Pensacola, Florida - Gregory R. Miller, United States Attorney for the Northern District of Florida, announced today that William Scott Dohan, age 59, was convicted in Federal court last evening of conspiracy to commit wire fraud, securities fraud, and money laundering. Dohan was originally indicted in June 2000 with B. David Gilliland of Memphis, Tennessee, William H. West of Niceville, and others for their roles in a large international “Ponzi” scheme which took in over $65 million in investor funds from 1996 through 1999.

The defendants created and operated three bogus “trading programs” called HammersmithTrust, Microfund and Luxor Capital Markets, which purported to offer high yield, no risk opportunities for high dollar investors. Dohan was alleged to be the “trader” in London making outrageous returns – from 15% to 133% per month – for those investing in the programs. Gilliland was the “funds manager” in the US. West ran the front office operation from Bluewater Bay, Florida, through a company called Bridgeport Alliance. David Bishara and Melody Rose also ran an offshore banking business called Continental Management, located next door to Bridgeport. Bishara operated an offshore “bank” called AMPAC, which the defendants used to launder stolen funds offshore and away from the investors and regulators. AMPAC was merely a post office box in Antigua and an offshore bank account through which investor funds moved.

A second office, called Bridgeport Alliance Australia, was opened in August 1998 in Brisbane, Australia. Several Australian investors lost millions of dollars entrusted to the care of the co-conspirators running that office.

Dohan, who lived in France and unsuccessfully fought extradition after being indicted in Pensacola, was the thirteenth defendant convicted of conspiring to defraud investors, including all of those named herein. Sentences of co-conspirators have ranged from 60 to 135 months in prison. Senior U.S. District Judge Lacey Collier will sentence Dohan on May 9, 2006.

The prosecution was handled by AUSA Michelle M. Heldmyer. The investigation was a cooperative effort of the Internal Revenue Service, the Federal Bureau of Investigation, the Bureau of Immigration and Customs Enforcement, and the Florida Office of Financial Regulation.