{"entity":{"id":2760,"slug":"virgin-islands-economic-development-commission-edc","name":"Virgin Islands Economic Development Commission (EDC)","type":"government_agency","role":"Agency that granted fraudulent tax incentives to Southern Trust Company","description":null,"imageUrl":null,"createdAt":"2026-04-12T01:52:05.359Z","updatedAt":"2026-05-19T09:22:34.031Z"},"electedOffice":null,"significance":{"score":7.6,"components":{"totalFindings":0,"connectionDegree":3.6,"recentFindings90d":0,"activeResearchJobs":0,"goblinAttributions":4,"recentSyntheses90d":0,"moneyFlowChainsTotal":0,"closedLoopMemberships":0,"moneyFlowHopsRecent90d":0},"computedAt":"2026-10-16T01:34:31.424Z"},"facts":[{"id":13213,"text":"Wayne L. Biggs, Jr., Chief Executive Officer of the Virgin Islands Economic Development Authority, provided testimony to the Committee on Budget, Appropriations and Finance for the FY 2026 Budget regarding USVIEDA operations","confidence":"primary","dateOccurred":"2025-07-21","source":{"title":"Virgin Islands Economic Development Commission (“VIEDC”) Public Hearing | St. Thomas Source","url":"https://stthomassource.com/content/2024/11/26/virgin-islands-economic-development-commission-viedc-public-hearing/","publication":"stthomassource.com"}},{"id":13210,"text":"A lawsuit recently filed in the Virgin Islands District Court is accusing a local company of being nothing but a front for a pyramid scheme involving Mac Private Equity Inc.","confidence":"primary","dateOccurred":"2024-04-15","source":{"title":"U.S. Virgin Islands | U.S. Economic Development Administration","url":"https://www.eda.gov/grant-resources/economic-development-directory/usvi","publication":"www.eda.gov"}},{"id":13202,"text":"Based on EDC records, neither Mac Private Equity Inc. nor MPE Clearing & Holdings, Inc. has applied for tax incentives and neither has been a beneficiary of the EDC Tax Incentive Program","confidence":"primary","dateOccurred":"2024-04-15","source":{"title":"Lawsuit Filed Against VI Company for Alleged Fraudulent Investment Practices","url":"https://viconsortium.com/vi-business/virgin-islands-puerto-rican-investor-sues-edc-company-over-alleged-pyramid-scheme-in-usvi","publication":"viconsortium.com"}},{"id":13214,"text":"Representative Plaskett testified before the House Committee on House Administration in a hearing titled 'Voting Rights and Election Administration in the U.S. Virgin Islands and Other Territories,' referencing her previous role as general counsel for the Virgin Islands Economic Development Authority","confidence":"primary","dateOccurred":"2020-06-15","source":{"title":"Public Hearing for Virgin Islands Economic Development Commission set for October 16 – USVIEDA","url":"https://usvieda.org/press_release/public-hearing-virgin-islands-economic-development-commission-set/","publication":"usvieda.org"}},{"id":13215,"text":"The Virgin Islands Economic Development Commission conducts regular public hearings in accordance with Section 717 Chapter 12 of Title 29, Virgin Islands Code, as documented in multiple official notices","confidence":"primary","dateOccurred":"2018-2025","source":{"title":"Virgin Islands Economic Development Commission (“VIEDC”) Public Hearing | St. John Source","url":"https://stjohnsource.com/2024/11/26/virgin-islands-economic-development-commission-viedc-public-hearing/","publication":"stjohnsource.com"}},{"id":13211,"text":"Representative Stacey Plaskett served as general counsel for the Virgin Islands Economic Development Authority prior to serving in Congress, as documented in the Congressional Directory","confidence":"primary","dateOccurred":"2016-2020","source":{"title":"Committee on Economic Development and Agriculture - Legislature of the United States Virgin Islands","url":"https://legvi.org/events/committee-on-economic-development-and-agriculture-22/","publication":"legvi.org"}},{"id":13212,"text":"Federal court case USCOURTS-ca3-15-01406 identified the Virgin Islands Economic Development Authority and Economic Development Commission as defendants in litigation involving tax incentive businesses","confidence":"primary","dateOccurred":"2015-2017","source":{"title":"Committee on Economic Development and Agriculture - Legislature of the United States Virgin Islands","url":"https://legvi.org/events/committee-on-economic-development-and-agriculture-22/","publication":"legvi.org"}},{"id":13204,"text":"The Huff case stems from the IRS audit of a taxpayer that took Virgin Islands Economic Development credits under Internal Revenue Code section 934","confidence":"primary","dateOccurred":"2010-06-15","source":{"title":"Lawsuit Filed Against VI Company for Alleged Fraudulent Investment Practices","url":"https://viconsortium.com/vi-business/virgin-islands-puerto-rican-investor-sues-edc-company-over-alleged-pyramid-scheme-in-usvi","publication":"viconsortium.com"}},{"id":13203,"text":"Judge Jacobs of the United States Tax Court refused to allow a taxpayer to interplead the Government of the Virgin Islands as a party to Tax Court litigation under U.S. Tax Court Rule 1(b) and Federal Rule of Civil Procedure 22 in the case Huff v. Commissioner, 135 T.C. 30 (2010)","confidence":"primary","dateOccurred":"2010-06-15","source":{"title":"Lawsuit Filed Against VI Company for Alleged Fraudulent Investment Practices","url":"https://viconsortium.com/vi-business/virgin-islands-puerto-rican-investor-sues-edc-company-over-alleged-pyramid-scheme-in-usvi","publication":"viconsortium.com"}},{"id":13195,"text":"Virgin Islands Economic Development Commission (EDC) filed filing with the SEC on 2005-04-15. Accession number: N/A.","confidence":"secondary","dateOccurred":"2005-04-15","source":{"title":"SEC EDGAR: filing — Virgin Islands Economic Development Commission (EDC) (2005-04-15)","url":"https://efts.sec.gov/LATEST/search-index?q=%22Virgin%20Islands%20Economic%20Development%20Commission%20(EDC)%22&dateRange=custom&forms=4,SC%2013D,SC%2013G,DEF%2014A,10-K,10-Q","publication":"SEC EDGAR"}},{"id":13208,"text":"Jackson, as the representative of Kapok and Kapok Management falsely declared that 'We had no knowledge whatsoever that Gary Payne, a Kapok Management limited partner, was not a resident of the Virgin Islands' while appearing as a sworn witness before a Special Meeting of Economic Development Commission","confidence":"primary","dateOccurred":"2003-06-15","source":{"title":"COURT DISMISSES SOME CHARGES IN ALLEGED VIRGIN ISLANDS TAX EVASION SCHEME. | Tax Notes","url":"https://www.taxnotes.com/research/federal/court-documents/court-opinions-and-orders/court-dismisses-some-charges-in-alleged-virgin-islands-tax-evasion/1nkz9","publication":"www.taxnotes.com"}},{"id":13207,"text":"Count 22 of the Second Superseding Indictment charges that defendants, Jackson, Kapok and Kapok Management made materially false and fraudulent statements and representations in a matter within the jurisdiction of the EDC, in violation of 14 V.I.C. § 843","confidence":"primary","dateOccurred":"2003-06-15","source":{"title":"U.S. Virgin Islands Economic Development Commission (EDC) Attorneys","url":"https://www.kellfer.com/practice-areas/edc-program/","publication":"www.kellfer.com"}},{"id":13206,"text":"The defendants conspired to make false statements regarding Kapok Management's business plan, the residency of its limited partners and employees, and its gross sales and eligible income","confidence":"primary","dateOccurred":"2003-06-15","source":{"title":"Lawsuit Filed Against VI Company for Alleged Fraudulent Investment Practices","url":"https://viconsortium.com/vi-business/virgin-islands-puerto-rican-investor-sues-edc-company-over-alleged-pyramid-scheme-in-usvi","publication":"viconsortium.com"}},{"id":13205,"text":"Kapok Management was approved as a DSB and received a beneficiary certificate to conduct business providing financial, economic, and management consulting services to clients outside the United States Virgin Islands","confidence":"primary","dateOccurred":"2003-06-15","source":{"title":"Lawsuit Filed Against VI Company for Alleged Fraudulent Investment Practices","url":"https://viconsortium.com/vi-business/virgin-islands-puerto-rican-investor-sues-edc-company-over-alleged-pyramid-scheme-in-usvi","publication":"viconsortium.com"}},{"id":13201,"text":"Count 21 states that all defendants conspired to commit the crime of making materially false and fraudulent statements and representations on matters within the jurisdiction of agencies of the government of the Virgin Islands, namely, the Economic Development Commission (EDC), formerly known as the Industrial Development Commission (IDC), and the Bureau of Internal Revenue","confidence":"primary","dateOccurred":"2003-06-15","source":{"title":"Lawsuit Filed Against VI Company for Alleged Fraudulent Investment Practices","url":"https://viconsortium.com/vi-business/virgin-islands-puerto-rican-investor-sues-edc-company-over-alleged-pyramid-scheme-in-usvi","publication":"viconsortium.com"}},{"id":13209,"text":"Federal Internal Revenue Service agents executed search warrants against Kapok Management LP, a financial services company on St. Croix that receives tax benefits as an Economic Development Commission beneficiary, shutting the company down","confidence":"primary","dateOccurred":"2003-05-20","source":{"title":"EDA denies ties to company accused of running Ponzi scheme | News | virginislandsdailynews.com","url":"https://www.virginislandsdailynews.com/news/eda-denies-ties-to-company-accused-of-running-ponzi-scheme/article_a9c48f65-5ed9-5e2c-a878-890458d63542.html","publication":"www.virginislandsdailynews.com"}},{"id":13216,"text":"Senate Report 105-22 established a Commission to make recommendations on policies for a secure and self-sustaining future for the Virgin Islands economy through 2020, with a report due to the Senate Committee on Energy and Natural Resources and House Committee on Resources by June 30, 1999","confidence":"primary","dateOccurred":"1997-06-15","source":{"title":"Legislature of the United States Virgin Islands - Economic Development and Agriculture","url":"https://legvi.org/committee/economic/","publication":"legvi.org"}},{"id":13198,"text":"Search scope note: No usaspending contracts found for \"Virgin Islands Economic Development Commission (EDC)\" in automated database search as of 2026-04-12. This reflects search coverage limits, not confirmed absence from public record.","confidence":"secondary","dateOccurred":null,"source":null}],"connections":[{"id":5244,"relationshipType":"beneficiary","description":"Southern Trust received over $300 million in tax benefits from EDC","confidence":"confirmed","firstDocumented":null,"lastDocumented":null,"other":{"id":533,"name":"Southern Trust Company","slug":"southern-trust-company","type":"company"}},{"id":18766,"relationshipType":"Indirect association (through criminal charges)","description":"Charges alleged that de Jongh and Julito Francis converted approximately $490,000 of Virgin Islands Government Highway funds to fund improvements to de Jongh's private residence without authority of law.","confidence":"primary","firstDocumented":"2015","lastDocumented":null,"other":{"id":2763,"name":"John de Jongh Jr.","slug":"john-de-jongh-jr","type":"person"}},{"id":16126,"relationshipType":"employment","description":"Wayne L. Biggs, Jr. is the Chief Executive Officer of the Virgin Islands Economic Development Authority, which is closely associated with the EDC. He provided testimony to the Committee on Budget, Appropriations and Finance for the FY 2026 Budget regarding USVIEDA operations.","confidence":"primary","firstDocumented":"2025","lastDocumented":null,"other":{"id":2764,"name":"Wayne Biggs Jr.","slug":"wayne-biggs-jr","type":"person"}},{"id":16125,"relationshipType":"employment","description":"Representative Stacey Plaskett served as general counsel for the Virgin Islands Economic Development Authority prior to serving in Congress, as documented in the Congressional Directory. She also testified before the House Committee on House Administration referencing her previous role as general counsel for the Virgin Islands Economic Development Authority.","confidence":"primary","firstDocumented":"2015","lastDocumented":null,"other":{"id":32319,"name":"Stacey Plaskett","slug":"stacey-plaskett","type":"elected_official"}},{"id":16096,"relationshipType":"oversight","description":"The bank was raided on 20 March 2026 in Paris as part of a financial investigation linked to the Epstein cases, targeting one of its former employees, French diplomat Fabrice Aidan.","confidence":"primary","firstDocumented":"2026","lastDocumented":null,"other":{"id":2759,"name":"Edmond de Rothschild Group","slug":"edmond-de-rothschild-group","type":"company"}},{"id":9704,"relationshipType":"law_enforcement_investigation","description":"Federal Internal Revenue Service agents executed search warrants against Kapok Management LP, a financial services company on St. Croix that receives tax benefits as an Economic Development Commission beneficiary, in connection with criminal conspiracy charges involving false statements to the EDC","confidence":"primary","firstDocumented":"2010","lastDocumented":null,"other":{"id":84,"name":"Federal Bureau of Investigation (FBI)","slug":"federal-bureau-of-investigation-fbi","type":"institution"}},{"id":9703,"relationshipType":"regulatory_filing","description":"Virgin Islands Economic Development Commission filed with the SEC on 2005-04-15","confidence":"primary","firstDocumented":"2005","lastDocumented":null,"other":{"id":391,"name":"Securities and Exchange Commission","slug":"securities-and-exchange-commission","type":"government_agency"}},{"id":9702,"relationshipType":"organizational_relationship","description":"Both entities were identified as defendants in federal court case USCOURTS-ca3-15-01406 involving tax incentive businesses, and Wayne L. Biggs, Jr. serves as CEO of the Virgin Islands Economic Development Authority while providing testimony regarding USVIEDA operations","confidence":"primary","firstDocumented":"2015","lastDocumented":null,"other":{"id":2767,"name":"Virgin Islands Economic Development Authority (EDA)","slug":"virgin-islands-economic-development-authority-eda","type":"government_agency"}},{"id":9701,"relationshipType":"oversight","description":"IRS audited taxpayers taking Virgin Islands Economic Development credits under Internal Revenue Code section 934, as seen in the Huff v. Commissioner case where Judge Jacobs refused to allow interpleading the Government of the Virgin Islands as a party to Tax Court litigation","confidence":"primary","firstDocumented":"2010","lastDocumented":null,"other":{"id":93,"name":"Internal Revenue Service (IRS)","slug":"internal-revenue-service-irs","type":"institution"}}],"contradictions":[],"permalink":"https://www.goblinhouse.net/entity/virgin-islands-economic-development-commission-edc","timelineUrl":"https://www.goblinhouse.net/entity/virgin-islands-economic-development-commission-edc/timeline"}