Millions of dollars at stake in civil actions against Todd
Millions of dollars are at stake in a series of civil court cases which have been filed over the past 12 months in what appellants claim are questionable property developments involving former banker Mr. Arnold Todd.
Mr. Todd, who is also under Police investigation, faces five different lawsuits allegedly worth more than $7 million dollars.
He has also had his assets frozen and has been ordered to stay in Bermuda.
But he is not the only person who has been drawn into the scandal. Lawyer Mr.
Charles Vaucrosson is accused of assisting in the property transactions in some of the writs and Police have seized hundreds of documents from his chambers.
Another former banker, Mr. Darren Woods, has also been implicated in lawsuits.
A former bank of Bermuda executive, he later worked for Bermuda Commercial Bank and is currently suing it.
Contractor Mr. Delmont Talbot is one of the prime litigants in the case, although he also faces a series of writs himself.
Mr. Todd and Mr. Vaucrosson have been sued by Mr. Joseph Hendrickson for reportedly more than $1 million in the latest writ to be taken out. It alleged that land belonging to Mr. Hendrickson had been transferred out of his name.
Mr. Todd is also being sued by Mr. Merkell Smith for $215,554 and by Mr.
Derrick Burgess for $277,935.39.
The Bank of Bermuda has also sued Mr. Todd. He left the bank after questions were raised over his lending activities.
Mr. Talbot has also sued Mr. Todd in a separate matter.
Mr. Woods faces a writ taken out by Bermuda, Savings and Loan for $365,333.39.
Other lawsuits have been taken out by Appleby Spurling & Kempe and Vaucrosson's for $41,900 and $7,500.
It is not known how Mr. Woods or Mr. Todd are now employed. For Mr. Todd, his current troubles come after a previously illustrious banking career.
Mr. Todd was believed to have been the highest ranking black executive at the Island's largest bank.
A graduate of the Berkeley Institute and Sir George Williams University in Canada, he is a former chairman of the board of Governors of Berkeley. He has also been a member of the Board of Education and the Tourism Board and was a deputy chairman of the United Bermuda Party.
In 1973 he was voted one of the two Jaycees Most Outstanding Young Persons and was also active in sporting groups.