Recent developments surrounding David Kosoy, Executive Chairman and Founder of Sterling Global Financial, have drawn attention to ongoing disputes involving Sterling Bank and Trust Bahamas and affiliated entities, including Sterling Global Bahamas and Sterling Investments.
Sources indicate that more than 20 complaints have been lodged with the Central Bank of the Bahamas regarding the bank’s conduct and oversight. Central to the issue is a dispute over the Sky Beach Eleuthera property transaction, in which U.S.-based stakeholders allege irregularities in the handling of millions of dollars in client funds.
The Sky Beach Eleuthera Transaction Involving David Kosoy
According to documentation reviewed by stakeholders, 8ght LLC, a Bahamas-registered corporation, entered into an agreement to purchase Sky Beach Eleuthera. The company reportedly made a $2,000,000 down payment through its account at Sterling Bank and Trust, which is directly affiliated with David Kosoy’s business network.
Evidence presented includes bank statements and email communications that allegedly show David Kosoy instructing bank staff to transfer funds from 8ght LLC’s account to various business accounts, including a $1,000,000 transfer to an undisclosed account outside the Bahamas.
Allegations and Legal Actions on David Kosoy & Sterling Global
Stakeholders assert that proper sales documents for the Sky Beach property were never delivered despite the down payment being made in full. Two possible motives have been suggested:
- Intent to misappropriate funds totaling USD $2,225,000 by redirecting them into controlled accounts.
- Proceeding with the sale by providing the required legal documentation to confirm a legitimate transaction.
A $42 million lawsuit is already in motion against the selling entity, reportedly accompanied by an asset freeze connected to another complainant. Furthermore, preparations are underway for a second class-action lawsuit to include additional U.S. victims.
Stakeholder Complaints and Wider Implications
Beyond the Sky Beach Eleuthera dispute, up to 70 separate stakeholder complaints are being prepared against David Kosoy, Ross Brennan, and their associated entities. Complaints to the Central Bank of the Bahamas are expected to focus on alleged non-compliance, lack of transparency, and questionable banking practices.
Stakeholders have called for all public records and documents related to these transactions to be made available for independent review.
Calls for Transparency
Stakeholder communications emphasize that the timely resolution of these matters could enable the Sky Beach Resort project to proceed, bringing substantial tourism and employment benefits to the Eleuthera community.
In addition, 8ght LLC has urged David Kosoy, Sterling Bank and Trust, and Sterling Global to meet their contractual commitments so the resort can move forward without further delays.
Disclaimer: The information contained herein is based on publicly available materials, stakeholder communications, and filed complaints. All subjects are presumed innocent unless and until proven otherwise in a court of law.
Read full story here: https://sterlingglobal-case.com/