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Venezuela seeks evidence from US banks for investigation into bank regulator

July 31, 2004
Article based on an application to collect evidence for a criminal investigation into alleged fraud and corruption - pursuant to a request for judicial assistance from Venezuela - that was filed at federal court in the USA on June 30, 2004. Individuals and businesses mentioned in the request for assistance include Banco Capital CA, Jose Alejandro Roja Ramirez, Banco Espirito Santo, Espirito Santo Bank, Inversiones Westfalia, Inversiones NBK, CA, Servicios CA, Inversiones 23697 CA, Waterfield Investment Inc., Consorcio Partenon, CA, Westfalia Investments, Citibank, and Fleet Bank, NA.

Spain seeks evidence in Florida for money laundering investigation

July 31, 2004
Article based on an application to collect evidence for a criminal investigation into alleged money laundering - pursuant to a request for judicial assistance from Spain - that was filed at federal court in the USA on June 30, 2004. Individuals and businesses mentioned in the request for assistance include Domingo Tarruella Dalmau, Roberto de Luca, Carlos Augusto Quintero Patino, Robert P. Gleusner, Brian Lennon, Ronald Reed, Manuel Lao Hernandez, Alicia Esther Franch, International Gaming Manufacturing, a.k.a. Leisure & Gaming Corporation; Forum Technology Ltd., Winner Group SA, J.L.M. Trading Corp., Hoboken Floramerica, Pacific Seafood Inc., Lakeview Flowers Inc., Surhtos Inc., Floramerica Inc., Big Plantain American Inc., L&G Corporation, Blazing Ltda, Enkor Business Corporation, Beauport Commercial, Atronic, Unidelca SA, Super Siete, Tuworld Inversora SA, Edsaco Ltd., Nova Atlantis SA, Consultoria International, Merrydown Ltd., Meadowside Management Ltd., Luis Flores, Barclays Bank, NationsBank International, Lloyds TSB Bank, ABN AMRO and Banco Ganadero.

Portugal seeks evidence in Texas for investigation into alleged fraud against Banco Espirito Santo

July 31, 2004
Article based on an application to collect evidence for a criminal investigation into suspected fraud - pursuant to a request for judicial assistance from Portugal - that was filed at federal court in the USA on May 17, 2004. Individuals and businesses mentioned in the request for assistance include Hassan Raef Hamze, Skyport Computers, Hanna Car Hendles GmbH, Manuel Carvalho de Sousa, Elie Hanna, Efax.com, J2 Global Communications, KBC Bank, Banco Espirito Santo, Bank Fuer Tirol Und Vorarlberg, and Bank One.

Poland requests evidence in Delaware for investigation into credit card fraud

July 31, 2004
Article based on an application to collect evidence for a criminal investigation into credit card fraud - pursuant to a request for judicial assistance from Poland - that was filed at federal court in the USA July 9, 2004. Individuals and businesses mentioned in the request for assistance include Marek Zapalski and First USA Bank.

Poland requests evidence in Michigan for fraud investigation

July 31, 2004
Article based on an application to collect evidence for a criminal investigation into alleged fraud - pursuant to a request for judicial assistance from Poland - that was filed at federal court in the USA on June 29, 2004. Individuals and businesses mentioned in the request for assistance include Michal Mozgala, Krystyna Brozyna-Mozgala, Cyberheat, Inc., Bank of America, ICS, Inc., RJB Telcom, Inc., Norwest Bank Arizona NA, WebQuest, Inc., Wells Fargo Bank, Cybernet Ventures, Inc., Sanwa Bank, B.E.G. Inc., Keystone Community Bank, Tri-Tech Internet Services Inc., Spedia.com Inc., Citibank, Electrocash Inc., Innovative Ideas International, GoTo.com, Overture.com, Overture Services, Inc., Dixon James Productions Inc., and Key Bank NA.

Insider Talking: July 31, 2004

July 31, 2004
How absurd has the criminal case in Texas involving Bahamas resident Yank Barry become?; A recent land-mark opinion by the United States Supreme Court that effectively determined federal sentencing guidelines were unconstitutional has formed the basis of an appeal by jailed former offshore services provider Marc Harris against his sentence of 17 years in prison and a financial penalty of $26 million for fraud, money laundering and tax evasion; The Central Bank of Belize has warned that an entity calling itself 'Development & Holding Bank of Belize' is not licensed; In July, the Bermuda Monetary Authority also issued warnings about suspect or bogus companies claiming to have ties to the jurisdiction; The United States FBI is establishing an office in the Bahamas, reported the Nassau Guardian; On July 19, 2004, a United States podiatrist admitted to using an offshore bank and credit card account to launder money and evade New York City state and federal taxes on more than $300,000 in income, according to a press release from the office of Manhattan District Attorney Robert Morgenthau, which prosecuted the case at the state Supreme Court; Germain Bourgeois, the former investment manager of the University of Montreal Pension Plan, is suspected of receiving payments in return for "convincing" three parties to invest "hundreds of millions of dollars" in the Lancer Offshore group of funds; and A civil lawsuit has been filed at the Turks & Caicos Islands Supreme Court against a solicitor who was recently disqualified from serving as a company director in the U. K. by the Department of Trade & Industry for his part in a timeshare scam.

Offshore bank paid $3 m fraudulent preference before collapse

July 24, 2004
The owner of a Hilton hotel in the Bahamas was the recipient of a $3 million fraudulent preference from a Bahamas-based offshore bank shortly before it collapsed, a court has ruled.Canadian national Ronald Hubert Kelly, a 60-year-old former Catholic priest and convicted pedophile, received the transfer from Americas International Bank on September 4, 2001.

Global Prosperity co-founder pleads guilty to tax conspiracy

July 17, 2004
Daniel Andersen has become the latest member of the Global Prosperity Group - which specialized in investment and tax fraud - to be convicted in the United States.Andersen, of Leominster, Massachusetts, and Oxnard, California, pleaded guilty to one count of conspiracy to defraud the United States at the U. S. District Court for the Western District of Washington on July 15, 2004.

Judgment against LOM and RBC appears to be defective

July 17, 2004
A $6.4 million default judgment in the United States against offshore investment firm Lines Overseas Management Ltd. and an offshore brokerage arm of the Royal Bank of Canada appears to be legally defective.Research by OffshoreAlert indicates that the summonses against LOM and RBC Dominion Securities were served improperly in December, 2001, meaning that the judgment, that was entered on July 1, 2004, should be dismissed if challenged.

A fool and his money …

July 17, 2004
Like lambs to the slaughter, scores of Americans and Canadians will be led to Bermuda in December for a financial culling arranged by an organization formerly known as the Global Prosperity Group. They are being lured to a seven-day conference on the promise that they will learn 'little-known' secrets about investing offshore that the wealthy of the world have hitherto selfishly kept to themselves, not wanting the ‘little man' to prosper.

SSBT’s owners lose yet another bid to regain bank license

July 10, 2004
Suisse Security Bank and Trust Company Limited has moved a step closer to full liquidation in the Bahamas following a recent court ruling.In a decision delivered on June 29, 2004 after one-and-a-half days of hearings, the Bahamas Court of Appeal unanimously dismissed what was essentially an appeal of an appeal by SSBT.

Default judgment against Lines Overseas Management and RBC Dominion Securities

July 10, 2004
A default judgment for $6.4 million has been entered in the United States against offshore investment firm Lines Overseas Management Ltd. and an offshore brokerage arm of the Royal Bank of Canada in connection with an allegation of banking and securities fraud.The judgment against LOM and RBC Dominion Securities, of the Turks & Caicos Islands, was entered at the U. S. District Court for the Southern District of Alabama on July 1, 2004 after they failed to defend a civil complaint after being served in December, 2001, according to court records.

Belarus seeks evidence in Delaware for investigation into alleged embezzlement

June 30, 2004
Article based on an application to collect evidence for a criminal investigation into alleged fraud - pursuant to a request for judicial assistance by Belarus - that was filed at federal court on June 15, 2004. Individuals and businesses mentioned in the request for assistance include GD Zheltko, AB Andron, Abdul Reza Mehrdada, Binox Holding Ltd., Santon Holding Ltd., Pro Business Management LLC, Riverton Developments LLC, Garnet Ltd., Liudmila LLC, Morrison Trade and Finance Inc., SUFTE Belvneshpromservice, Aizkraukles Banka, Rietumu Banka, and Parex Bank.

Lithuania seeks evidence in Illinois for fraud investigation

June 30, 2004
Article based on an application to collect evidence for a criminal investigation into alleged fraud - pursuant to a request for judicial assistance from Lithuania - that was filed at federal court in the USA on June 17, 2004. Individuals and businesses mentioned in the request for assistance include Gytis Kupinas, Deivis Spokas, Kestutis Zakarka, Egidijus Ceglauskas, Furnita,  Kvida, Klaipeda, Rimantas Spokas, and Riverdale Automotive.

Latvia requests evidence in Kentucky for a criminal investigation into alleged bank fraud

June 30, 2004
Article based on an application to collect evidence for a criminal investigation into alleged bank fraud - pursuant to a request for judicial assistance by Latvia - that was filed at federal court in the USA on June 3, 2004. Individuals and businesses mentioned in the request for assistance include John Keith Fanello, Kenneth Morris Griffin, a.k.a. Francis N. Chase; Chase and Maravich, Ross Stansfield, and Lola Shiflet Kirkland.

UK seeks evidence in Florida for money laundering investigation

June 30, 2004
Article based on an application to collect evidence for a criminal investigation into alleged money laundering and narcotics trafficking - pursuant to a request for judicial assistance by the United Kingdom - that was granted at federal court in the USA on March 25, 2004. Individuals and businesses mentioned in the request for assistance include Juan David Delvalle, Carlos Delvalle, Tom Page, Eduardo Gonzales, Metropolitan Safe Deposits Limited, Raul Acosta, Francisco Javier Cabrera Garcia, Salvage Motors, Salvage Masters Worldwide Services Inc, Gerald Dickson, Bank of America, CommerceBank, HSBC Bank, Executive National Bank, Revinca CA, Banco Continental SA, WSA Corp. Inc., Citibank, Banco Del Pichincha, Computer Technologies Inc., and Wachovia Bank.

UK seeks video evidence in Florida for trial of accused investment adviser

June 30, 2004
Article based on an application to collect evidence - pursuant to a request for judicial assistance by the United Kingdom - that was granted by federal court in the USA on March 3, 2004. Individuals and businesses mentioned in the request for assistance include Roddam Quintin Twiss, Emile Coury, The Grosvenor Trust, Grosvenor Ventures Inc., Westfield Capital Investments Ltd., Al Grillo, Michael Grillo, Dragon Group, Swepstone Walsh, William Hedley, Solicitors Indemnity Fund, Robin Kobacher, M. Rachid Safa, and Arab Bank.

Ukraine seeks evidence in Delaware for money laundering investigation

June 30, 2004
Article based on an application to collect evidence for a criminal investigation into alleged money laundering - pursuant to a request for judicial assistance from the Ukraine - that was filed at federal court in the USA on May 4, 2004. Individuals and businesses mentioned in the request for assistance include Fleming LLC, N. F. Dolinina, V. A. Koltygin, V. A. Gudramovych, S. V. Gotvyansky, I. M. Maltsev, L. O. Kulibanych, G. M. Opryshko, Hayat Kimya Sanayi SA, Ricardo Perez, Parex Bank, Aleksandr Rastegaev, Vladislav Streletskiy, Ukrpromexport, William Johnston, World Fund Inc., Euro-Amex Exchange Inc., Aleksandr Mikhailovich Rastegaev, and Vladislav Streletskiy.

Regulators in Cayman, BVI and US act against John Kaweske and SEGOES

June 30, 2004
Regulators in three countries have taken action recently against Cayman Islands-based financial services group known as SEGOES or its CEO, United States national John David Kaweske. The flurry of activity began on March 25, 2004 when the Cayman Islands Stock Exchange suspended the membership of SEGOES Securities Ltd.

Czech Republic seeks evidence in Washington for criminal investigation

June 30, 2004
Article based on an application to collect evidence for a criminal investigation into alleged breach of copyright - pursuant to a request for judicial assistance from the Czech Republic - that was filed at federal court in the USA on June 25, 2004. Individuals and businesses mentioned in the request for assistance include Milan Kukene, Jaroslav Petrzilka, Laplink Software, Inc., and Traveling Software, Inc.

Argentina family sues Merrill Lynch (Cayman)

June 30, 2004
An Argentina-based family is suing Merrill Lynch's operation in the Cayman Islands and New York for $1.3 million, alleging mismanagement of funds held in a trust. The beneficiaries of the Trust of Raquel Calles de Edelman claim that Merrill Lynch money managers in the Isle of Man lost that amount by altering the Trust's investment profile from "conservative" to "moderate to aggressive" without authorization.

Switzerland seeks evidence in Florida for investigation into financial crimes

June 30, 2004
Article based on an application to collect evidence for a criminal investigation into alleged embezzlement - pursuant to a request for judicial assistance by Switzerland - that was granted by federal court in the USA on June 18, 2004. Individuals and businesses mentioned in the request for assistance include Michel Gauthey, Gauthey & Fils, Mathias Burlet, US Technology Science-Real Estate Corp., Christoph Gisler, Robert Bozzetti, Immofin Foundation, Lloyds Bank, IBC Novotec Ltd., Lombard Odier & Co., Si Temple de Carouge SA, Anne Rossier, Jean-Claude Rossier, Si Tourmaline B SA, and Si Verjus Levant.

Poland seeks evidence in Arkansas for forgery investigation

June 30, 2004
Article based on an application to collect evidence - pursuant to a request for judicial assistance from Poland - that was filed at federal court in the USA on June 1, 2004. Individuals and businesses mentioned in the request for assistance include Clark Selby, Artur Winiarski, Universal Parking Company, and Wapark Company.

Belgium seeks evidence in Florida for investigation into $15 m investment fraud

June 30, 2004
Article based on an application to collect evidence - pursuant to a request for judicial assistance by Belgium - that was granted at federal court in the USA on April 22, 2004. Individuals and businesses mentioned in the request for assistance include Didier Meimoun, a.k.a. Didier Meimoun Santerre, a.k.a. Didier Santerre, a.k.a. Didier Abaroudi, a.k.a. Daida Meimoun; Silvia Lescure, Anita Winckler, M&M International, M&M Distribution or M&M Interest, SPRL M&M Distributions, SPRL DMS Market Globus, M&M Group, M&M Europe, M&M Helvetia, M&M Diffusions, M², M³, M&M Swisswatch, Black Stone Services SA, Lucky Invest SA, N&N SA, Bank Vontobel AG, UBS AG, BNP, Chase Manhattan, Mellon Bank, Sanwa Bank, Bank of America, Bank of New York, Citibank, Salomon Smith Barney, KeyBank, Gilles Benisti, Frederic Toussaint, Michel Pallacci, Eddie Levon, Stephane Noel, Claude Hec, and Simon Bretholz.

Belarus seeks evidence in Delaware for investigation into suspected corruption

June 30, 2004
Article based on an application to collect evidence - pursuant to a request for judicial assistance from Belarus - that was filed at federal court in the USA on June 14, 2004. Individuals and businesses mentioned in the request for assistance include Belarusian Steel Works, Univers Project Inc., and VEF Bank.

Poland seeks evidence in Delaware for investigation into Andrzej Zalewski

June 30, 2004
Article based on applications to collect evidence - pursuant to a request for judicial assistance from Poland - that were filed at federal court in the USA on May 13, 2004 and June 4, 2004. Individuals and businesses mentioned in the request for assistance include Andrzej Zalewski, a.k.a. Jan Kowalski, a.k.a. Ivan Kowalski, a.k.a. Eric Keller; MBNA America Bank NA, Citibank (South Dakota) NAPO, Lasalle Bank PSB, Household Bank (Nevada) NA, Capital One Services Inc., Bank One NA, Providian Financial Corp., and American Express.

HERE WE GO AGAIN: BVI firm offers double-digit annual returns for UK litigation funding, claims investment is ‘very low risk’ and returns are ‘guaranteed’

June 30, 2004
An offshore firm is seeking to raise millions of dollars from the sale of an unlicensed investment product that investors are told is "very low risk" and pays out a "guaranteed" annual return of 10.5 per cent. British Virgin Islands-registered Puritan International Limited has launched a "Loan Stock Offering" for investment in the widely abused personal injury litigation funding industry in the United Kingdom.

US court issues $1.1 m forfeiture order against Panamanian bank account

June 30, 2004
A court has issued an order allowing the United States Government to seize up to $1.1 million in a Panamanian bank account that is believed to be the proceeds of insider trading by Panama residents. The target is an account at Banco Uno S. A., in Panama City, Panama, in the name of "Yan Abecassis and/or Atlantic 1 Corp., and all related funds".

Annuity & Life Re proposes reverse stock split

June 30, 2004
Financially beleaguered Annuity & Life Re has sunk to the depths of proposing a reverse stock split in an attempt to maintain its listing on the New York Stock Exchange. A proposal to split the stock at a specified ratio within a range of one-for-two to one-for-twenty will be put to shareholders at the company's AGM that is due to be held in Bermuda on August 5, 2004.

Insider Talking: June 30, 2004

June 30, 2004
In separate actions, the Cayman Islands Monetary Authority has announced its intention to revoke the Mutual Fund Administrator's license held by Signature Financial Group (Grand Cayman) Ltd., c/o P. O. Box 2494 GT, Grand Cayman, and that it has revoked the unrestricted Class 'B' Insurer's License held by Potomac Indemnity Company, effective April 6, 2004; Controversial newsletter publisher Pirate Investor LLC has obtained a subpoena against Yahoo! Inc. as part of its attempt to identify an anonymous Internet user who is suspected of a breach of copyright; The Isle of Man Financial Supervision Commission issued notices over April-June, 2004 urging the public to "exercise the greatest possible caution" when dealing with several businesses; The Office of the Comptroller of the Currency, which regulates national banks in the United States, has issued advisories several 'banks'; If anyone wants a blueprint of how not to attempt to transport more than $10,000 out of the United States without correctly filling out the proper Customs forms, they could do a lot worse than study the case of 23-year-old Bahamian national Antunya Shenique Rahming; A Costa Rica-based private bank that targeted expatriates - Corporación Elca, S.A., more commonly known as Banco Elca - has been closed down by local regulator Superintendencia General de Entidades Financieras; Evidence of corruption against Grenada's Prime Minister Keith Mitchell and former Director of Public Prosecutions and current "Special Prosecutor" Hugh Wildman while he was Director of Public Prosecutions was referred to in a Judgment delivered in the UK High Court on June 24, 2004 in a civil lawsuit that had been filed against former First International Bank of Grenada CEO Lawrence Victor Jones by his former fiancé, Kerry Cox; Apart from being home to many a fraudulently-operated offshore company, the South Pacific island of Niue is also one of the biggest producers of Internet pornography in the world; The Australian Securities and Investments Commission announced on June 11, 2004 that it had concluded its proceedings in the Supreme Court of New South Wales against Trans Pacific Insurance Corporation, a Cayman Islands-registered insurers, and Triton Underwriting Insurance Agency Pty Ltd.; and Under the Progressive Labour Party Government, Bermuda — for so long a model, small-country jurisdiction — is hurtling towards being as openly corrupt as any of the islands in the Caribbean that it has historically looked down on.

Boss of BVI hedge fund arrested in Hong Kong

June 30, 2004
The principal of a British Virgin Islands-registered hedge fund administered by the Bank of Bermuda has been arrested in Hong Kong on suspicion of defrauding investors of approximately $56 million. Charles Schmitt, who operated the CSA Absolute Return Fund Ltd., was released on bail on June 17 pending further investigation by local police and the Hong Kong's Securities & Futures Commission.

Enron Re given a 12-month lifeline

June 30, 2004
Enron Corp.'s Bermuda-registered captive, Enron Re, has been given another 12 months to sort out its financial troubles. An order adjourning winding-up proceedings against the firm for another year was issued at Bermuda Supreme on June 9, 2004, reported The Royal Gazette newspaper.

Bank of Butterfield sued in New York over $216,000 claim

June 30, 2004
A New York resident is suing the Bank of N. T. Butterfield & Son and one of its clients, claiming that he was cheated out of US$216,000 of dividends and other profits earned by a Cayman Islands-registered firm. Herbert Chestler, of Manhasset, New York, filed a lawsuit at New York State Supreme Court on November 24, 2003. Defendants are Carole Clark, of New York City, New York; The Bank of N. T. Butterfield & Son Ltd., and Bank of Butterfield (Cayman) Ltd.

Ukraine seeks evidence in Delaware for investigation into alleged customs fraud

June 30, 2004
Article based on an application to collect evidence for a criminal investigation into alleged customs fraud - pursuant to a request for judicial assistance from the Ukraine - that was filed at federal court in the USA on May 20, 2004. Individuals and businesses mentioned in the request for assistance include Yacht Club Ukraine, Latimpex Ltd., Passat Europe Ltd., Lateko Banka, and United Bulgarian Bank.

Ukraine seeks evidence in Illinois for investigation into alleged smuggling

June 30, 2004
Article based on an application to collect evidence for a criminal investigation into alleged smuggling - pursuant to a request for judicial assistance by the Ukraine - that was filed at federal court in the USA on June 24, 2004. Individuals and businesses mentioned in the request for assistance include Siorel Mikhail Gidu, Starodubskyy Yuryy, Gennadiy Mykhailovytch Pobizhan, Gennadiy Mykhaylovych Pobezhan, Mykhaylo Sydorovych Pobezhan, Olena Olexandrivna Buzevska, and Yuriy Anatoliyivych Lugovskyy.

AT&T sues XL Insurance over 9/11 coverage

June 30, 2004
AT&T Corp. has filed a civil complaint against 15 insurers, including XL Insurance (Bermuda) Ltd., over allegedly unpaid property damage and business interruption claims concerning 9/11. The telecommunications giant, which is registered in New York but based in New Jersey,  is seeking an award of not less than $139 million in an action filed at New Jersey Superior Court on June 11, 2004.

Ex-Imperial Consolidated boss admits stun gun offense

June 23, 2004
The former boss of a fraudulently-operated offshore investment group has been convicted of illegally possessing two high-voltage stun guns that were found at his home in England during a raid by the UK Serious Fraud Office. Lincoln Julian Fraser, 33, who co-founded the now-collapsed Imperial Consolidated Group, admitted possession of the guns during an appearance at Lincoln Magistrates Court, reported the Market Rasen Mail newspaper, in England.

Eric Resteiner extradited from Singapore to the US

June 21, 2004
Former Grenada diplomat Eric Resteiner has been extradited from Singapore to the United States to answer a 60-count criminal indictment for fraud and money laundering. Resteiner, who is a United States national, was extradited to the United States from Singapore, where he was arrested on February 11, 2004, after losing his fight against extradition proceedings. He made his first appearance at the U. S. District Court for the District of Massachusetts on June 18, 2004.

LOM clears itself of wrongdoing

June 19, 2004
Bermuda-based investment firm Lines Overseas Management Ltd. has denied allegations of securities fraud made against it by the SEC but is still refusing to co-operate with the regulator's investigations. LOM has reiterated its stance that its affairs are governed by the laws of Bermuda, the Bahamas and the Cayman Islands, where it has offices, and not the USA and Canada, where it makes much of its revenue.

SEC investigates LOM for alleged securities fraud

June 11, 2004
Bermuda-based investment firm Lines Overseas Management Ltd. and its principal officers, Scott and Brian Lines, are being investigated for alleged securities fraud in the United States. It has been alleged that the Lines brothers and LOM customers profited by more than $6.4 million from fraud and market manipulation and that the firm caused false statements to be filed with the SEC and altered its internal records to impede an investigation.

Imperial Consolidated spin-off Invaro to go into liquidation

June 10, 2004
UK-based financial services firm Invaro Ltd. is insolvent and intends to apply for voluntary liquidation, along with two associated companies, which are believed to be Wishsprite Plc and Medico-Legal Reports Ltd. An announcement about Invaro's demise was made yesterday - only ten weeks after an OffshoreAlert article raised concerns about Invaro's legitimacy and provided evidence of its links to the fraudulently-operated Imperial Consolidated Group.

Russia seeks evidence in New York for trafficking investigation

April 30, 2004
Articles based on an application to collect evidence for a criminal investigation into the alleged illegal transportation of illegal substances - pursuant to a request for judicial assistance from Russia - that was filed at the U. S. District Court for the Eastern District of New York on February 27, 2004. Individuals and businesses mentioned in the request include Biddle Sawyer Corporation and John F. Kilroy Co. Inc.

Capital Z sues Examination Management Services for $225,000

April 30, 2004
A Bermuda firm is suing a Dallas-based medical and data information services provider that it came close to buying last year.Capital Z Financial Services Fund II LP is seeking damages of at least $225,000 against Examination Management Services Inc., of Dallas, Texas; Mark S. Davis, and Robert P. Brook, both of Texas, in a lawsuit filed at the U. S. District Court for the Southern District of New York on April 5, 2004. The causes of action are breach of contract, quantum meruit, and tortious interference with contract.

Insider Talking: April 30, 2004

April 30, 2004
Ian Renert and his unlicensed Bahamas-based investment fund group receive $1.5 m in penalties in securities fraud action, London-based barristrer Lawrence Jones in messy legal battle with former fiancée, Keith King and the Dominican Republic's Central Bank, AT&T Corp. sues the Bahamas Tourist Office for an allegedly unpaid bill of $104,361, Royal Bank of Scotland refused to explain massive exposure to the Cayman Islands, civil complaints filed in the Turks and Caicos Islands against Professional Capital Ltd. and Intalco Management Ltd., US Government obtains order allowing it to seize $2.6 m of narcotics trafficking proceeds held at Barclays Bank (Bahamas), US Government applies to seize 55-feet catamaran passenger ferry called 'The Preference' moored in St. Vincent and the Grenadines, and Netherlands Antilles-domiciled Overseas World Marketing NV sues Motivational Marketing Inc. in Florida.

Belarus seeks evidence in Arkansas for customs fraud investigation

April 30, 2004
Article based on an application to collect evidence - pursuant to a request for judicial assistance from Belarus - that was filed at the U. S. District Court for the Western District of Arkansas on April 7, 2004. Individuals mentioned in the request for assistance include Oleg Eduardovich Gabrinevsky and Alexander Vladimirovich Minov.

2003 Compensation Review for Bermuda Insurance Executives

April 30, 2004
Massive profits from exercising stock options made ACE Ltd. officers Donald Kramer and Brian Duperreault the best compensated officers among Bermuda-based, publicly-traded insurers in 2003.Kramer and Duperreault topped InsideBermuda's Seventh Annual Compensation Review for Insurance Executives with packages of $27.5 million and $26.8 million, respectively, for the 12-month period.

Hungary investigates Bahamas firms and others for alleged high-tech smuggling

April 30, 2004
Article based on an application to collect evidence - pursuant to a request for judicial assistance by Hungary - that was granted by the U. S. District Court for the District of Delaware on April 5, 2004. Individuals and businesses mentioned in the request for assistance include Ferenc Bacs, Olaro Deposit Partnership, Sugoda Deposit Partnership, U. S. Product Ltd., Concord Invest & Trade Corp., Concord Invest Ltd., S.M.G. Trade Inc., and Zoltan Zsolt.