess
Compliance Officer
Percival Clouden, CEO — EDA
Stacey Plaskett, Legal Counsel — EDA
Margarita Greenidge — Benjamin, Compliance Director - EDC
Economic Development Commission
Enterprise lone Commission
SI. CROIX 116 King Street, Frederiksted. VI 00040
Government Development Bank
IndustrialPark Development Corporation
Small Cosiness Development Agency
ST. THOMAS 5055 Hone Gade, St. Thomas. VI 00802
EFTA01100224