High Court Rules in Longstanding Financial Case; Legal Fallout for BONI Leadership

CHARLESTOWN, NEVIS – April 28, 2025
In a significant development unfolding in the Nevis High Court, James Simpson, the Acting CEO of the Bank of New Innovation (BONI), was sentenced to seven days in custody for contempt of court on April 26th, 2025.

The ruling was delivered by His Honour Judge Patrick Thompson, following Mr. Simpson’s failure to satisfy court-ordered judgements and legal costs against BONI. The amounts involved are believed, by some observers, to be in the multi-million-dollar range, though official figures have not been released.

The case stems from a civil matter involving the financial institution and has drawn widespread public attention due to Simpson’s prominent role and BONI’s active sponsorship of major national events.

Compliance Officer Turned CEO

Mr. Simpson, a chartered accountant with an MBA from the University of Exeter, currently serves as BONI’s Acting Chief Executive Officer, Executive Director of Compliance, and chairs the Compliance, Audit, and Risk Committees. Prior to joining BONI, he served from 2015 to 2020 as the Regulator for International Banking within the Nevis Island Administration (NIA), and also held senior roles at the Eastern Caribbean Central Bank (ECCB).

The court’s contempt ruling concerns BONI’s non-compliance with enforcement of judgement orders, not any criminal wrongdoing or allegations against Simpson personally, apart from the civil contempt in question.

Corporate Sponsorship in Spotlight

BONI is listed as a platinum-level sponsor of several high-profile community events in Nevis, including Culturama, MangoFest, and Interprimary Championships. Questions have since surfaced about the bank’s financial standing and capacity to meet both public commitments and court obligations.

Observers note that this development may prompt closer regulatory review, although no formal action has been announced by oversight agencies to date.

Owner’s Absence Noted

In an unrelated detail shared on social media, it was reported that BONI’s principal owner, businessman Michael Prest, has been absent from the Federation for some time. There has been no official comment or statement linking Mr. Prest to the current contempt matter, nor is he a named party in the ruling against Mr. Simpson.

Legal and Regulatory Implications

While the seven-day sentence is relatively short, legal experts suggest it reflects the court’s view on the importance of compliance with its orders, particularly in cases involving financial institutions. No further public statements have yet been issued by BONI, Mr. Simpson, or his legal counsel regarding the ruling.

Regulatory and public interest groups are expected to monitor developments as the situation progresses.

Developing Story

This is a developing story. All reporting is based on publicly available information and official court actions as of April 28, 2025. Further updates will be provided as confirmed details emerge.

Conclusion

The sentencing of James Simpson, Acting CEO of BONI, for contempt of court marks a significant development in the longstanding financial case. The ruling highlights the importance of compliance with court orders, particularly in cases involving financial institutions. As the situation continues to unfold, regulatory and public interest groups will be closely monitoring developments.

Frequently Asked Questions

Q: What is the nature of the court case against James Simpson?
A: The court case against James Simpson, Acting CEO of BONI, is related to contempt of court for failure to satisfy court-ordered judgements and legal costs against BONI.

Q: What is the significance of the ruling?
A: The ruling highlights the importance of compliance with court orders, particularly in cases involving financial institutions.

Q: What are the potential implications for BONI and its leadership?
A: The sentencing of James Simpson may prompt closer regulatory review and raise questions about the bank’s financial standing and capacity to meet public commitments and court obligations.