Wallace Groves
Convicted Wall Street financier who built the privatized Freeport enclave under the Hawksbill Creek Agreement; per his declassified CIA Office of Security file, secretly worked for the CIA from 1965 to 1972.
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Wallace Groves
Wallace Groves was a Wall Street financier convicted of mail fraud in 1941 (indicted November 1938 on 14 counts; fined $22,000; served five months at Danbury) who relocated to the Bahamas and, through the Hawksbill Creek Agreement of 1955, obtained 50,000 Crown acres at £1/acre with tax exemptions to 2054, creating the privatized city-state of Freeport under his Grand Bahama Port Authority [S1]. A 1980 CIA staff-minutes reprint of a Wall Street Journal investigation states he "was secretly working for the CIA from 1965 to 1972," and an 18 Aug 1976 CIA Office of Security memo quoting his file #473865 records that he was of interest "as an advisor or possible officer of one of the Project [redacted] entities" and "was connected with Meyer LANSKY" [S2][S3]. He co-founded Grand Bahama Development Company (Devco) with Louis Chesler in 1961. See Offshore Finance Network (UAP Lore Audit).
Sources
[S1] "An Informal History of the Grand Bahama Port Authority, 1955–1985" | Grand Bahama Museum URL: https://www.grandbahamamuseum.org/images/pdfs/gbm-informal-history-port-authority-1955-1985.pdf Accessed: 2026-07-20 [S2] CIA Staff Meeting Minutes, 18 April 1980 | CIA Reading Room URL: https://www.cia.gov/readingroom/document/cia-rdp84b00130r000600010244-9 Accessed: 2026-07-20 [S3] NARA JFK Release 104-10059-10041 (docid-32345417), CIA OS memo 18 Aug 1976 URL: https://www.archives.gov/files/research/jfk/releases/docid-32345417.pdf Accessed: 2026-07-20
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