SUBJECT-2760.dossier · government agency · status: active
V(
subject of file

Virgin Islands Economic Development Commission (EDC)

Agency that granted fraudulent tax incentives to Southern Trust Company
Tracked because Agency that granted fraudulent tax incentives to Southern Trust Company · 9 documented connections
Facts on record18
Connections mapped9
Sources cited19
Evidence: 16P+8 2S
Network web → Timeline → Compare with… → Position Drift → Coverage tone → View on Graph → View Card → Export CSV JSON Dossier ← Entity Directory
Stated vs Revealed
No documented contradictions on file.
[PUBLIC COST ESTIMATE]
Documented financial relationships span 0 money flow chains, while 1 elected official holds documented connections.
0Money Chains
0Traced Hops
Connected Officials
Calculation Methodology

Contract values are summed from documented money flow chains where this entity appears as a source or destination node. Amounts are drawn from USASpending.gov, FEC filings, SEC EDGAR, or LD-2 lobbying registrations.

Donor contributions aggregate documented amounts from the donor_interests table, sourced from FEC individual and PAC contribution filings.

Connected officials are elected officials in our database with a mapped relationship (lobbying, board membership, campaign contribution, etc.) to this entity.

Annualised flow represents the total documented dollar amount traced through money flow hops involving this entity. Where hop-level amounts are unavailable, the chain-level documented total is used as a conservative upper bound.

All figures are drawn from public filings. Estimates are conservative — undisclosed transactions, dark money, and vanish-point hops are excluded from totals. This is a minimum documented floor, not a ceiling.

PATTERN company → [regulatory filing] → government agency → [regu... 3121× PATTERN person → [regulatory filing] → government agency → [regul... 2430× PATTERN company → [oversight] → government agency → [regulatory f... 709× PATTERN government agency → [regulatory filing] → government agen... 709× PATTERN government agency → [regulatory filing] → government agen... 690×
Connection Map
Key Connections
→ Securities and Exchange Commission government agency
regulatory_filing
Virgin Islands Economic Development Commission filed with the SEC on 2005-04-15
→ Internal Revenue Service (IRS) institution
oversight
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
→ Federal Bureau of Investigation (FBI) institution
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
→ Virgin Islands Economic Development Authority (EDA) government agency
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
→ Stacey Plaskett elected official
employment
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.
← John de Jongh Jr. person
Indirect association (through criminal charges)
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.
→ Wayne Biggs Jr. person
employment
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.
← Edmond de Rothschild Group company
oversight
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.
Facts (18)
Data Freshness
Stale Last update: 188d ago · Avg age: 1058d
Confidence Tiers: Primary Source — cross-referenced government/corporate filings Pending Review — sourced but not independently verified AI Inference — analytical hypothesis from cross-referencing
✓ Verified Findings (17)
Independently re-checked: a second model read the source artifact and confirmed it supports the extracted claim.
✓ verified Primary Source 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
✓ verified Primary Source 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
✓ verified Primary Source 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
✓ verified Primary Source 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
✓ verified Primary Source 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
✓ verified Primary Source 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
✓ verified Primary Source 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.
✓ verified Primary Source 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
✓ verified Primary Source 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
✓ verified Primary Source 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
✓ verified Primary Source 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
✓ verified Primary Source 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
✓ verified Primary Source The Huff case stems from the IRS audit of a taxpayer that took Virgin Islands Economic Development credits under Internal Revenue Code section 934
✓ verified Primary Source 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)
✓ verified Primary Source 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
✓ verified Primary Source 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
✓ verified Partially Corroborated Virgin Islands Economic Development Commission (EDC) filed filing with the SEC on 2005-04-15. Accession number: N/A.
Raw Filing Records (1) — unsourced metadata
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 UNVERIFIED Research: Virgin Islands Economic Development Commission (EDC) — USASpending con…
All Connections (9)
oversight 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
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
→ Securities and Exchange Commission government agency
regulatory_filing primary since 2005
Virgin Islands Economic Development Commission filed with the SEC on 2005-04-15
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
→ Wayne Biggs Jr. person
employment primary since 2025
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.
→ Stacey Plaskett elected official
employment primary since 2015
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.
beneficiary confirmed
Southern Trust received over $300 million in tax benefits from EDC
← John de Jongh Jr. person
Indirect association (through criminal charges) primary since 2015
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.
oversight primary since 2026
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.
Sources (19)
2005-04-15 ↗ SEC EDGAR: filing — Virgin Islands Economic Development Commission (EDC) (2005-0… sec_filing Processed 📜 Receipt
2006-04-17 ↗ SEC EDGAR: filing — Virgin Islands Economic Development Commission (EDC) (2006-0… sec_filing Processed 📜 Receipt
2026 UNVERIFIED Research: Virgin Islands Economic Development Commission (EDC) — Parliamentary r… parliamentary_record Processed 📜 Receipt
2026 UNVERIFIED Research: Virgin Islands Economic Development Commission (EDC) — Court records (… court_document Processed 📜 Receipt
2004-03-18 ↗ SEC EDGAR: filing — Virgin Islands Economic Development Commission (EDC) (2004-0… sec_filing Processed 📜 Receipt
2026 ↗ Legislature of the United States Virgin Islands - Economic Development and Agric… parliamentary_record Processed 📜 Receipt
2026 ↗ Virgin Islands Economic Development Commission (“VIEDC”) Public Hearing | St. Jo… parliamentary_record Processed 📜 Receipt
2026 ↗ Public Hearing for Virgin Islands Economic Development Commission set for Octobe… parliamentary_record Processed 📜 Receipt
2026 ↗ Virgin Islands Economic Development Commission (“VIEDC”) Public Hearing | St. Th… parliamentary_record Processed 📜 Receipt
2026 ↗ Committee on Economic Development and Agriculture - Legislature of the United St… parliamentary_record Processed 📜 Receipt
2026 ↗ U.S. Virgin Islands | U.S. Economic Development Administration court_document Processed 📜 Receipt
2026 ↗ EDA denies ties to company accused of running Ponzi scheme | News | virginisland… court_document Processed 📜 Receipt
2026 ↗ COURT DISMISSES SOME CHARGES IN ALLEGED VIRGIN ISLANDS TAX EVASION SCHEME. | Tax… court_document Processed 📜 Receipt
2026 ↗ U.S. Virgin Islands Economic Development Commission (EDC) Attorneys court_document Processed 📜 Receipt
2026 ↗ Lawsuit Filed Against VI Company for Alleged Fraudulent Investment Practices court_document Processed 📜 Receipt
2026 UNVERIFIED Research: Virgin Islands Economic Development Commission (EDC) — Lobbying disclo… government_disclosure Processed 📜 Receipt
2026 UNVERIFIED Research: Virgin Islands Economic Development Commission (EDC) — Corporate regis… government_disclosure Processed 📜 Receipt
2026 UNVERIFIED Research: Virgin Islands Economic Development Commission (EDC) — USASpending con… contract Processed 📜 Receipt
2005-04-15 ↗ SEC EDGAR: filing — Virgin Islands Economic Development Commission (EDC) (2005-0… web_search Processed 📜 Receipt