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Businessman Betteto Frett accusing NBVI of being ‘most corrupt’ bank in VI

- claims banks trying to sell his property despite loan being up-to-date
February 12th, 2024 | Tags: Betteto Frett NBVI Auction marina allegations Court Order
The National Bank of the Virgin Islands has been accused by local businessman Betteto Frett of trying to auction off his property despite him meeting his financial obligations to the bank as agreed. Photo: VINO/File
Mr Frett said a local bank allegedly trying to lock up one of its $4 million clients or any of their clients for nonpayment of a loan would not happen anywhere in the world. Photo: Provided
Mr Frett said a local bank allegedly trying to lock up one of its $4 million clients or any of their clients for nonpayment of a loan would not happen anywhere in the world. Photo: Provided
VI businessman Betteto Frett is once again in a financial matter, this time, over a complication with the National Bank of the Virgin Islands (NBVI) and a Marina belonging to him allegedly being put up for sale. Photo: VINO/File
VI businessman Betteto Frett is once again in a financial matter, this time, over a complication with the National Bank of the Virgin Islands (NBVI) and a Marina belonging to him allegedly being put up for sale. Photo: VINO/File
ROAD TOWN, Tortola, VI– VI businessman Betteto Frett is once again in a financial matter, this time, over a complication with the National Bank of the Virgin Islands (NBVI) and a Marina belonging to him allegedly being put up for sale despite all his efforts to meet his financial obligations. Additionally, Mr Frett has accused the bank of asking the court to have him jailed.

In July 2023, while faced with the prospect of losing his “lifetime investments” and feeling like he has run out of options, the local Mr Frett turned to the public for financial assistance, which he promised to repay.

“Ladies and gentlemen, this is an urgent request from your local, devoted friend Betteto Frett. I am appealing to you for assistance, financial assistance that is… I have been wronged and I stand to lose my lifetime investments and in the circumstances, I am requesting a private loan in the amount of $150.000, repayable one year after the date of issue. Repayment will be guaranteed by way of security to the lender,”  Frett had appealed last year July, 2023.

This time, the businessman is facing a challenge with the NBVI over his marina, “Ladies and gentlemen I am Betteto Frett and I am coming to you to let you know that the National Bank of the Virgin Islands is selling my marina despite the fact that my loan is up to date. I was paying the monthly mortgage of $15,000 for many years as dictated by a court order which had a penal notice attached to it,” the businessman claimed in a letter.

He claimed that during and after the pandemic there was no income from the marina for about two years since it took some time for the marina to attract customers, “The mortgage fell behind and the National Bank of the Virgin Islands applied to the court to lock me up in jail for nonpayment,” he alleged.

Bank trying to lock him up - Frett Claims 

Frett said a local bank trying to lock up one of its $4 million clients or any of their clients for nonpayment of a loan would not happen anywhere in the world.

“This is indeed a sad day for depositors in the British Virgin Islands where your monthly installment payments are up to date and the bank can call you loan of $4,097,595.49 and sell your property to their friend way below the market value and obtain a huge kickback,” he claimed while adding that the loan is up-to-date. 

While the entire situation surrounding the matter is complex, Mr Frett called on the Premier and his Government to look into the matter and take corrective actions immediately.

“What the bank is doing is wrong and should not be allowed to foreclose once the loan is up to date. I am also asking His Excellency the Governor not to sign off on the change of ownership of my marina as the decision of the bank is personal and a grave injustice to me.

Virgin Islands News Online (VINO) reached out to NBVI via email for details regarding Mr Frett’s claims, however, no response was received up to publication time.

Our News Centre will bring more details as it becomes available.

You can read the full statement here.

38 Responses to “Businessman Betteto Frett accusing NBVI of being ‘most corrupt’ bank in VI”

  • HMMM (12/02/2024, 20:25) Like (24) Dislike (5) Reply
    Not a bank for our people
  • Corruption (12/02/2024, 20:30) Like (29) Dislike (3) Reply
    Last week it was First Bank. The week before it was Banco lol
  • Leap Year (12/02/2024, 20:44) Like (11) Dislike (14) Reply
    He again he ain’t get no work to do smh
    • l (13/02/2024, 08:03) Like (24) Dislike (4) Reply
      @ Leap Year. Strupps! How can a 75-year-old man look for work to do, when he has been working his entire life and thought this would be his retirement age to relax? I hope you never find yourself in this kind of situation and begging for help, no matter the amount. I hope he gets his situation straightened out because to lose everything you have is horrible and scary. These banks know good and well what they are doing by taking a prime location where they will profit greatly because that is the business they are in, to profit greatly.
  • Its true (12/02/2024, 20:45) Like (37) Dislike (4) Reply
    They are the so less. Barely can get an ATM machine. The people at the top pick and choose who they want to give loans to based on if they like them or not.

    Worst bank in the country.
  • Migoman (12/02/2024, 21:14) Like (53) Dislike (6) Reply
    No bank in the BVI is worthy according to Frett.
    Maybe youre the problem. I dont see a bank taking away anyones property unless you breached the mortgage terms. Its that simple
  • q (12/02/2024, 21:15) Like (10) Dislike (14) Reply
    This man to old to lend him any thing let him sell what he have to do what he have to do. Maybe he want the money to give his jamdown woman he with she getting money from west bank to do Food van . She going to put B F go get a heart attack to give old skunt every thing
    • food van (12/02/2024, 22:41) Like (7) Dislike (3) Reply
      You bad mind lol is not the gal make you don’t have s$&:/t
    • mad (13/02/2024, 10:09) Like (4) Dislike (1) Reply
      You sound like one of betteto old frock that have no ambition for yourself this is personal stay in your feelings and get a life nonsense
  • Real Estate Developer (12/02/2024, 21:19) Like (22) Dislike (7) Reply
    Mr Frett, you are such a disgrace! You looking sympathy from the public but those that really know you will not sympathize with you. Every property you own was used as collateral for some loan and now you no longer have any property that is free and clear to get further loans. You are one individual who will be in debt until you die.
  • Winky (12/02/2024, 21:32) Like (35) Dislike (3) Reply
    And you sir , are well known for being the worst businessman ever in the BVI.
  • alicia (12/02/2024, 21:34) Like (16) Dislike (5) Reply
    Businessman ???? HAHAHAHAHA
  • stupid (12/02/2024, 21:37) Like (18) Dislike (0) Reply
    One failure after another
  • karma (12/02/2024, 22:06) Like (5) Dislike (2) Reply
    Karma at work.
    • smh (13/02/2024, 10:23) Like (4) Dislike (0) Reply
      @ karma. He now knows how it feels to do undermine and oppress others.
  • bvibuzz (12/02/2024, 22:26) Like (6) Dislike (0) Reply
    Utter nonsense. Did Frett skip school when the subject of ethics was discussed? Pay up
  • Smh that guy (12/02/2024, 23:16) Like (21) Dislike (3) Reply
    Idk how is so broke but he has apartments an studios an that same marina building renting to people and them santos for $350 a month look at the building collecting money you mean to tell me you can’t put in windows yet?? It literally right in front of the cruise ship pier come on dude up lift the building when you pass there night time in pitch black look like a trap or abandon house no lights like what you does do with your money?? The bank really need to take it an let someone who fit an equip to do something appealing an useable tear it down turn it into a mall or something nice food court everything right here in the heat of town
  • Drew (12/02/2024, 23:46) Like (7) Dislike (1) Reply
    If Drew was here he would already adjust this matter !
  • client (13/02/2024, 03:19) Like (2) Dislike (0) Reply
    I Bet Brent that Bettito will never save a cent.
  • The man is right (13/02/2024, 04:41) Like (13) Dislike (1) Reply
    NBVI is the worst when it comes to business loans. Encourage you to bring your business from other banks and those om top Decline you especially if you are not in the elites on these islands.
    Frigging up local people business and plans.
  • So. Sad. (13/02/2024, 06:38) Like (6) Dislike (0) Reply
    It seems to me that Mr. Frett don't want to lose his businesses, no one will want to. It also seems to me that he is unable and incapable of servicing and maintaining them, the best he can hope for is after the sale he can end up with a few hundred thousand in his hands so he can start over and be more prudent and responsible next time...
  • time is up (13/02/2024, 07:23) Like (7) Dislike (9) Reply
    We the people are tired of your run down properties. They give RT are bad look and feel. It’s time for fresh capital to improve on them. Good bye Benito. You should have been nicer to people as well.
  • ….. (13/02/2024, 07:31) Like (4) Dislike (0) Reply
    Man ain’t had a big floating casino running and can’t bank a 4 mil
  • Something Wrong (13/02/2024, 07:31) Like (6) Dislike (0) Reply
    Simply no excuse for a marina in the BVI not to be successful. Dockage is so expensive and hard to find you have to be “special” to mess that up.
  • Facts!! (13/02/2024, 08:00) Like (16) Dislike (4) Reply
    National Bank is a big disgrace, they don't look out for their locals once you not in their click. Be there so I know. The man speaking facts even if he has a past which everyone do.
  • He Is The Problem (13/02/2024, 08:30) Like (7) Dislike (8) Reply
    Anybody who have the same problem with everybody clearly means they are the Problem (eyes rolling). Betito Go Sit Down!!!!!!
  • FEO GOMEZ (13/02/2024, 08:56) Like (5) Dislike (2) Reply
    Betteto problem is have SPOILED WASTE CHILDREN. How are they not here helping their father keep his legacy. Even abroad hustling doing whatever to save the legacy and life his hard work provided? WASTE CHILDREN IS WORST THAN SATAN WORST THAN HELL IT SELF!
  • ? (13/02/2024, 12:13) Like (6) Dislike (1) Reply

  • resident (13/02/2024, 13:51) Like (4) Dislike (0) Reply
    dude has to be the worst businessman in the bvi
  • This Is Strange (13/02/2024, 15:03) Like (3) Dislike (3) Reply
    Just this morning I ran into a local man complaining about that same bank. He showed me a copy of a warrant used to arrest and detain him in prison for two weeks. The man lost his property but is still fighting to have the court declare the seizure and sale illegal. The locking up of persons in these civil matters seem to be wrong. How can they defend themselves from behind bars. This is not a good principle especially from a local bank but it has been proven time and again that Virgin Islanders are their own worst enemy.
    • Deh Watcha (13/02/2024, 21:06) Like (0) Dislike (0) Reply
      If I recall correctly, school children had said at one point this bank was going under and it was the great SS board that came to their rescue (thru investing some funds) due to some "elites" loans going rogue. I didn't see them get locked up or their properties put up for sale.

      Yes, karma may be visiting Mr Frett but best believe she has all our addresses, and she is better at delivering than the mailman. She also pulls no punches.
  • one eye (13/02/2024, 19:49) Like (1) Dislike (2) Reply
    Free West Bank free the drew
  • She needs to go (14/02/2024, 08:53) Like (0) Dislike (0) Reply
    Joy to the world
  • Truth (14/02/2024, 15:24) Like (3) Dislike (0) Reply
    Yes let the bank take it or someone buy it we really need a lil mall for true or plaza with a food court for real tear down the whole building an let he move that food van find some where else an build an nice indoor marina mall something attractive an enticing a mall can do like st Thomas doesn’t have to be big at least the same height or bigger than the bank but longer in width under grown or nice parking area an we good
  • chuppes (15/02/2024, 15:42) Like (0) Dislike (0) Reply
    Man, just pay your damn loans then the bank wouldn't have to seize your property.
  • smh (15/02/2024, 20:19) Like (0) Dislike (0) Reply
    The head is bad….then the rest is bad…
  • YEAH YEAH YEAH (19/02/2024, 13:38) Like (0) Dislike (0) Reply
    Couple Months back First Bank had the title, now all of a sudden National is who he giving it to. That man need check his history and try rememeber how much ppl he worked (less fortunate people) and never paid them off.... and that was during his glory days...

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