Editing Nugan Hand Bank

Nugan Hand Bank was an Australian merchant bank founded in 1973 by [[Frank Nugan]], an Australian lawyer, and [[Michael Jon Hand]], a former U.S. Green Beret and CIA contractor. Operating from Sydney with branches in Hong Kong, Singapore, and Facetoface and other locations, it became infamous for its alleged role as a CIA front, facilitating money laundering, arms trafficking, and covert operations during the 1970s. Its collapse in 1980, following Nugan’s death and fraud investigations, exposed ties to U.S. intelligence. Below is a detailed history of the bank and its CIA connections, with a focus on its operations and the role of figures like [[Edwin P. Wilson]].
==Origins and Establishment==
Nugan Hand Bank was established in Sydney as Nugan Hand Ltd. by:

	•	Frank Nugan: An Australian lawyer with ties to the fruit industry, known for his flamboyant lifestyle and minor financial misconduct.

	•	Michael Jon Hand: A former Green Beret and CIA contractor in Laos, with experience in Vietnam War-era operations, providing the bank’s intelligence connections.

The bank offered high-interest (up to 16%) offshore accounts, targeting wealthy clients and promising tax-free banking.
==Operations and Alleged Criminal Activities==
Nugan Hand’s public role was financial services, but it allegedly served as a conduit for CIA activities:

	•	Financial Operations: It attracted deposits with high interest rates and tax havens, operating as a Ponzi scheme. By 1979, it claimed $1 billion in assets, later revealed as inflated.

	•	Covert Activities:
	◦	Arms Trafficking: Facilitated deals, including a 1974 transaction by Edwin P. Wilson to ship 10 million rounds of ammunition and 3,000 weapons to southern Africa.
	◦	Money Laundering: Moved funds through offshore accounts for anti-communist operations in Southeast Asia, Africa, and Latin America.
	◦	Drug Allegations: Investigations, including by journalist Jonathan Kwitny (The Crimes of Patriots, 1987), alleged laundering of Golden Triangle heroin proceeds, linked to CIA-backed networks.

	•	Key Personnel: Included U.S. intelligence figures like Admiral Earl P. Yates (president), General Erle Cocke Jr. (Washington representative), General Edwin F. Black (Hawaii office), [[William Colby]] (former CIA Director, legal adviser), and Walter J. McDonald (CIA consultant).
==CIA Connections==
The bank’s CIA ties are evident through its personnel and activities:
	1	Michael Hand’s Background: Hand’s CIA work in Laos during the 1960s provided operational expertise. He reportedly moved to Australia to influence politics, targeting the Whitlam government.

	2	CIA Operatives: Employment of figures like Colby and Yates suggests Nugan Hand was a trusted CIA asset. Edwin P. Wilson’s 1974 arms deal used the bank’s financial channels.

	3	Drug and Arms Networks: The bank’s alleged drug money laundering and arms deals supported CIA-backed anti-communist groups.

	4	Political Destabilization: Operations coincided with CIA concerns over Australian Prime Minister Gough Whitlam, suggesting political interference.

	5	Cover-Up: After Nugan’s death, the CIA obstructed Australian investigations, limiting evidence of direct control.
==Collapse and Aftermath==
	•	Frank Nugan’s Death: On January 27, 1980, Nugan was found dead by gunshot, officially ruled suicide. Conspiracy theories persist.
	•	Bank Collapse: By mid-1980, insolvency was exposed, with $50,000 in missing funds. Hand fled Australia with assistance from a former Green Beret.
	•	Investigations:
	◦	The Stewart Royal Commission (1983) confirmed fraud and drug trafficking.
	◦	The Joint Task Force on Drug Trafficking (1980–1983) found evidence of arms deals but faced U.S. secrecy barriers.
	◦	A 1984 report suggested links to the 1975 Whitlam dismissal.
==Legacy==
Nugan Hand’s collapse exposed a nexus of intelligence, crime, and finance. Its role in CIA covert funding, arms deals, and alleged drug trafficking remains a case study in espionage, documented in works like Kwitny’s The Crimes of Patriots.