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names to bank accounts with commercial banks in Montserrat with
which Guardian Bank maintained correspondent relationships.
On October 16, 1986, petitioner formed Guardian Services as
a Montserrat corporation for the stated purpose, as indicated in
its articles of association or charter, of engaging primarily in
real estate transactions and real estate development.
The charter of Guardian Services makes no mention of
Guardian Bank or of Stanford Financial.
Under a written service agreement between Guardian Bank and
Guardian Services, Guardian Services provided marketing and
advertising services to Guardian Bank. The service agreement
does not indicate that Guardian Services was to act as a nominee
of or agent for Guardian Bank. The service agreement specified
only that Guardian Services would perform routine marketing
activities, such as the dissemination of information regarding
Guardian Bank's activities. Nowhere in the service agreement is
Guardian Services granted the authority to act in the name of or
for the account of, or to bind by its actions, Guardian Bank.
Guardian Services held itself out to the public as a separate
affiliate of Guardian Bank, and when asked by customers of
Guardian Bank for financial statements, Guardian Services
presented its own financial statements to the customers, not the
financial statements of Guardian Bank.
On February 3, 1987, Stanford Financial was incorporated as
a Montserrat corporation. Upon incorporation of Stanford
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