Another Insurance company will collapse in the country, BP WARNING!

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localgovt0110_1_<<<Cornelius Alvin Smith Jr had teamed up with well know business man, Philip Franks, they were last year running on a team ticket for Lucaya. Smith is pictured presenting his forms with his wife, daughter and supporters. His running mate Philip Franks and his wife are on his right.

Freeport, Grand Bahama — Another major insurance scandal is now being uncovered on the island of Grand Bahama, and Bahamas Press again has the details. We  confirm that a second insurance company will collapse like CLICO.

We can confirm that the policyholders of Trinity Insurance on that island have been duped by another insurance scheme. Claims are that the company raked in millions from policyholders who are now discovering they have no insurance coverage!

We now know the company is headed by Lucayan local government council member, Philip Franks. The company was opened back in 2002, under the Christie administration, but Franks is hardcore FNM. Just like CLICO, Trinity underwrote insurance for scores of Grand Bahamians under another major company, Security & General, headquartered in Nassau.

Trinity, we are told, wrote million of dollars worth of life, health, boat, car and house insurance for residents on Grand Bahama. What does this mean? It means that Trinity Insurance now joins the laundry list of Ponzi schemes now operating in The Bahamas, just as CLICO did. Look what BP has uncovered.

We also now know that while policyholders paid their premiums, no money was being transferred to Security & General to cover the clients policies. Trinity, we are told, not only withheld the funds payable to Security & General for carriage of the policies, but also issued fake contracts to policyholders. The company we are informed lied to clients telling them they were indeed covered, but they were not!

Documents now in the possession of BP confirm that the insurance certificates written and issued by Trinity were indeed fraudulent. “They were not genuine at all,” an officer at S&G told BP. This is not good!tm19363

Where is the government’s Registrar of Insurers department in all this? Where is the government’s regulatory body to insure that a CLICO never happens again in The Bahamas?

Sources deep inside Trinity Insurance tell us, when operators at the Freeport office realized Security & General had caught on to what they were doing, Franks destroyed all client files and documents at the office and deleted all computer records. Again, the same way CLICO BAHAMAS cleaned out its filing room in Nassau back in 2007.

“How much more must we on Grand Bahama suffer at the hands of these ‘vicked’ insurance companies? How much more can we take?” one former policyholder of Trinity said with her hands projecting in the air.

In last year’s local government election in Grand Bahama, Franks ran as the teammate with C.A. Smith Jr, the son of former MP C. A Smith. Security & General we also know wants Franks jailed and is hoping that a criminal investigation is opened. The company is preparing to file papers in the Supreme Court on the matter and hopes Franks will face jail time for issuing fraudulent documents accumulating in the millions if found guilty.

Another businessman close to this developing story on Grand Bahama asks, “Where are the authorities to make these insurance companies accountable? Where are the authorities to make these insurance companies pay? People are paying millions of dollars for insurance coverage in this country, yet years later they discover they are not insured. Someone needs to go to jail, because this is criminal!”

Early this year CLICO Bahamas collapsed leaving thousands of policyholders without any insurance. The company operated a Ponzi Scheme here in country. Operators wired out of the jurisdiction over $74 million worth of clients funds over a 5 year period. The Central Bank claimed no money was moved. Prime Minister Rt. Hon. Hubert Ingraham has since announced a $30 million guarantee to attract a buyer of the collapsed insurance company, however, no buyer to date has come forward.

We know despite all this, Trinity is open for business operating at Suite 101 Canada Life Building, Poinciana Drive on Grand Bahama, and can be contacted at Tel: 351-2022. THIS IS INCREDIBLE!]

43 COMMENTS

  1. I’m a Trinity Insurance customer and I’ve had insurance with them for about ten or eleven years and I do have a number of cars with them…My documents have always been honored and it would be impossible for me to license my car if the documents were fake…So i have no idea where BP is getting their info..On top of that my last car renewal was the beginning of June when Mr, Franks and his employers were still there… I also had a claim within the last year and S&G issued a check to me….So wats the prob BP? This article is absolutely bogus and I am sure this thing between Trinity and S&G will be resolved quickly…Just had to give my five cents!!!!

    • Oh the article is bogus to you? Well let’s make a deal then email us a copy of your insurance certificate and let us point out to you how different your certificate is different than some presented to us. OK? Would you do that for us Blogger?

      email to media@bahamaspress.com

      We will count the days awaiting your response.

      Bahamas Press/editor

  2. @media
    BP I could understand why you would be upset and I don’t blame you for demanding that these swindlers pay the people what they owe them. Some people have to make all kind of sacrifices to pay these premiums only for some wicked hogs to turn around and steal the monies that they worked so hard for. I am tired of these companies deceiving innocent unsuspecting customers by engaging in these fraudulent transactions. The sad part our government don’t protect the rights of these policy owners who have lost all of their monies. When they start locking these wicked people up, other companies might think twice before they decide to rob people.

  3. @Real One
    Well what is good about our dumbness is this, WE SMELL THIEVES WHEN WE SEE THEM! LIKE CLICO, and the other Insurance companies, which ran off with the PEOPLE’s MONEY, TRINITY INSURANCE on the island of Grand Bahama, and its former/current Managing Director, Philip Franks, are nothing but ‘VICKED’ THIEVES!!!!!!

    PAY THE PEOPLE! PAY THE PEOPLE WHAT YOU OWE THEM! DAMN CROOKS!

    Bahamas Press/Editor

  4. @Real One
    O yea talking about burning down buildings…The fact that Trinity is in a building that is not thier’s that would be a smart idea…..lol….ya’ll friggin dumb bui…..Double Idiots!!!

  5. @media
    You could tell this Editor dumb….I think the sentence suppose to say “let’s not go there today”….lol….haaaaaa…Go back to 5th grade pleaseeeeeeeeee….IDIOTS…Can’t even spell or use the proper pronoun yo!!!

  6. media :
    @Real One
    Now people, if REAL ONe really wishes to gets to know this editor, they should know we will catch the flight out of Nassau, this evening!!!, and have Trinity BURNED TO THE GROUND before MONDAY!
    Don’t push us REAL ONE, let’s not go their today!
    BP
    PS: Talk about sue? You think this is some doll house ech?
    [Reply]

    ROFL

    Media, Real One and Fly on the Wall running you hot! LOL! Dont mind them, they are new to the blog. let them hangout for a while and sooner or later they will figure out how to get to Sesame Street, lol.

  7. @Real One
    Now people, if REAL ONe really wishes to gets to know this editor, they should know we will catch the flight out of Nassau, this evening!!!, and have Trinity BURNED TO THE GROUND before MONDAY!

    Don’t push us REAL ONE, let’s not go their today!

    BP

    PS: Talk about sue? You think this is some doll house ech?

  8. THIS BITCH ASS EDITOR IS THE ONE WHO SCARED CUZ FOR SOME REASON DEY AIN REVEALING THEIR NAME…PUSSIESSSSSS!!!

    • Well Fly on the Wall you smell a lawsuit and we smell another CLICO! Breaking News Update, Grand Bahamians are now inquiring on their insurance with Trinity. Since you think we scared, stay tuned to this blog for an update on this story.

      Bahamas Press/Editor

      PS: Some a yinner think we does play.

  9. Sounds like PrimeWitness got the goods. Fa real sounds like the shyster himself. Pay the people. This media is free, who you think here want to pay for your information? If you have it, post it or email it to BP-for free. If you don’t, you will be just like the people in the topic, trying to profit off of other people’s suffering. Otherwise you can call the police and give them a statement. Their number is 911.

  10. it appears that this man has always been shady; from his days as underwriters where he was a manager in nassau, to his drug dealing connections. thank god the drug dealer died in a boat accident off xanadu beach, as mr franks would’ve found himself a dead man because he couldn’t explain to the drug dealer what happen to the money he was cleaning up for him. he’s an anglican these days, his daughter is married to an anglican priest.

  11. @ag
    Well, I’m with BP…after the double hurricanes hit GB, me and my family lost our home because of Franks’ shady dealings. He even bamboozled his wife’s own sister out of her home’s insurance coverage so he didn’t have to pay claims after the hurricanes. That sister doesn’t have a home anymore, but I know she is smiling today cuz finally the world can see for themselves the nature of the money hog and his high falootin’ wanna be Doctor wanna be Anglican wife! What goes around certainly comes around! Stop trickin’ and lying to people fa’ money and tings’! It’ll come back and bite you sooner or later!!!

    • Ohhhhhh so TRINITY ain’t issued fake policies, SECURITY & GENERAL issued them. Is that correct? OH we see now. So Trinity sold the insurance for Security & General, they issued fake certificates and then you all gave those fake certificates to the customers? Is that what you’re saying? Are we still ignorant? Explain….

      Bahamas Press/Editor

  12. I think clearly the owner re continuously defending this matter and if they have the facts send it to BP and I am sure they would not have a problems retracting their claims. Yep all the Big Boys Club are destined to fail some day. BIG LIFE!!! Thats what happen!!!:) breaking the backs of poor people shame, shame.

    • And ‘GET THE ALL‘ what irks us in all this is that Grand Bahamians are taking a LICKING, and NO ONE IS SPEAKING UP FOR THEM! Today we hear Old Bahama Bay will let go another 85 worker this Friday. More people being sent into the wild! THE GOVERNMENT SAYING NOTHING, THE MP SAYING NOTHING, THE PLP AND ITS WUTLESS LEADER DAMN QUIET and people like FRANKS DEM ROBBING THE POOR? WELL WAIT!

      BP will speak when everyone else sit quiet! PAY THE PEOPLE TRINITY! PAY THEM NOW!

      Bahamas Press/Editor

  13. @a concerned client
    BP is only reporting one side of the story which absolutely is not based on FACTS!!! If these sources were credible and as close to the situation their names would be published. It is evident that this is a gossip site and it’s aim is to destroy the reputations of law abiding productive citizens of this country!!!

    • Say whatever you wish Ms Franks about this EDITOR! ONE THING IS CERTAIN! THE EDITOR HERE NO ‘THIEF’! WE DON’T THIEF PEOPLE INSURANCE MONEY!

      Bahamas Press/Editor

  14. The office is still open cause Nassau Insurance Brokers and Agents a wholly owned subsidiary agency of Security & General is running the office.
    I hope they have a license from the Grand Bahama Port Authority!

    • Now I see we will have to take our comments on this story to another level. NO ONE WISHES TO SAY WHY PEOPLE WHO HOLD POLICIES WERE ISSUED FAKE CONTRACT? WHY!?

      Bahamas Press/Editor

  15. During the hurricane Francis and Jean I had 2 losses with Trinity and my claims were handled expeditiously with the carrier Security & General issuing my checks. And with in the last two months I had a claim with my vehicle and had no problem filing my claim and getting my repairs done.
    So where’s the problem?

    • Well concern client, you just might be the owner who THIEF all the rest of the clients money! PAY THE PEOPLE!

      Bahamas Press/Editor

  16. If u want correct info talk to the source.I can tell u where to get the info as a matter of fact the person u described as the lawyer by day and the jungla by night can provide all the real info u would want.
    Its just a matter of time

    • Let’s put it this way. PAY THE CLAIMS! Why are people holding FAKE INSURANCE PAPERS? WHY? EXPLAIN THAT!

      Bahamas Press/Editor

  17. I think that the Bahamas Press should get both sides of the story before publishing such mess and trying to destroy people’s reputation. This is not how the story goes at all but the truth will prevail in the end.

    • People on Grand Bahama came to us with their fake document. THAT’s FACT! They cannot get claims, JUST LIKE CLICO, THAT’s A FACT! And yinner still gat office open? NO NO NO yall gata fix that! GET IT RIGHT! Pay the people yall owe. Whether its Trinity that owes or Security & GENERAL! PAY THE PEOPLE!

      We are so upset over this. All them MP from Grand Bahama. All them Cabinet Ministers from there, and not one have the nerve to speak for the people who are losing everything! Pay the DAMN PEOPLE! Then come on here and tell is get it right! Talking you know what. We don’t like it! PAY THE PEOPLE, PAY THE PEOPLE, PAY THE PEOPLE!

      WE SPEAK FOR THE PEOPLE OF THIS COUNTRY!

      Bahamas Press/Editor

  18. If you don’t know what you talikng about and know all of the facts you should really keep your mouth shut.
    I can guarantee you that Bahamas Press does not know all of the facts. Like how Security & General has no proper accounting procedures and never issues any monthly statements to its agencies or policy holders and how in the last year the fired their whole accoaunting department.
    That’s just for starters I have lot more where that came from

    • Wait Well informed are you telling us we should not raise the matter? We should keep our mouth shut? We should be gagged? You Crazy ech? You cannot be talking to us!

      Bahamas Press/Editor

  19. trinity is in the fidelity building i just called and informed the gentleman i spoke to of this post on your website. i heard mr franks was fired from his own company not long ago.

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