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MRM stock falls to all-time low

February 14, 2002
The share price of Mutual Risk Management fell to an all-time low of $2.72 during morning trading on the New York Stock Exchange today after the troubled company announced it was delaying the release of its 2001 earnings.

Overseas Partners to go into run-off

February 13, 2002
After unsuccessfully trying to cope with the devastating loss of its UPS Shipper's Risk program in 1999, Bermuda-based Overseas Partners Ltd. has decided to shut down its operations. In an announcement today, the firm stated it had decided to "restructure OPL and cause most of its operations to begin an orderly runoff".

‘US has not approached us for Enron help’, says Cayman Gov’t

February 11, 2002
The Cayman Islands Government has offered to co-operate with United States authorities in their investigation into the collapse of Enron Corp.  However, the U.S. has not yet formally requested any assistance, according to a Cayman Government press release dated February 8, 2002.  Enron had approximately 600 subsidiaries registered in Cayman. None of them were listed in the local telephone directory and it is likely that they comprised little more than pieces of paper in filing cabinets at the offices of the Cayman law firm of Hunter & Hunter, which provided registered agent services to Enron.

XL Capital announces fourth quarter loss

January 31, 2002
XL Capital announced on January 28 that it expects to report a fourth quarter loss of $60 million. The loss is largely due to the firm taking charges related to increased prior-period casualty reinsurance loss reserves and several large Q4 loss events, including Enron.

Grenada-licensed VistaBank accused of fraud

January 31, 2002
Grenada-licensed VistaBank Ltd. and its President, Carl H. Lane, have been named as defendants in three separate lawsuits field recently in the United States. In two of the actions, the plaintiffs have alleged fraud against the bank, while the other complaint accuses Lane of ignoring an order to stop operating the bank from Atlanta, Georgia without a license.

OIL launches ‘The Joule’

January 31, 2002
The Joule, a technology service provided to the shareholders of Oil Insurance Ltd. and Oil Casualty Insurance Ltd., has begun operations, according to an announcement on January 10, 2002.

Creditors fight for control of bankrupt firm’s transferred assets

January 31, 2002
A legal battle is taking place in the United States for control of assets that once belonged to a now bankrupt oil and gas exploration firm whose shares were promoted at offshore conferences. Creditors of Kentucky-based Robo Exploration Inc., formerly known as Robo Enterprises Inc., are investigating whether the transfer of its assets prior to bankruptcy amount to a fraudulent conveyance.

RenaissanceRe on the up

January 31, 2002
RenaissanceRe reported net income of $50.6 million for the quarter ended December 31, 2001 - an increase of 33.9 per cent compared with the same period of 2000. Revenues went up by 17.7 per cent from $104.9 million to $123.4 million, while expenses fell by 13 per cent from $65.6 million to $57.1 million. Operating earnings per common share grew to $2.07 in the fourth quarter, from $1.79 per common share in Q4 of the previous year.

Power Securities clients chase their money

January 31, 2002
Investors who placed over US$2 million with Power Securities Ltd. in the Bahamas are preparing to take legal action against the firm and its principal, Canadian businessman Les McIntosh. They have told OffshoreAlert that they have been unable to redeem their investments with the firm, which has since closed down its Nassau office.

OffshoreAlert’s Five-Year Anniversary

January 31, 2002
This month's edition of OffshoreAlert marks our fifth anniversary of continuous publication, having launched the newsletter on February 24, 1997. In the 60 editions since that date, OffshoreAlert has exposed many financial frauds committed around the globe involving many hundreds of millions of dollars.

Offshore News Briefs: January 31, 2002

January 31, 2002
Bahamas enteres into Tax Information Exchange Agreement with the United States; UBS is reducing its number of staff in the Cayman Islands; The trial of former officers and clients of Euro Bank Corp. is scheduled to begin in May, 2002; and Creditors of First Cayman Bank may receive up to 60 cents in the dollar.

Max Re Capital reports increase in Q4 net income

January 31, 2002
Max Re Capital reported net income of $10.1 million or 26 cents per share for the quarter ended December 31, 2001, compared with $3.8 million or 14 cents per share for the corresponding period of 2000.

Keem Kalfon denies involvement in fraudulent letter

January 31, 2002
Conman Keem Kalfon is being falsely passed off as the chairman of The Sovereign Society investment group as part of a fund-raising effort for get-rich-quick schemes, OffshoreAlert can reveal. Those responsible are also falsely claiming they control British-based investment trust Gresham House PLC, which has been one of the world's best-performing investment vehicles over the last ten years.

Jerry Nims in more hot water as 3-D farce continues

January 31, 2002
A company whose beneficial owners include several Bermudians, including former Premier Sir David Gibbons is being sued in the United States. Orasee Corporation is a defendant in a civil lawsuit filed at the United States District Court for the Eastern District of New York on December 13, 2001.

Insider Talking: January 31, 2002

January 31, 2002
Less than a month after they were taken down as a result of an OffshoreAlert investigation, references to Grenada-registered Euro Caribbean Bank have been reinstated on the web-site of the 'Stock Exchange' of the sham country known as the Dominion of Melchizedek; Caribbean Media Corporation, which operated the Caribbean News Agency, popularly known as CANA, has suspended operations; Another web-site that has shut down, albeit for different reasons, is that of Prosperitas Internationale Credit Union at www.prosperitasinternationale.com; Vanuatu-domiciled International Seminars Ltd., which organizes offshore seminars at which get-rich-quick schemes are promoted, is operating under a new name - Global Wealth Education Ltd.; John Bourbon resigned as Managing Director of the Cayman Islands Monetary Authority, effective January 16, 2002 - 18 months after taking up the position, citing "personal reasons"; An ex-SEC officer is critical of his former employer in a book he has written about how the stock markets and the Internet are used to commit fraud against the unsuspecting public; Clyde Hood, the 67-year-old retired electrician from Mattoon, Illinois who persuaded thousands of people from all around the world to collectively send him more than $12 million by offering a return of 5,000 per cent in 275 days, has been sentenced to serve 14 years in prison; A web-site has been set up to raise funds to defend Kenneth R. Weare, of Belize-based J&K Global Marketing, against an SEC lawsuit filed on April 10, 2001, even though the case has ended without the defendants or their legal representatives ever putting in an appearance; The Isle of Man government has granted an online gaming license to Action Online Entertainment (IOM) Limited, which is the fifth firm to receive such a license; Imperial Consolidated is blaming its lawyers for its loss of a libel lawsuit in New Zealand, in which the judge determined they had fabricated documents submitted as evidence and questioned the legitimacy of their investment products; and Justice Hugh Small, sitting at the Bahamas Supreme Court, issued an order on December 20, 2001 that the voluntary liquidation of Americas International Bank Corporation Ltd. be continued but under the supervision of the court.

‘Risk proportional to reward’, says Gresham House chairman

January 31, 2002
After being alerted to a fraudulent letter linked with Keem Kalfon's group, Gresham House PLC Chairman Alfred P. Stirling issued a general warning to investors about being approached by anyone purporting to offer high investment returns. Stirling stressed that risk was proportional to reward in investment products.

InsideBermuda’s Five-Year Anniversary

January 31, 2002
This month's edition of InsideBermuda marks our fifth anniversary of continuous publication, having launched the newsletter on February 24, 1997. In the 60 editions since that date, InsideBermuda has 'broken' many significant stories, perhaps most notably about Bermuda Fire & Marine Insurance and Stirling Cooke Brown Holdings.

Enron Re has assets of just $9.58 million

January 31, 2002
Enron Corp's Bermuda-registered captive, Enron Re Ltd., has assets of just $9.58 million to meet its liabilities, according to bankruptcy court filings. Creditors of the firm include Enron Corp., Enron North America, Risk Management & Trading Corp., European Finance Re and Harrington International Insurance Ltd.

Stirling Cooke and First Ecom.com face NASDAQ de-listing

January 31, 2002
Bermuda-based insurance broker Stirling Cooke Brown Holdings and offshore-owned electronic payments processor First Ecom.com, which is funded largely with offshore money, face having their shares de-listed from in the first half of 2002 unless their stock prices improve. They have until February 11 to get their stocks above the $1 minimum bid that is required for continued listing on the NASDAQ National Market.

Enron’s Bermuda captive goes into liquidation

January 31, 2002
Enron Corp's Bermuda-registered captive, Enron Re Ltd., has assets of just $9.58 million to meet its liabilities, according to its liquidators. The self-insurance vehicle was ordered into provisional liquidation at Bermuda Supreme Court on January 2, 2002 following an application by the Supervisor of Insurance and the Bermuda Monetary Authority.

Arthur Andersen’s Bermuda captives face uncertain future

January 31, 2002
Two Bermuda-based captives that are either wholly or partly owned by Arthur Andersen face an uncertain future following the collapse of Enron Corp. in the United States. They are Professional Services Insurance Company Ltd., which is owned by Andersen firms in 32 countries, and Professional Asset Indemnity Ltd., which is owned by the Big Five accounting firms.

American Longshore Mutual Association re-organizes

January 31, 2002
Bermuda-based American Longshore Mutual Association Ltd. has re-organized its coverage for members following the liquidation of Reliance National Insurance Company in the United States. ALMA provides protection to approximately 200 members who are required to be insured by the Longshore and Harbor Workers Compensation Act in the United States.

Annuity & Life Re insiders buy prior to share price fall

January 31, 2002
Whatever investors in Annuity & Life Re think about the dramatic slump in the firm's stock price, they cannot justifiably accuse insiders of profiting from knowing something that the market did not. Filings with the SEC show that company insiders were buying stock in the last quarter of 2001 for prices significantly above the firm's current value of about $17.50 per share.

Clients seek return of money from Addison International & Triology Fund

January 31, 2002
OffshoreAlert has received a complaint from a client who claims he is unable to redeem an investment made with Bahamas-registered Addison International Ltd., which is apparently run from the United States. The client, who is based in the U.S., claims that he placed $400,000 with Addison International in mid-1999 after the firm's principal told him: "If I don't return four per cent per month, you should fire me."

ACE expects Q4 results to be worse than expected, joins S&P 500 Index

January 31, 2002
ACE Ltd. announced on January 8, 2002 that its fourth quarter net operating income will fall below expectations. ACE said its results had been adversely affected by an increase of approximately $80 million, after taxes, in property losses incurred in its European Commercial Property portfolio.

US court freezes assets of Merrill Scott & Associates

January 31, 2002
A United States court has appointed a receiver for and frozen the assets of an offshore investment group that has been accused by the SEC of operating a Ponzi scheme that took in at least $25 million. David K. Broadbent was appointed receiver on January 23, 2002 for the defendants in a civil lawsuit that had been filed eight days earlier by the SEC at the U.S. District Court for the District of Utah.

Man swindled $1 m from investors in Nevis ‘hedge fund’, claims SEC

December 31, 2001
A 26-year-old man defrauded 14 investors of approximately $1.17 million through a scam involving a Nevis-registered "hedge fund", according to a complaint filed in the United States by the SEC.Peter W. Chabot raised the funds from June, 1999 to December, 2001 but, instead of putting it into 'The Synergy Fund', he used it to fund his "extravagant lifestyle", according to the complaint.

Philip Johnston identified as President of offshore firm accused of fraud

December 31, 2001
Evidence has emerged that the President of a 'paper' offshore securities firm accused of fraud in the United States was attorney Philip W. Johnston, a Canadian who once had a law firm in the Turks & Caicos Islands.Details of Johnston's alleged involvement in TCI-registered Carib Securities Ltd. is contained in a civil lawsuit that is on-going at the United States District Court for the Southern District of Florida.

John Mathewson lawsuit moved from Illinois to Texas

December 31, 2001
A civil lawsuit filed by Leon Denning against his former Cayman Islands-based banker, John Mathewson, has been moved from Denning's home state of Illinois to Texas, where Mathewson resides.

Austria requests evidence in Florida for New Bank-related criminal investigation

December 31, 2001
New Bank Ltd., which was operated in St. Vincent by the Nano family, has featured in a criminal investigation in Austria, according to documents filed in a Florida court.Details of the matter are contained in an application to collect evidence - pursuant to a request for judicial assistance from Austria - that was filed at the United States District Court for the Southern District of Florida on November 14, 2000.

Stirling Cooke name change halted due to clash

December 31, 2001
Goldman Sachs-controlled Stirling Cooke's proposed name change to Atlantic Star Insurance Group Ltd. has been halted at the eleventh hour after it was discovered the name clashed with an existing firm. Curious as to why the company had not yet effected a name change that was approved at Stirling Cooke's AGM as long ago as May 23, 2001, InsideBermuda asked Stirling Cooke for an explanation.

Verlin Swartzendruber (a.k.a. Joseph Severin) discusses high returns in Grenada

December 31, 2001
Verlin D. Swartzendruber, 58, has joined the growing band of Americans who have obtained Grenada passports under second names and started raising funds from the island with the lure of high returns. Under his new name of Joseph Severin, Swartzendruber runs Grenada-registered Preferred Trust and Management Ltd, which raises money through continuous stock offering in various companies it manages.

Robo Enterprises files for bankruptcy

December 31, 2001
An oil and gas company which was promoted as an investment opportunity at Institute of Global Prosperity conferences has filed for bankruptcy amid allegations of fraud.Robo Exploration Inc., a.k.a. Robo Enterprises Inc., filed for Chapter 11 bankruptcy protection at the United States Bankruptcy Court for the Western District of Kentucky on October 23, 2001.

Problems worsen at Mutual Risk Management

December 31, 2001
Mutual Risk Management's problems worsened in December when the firm announced that it expects to report a fourth-quarter loss after putting aside $30 million to pay larger than expected claims.This prompted an immediate negative response from credit rating agencies, with Standard & Poor's raising "concerns" about the ability of the firm's management to pull it through its crisis.

World Insurance Forum announces speakers

December 31, 2001
The '2002 World Insurance Forum', which is being held in Bermuda on February 19-22, has announced the participation as speakers of several influential industry businessmen.

XL Capital and PartnerRe report Enron losses

December 31, 2001
XL Capital and PartnerRe had at least two things in common in December - they both announced large exposures relating to the collapse of Enron Corp. and they both filed shelf registration statements with the SEC.The registrations will allow them to sell up to $2.1 billion worth of securities, with XL accounting for $1.5 billion of that amount and PartnerRe $600 million.

Everest Re seeks to have arbitration ruling overturned

December 31, 2001
Everest Reinsurance Company, whose parent company is domiciled in Bermuda, is being sued in Texas by an insurer seeking to enforce an arbitration award.American National Insurance Company filed the lawsuit at the United States District Court for the Southern District of Texas on December 7, 2001.

Scottish Annuity appoints former UK Government Minister to Board

December 31, 2001
Scottish Annuity & Life Holdings has appointed a former member of the governments of UK Prime Ministers Margaret Thatcher and John Major as a director.Additionally, a deal that will make Pacific Life Insurance Company Scottish Annuity's largest shareholder has now been approved by Scottish Annuity's shareholders and regulators.

Delphi International shareholders to vote on liquidation

December 31, 2001
Bermuda-registered Delphi International Ltd. is scheduled to hold a Special General Meeting on the island on January 8, 2002 at which shareholders will vote on proposals for the firm's liquidation.The proposals to be considered were outlined in a Proxy Statement filed with the SEC on December 18, 2001.

Carolina Re is forced into liquidation

December 31, 2001
Losses from the World Trade Center terrorist attack have claimed their first victim in Bermuda, with the forced liquidation of Carolina Reinsurance Limited.Carolina Re was a Class 3 insurer that was formed in Bermuda in 1984 and managed by Westbroke Ltd., which is operated by the law firm of Conyers, Dill & Pearman.

Imperial Consolidated loses lawsuit, accused by judge of backdating documents

December 31, 2001
Imperial Consolidated, whose operations include an offshore bank and offshore mutual funds, has lost a defamation lawsuit that it brought in New Zealand against a former broker. In a judgment in the High Court of New Zealand on December 18, 2001, Judge William Young ruled that defendant David Frederick Stewart was being truthful when he criticized the group on a web-site.

First Cayman Bank loot used to pay off fraud judgment, claim liquidators

December 31, 2001
Part of the estimated $5.5 million allegedly looted from the First Cayman Bank/Gulf Union Bank group in 1997 went to satisfy a $1.75 million fraud judgment in the United States, according to the liquidators.The fraud had been committed by Sheikh Abdus Shimmy Qureshi and his now defunct Florida firm Escue Management Inc., it was alleged.

Grenada-Montenegro banker plays down links to Melchizedek

December 31, 2001
A principal of two offshore banks has told OffshoreAlert that he no longer has anything to do with the Dominion of Melchizedek, despite his name appearing on literature associated with the fake nation.Peter Drakoulakos, who heads Euro Credit Bank A.D., of Montenegro, and Euro Caribbean Bank Ltd., of Grenada, was once listed as the South American "Ambassador" for Melchizedek on its web-site.

First Swedish Savings under investigation

December 31, 2001
First Swedish Savings, formerly known as First Baltic Savings, is being investigated by the Swedish Financial Supervisory Authority (Finansinspektionen).First Swedish maintains identical web-sites at www.firstswedish.com and www.firstbaltic.com where, inter alia, it promotes an "offshore hedge fund" called Athena Growth Fund, which, apparently, is "a registered trademark and dba of (sic) Direct Trading Partners (Nevis) LLC".

Evergreen Trustee wants offshore trust company to turn over documents

December 31, 2001
OffshoreAlert reported last month that R.W. Cuthill, Jr., the Trustee of Evergreen Security Ltd., had filed an Adversary Proceeding against Costa Rica-based Intrados S.A. at the United States Bankruptcy Court for the Middle District of Florida, where Evergreen has been in bankruptcy since January 23, 2001.