The American con man who pioneered offshore finance

Wallace Groves, a financier with a notorious past, transformed the Bahamas into a major tax haven, pioneering the offshore financial system. After a stint in prison for fraud, Groves moved to the Bahamas, where he developed Freeport into a tax-free zone. His model attracted global capital, making the Bahamas a hub for tax evasion and financial secrecy. The Bahamas remains a tax haven, influencing global finance.