FBI Investigating Involvement of BCCI in Atlanta Bank Sale

The FBI said it is investigating whether the Bank of Credit & Commerce International tried to manipulate the political process in Georgia to permit the sale of a financially troubled Atlanta bank it controlled to First American Bankshares Inc. of Washington, which regulators said also was under BCCI’s control.

Sources said the National Bank of Georgia paid Georgia lobbyist Charles Jones and his Hinesville, Ga., law firm $1.25 million to help persuade the state legislature to clear the way for the sale of the Atlanta bank to First American. An amendment to state banking laws was required.

The Georgia bank also financed trips to London and Ft. Lauderdale, Fla., and other entertainment for some of the lawmakers, according to informed sources.

A year later, the state legislature did as BCCI had hoped, and the sale took place.

Now, the lobbying effort is under investigation by the FBI, a bureau official has confirmed, as part of a multistate probe of the Luxembourg-based BCCI.

The Georgia lobbying effort interests investigators as an example of how BCCI forged links with political figures around the world to get what it wanted.

“The FBI is aware of allegations stemming from the Manhattan district attorney’s investigation and the Federal Reserve’s investigation and the congressional investigation . . . that indicates influence-peddling may have taken place in the state of Georgia to facilitate passage of the Interstate Banking Act,” William Hinshaw, special agent in charge of the FBI’s Atlanta office, said in an interview.

“In consultation with the U.S. attorney’s office, the FBI is reviewing the allegations and reviewing previous investigations” involving public officials in Georgia, Hinshaw added.