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Beacon Hill files for liquidation in Cayman

October 31, 2003
An offshore hedge fund whose Board includes a director of the agency that regulates it has gone into liquidation. Beacon Hill Master Ltd. filed a voluntary winding-up petition at the Grand Court of the Cayman Islands on October 27, 2003. Theodore Bullmore and Simon Whicker, both of KPMG, have been appointed liquidators.

Criminal investigation into Hamilton Bank executives

September 30, 2003
Two former executives of a now-closed U. S. bank that provided correspondent services to many offshore financial institutions are targets of a criminal investigation. They are Eduardo Masferrer and Carlos Bernace, formerly Chairman/CEO and Executive Vice President/Director, respectively, of the Hamilton Bank, in Miami.

Superseding indictment against Marc Harris

September 30, 2003
A Grand Jury in Miami returned a superseding indictment on September 30 against offshore provider Marc Harris, adding one count of conspiring to defraud the IRS and eight counts of tax evasion to the 13 counts of money laundering first brought against him in May. Harris faces a maximum penalty of 5 years' imprisonment and a $250,000 fine on the conspiracy charge and each tax evasion charge, up to 20 years in prison and a fine of up to $500,000 on each money laundering count and a maximum penalty of 3 years in prison and a $250,000 fine on the false return charges, stated prosecutors.

Switzerland seeks evidence in Florida for investigation into derivatives scam

September 30, 2003
Article based on an application to collect evidence for a criminal investigation into alleged investment fraud - pursuant to a request for judicial assistance from Switzerland - that was filed at federal court in the USA on September 10, 2003. Individuals and businesses mentioned in the request for assistance include Northern Trust Bank of Florida, Markus Erich Haueter, Ulrich Habedank, Eyk Himmel, Stefan Jutz, Rocko Holdings Corp., Dinamica Directiva, Futop GmbH, and Dr. Sporri.

Hamilton Bank officers accused of fraud

September 27, 2003
The U. S. Securities and Exchange Commission has filed a lawsuit alleging fraud against three former senior officers of Florida-based Hamilton Bank N. A., which was closed down by U. S. regulators in January, 2002. Eduardo A. Masferrer, Juan Carlos Bernacé and John M.R. Jacobs are defendants in the action, which was filed at federal court in Miami on September 25, 2003.

Bank syndicate owed $183 million by Trenwick Group

August 31, 2003
A syndicate of banks led by JPMorgan Chase Bank is the biggest creditor of ailing Bermuda-based specialty insurer Trenwick Group Ltd., with an outstanding claim of $183 million at August 20, 2003.The syndicate also includes Wachovia Bank, Credit Lyonnais (New York), Dresdner Bank (New York and Grand Cayman), Fleet National Bank, The Royal Bank of Scotland, ING Bank (London), Citibank, The Bank of Nova Scotia, State Street Bank and Trust Company, and Mizuho Corporate Bank.

Overseas Partners in talks to settle IRS dispute

August 31, 2003
Bermuda-based Overseas Partners Ltd., which is closely associated with courier firm UPS, is apparently making headway in settling its long-running dispute with the IRS in the United States."We made further progress in resolving the tax litigation with the IRS in relation to our workers' compensation reinsurance program with UPS," stated OPL in a letter to shareowners on August 20.

Client complains about Whitherspoon Seymour & Robinson

August 31, 2003
A business which operates from addresses in the United States has been accused of ripping off a Hong Kong-based client through the sale of an offshore bank charter.Whiterspoon Seymour & Robinson Inc. received $41,980 from the client in November, 2002 for a shelf bank called European Securities Bank Ltd. that was purported to be licensed in Fiji. The funds were sent to WS&R's account at PNC Bank, 500 First Avenue, Pittsburgh, Pennsylvania.

Fraudster pleads guilty, US Attorney to seek $1.6 m from Bermuda firm

August 31, 2003
A telemarketing fraudster has agreed to assist in an attempt to recover US$1.6 million that the United States Attorney in Los Angeles believes is being held by Bermuda-based e-commerce firm First Atlantic Commerce.Prosecutors believe the funds are the proceeds of Timothy Ryan Babuin's fraudulent activities, according to a plea agreement that he entered into at the U. S. District Court for the Central District of California on July 3, 2003.

Bankruptcy Trustee seeks sanctions against Bermuda firm

August 31, 2003
A U. S. Bankruptcy Trustee has asked a court to apply sanctions against a Bermuda-registered group closely associated with former Premier Sir David Gibbons. It is part of an attempt by Barbara B. Stalzer to recover assets that she claims were fraudulently transferred by the NimsTec group to avoid paying its debts.

Hong Kong broker and UK bank take action against NASD Resolution Inc.

August 31, 2003
A Hong Kong-based securities broker and an affiliated U.K.-based bank have applied for a court injunction to prevent a United States regulator from asserting jurisdiction in a dispute with a client.The application was made by Prudential-Bache Securities (Hong Kong) Ltd. and Prudential-Bache International Bank Ltd. at the U. S. District Court for the Southern District of New York on July 28, 2003.

MRM in class action settlement talks

August 31, 2003
Negotiations are underway to settle a class action lawsuit filed by shareholders against Mutual Risk Management and several of its former officers and directors.Details are contained in a filing at the U. S. District Court for the Southern District of California on July 30, 2003 in which the defendants agreed to withdraw their motion to dismiss the complaint.

Insider Talking: August 31, 2003

August 31, 2003
Fund manager Brian Paul Kuhn pleads guilty at the Grand Court of the Cayman Islands to several counts of theft of client funds; Switzerland investigates theft of financial data by computer hackers; HedgeWorld Limited closes Bermuda office and relocates its staff to New York; "Marc Harris stole your funds", investment fraudster tells clients; Bermuda-based Bank of Butterfield and Bank of Bermuda expand overseas; and career conman David Tedder is sentenced to five years in prison, fined $1.06 million and ordered to forfeit $2.7 million at federal court in the USA.

Bank of Bermuda CEO files to sell shares worth $2.3 m

August 31, 2003
Over the last nine months, Bank of Bermuda CEO Henry Smith has notified the SEC that he plans to sell 69,000 of his shares in the bank with an estimated open market value of $2.32 million.SEC filings show that Smith made eight separate 'Planned Sale' filings with the SEC from December 19, 2002 to August 19, 2003. However, there are no filings yet showing that he has sold any.

Hedge fund group receives Cayman license, seeks to profit from penny stocks

August 31, 2003
An offshore hedge fund has been set up by a group with an eye-popping record of profiting from trades in penny stocks whose issuers have collectively lost more than $1.2 billion. Cornell Capital Partners Offshore Ltd. was licensed as a mutual fund by the Cayman Islands Monetary Authority on July 1, 2003. 

Zurich Financial Services strengthens Centre’s reserves

August 31, 2003
The balance sheet of the Bermuda-based Centre group was strengthened by $474 million during the six months ended June 30, 2003."Reserve strengthening of USD474 million impacted the result at Centre," disclosed Centre's parent, Zurich Financial Services, Europe's third-largest insurer.

Cash 4 Titles receiver seeks $3.2 m from offshore firms

August 31, 2003
Two offshore entities have been named as defendants in a lawsuit filed in the United States by the Receiver of the Cash 4 Titles Ponzi Scheme, whose insolvency is more than $150 million.It has been alleged that Private Terms Ltd., c/o Morningstar Holdings Ltd., Nevis; Classic Terms Ltd., of the Cayman Islands; and their alleged owner, Gilbert M. Miller, of Duluth, Georgia, USA, profited by at least $3.2 million from the scheme.

Cayman Department of Tourism sued by ex-marketing agent

August 31, 2003
A New York-based sales and marketing agency has filed a lawsuit against the Cayman Islands government after its contract to promote the island's tourism industry was terminated.The Lord Group is seeking at least US$367,500 against the government and the Cayman Islands Department of Tourism (CIDOT).

Annuity & Life Re continues downsizing

August 31, 2003
Financially-troubled Annuity & Life Re continued its downsizing in August with the announcement that unnamed ceding companies had 'recaptured' a major contract that was draining its earnings.The recapture, which was effective June 30, 2003, involved Annuity & Life Re's largest guaranteed minimum death benefits reinsurance contract.

Clients complain about Alianta International Credit Union

August 31, 2003
Clients of an unlicensed "offshore credit union" who claim they cannot redeem their investments believe that at least $100 million of total investor funds may be at risk.Much of the money that has gone into Alianta International Credit Union, a.k.a. Alliance International Credit Union, was invested by U. S. nationals, according to one group.

Marc Harris granted trial date extension

August 23, 2003
A federal judge in Miami has granted a motion by Marc Harris to have his trial start date put back from August 11, 2003 so that he can review evidence against him.In an order dated August 20, 2003, Judge Donald L. Graham set a new two-week period from October 6, 2003 to October 17, 2003 to try the 13 counts of money laundering that have been brought against Harris.

Witness claims attorney paid him not to testify

August 23, 2003
A stock promoter claims he was paid CDN$10,000 not to testify at a money laundering trial that is currently being held in Miami in which the defendants are Canadian attorney Martin Chambers and Bahamas accountant Michael Hepburn.Kevan Garner, of Vancouver, told prosecutors the payment was made on behalf of Chambers through an intermediary, Barry Mann. There is no suggestion that Hepburn was involved.

Cayman bank sues US factoring firm for $170 m

August 18, 2003
A Cayman Islands-licensed bank is suing a Florida-based accounts receivable factoring company which has allegedly defaulted on loans totaling $170 million.Bank Espirito Santo (International) Ltd., which is part of the Portugal-based Espirito Santo Group, filed a civil lawsuit against E. S. Bankest LC at the U. S. District Court for the Southern District of Florida on August 6, 2003.

Investors in Bahamas-domiciled MJ Select Global seek to recover $9.8 m in losses

August 18, 2003
Investors in a failed Bahamas-based investment fund have filed a lawsuit in the United States in which they are seeking to recoup $9.8 million of losses.The plaintiffs are investors in M. J. Select Global Ltd., which is in liquidation after suffering total losses of "at least $30-$40 million", according to the complaint.Several of the many defendants are based in the Bahamas, including M. J. Select Global Ltd., Oceanic Bank & Trust Ltd., Citco Fund Services (Bahamas) Ltd. and Lion Corporate Services Ltd.

Panama to investigate alleged corruption regarding Marc Harris

August 9, 2003
Panama's government is to carry out an investigation into allegations of corruption involving its own officials and offshore crook Marc Harris, according to the local media. President Mireya Moscoso announced on August 6 that a Commission would be appointed to conduct the inquiry, reported La Prensa newspaper.

Lancer Offshore officer pleads guilty to fraud

August 3, 2003
Bruce Cowen, who was a senior officer with the collapsed Lancer Offshore group, has pleaded guilty to fraud conspiracy in the United States.Cowen pleaded guilty to one count of conspiracy to commit securities fraud, mail fraud and wire fraud at the U. S. District Court for the Southern District of Florida on August 21, 2003.

Grenada’s offshore banking industry plumbs new depths

July 31, 2003
Petitions to wind-up five offshore banks were presented at Grenada High Court on July 24, 2003.The banks were Bank Crozier Ltd., DIAK Bank Ltd., Anglo American Bank Ltd., Wellington Bank & Trust Ltd., and Cornerstone International Saving & Investment Bank Ltd.

From Bermuda to Baghdad: Ex-Director of crooked company to help re-build Iraq

July 31, 2003
A former senior officer with Goldman Sachs who was a director of Stirling Cooke Brown Holdings while it was committing massive fraud is about to be handed a major role in the reconstruction of Iraq.Notwithstanding that the company he helped to take public and govern lied and swindled its way to riches for insiders at the expense of shareholders, clients and the insurance industry in general, the career of Reuben Jeffery III has prospered.

US Department of Justice investigates Genesis Fund

July 31, 2003
The United States Department of Justice is conducting a criminal investigation into the collapse of a Costa Rica-based investment fund which collapsed with up to $50 million of investor funds missing.The existence of the investigation has been acknowledged in at least two letters sent this year from insiders to investors in The Genesis Fund Ltd., which is incorporated in Nevis.

Receiver appointed in Canada for assets of Exchange Bank & Trust

July 31, 2003
The Supreme Court of British Columbia has appointed a Receiver for US$20 million of assets belonging to two offshore banks, their clients and related parties - more than three years after freezing them.Following its appointment on June 16, 2003, KPMG Inc., in Vancouver, Canada, is seeking claimants for the funds, which were frozen in April/May, 2000 as part of an investigation into securities fraud.

UK firm denies business relationship with Target Group

July 31, 2003
A UK-based forex trading and spread betting firm has denied that it entered into a business partnership with the Target Group of Companies, two of whose principals are subject to arrest warrants in the United States."A number of months ago IFX did have discussions with Target with regard to entering in to a business relationship," said Alex Hartley, Compliance Director of IFX Markets. "However, nothing came of this. The relationship has now ceased."

MasterCard terminates Leadenhall Bank’s credit card-issuing license

July 31, 2003
One of the biggest issuers of offshore credit cards, Leadenhall Bank & Trust in the Bahamas, has had its card issuing license terminated by MasterCard.Effective July 29, 2003, all MasterCards issued by Leadenhall Bank were cancelled - a victim of the U. S. clampdown on the use of offshore cards to access the proceeds of crime, including tax evasion.

Nevis firms sue alleged investment fraudsters

July 31, 2003
Four Nevis-registered firms who were members of a sham offshore credit union have filed a lawsuit alleging they were defrauded of approximately $3.7 million in a bogus foreign currency trading scheme. Diamond Investment Group LLC, Index Management Systems LLC, Austin Enterprises LLC and Bonita Holdings LLC filed an action at the U. S. District Court for the District of Oregon on July 11, 2003.

Stirling Cooke Brown Insurance Brokers Ltd. goes into administration

July 31, 2003
After the loss of a major lawsuit, Stirling Cooke Brown Insurance Brokers Ltd. has gone into administration in the United Kingdom.Paul Evans and Dan Schwarzmann, of PricewaterhouseCoopers, were appointed joint administrators on July 17, 2003 - nine days after a judgment in a U. K. High Court action filed by Sphere Drake Insurance.

Whitney Bank bank fails to quash Villalobos-related subpoena

July 31, 2003
A bank in the United States has failed in its bid to quash a subpoena requiring it to turn over records for a criminal investigation in Costa Rica into a business known as 'The Brothers'.Whitney Bank, in New Orleans, Louisiana, had argued it would expose itself to potential civil liability from its clients if it complied with the subpoena without notifying them beforehand.

Ex-janitor who ripped off Bermudians sentenced to 30 years in prison

July 31, 2003
A former janitor whose groups persuaded Bermudians to cash in their pension plans and invest in fraudulent 'get-rich-quick' schemes has received a 30-year prison sentence in the United States.John Wayne Zidar, 60, of Gardnerville, Nevada, orchestrated a Ponzi scheme that took in approximately $74 million from about 3,200 people in the United States, Bermuda and other countries.

XL Specialty seeks to avoid claims regarding deaths on San Francisco Bay Bridge Project

July 31, 2003
XL Specialty Insurance Co. has issued legal proceedings in the United States in an attempt to avoid paying claims for two people killed while working on the San Francisco Bay Bridge Project.The Illinois-based company filed a lawsuit against Kiewit Offshore Services Ltd., of Texas, at the U. S. District Court for the Southern District of Texas on July 3, 2003.

Montenegro revokes licenses of all of its offshore banks

July 31, 2003
Effective August 1, 2002, all offshore banking licenses in Montenegro were revoked by the Central Bank. However, some are continuing to operate without a license, including Goldstar Commercial Bank, at www.goldstar-bank.com, and Tempus Bank, at www.tempusbank.info.

Liquidators seek to depose former New Cap Re boss

July 31, 2003
The liquidators of New Cap Reinsurance Corporation (Bermuda) Ltd. have been granted a request for judicial assistance by a United States court.The decision on July 8, 2003 by the U. S. District Court for the District of Connecticut allows liquidators John McKenna and Gareth Hughes to depose Udayan Ghose.

Mixed month for Mutual Risk Management

July 31, 2003
July was a significant month for Mutual Risk Management, with two of its subsidiaries going into liquidation in the United States and a scheme of arrangement being approved for the company itself.The bad news for the firm came when liquidation orders were issued for Legion Insurance and Villanova Insurance by the Commonwealth Court of Pennsylvania on July 28.

US Gov’t obtains order to freeze assets of couple suspected of bankruptcy fraud

July 31, 2003
A United States court has issued an order allowing the U. S. government to seize $660,000 held in an account at Credit Suisse First Boston in Switzerland.In an order dated May 12, 2003, the U. S. District Court for the Eastern District of Washington ruled that the funds came from bankruptcy fraud by Robert Wayne Kersey and Vickie A. Kersey.

Euro Bank Corp. (Cayman) creditors to receive 100 cents in the dollar

July 31, 2003
Clients of Cayman Islands-based Euro Bank Corp. (in liquidation) are to be re-paid their entire principal and some will even receive interest, they have been informed. The payment of a final dividend of 20 cents - bringing the total dividend to 100 cents in the dollar of principal - was approved by the Grand Court of the Cayman Islands on May 1, 2003.

Bermuda police raid law firm’s offices

July 31, 2003
Police in Bermuda have carried out raids on several offices on the island, including those of law firm Appleby Spurling and Kempe, looking for documents as part of a criminal investigation.AS&K's two main offices at Cedar House and Cumberland House, both in Hamilton, were searched, reported The Royal Gazette newspaper on July 22, 2003.

Lawsuit filed against Bank Leumi and former officers

July 31, 2003
The Swiss operation of Bank Leumi le-Israel and two of its former senior officers are being sued in the United States by a client who claims to have been defrauded of her life savings.New York resident Elizabeth Varabiev is seeking $1 million in actual damages and $3 million in punitive damages, plus legal fees. Defendants are Bank Leumi (Switzerland), its former CEO, Meir Gross; and its ex-head of private client banking, Ernst Imfeld, the latter of whom was fired in 2001 for alleged embezzlement.

Ex-ODBT operators set up new investment scheme

July 31, 2003
Two businessmen who previously helped to operate the now-defunct, scandal-ridden Overseas Development Bank & Trust in Dominica are involved in a new investment scheme in the United States. Terence de'Ath, a British national, and Gary Lynn McDuff, a citizen of the United States, are behind The Avenger Fund Business Trust, which was formed in Nevada on March 22, 2002.Â