REWALD OPERATION SIMILAR TO NUGAN HAND LTD. CASE

• Document Type: CREST
• Collection: General CIA Records
• Document Number (FOIA) /ESDN (CREST): CIA-RDP90-00806R000200820011-7
• Release Decision: RIPPUB
• Original Classification: K
• Document Page Count: 1
• Document Creation Date: December 22, 2016
• Document Release Date: August 3, 2010
• Sequence Number: 11
• Publication Date: September 23, 1983
• Content Type: OPEN SOURCE

Sanitized Copy Approved for Release 2010/08/03: CIA-RDP90-00806R000200820011-7
HONOLULU STAR BULLETIN
23 September 1983
STAT
ard
i
t
Lose,
-r a.r wr rya mummin er-_.
ALTHOUGH there are indivtdu-' -
Star-Bulletim Writer . als who were Involved with both. ACCORDING TO news repor
Frank Nugan and Ronald Rewald,. in-the Wall~1$treet Journal and
d
Officials involved .frt the investi-. police and other officials said
the National..Imes, a newspaper
gallon of Ronald Rewalds bank- they know of no direct connec?, had ustratia,. Hand and Nugan
irnilao iesn b eree Rewy the tion between the two operations, ?' ent.t a e ca run an 011 and that of Australian But because Rewald's rise coin i izing ie'real t state speculation
entrepreneur t of Frank tided with the highly. and in estate speculation
publicized and tax shelters. -
Nugan. fall.of Nugan Hand in 1980, some .Rewald chose-- o start his
Like Rewald's, Nugan's empire, observers believe Rewald's company with partner Sunlin
built around Nugan Hand Iire Pay might -have been, a
evolved rapidly and Hand Inc., ' 1opycat" of Nugan's operation. ? ' ar)Wong' an landoo, started estate
offices voly around the world. established Nu A though Bishop. Baldwin, Re- 'company a evyald. jjfer nt nhis j
offered investors high Nugan ? Wald. 'Dillingham & Wong, was 'Comfy atdiffand name,
offed ors returns n
for- formed in 198, it really began to cha Investments.' and later
their. est and used for- grow after 1980. changed it to :Bishop. ngldwin,
corporai military and officers .a CIA officials
nd consult- Anthony _ Granito, head of the Rewald, pDill eningam & Wong.
ants: police 'department's white-collar Aftet Opening the. "bank in the
After: the news media began re- crime unit, said police are aware Cayman Islands, Nugan Hand Inc.
of the similarities between the oxpces nded in Argentina.l_r, ile, ai-
porting about Rewald's troubled two operations, but also. have offices in Argentina. Chile, Tag
company, be attempted suicide. r wan, Hala ii,- Sra rand 1lond
When lVtigan's operation. name found no direct connectin be= ~? on
under the scrutiny s govern- .-tween the two. g, Hawait.arou thesco and worl ment investigators, Nugan killed ' goBut. -%ay'o said, "We are not Rewald pened branches in many
himself.. going to o say there is not acon- archon of the same locations.. -
In both cases, hof 'et" , .
investors were out millions hundreds do The FBI apparently investigat- NuInvestors poured gan Hand Bank Bank hrouions into
inv ed a possible link between the offices N around Through the into 22 of . ? The natural question for offi two enterprises. Special agent on promised a? of at.l beast ased
cials in Hawaii investigating Re- Howard Dare said the FBI was percent, - much returns r than least 15
wald was whether Rewald had ..aw'are'' of. Nugan Hand-and preva ling rate at higher he time. Re
any connection with Nugan Hand could -find no connection be. wald's offer to . investors locally
any whether he used the Au sand tween that and Rewald's? opera
Tian company as a model fhis lion," - was 20 percent. ~ -
operation or whether for
was Hayes said he got an eerie feel- t'~ugan "Hand soh an just coincidence that as ing .reading about Nu an Hand in after it had hablew d 's office
merely
merely rise and cd ncs that Re- Bank and the rest of Nugan's Halit ti'hen Rthe pr compa-
ss of
w Frank a anfall a so similar operations because of the similar- n` fell. it ua. ? in the process of
'"there are so many ities to the Rewald case. establishing o fives in New Zea
parallels, it To understand Hayes*' reaction, land and possibly Aussuace. was
is difficult to imagine they are one first has to be familiar with Much of. ~ugan?s success ffj.
just coincidental,", said Thomas - due to the credibility. of its ofi
haves, trustee of Rewald's bank- Nugan's operation and the anal- 'curs and consulant including
rupt company, Bishop, Baldwin, lets to Rewald's company, P farmer hi;h ranking military offi
Rewald, Dillingham & Wong. - j Nugan, described as a frenetic .
However, Hayes said he has young lawyer, formed his bank in `cr`
found no investors or consultants -1976 with Michael Jon Hand, a
common to both companies. former Green Beret who had
handled some CIA operations in O
Laos after the Vietnam War.
Sanitized Copy Approved for Release 2010/08/03: CIA-RDP90-00806R000200820011-7