A raid by Immigration led to the cancellation of a business seminar which has been labelled ?questionable? by the Bermuda Monetary Authority.

The New Era Investor (NEI) summit at Grotto Bay was supposed to run from Monday until tomorrow but closed down after just a day following an investigation into alleged immigration irregularities.

Grotto Bay Manager JP Martens said the cancellation of the conference had caused a major loss of business as most of the 50 or so attendees were from overseas and had left as soon as the conference was cancelled. The NEI website, ironically sporting a picture of the Southampton Princess, had predicted up to 1,000 people would attend the week-long lectures for fees of between $3,125 and $6,625.

It boasted lecturers from all over the world with expertise on financial matters while plugging an anti-government message and claiming people could learn how to earn monthly profits of up to 20 percent. However the two organisers left after it was found they did not have work permits.

Assistant Immigration Officer Rozy Azhar said work permits were regularly granted to presenters and speakers at seminars but financial advisers must be sponsored by a local firm and cannot be in contravention of the Investment Act 1998.

?A work permit would not be granted to a person who does not meet those requirements. This statement was included to protect investors from unscrupulous scam artists.

?The Department of Immigration acted on a complaint received in our office on Monday morning. Two officers visited the Grotto Bay Hotel and asked two persons to accompany them to our office in Hamilton for questioning.

?No-one was arrested or deported, however two persons were questioned about suspected irregularities relating to the Bermuda Immigration and Protection Act.?

Ms Azhar said no other action was taken. She added: ?Most bona-fide organisations who come to Bermuda normally will contact the Department of Immigration and any other relevant Government authorities prior to entering Bermuda to conduct business.?

Bermuda Monetary Authority superintendent of banking trusts and investments Munro Sutherland said the seminar had run a risk of promoting investments which were too good to be true. He said: ?We saw the material and it looked somewhat questionable from an investment perspective. It had extraordinary ambitious suggestions as to the kind of returns available ? from our point of view.?

He said there was no indication it was a pyramid scheme but the website blurb boasted huge returns which indicated huge risk. ?We had some concerns when we saw the material when looked at directly in relation to the investment business act.?

But he said the firm had kept within the law by not directly promoting a particular investment but stressing general advice.