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Interpol seeks arrest of Costa Rica-based investment promoters

December 31, 2002
Two businessmen who operated high yield investment programs in Costa Rica have been placed on Interpol's list of 'Wanted' fugitives.Costa Rican national Luis Enrique Villalobos Camacho, 62, is wanted for fraud and money laundering, while Luis Angel Milanes, 52, who has Cuban and United States citizenship, is wanted for fraud.

Ian Renert may be target of criminal investigation

December 31, 2002
Former offshore fund manager Ian Renert might be facing criminal action in the United States to go along with a civil lawsuit alleging securities fraud that was brought against him by the SEC.Documents filed in the civil case indicate that Renert is also being investigated by the United States Attorney for the District of Connecticut.

Sovereign Risk signs agreement with Asian Development Bank

December 31, 2002
Sovereign Risk Insurance Ltd. has signed what it is proclaiming as "a landmark political risk insurance agreement" with the Asian Development Bank for a project in Vietnam.Sovereign is supporting ADB's Political Risk Guarantee that covers a commercial financing tranche for the Phu My 2.2 gas-fired power project, stated a press release dated December 17, 2002.

Centre stops writing credit enhancement business

December 31, 2002
Zurich Financial Services has announced that its subsidiary group of companies, Bermuda-based Centre will no longer write new credit enhancement business."The structured finite risk insurance and reinsurance business of Centre, however, will continue to be a core function of the Zurich Group," stated a press release dated December 4, 2002.

Morrison Cross victims targeted in recovery scam

December 31, 2002
Victims of a securities fraud perpetrated by Panama-based Morrison Cross Financial Investments are being contacted by a bogus law firm offering 'assistance' in recouping their investments.OffshoreAlert has obtained a copy of a letter sent to an MCFI client on November 26, 2002 by "Bruce Porter" of "Carter Sprott & Porter LLP", with an address and telephone number in Texas.

Six class action lawsuits filed against Annuity & Life Re

December 31, 2002
No fewer than six class action lawsuits were filed against Annuity & Life Re (Holdings) Ltd. in December, 2002 at federal court in Connecticut.The complaints, which will eventually be consolidated into one action, were filed less than a month after the firm announced it was re-stating its financial results for 2001, 2001 and the first half of 2002, causing its share price to plummet by as much as 44 per cent.

Businessmen plead ‘no contest’ to defrauding elderly woman

December 31, 2002
Two men previously exposed by OffshoreAlert for promoting and operating sham offshore credit unions have pleaded "no contest" to defrauding a 101-year-old woman out of more than $6 million.Dale A. Erickson, 53, and Darryl K. Willis, 63, entered into plea agreements with state prosecutors at Montana Third Judicial District Court, Powell County on December 16, 2002.

Keem Kalfon-associate imprisoned for eight years for investment fraud

December 31, 2002
Ralph Glen Hines, who claims to have been a business partner of suspected con man Keem Kalfon, has been sentenced to eight years and four months in prison for perpetrating an investment fraud.Hines, 50, of Raleigh, North Carolina, was sentenced on December 17, 2002 at the U. S. District Court for the Eastern District of North Carolina after previously pleading guilty to two counts of fraud.

More problems for ESG Re as auditor resigns

December 31, 2002
John Head's ESG Re announced in December that Deloitte & Touche had resigned as its auditor and withdrawn its audit for fiscal 2001 and review reports for three quarters, including the first half of 2002.

PXRE enters into quota share reinsurance agreement

December 31, 2002
PXRE Group Ltd. has entered into a quota share reinsurance agreement with P-1 Re Ltd., a newly formed special purpose Bermuda reinsurer capitalized by a group of private institutional investors.This reinsurance agreement provides PXRE with $194 million in funded reinsurance protection against property catastrophe, marine, aviation, satellite and per-risk losses over the next two years.

Aspen Insurance forms in Bermuda with $200 million of capital

December 31, 2002
Aspen Insurance Ltd. became the latest Class 4 insurer - the category for the biggest entities - to form in Bermuda on November 6, 2002.Aspen Insurance Ltd. has been capitalized at $200 million, a small number compared with its contemporaries, and will specialize in property and casualty reinsurance.

Overseas Partners reports $211 million quarterly loss

December 31, 2002
Bermuda-based Overseas Partners Ltd., which went into run off in February, 2002, has reported a net loss of $211 million, or $1.77 per share, for the quarter ended September 30, 2002.OPL's comprehensive loss, which also includes changes in unrealized gains and losses on its investment portfolios "classified as available for sale", was $95.7 million.

Meeting for MRM creditors to discuss Scheme of Arrnagement

December 31, 2002
Major creditors of Mutual Risk Management Ltd. are scheduled to meet in Bermuda on February 5, 2003 at which they will be asked to approve a proposed Scheme of Arrangement for the financially-troubled firm.Under the proposals, senior debt-holders would become the majority owners of current MRM-subsidiary MRM Services Ltd., doing business as IAS Park.

Doubts raised about latest Imperial Consolidated spin-off

December 31, 2002
Citigroup has cast doubt on the legitimacy of a new investment scheme whose participants include two key players in the $345 million fraud perpetrated by the Imperial Consolidated Group.Edouardos Stamatiou and Robert Raven are involved in an attempt by United Financial Corporation S. A. to sell $110 million one-year Certificates of Deposit bearing annual interest of up to 14 per cent.

Bermuda company director pleads guilty to fraud conspiracy

December 31, 2002
Offshore businessman Paul D. Lemmon, who was arrested in the widely-publicized 'Bermuda Short' operation, has entered into a plea bargain agreement with Federal prosecutors in Florida.Lemmon, a 40-year-old Canadian national, has agreed to plead guilty to one count of conspiracy to commit wire and securities fraud in a case in which he is a co-defendant with Mark Valentine.

ACE announces Lloyd’s of London capacity cutback

December 31, 2002
ACE Ltd. announced on December 4 that it is to cut its underwriting at the Lloyd's of London insurance market by more than a third next year.ACE, which is one of the largest investors at Lloyd's, will cut its capacity to approximately $1 billion (£650 million) in 2003 from about $1.4 billion this year.

Insider Talking: December 31, 2002

December 31, 2002
UK-based Capital City Finance Limited, which was formed on August 20, 2001 as a spin-off from the Imperial Consolidated Group, is three and a half months overdue with the filing of its annual return with Companies House for England and Wales; If clients of St. Vincent-licensed Omnicorp Bank needed further evidence that they are being taken to the cleaners by the bank's management, there has been plenty of it recently; Investment fraudster Tracy Calvin Dunlap, Jr. was sentenced to 27 years in federal prison on December 19, 2002 at the United States District Court for the Middle District of North Carolina.; Steve Saemmler Klein, who operates a dubious Belize-based offshore group known as Grupo CAT, has apparently gone missing; and Alyn Richard Waage, 56, of Canada, and James Michael Webb, 40, of California, were extradited on December 19, 2002 from Costa Rica to Sacramento, California to face numerous federal charges relating to the Tri-West Investment Club, an Internet-based investment fraud scheme that allegedly netted more that $60 million.

Alleged money launderers sue Stanford International Bank

September 30, 2002
Antigua-licensed Stanford International Bank is being sued by two Mexican clients who had approximately $3 million forfeited to the United States authorities as part of a narcotics money laundering investigation. Two lawsuits have been filed in Miami by Juan Alberto Zepeda Mendez and Jorge Bastida Gallardo and their British Virgin Islands-registered IBCs, Radon Trading Ltd. and Kadir Overseas Ltd., respectively.

New lawsuits filed against Mutual Risk Management

August 31, 2002
Three new civil lawsuits - one in Bermuda and two in the United States - have been filed against members of the Mutual Risk Management group.On July 30, 2002, Aegis Corporation and Principal Insurance Managers filed an action against Mutual Indemnity (Bermuda) Ltd. at Bermuda Supreme Court.

Computer hackers try to steal $7 million from Crowne Gold

August 31, 2002
Computer hackers have unsuccessfully attempted to steal $7 million from an alternative currency firm linked with offshore provider Terry Neal.News of the incident is contained on the web-site of Crowne Gold, which operates from addresses in Grenada and St. Kitts.

Insider Talking: August 31, 2002

August 31, 2002
European Federal Union Bank Ltd. falsely claims to be based in Antigua; Barbados Central Bank revokes license of Keywest Swiss Investment Bank Inc.; DIAK Bank's Clifford Pitt fails in an attempt to quash a subpoena duces tecum; John Wayne Zidar is gound guilty of fraud and money laundering; US federal court approves IRS motion to serve John Doe summons on MasterCard International for investigation into tax evasion using offshore credit cards; Offshore bankers Julien Giraud and Brian Boeger have each been sentenced to 37 months in prison in the United States; and an auction of property belonging to Imperial Consolidated is due to take place in England.

Distressed debt fund dispute goes to Bermuda

August 31, 2002
A legal dispute in the United States between Lazard Freres and the former portfolio managers of a now-defunct offshore mutual fund has spilled over to Bermuda.Lazard Debt Recovery Fund Ltd., which is registered in Bermuda, filed a lawsuit against Michael A. Weinstock, of New Jersey, at Bermuda Supreme Court on August 21, 2002.

Dominica regulators take over Investors Bank and Trust

August 31, 2002
Investors Bank and Trust Ltd., formerly known as Overseas Development Bank and Trust Ltd., has been taken over by regulators in its home jurisdiction of Dominica.PricewaterhouseCoopers was appointed controller of the bank on August 20, 2002 because IBT was "insolvent" and "unable to meet its obligations", according to Prime Minister Pierre Charles.

More criminal indictments in Evergreen Security investigation

August 31, 2002
Two businessmen whose interests have included Bahamas investment firms and a Bermuda reinsurer have been criminally indicted in the United States for their alleged involvement in a massive investment fraud.Jon Knight, 56, and J. Anthony Huggins, 63, stole $6.5 million from an account at the Bank of Butterfield in the name of British Virgin Islands-registered Evergreen Security, according to the complaint.

Costa Rica lets one foreign suspected fraudster escape and grants citizenship to another

August 31, 2002
In the 'Corruptions Perceptions Index 2002' recently published by Transparency International, Costa Rica was perceived to be the 40th most corrupt of 102 countries reviewed.That might change, however, following two recent incidents in a country that has become a magnet for North American investment fraudsters fleeing criminal investigations in their home countries.

CIBC (Cayman) sued by client, local accountant panned in complaint

August 31, 2002
CIBC Bank and Trust (Cayman) and three of its subsidiaries are being sued for fraud and negligence in the United States over the alleged mismanagement of a trust account.The lawsuit was filed on August 7, 2002 at the United States District Court for the Southern District of Florida.

Eight years in prison for promoter of fraudulent offshore products

August 31, 2002
A United States-based promoter of sham offshore investment products has been sentenced to eight years in prison after being convicted of securities fraud in Texas. Cameron O. Bailey was also fined a total of $6,000 and ordered to pay restitution to his victims when he was sentenced on August 29, 2002 at the 283rd District Court for Dallas, in Dallas County, Texas.

Brek Energy fiasco continues, more losses and restated earnings

August 31, 2002
The farce that is Brek Energy continued in August with the reporting of yet another quarterly loss and a restatement of previous earnings because the firm had classified some expense as revenue.Brek, into which the Bank of Bermuda and clients of Bermuda-based Lines Overseas Management invested in excess of $28 million, reported a net loss of $3.4 million for the quarter ended June 30, 2002.

Arrested Bahamas-based accountant has history of involvement with fraudulent companies

August 31, 2002
Bahamas accountant Michael M. Hepburn, who has been arrested and charged with money laundering in Miami, has a history of involvement with crooked companies, OffshoreAlert can reveal. Hepburn, 54, has provided fake audits for several offshore insurers that have collapsed amid heavy losses and allegations of impropriety, including Paramount Reinsurance Ltd., formerly First Reinsurance Ltd., of Barbados; and Alpine Assurance Ltd. and Savoy Reinsurance Co. Ltd., both of the Turks & Caicos Islands.

‘Bank Exchange’ principals charged with defrauding 100-year-old widow

August 31, 2002
Two men whose involvement in sham offshore credit unions was exposed by OffshoreAlert last year have been charged with defrauding a 100-year-old widow out of more than $6 million in the United States.Dale A. Erickson, 53, and Darryl K. Willis were arrested on June 27, 2002 in Connecticut and Montana, respectively, and are currently in custody, with bail set at $2.5 million for Erickson and $100,000 cash, plus conditions, for Willis.

California lawyer jailed for trying to defraud ACE

August 31, 2002
A Beverly Hills lawyer who tried to defraud an ACE-owned insurance company over a sunken yacht has been imprisoned for seven and half years, according to a report in The Royal Gazette newspaper.Rex K. DeGeorge was also fined $2.8 million for filing a fraudulent claim with Cigna Property and Casualty Insurance Company, reported the newspaper.

Norwegian fraudster jailed in Bermuda

August 31, 2002
Bermuda-based Norwegian con man Vidar Lunoe, whose fraud victims included his own friends, was sentenced to three and a half years in prison on August 14.Lunoe, who also has British citizenship, admitted defrauding victims out of $1,078,000 during proceedings at Bermuda Magistrates Court.

Marsh (Bermuda) M.D. among victims of Imperial Consolidated fraud

August 31, 2002
Five Bermuda residents, including Marsh Management's second-ranking officer on the island, are among worldwide victims of a massive investment fraud. Rory Gorman was a client of the Imperial Consolidated Group, which went into administration in the United Kingdom in June with liabilities of $345 million. Gorman is the Managing Director/Client Services of Marsh Management Services (Bermuda) Ltd., which describes itself as the "world leader in the management of captive insurance companies".

Canadian policeman praises offshore authorities for ‘Operation Bermuda Short’ co-operation

August 31, 2002
Canadian authorities who took part in Operation 'Bermuda Short' which led to 58 indictments, including two directors of a Bermuda-based firm, have praised offshore regulators for their level of co-operation."It's a fallacy that offshore centers do not co-operate with such investigations," said Garry W. G. Clement, Superintendent with the Royal Canadian Mounted Police, told OffshoreAlert. 

Three convicted drug dealers own preferred shares in The Harris Organization

August 31, 2002
New evidence obtained by OffshoreAlert shows that THREE convicted drug dealers are beneficial owners of the British Virgin Islands-registered parent of The Harris Organization financial services group. The traffickers all own preferred shares, which purport to pay annual interest of 10% in the case of Wallace Stull and James Somerville, and 7% for Lawrence Boulanger.

Former Imperial Consolidated insiders set up new investment scam

August 31, 2002
A new investment scam that has arisen out of the ashes of the failed Imperial Consolidated Group is being run along virtually identical lines, OffshoreAlert can reveal. Potential investors in a British Virgin Islands-registered firm doing business as 'Property International' are being offered annual interest rates of 18 per cent by Imperial's former management and promoters.

Former Mentor Insurance underwriter fights fraud indictment

August 31, 2002
An underwriter who helped cause one of Bermuda's biggest ever insurance failures is awaiting trial in the United States on insurance fraud charges relating to another company.Michael Leslie Hodnett, a 54-year-old British national, has been charged with five counts of fraud and five counts of insurance crimes affecting interstate commerce at Federal court in Florida.

58 suspected fraudsters and money launderers indicted in ‘Operation Bermuda Short’

August 15, 2002
Fifty-eight people have been criminally indicted in the United States following a two-year undercover investigation into white-collar crime. As of lunch-time today, 53 of those indicted had been arrested, including Bahamas-based accountant Michael Hepburn, who helps to operate Barbados-licensed Keywest Swiss Investment Bank.

Asset freeze order issued against Imperial Consolidated founders

August 14, 2002
A worldwide mareva injunction has been issued in the United Kingdom against Lincoln Fraser and Jared Brook, who co-founded the fraudulently-operated Imperial Consolidated Group. The injunction freezes all personal and business assets belonging to Fraser and Brook.

More class action complaints filed against Mutual Risk Management Ltd

July 31, 2002
Two more class action lawsuits were filed against Mutual Risk Management Ltd. during July, bringing the number of shareholder actions to five over the last two months.As with the previous suits, they were both filed in the U. S. District Court for the Southern District of California and the defendants in each were MRM, Robert A. Mulderig, James C. Kelly and Andrew Cook.

Salisbury Merchant Bank offices raided in share scam investigation

July 31, 2002
Yet another Grenada-licensed offshore bank has been taken over by regulators amid allegations of fraud and investigations by foreign police authorities.Salisbury Merchant Bank had accountant Marcus Wide, of PricewaterhouseCoopers, appointed as its controller on July 25 following an application to the Grenada High Court.

Former BTCB boss gets 30 months in prison, another banker admits laundering

July 31, 2002
Rodolfo Requena, the former Chairman/President of now-defunct British Trade and Commerce Bank, of Dominica, has been sentenced to 30 months in prison for money laundering.Requena, 51, was sentenced on July 17, 2002 at the United States District Court for the Southern District of Florida, in Miami. He also received two years of supervised release. 

Bizarre lawsuit filed against Government of Dominica

July 31, 2002
A civil complaint has been filed in the United States against the Government of Dominica and two of its Ministers.The action was filed at the United States District Court for the District of Southern Florida in Fort Lauderdale on July 3, 2002 by Paradise Group LLC, of Florida; and Aramco Industries Ltd., of Dominica.

Luis Enrique Villalobos claims annual returns of 75% for 25 years, denies impropriety

July 31, 2002
A 62-year-old Costa Rican businessman who enters into "private loan arrangements" with individuals who are promised annual returns of up to 39.3 per cent has refuted allegations of impropriety.Luis Enrique Villalobos Camacho told OffshoreAlert that he is able to pay such returns because he earns about 75 per cent per year from "buying and selling items such as property, cars and boats".