Banners Broker head bids to reassure investors

The head of the suspected pyramid scheme Banners Broker has tried to reassure worried investors that there is still money in the company and that it has moved operations to the Central American country Belize.

Canadian Chris Smith said the liquidation of its Isle of Man firm was a “pesky situation” that would further delay promised payouts. But he said the $6m frozen on Wednesday was “more of a rainy day trust” which it had not needed.

Mr Smith’s made his online video address a day after a court in the Isle of Man appointed joint liquidators to Banners Broker International Ltd.