A senior executive at Bermuda-based risk mangers Stirling Cooke Brown has spoken out to defend his name after an article in Forbes magazine stated he took on work for profit knowing about the "fraudulent'' nature of the business.

The derogatory article, which was featured last Monday's Royal Gazette , described Stirling Cooke Brown as a "hot little insurance broker'' with an unsavoury past that had "waylaid'' the investment company Goldman Sachs and its clients.

Mark Cooke, who resigned as top executive, but has stayed on as a non-executive chairman, has said he must respond to the statements made about him, which he calls "wholly misleading''.

In a written statement, Mr. Cooke said: "This is in reply to the statements that have been made which printed in isolation have conveyed a distorted and inaccurate picture of the true course of events in relation to Mark Cooke, Stirling Cooke Brown and Carlos Miro.'' Mr. Cooke has taken offence in particular to a paragraph which said Mr. Cooke was a London-based broker for Mr. Miro, the owner of Louisiana-based Anglo American Insurance.

Forbes said: "Anglo went bust in 1989 and Mr. Miro later pleaded guilty to 16 counts of fraud and got nine years in prison. He testified that Mark Cooke "knew about the fraudulent nature of the business... but handled it anyway because it was very profitable for him,'' a congressional report states. Cooke denies this.'' Mr. Cooke said in his statement: "Firstly Stirling Cooke Brown had no involvement at all with Carlos Miro.'' He explained a string of events how Blackwall Green, Mr. Cooke's previous employer was approached by an ex-employee of Blackwall Green client with the Anglo American Account. When the business was placed by Blackwall Green the president of Anglo American was Robert Keller.

"Only after the business had already been placed and Robert Keller resigned did Carlos Miro come into the picture as president of Anglo American. This was subsequent to all initial dealings with Anglo American and until that time Carlos Miro had not even been an officer and was not known,'' said the statement.

He said approximately 18 months after the business had initially been placed, enquiries surfaced concerning Anglo American and Carlos Miro and Blackwall Green gave every assistance to the regulators.

Mr. Cooke said: "The statement is drawn from the Congressional hearing which was a general hearing on a number of insurance insolvencies pertaining to US companies and not just Anglo American..

"When taken in isolation it in no way conveys the fact that Carlos Miro viewed it as his moment to be vindictive against any parties who had assisted in the case against him. This was further proven at a later date during one of the main Federal Court cases when the judge referred to Carlos Miro as not being credible.

"At no time was Mark Cooke aware of Carlos Miro's activities. Furthermore there was never any benefit conferred or received in any way whatsoever.'' BUSINESS BUC