The owner and Managing Director of Dominion Investments (Nassau) Ltd, Martin Tremblay, was indicted in US federal court in January 06, accused of laundering $1 billion for others. Tremblay apparently transferred the cash to bank accounts in the Bahamas, the US, Canada and elsewhere, according to US federal prosecutors

The Securities Commission of the Bahamas (the "Commission") has issued a statement regarding Dominion, which states in part, as follows:

"[Dominion] was registered as a Broker Dealer II by the Securities Commission on December 11, 2001. Mr. Martin Tremblay, Managing Director and 100 % beneficial owner of Dominion, was licensed as a principal at the same time. Mr. Tremblay resigned as Managing Director and surrendered his Principal license on March 4, 2005, but remains the sole beneficial owner of the company. Mrs. Esther Weir was appointed Managing Director on March 15, 2005 replacing Mr. Tremblay. An on–site inspection of Dominion by the Commission was conducted from February 7-10, 2005. While the Commission’s inspection revealed various operational deficiencies these matters were being addressed by Dominion.

Immediately after the US authorities acted against Mr Tremblay, the FIU moved swiftly to freeze a large number of bank and securities accounts in The Bahamas associated with Mr. Tremblay and Dominion.

The Securities Commission, with the assistance of the Royal Bahamas Police Force, acted quickly to ensure that the books and records of the company were secured and to prevent any further business being transacted. The Commission, and the Police, further acted quickly in conducting a search of the premises of Dominion and obtained search warrants for other locations. A team of inspectors from the Commission was dispatched to Dominion to conduct an on-site inspection on the same day the information appeared in the local press. Further, Dominion’s office is being continuously monitored by the Commission. The Commission is also very concerned to ensure that the assets of legitimate investors of Dominion are secured and protected, and that the competing interests of parties related either to Dominion or Mr. Tremblay are addressed in an appropriate manner. To this end, the Commission is presently dealing with this matter through its statutory disciplinary process.

The Commission has and will continue to liaise closely with other domestic and overseas regulators and take every available action to protect the assets of investors."