“James structured a transaction where we delivered a SBLC to Banco Safra in Brazil, which again he and the account holders could not perform on monetization. James told the ex banker that he needed specific documentation from Alfa Bank to complete the deal at Safra Bank, which my client complied with. It turned out that James took that documentation and tried to do an oil transaction to generate income because he knew the Safra deal was not going to work. He does his oil deal transaction with a gentlemen by the name of Ronald Gregory”
And this is what was told according to someone in the US, James have absolutely no experience in monetizing SBLCs and trying to conjure up some ridiculous deals like Oil and Sugar to generate some income of some sorts.