Aug 29

On August 29, 2002, Cameron O. Bailey was sentenced by Judge Thomas B. Thorpe to eight (8) years confinement in the penitentiary, a $5000 fine and $500,000 restitution in connection with his conviction for the offense of securities fraud. Additionally, Mr. Bailey was sentenced to two concurrent five (5) year jail terms and two $1000 fines in connection with his convictions for violating the securities registration and dealer registration provisions of the Texas Securities Act. The convictions relate to the sale of Cambridge International Bank & Trust Company, LTD certificates of deposit. Cambridge was chartered in Granada, West Indies. None of the investors received return of their principal, which in many cases constituted a substantial portion of their life savings. The Securities Board worked with the United States Department of the Treasury, the Texas Department of Insurance and the Dallas Police Department in connection with the investigation of this matter. The Specialized Crimes Division of the Dallas County District Attorney's Office prosecuted the case. The cause numbers were F000037, F000035, F000019.