Colorado regulators close down ‘offshore bank’

Colorado’s banking regulators have closed down the state’s last remaining ‘offshore bank’, claiming the institution is “hopelessly insolvent” and its managers untrustworthy.
American Intercapital Holding, LLC, doing business as American Intercapital Depository & Trust and formerly known as American International Depository & Trust, was placed in “immediate involuntary liquidation” by an order of the Colorado Division of Banking’s State Banking Board on November 19, 2007 immediately following an emergency meeting. State Banking Commissioner Richard Fulkerson has been appointed liquidator and Philip Feigin, a former Colorado State Securities Commissioner now working for the law firm of Rothgerber Johnson & Lyons LLP, as Deputy Receiver.