Police makes arrest in finance crime probe

07-02-2009 | AP

The Emerald Financial Group is an offshore investment company

Panama Star SAN JUAN, PUERTO RICO. Bermuda police on Wednesday announced they are investigating the Emerald Financial Group, an offshore investment company in the wealthy British territory.

An unnamed 45-year-old woman was arrested in the case Wednesday morning by officers from the islands' Financial Crime Unit, according to a police statement. It said the investigation is likely to generate "considerable interest" among the company's clients and refers asset-related questions to a local office of the KPMG accounting company.

Police spokesman Robin Simmons declined to provide additional information.

The Hamilton, Bermuda-based company was founded in 1992 and provides personalized investment advice for "financially established individuals," according to its Web site.

The company has a branch in Panama and the local authorities has received complaints against them from unsatisfied customers, but nothing has been done so far.