The managing director of Bermuda-based Voyager Group remains behind bars in Florida and legal action has been taken to wind up the company.

Last month Mr. Lemmon and another Voyager director, Andrew Proctor, were arrested in the US as part of a massive white collar crime bust after a lengthy undercover operation by the Federal Bureau of Investigation (FBI).

Both are charged with securities fraud, mail fraud and wire fraud, according to court papers.

The two were arrested along with 58 others on criminal charges according to indictments from the US District Court for the Southern District of Florida.

Although Voyager remained open for business after the arrests, the Bermuda Monetary Authority confirmed this week that wind-up action against the Voyager Group had been launched by Government.

Four Voyager companies were listed in separate actions lodged at the end of August; Voyager Management (Bermuda) Ltd., Voyager Financial Services Ltd., Voyager Securities Ltd. and Voyager International Venture Alliance Ltd.

Calls made to the company on Friday by The Royal Gazette indicated that the office is now closed but a voice mail message indicated it was to re-open after October 10.

In the meantime callers were advised to send queries to a hotmail e-mail address rather than the company's voyager.bm e-mail address.

Mr. Lemmon is still in pre-trial detention in Florida where he has been held since his arrest. FBI special agent Judy Orihuela told The Royal Gazette last week that Mr. Lemmon's next court date was still to be set. She added that it was a "long process".

Mr. Proctor, who was arrested in Los Angeles, had been released on bail but is wearing an electronic monitor.