Rudy king denies $600,000 fraud

Rudy king denies $600,000 fraud

NASSAU, BAHAMAS — Bahamian businessman Rudolph Kermit ‘Rudy’ King was charged in a magistrate’s court yesterday with defrauding the Post Office Savings Bank of more than $600,000.

King, 50, of London Avenue, appeared before Magistrate Derrance Rolle Davis.

Prosecutors alleged that between 2012 and 2015, King committed fraud in five instances and tried to conceal and disguise the proceeds as a legitimate transaction.

He allegedly defrauded a total of $632,416 — $125,688; $243,225; $151,252; $9,437; and $102,814 during the period.

He was charged with five counts of fraud by false pretenses and five counts of money laundering.
King pleaded not guilty to each of the charges.

He was denied bail and remanded to the Bahamas Department of Correctional Services.

Attorney Damian Gomez, QC, represents King.

In court, Gomez asked the judge to immediately transfer the matter to the Supreme Court as an application had already been made for bail.

The trial is expected to begin on November 4.