'SEC vs. Lines Overseas Management' fraud trial set for mid-February
January 12, 2010
A jury trial in a fraud action by the U. S. Securities and Exchange Commission against Bermuda-based financial services group Lines Overseas Management could take place as early as next month in Manhattan.
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Leadenhall Bank liquidator loses attempt to block $300 m claim by fraud victims
January 12, 2010
The liquidator of Bahamas-based Leadenhall Bank & Trust Ltd. has lost an attempt to prevent a $300 million-plus US court judgment by fraud victims from being admitted as a claim against the bank's estate.
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Cayman National sued for $5 m by client who lost money in CLICO
January 12, 2010
Cayman National Corporation and two of its subsidiaries are being sued for $5 million in "compensatory damages, interest and costs" by a client who claims to have lost money in an offshore investment.
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McGladrey & Pullen (Cayman) sued for $1.5 b by hedge fund investors
January 12, 2010
The Bankruptcy Trustee of two hedge fund groups that allegedly lost $1.5 billion due to fraud is suing auditor McGladrey & Pullen (Cayman) and related parties.
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Ernst & Young’s Bermuda and Bahamas firms pursued at US federal court over Petters fraud
January 12, 2010
Two more offshore-related civil actions regarding an alleged multi-billion fraud by the Minnesota-based Petters Group, including one in which Ernst & Young's Bermuda and Bahamas operations are defendants, made their way to federal court in the United States in December.
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Credit Suisse, Cayman Islands sued for $24 b for 'predatory lending'
January 12, 2010
Credit Suisse, Cayman Islands Branch and affiliates are being sued for damages of $24 billion in a class action lawsuit filed on behalf of buyers of property in four resorts, including a "$4.9 billion 'mega-mix' resort" in the Bahamas, who claim they are victims of "predatory" lending practices.
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Offshore hedge funds seek to prevent 'asset-stripping' by financial services firm
January 12, 2010
Investment vehicles domiciled in the Cayman Islands, Delaware and Ireland have applied for an injunction to prevent insiders of a subprime financial services provider that faces "imminent" insolvency from allegedly enriching themselves and other shareholders at the expense of debt-holders.
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Bermuda police recommend fraud prosecution of money manager Hans Black
November 19, 2009
Bermuda police have recommended that 55-year-old Canadian money manager Dr. Hans Black be criminally prosecuted for allegedly defrauding a client of $6 million.
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PwC (Bermuda) partner met with Madoff in 2004, gave him 'clean bill of health'
November 19, 2009
A meeting that PricewaterhouseCoopers (Bermuda) partner Scott Watson-Brown had with Bernard Madoff in December, 2004 — after which Watson-Brown gave the fraudster a clean bill of health — has led to his firm being added as a defendant to a class action lawsuit brought on behalf of investors in a Bahamas-domiciled feeder fund for Madoff.
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Caledonia management destroyed records, ex-chairman involved in new firm
November 19, 2009
Insiders at Bahamas-based financial services firm Caledonia Corporate Management Group appear to have destroyed corporate emails shortly before putting the massively-insolvent and allegedly fraudulently-operated company into voluntary liquidation, according to liquidator Anthony Kikivarakis, of Deloitte & Touche (Bahamas).
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Ex-LOM president Brian Lines loses attempt to keep recording from SEC
November 19, 2009
Former Lines Overseas Management president Brian Lines has lost an attempt to avoid giving the United States Securities and Exchange Commission a tape-recording of a telephone conversation he had nearly seven years ago with SEC attorneys who were looking into alleged stock manipulation.
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$10 m judgment entered against Barbados insurer
November 19, 2009
A default judgment for $10.2 million has been entered in the United States against a Barbados-licensed insurer that was allowed to continue in business by Barbados' Supervisor of Insurance, Carlos Belgrave, despite evidence of fraud that was exposed in OffshoreAlert more than three years ago.
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Lone Star (Bermuda) sues former group officer for allegedly embezzling $12 m
November 19, 2009
A Bermuda hedge fund and two affiliates have filed a complaint against the group's former South Korea head, whom they allege has admitted misappropriating $12 million.
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Gary McDuff charged with money laundering for a third time
November 19, 2009
Texas-based offshore investment promoter Gary Lynn McDuff has been indicted for alleged money laundering for the third time in 19 years at federal court in the United States.
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Israel seeks information about 'York University' for criminal investigation into bogus universities
January 12, 2010
Israel has requested information about "York University" in Alabama as part of a criminal investigation into allegedly bogus universities.
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Russia seeks evidence in Boca Raton for criminal investigation into smuggling of stolen artifacts
January 12, 2010
Russia has requested evidence in Boca Raton, Florida as part of a criminal investigation into the alleged smuggling of stolen nineteenth century artifacts of national importance.
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Palau seeks evidence in USA as part of criminal investigation into alleged bank fraud
January 12, 2010
The Pacific island of Palau has requested evidence in the United States as part of a criminal investigation into an alleged attempt to defraud the First Commercial Bank of Taiwan by a U. S. citizen, several locals, including the head of Palau's Senate and the brother of the country's president, and even another bank, First Fidelity Bank.
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Argentina seeks records from International Bank of Miami for corruption investigation into Siemens
January 12, 2010
Argentina is seeking account information from the International Bank of Miami as part of a criminal investigation into allegedly corrupt payments totaling $31 million by European engineering conglomerate Siemens to government officials, including former Argentine president Carlos Menem.
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Argentina seeks records from Sterling Financial Investment Group as part of a criminal investigation into alleged $5 m fraud
January 12, 2010
Argentina is seeking records from Boca Raton-based Sterling Financial Investment Group Inc. as part of a criminal investigation into an alleged $5.2 million fraud against Banco de la Nacion.
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Bulgaria seeks information about Marianko International Investments and Black Gold Oil Company
January 12, 2010
Bulgaria has requested information about two companies believed to be domiciled in the United States as part of a criminal investigation into an alleged advance fee fraud.
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Estonia seeks evidence from Sikorski Aircraft Corp. for criminal investigation into helicopter crash
January 12, 2010
Estonia is seeking evidence from helicopter manufacturer Sikorski Aircraft Corp. and one of its subsidiaries, Helicopter Support Inc., as part of a criminal investigation into a helicopter crash in 2005 that killed 24 people.
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Czech Republic seeks information about Delaware-domiciled Manik International and EU-Real
January 12, 2010
The Czech Republic is seeking information about Manik International LLC and EU-Real LLC, both domiciled in Delaware, for a criminal investigation into alleged tax evasion.
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Peru seeks account information from BAC Florida Bank for a criminal investigation into alleged tax evasion by agency for soccer players
January 12, 2010
Peru is seeking account information from BAC Florida Bank in Miami as part of a criminal investigation into alleged tax evasion by a management agency that represents professional soccer players.
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Switzerland seeks evidence in Florida for investigation into armed robbery
January 12, 2010
witzerland has requested evidence in Florida as part of a criminal investigation into armed robbery.
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Mexico seeks accounts from Citibank and Laredo National Bank as part of criminal investigation into fraud
January 12, 2010
Mexico has requested information about accounts at Citibank in New York and Laredo National Bank in Texas as part of a criminal investigation into an alleged $50 million fraud against members of a union.
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Guatemala seeks records from Sprint for criminal investigation into death threat
January 12, 2010
Guatemala is seeking records from telephone service provider Sprint as part of a criminal investigation into an alleged death threat against a 38-year-old Guatemalan woman that appears to have been made from the United States.
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Bulgaria seeks information about Delaware-domiciled Stern Trade LLC
January 12, 2010
Bulgaria has requested information about Delaware-domiciled Stern Trade LLC as part of a criminal investigation into alleged fraudulent money transfers, money laundering and organized crime.
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Czech Republic seeks evidence from Martin Bernholz and others as part of criminal investigation into alleged tax evasion
January 12, 2010
The Czech Republic has requested evidence in the United States, including from the one-time biggest shareholder in a Bahamas offshore bank, as part of a criminal investigation into alleged tax evasion and misappropriation of funds.
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Guatemala seeks evidence about a vehicle allegedly used by narcotics-traffickers in murder of police officers
January 12, 2010
Guatemala has requested information about a vehicle that is apparently registered in the United States as part of a criminal investigation into the alleged murder of five police officers by narcotics traffickers.
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Poland seeks information about Delaware-domiciled Hunter Universal LLC for criminal investigation into alleged tax evasion and money laundering
January 12, 2010
Poland is seeking information about Delaware-domiciled Hunter Universal LLC as part of a criminal investigation into alleged tax evasion and money laundering by Vladyslav Hubenko.
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