Editing Michael Jon Hand (section)

==Nugan Hand Bank==
In 1973, Hand co-founded Nugan Hand Bank (initially Nugan Hand Ltd.) in Sydney with Frank Nugan, an Australian lawyer. Hand’s CIA background and covert expertise complemented Nugan’s legal and financial connections, making the bank a vehicle for both legitimate banking and alleged illicit activities.

	•	Role in the Bank: Hand served as co-founder and a key operational figure, leveraging his intelligence contacts to manage the bank’s covert activities. While Nugan was the public face, Hand oversaw international operations, particularly in Southeast Asia and offshore financial hubs. The bank offered high-interest (up to 16%) offshore accounts, attracting wealthy clients with promises of tax-free banking in the Cayman Islands and elsewhere.

	•	Operations:
	◦	Financial Fraud: Nugan Hand operated as a Ponzi scheme, using new deposits to pay interest to earlier investors. By 1979, it claimed $1 billion in assets, a figure later exposed as fraudulent by Australian investigations.

	◦	Arms Trafficking: The bank facilitated arms deals, notably a 1974 transaction by Edwin P. Wilson, a former CIA officer, to ship 10 million rounds of ammunition and 3,000 weapons to southern Africa, likely for anti-communist groups like [[UNITA]] in Angola. Hand’s connections ensured the deal’s financial secrecy.

	◦	Money Laundering: Nugan Hand laundered funds for CIA operations, moving money through Hong Kong, Singapore, and the Cayman Islands to support anti-communist activities in Southeast Asia, Africa, and Latin America.

	◦	Drug Allegations: Investigations, including by journalist Jonathan Kwitny (The Crimes of Patriots, 1987), alleged the bank laundered heroin proceeds from the Golden Triangle. Former employee Neil Evans, manager of the Chiang Mai branch, testified that couriers delivered drug money to Hong Kong, implicating Hand’s oversight.

	•	Key Personnel: Hand recruited U.S. military and intelligence figures to bolster credibility, including:
	◦	Admiral Earl P. Yates (president).
	◦	General Erle Cocke Jr. (Washington representative).
	◦	General Edwin F. Black (Hawaii office).
	◦	[[William Colby]] (former CIA Director, legal adviser).
	◦	Walter J. McDonald (former CIA Deputy Director, consultant).

	•	Expansion: The bank established branches in Hong Kong, Singapore, Chiang Mai, Hawaii, and the Cayman Islands, with a Washington, D.C., representative. Hand’s international experience facilitated this rapid growth.