NASSAU, Bahamas, May 26, CMC – The Securities Commission of The Bahamas says the country’s former ambassador to Bahrain, Taran Mackey, has been prohibited for 20 years “from engaging in any financial activity whatsoever” requiring the Commission’s knowledge, consent and approval.
In a statement, signed by its chairman, retired Justice K. Neville Adderley, the Securities Commission also indicated that it found Mackey not “fit and proper to serve in any capacity requiring the approval and/or consent of the Commission”.
The statement said that the decision follows a November 22, 2025 “Settlement and Repayment Agreement” between IPG Family Office (IPG) and Mackey, in which the former diplomat “agreed to repay significant client funds he acknowledged, therein, to have misappropriated”.
IPG provides a comprehensive range of wealth and asset management, and trust and estate planning, services ranging from company formation through to family offices, executive entities, foundations and the provision of protector services to watch over trustees as they supervise trust assets.
The statement gave no details of the misappropriation of the funds, but said that upon reading the representation letter submitted on his behalf by his attorney, which was received on March 11, 2026 and upon hearing Mackey and his attorney, a day later, it also considered that “Mackey did not deny the allegations but rather objected to the amount of client funds alleged to have been misappropriated by him while employed by IPG, using his position of considerable trust, to do so.
“The Securities Commission said that pursuant to section 148(d) and (u) of the Securities Industry Act 2024 and “in light of the nature and gravity of this matter, Mr. Taran Mackey is hereby prohibited for twenty (20) years from engaging in any financial activity whatsoever requiring the Commission’s knowledge, consent, approval, or otherwise, whether it be for himself or on his behalf personally, or for a regulated company”.
The Securities Commission said that “this final decision is effective immediately”.
No details regarding the misappropriation of funds have been disclosed but Mackey suddenly stepped down from both his diplomatic post and Bank of The Bahamas directorship between Christmas and New Year 2025.
“I have made this decision to focus on resolving a private matter,” he said in a statement then.
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