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[ENTITY FILE] SUBJECT-2760 GOVERNMENT AGENCY ACTIVE
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Virgin Islands Economic Development Commission (EDC)​​‌​‍​​​‍​‍‌‌​‍​‍‍​​​​‍‍​​

Agency that granted fraudulent tax incentives to Southern Trust Company
Tracked Agency that granted fraudulent tax incentives to Southern Trust Company · 5 documented connections
Facts on record18
Connections mapped5
Sources cited14
Stated vs Revealed
No documented contradictions on file.
PATTERN government agency → [regulatory filing] → government agen... 120× PATTERN government agency → [regulatory filing] → government agen... 120× PATTERN government agency → [regulatory filing] → government agen... 105× PATTERN elected official → [regulatory filing] → government agenc... 60× PATTERN government agency → [regulatory filing] → government agen... 60×
Connection Map
Key Connections
Entity #391
regulatory_filing
Virgin Islands Economic Development Commission filed with the SEC on 2005-04-15
Entity #93
regulatory_interaction
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
Entity #84
law_enforcement_investigation
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
Entity #2767
organizational_relationship
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
Entity #533
beneficiary
Southern Trust received over $300 million in tax benefits from EDC
Facts (18)
Data Freshness
Fresh Last update: 26d ago · Avg age: 307d
Confidence Tiers: Primary Source — cross-referenced government/corporate filings Pending Review — sourced but not independently verified AI Inference — analytical hypothesis from cross-referencing
Raw Filing Records (18) — unsourced metadata
Pending Review 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
Date: 1997 Added: 12 Apr 2026
Pending Review The Virgin Islands Economic Development Commission conducts regular public hearings in accordance wit​​‌​‍​​​‍​‍‌‌​‍​‍‍​​​​‍‍​​h Section 717 Chapter 12 of Title 29, Virgin Islands Code, as documented in multiple official notices
Date: 2018-2025 Added: 12 Apr 2026
Pending Review 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
Date: 2020 Added: 12 Apr 2026
Pending Review 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
Date: July 21, 2025 Added: 12 Apr 2026
Pending Review 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
Date: 2015-2017 Added: 12 Apr 2026
Pending Review 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
Date: 2016-2020 Added: 12 Apr 2026
Pending Review 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.
Date: April 2024 Added: 12 Apr 2026
Pending Review 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
Date: May 20, 2003 Added: 12 Apr 2026
Pending Review 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
Date: 2003 Added: 12 Apr 2026
Pending Review 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
Date: 2003 Added: 12 Apr 2026
Pending Review 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
Date: 2003 Added: 12 Apr 2026
Pending Review 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
Date: 2003 Added: 12 Apr 2026
Pending Review The Huff case stems from the IRS audit of a taxpayer that took Virgin Islands Economic Development credits under Internal Revenue Code section 934
Date: 2010 Added: 12 Apr 2026
Pending Review 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)
Date: 2010 Added: 12 Apr 2026
Pending Review 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
Date: April 2024 Added: 12 Apr 2026
Pending Review 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
Date: 2003 Added: 12 Apr 2026
Pending Review 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.
Added: 12 Apr 2026
Pending Review Virgin Islands Economic Development Commission (EDC) filed filing with the SEC on 2005-04-15. Accession number: N/A.
Date: 2005-04-15 Added: 12 Apr 2026
All Connections (5)
Entity #93
regulatory_interaction primary since 2010
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
Entity #2767
organizational_relationship primary since 2015
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
Entity #391
regulatory_filing primary since 2005
Virgin Islands Economic Development Commission filed with the SEC on 2005-04-15
Entity #84
law_enforcement_investigation primary since 2010
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
Entity #533
beneficiary confirmed
Southern Trust received over $300 million in tax benefits from EDC
Sources (14)
2026 UNVERIFIED Research: Virgin Islands Economic Development Commission (EDC) — Lobbying disclo… government_disclosure Processed
2026 UNVERIFIED Research: Virgin Islands Economic Development Commission (EDC) — Corporate regis… government_disclosure Processed
2026 UNVERIFIED Research: Virgin Islands Economic Development Commission (EDC) — USASpending con… contract Processed