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Two more FIBG promoters file for bankruptcy in the United States

July 31, 2002
Two more men who were involved in the fraudulently-operated First International Bank of Grenada have filed for bankruptcy in the United States.Paul James Peiffer and Robert John Skirving separately filed for bankruptcy on May 20 and May 23, respectively, at the U. S. Bankruptcy Court for the District of Oregon.

FIBG stripped of assets just before collapse, says liquidator

July 31, 2002
First International Bank of Grenada founder Van Brink stripped $4.5 million of assets out of the bank not long before it went bust, according to its liquidator.In his third report to creditors dated June 1, 2002, Marcus A. Wide, of PricewaterhouseCoopers, reported that details of the asset transfers were contained "unsigned minutes from FIBG's June 2000 Board of Directors meeting".

Two new lawsuits filed in Evergreen Security bankruptcy

July 31, 2002
Two new civil lawsuits have been filed against parties believed to have contributed to the collapse of Evergreen Security, an unlicensed 'mutual fund' that is believed to have defrauded investors of approximately $200 million.On July 9, 2002, Evergreen's Bankruptcy Trustee, Bill Cuthill Jr., announced he had sued Bahamas resident Greg A. White for an amount that could exceed $50 million.

Brek Energy – past allegations against CFO

July 31, 2002
OffshoreAlert has uncovered further information casting doubt on the legitimacy of Nasdaq-listed Brek Energy, whose dismal operating results caused the Bank of Bermuda to write off its entire $14.3 million investment.We have obtained details of allegations of impropriety against the firm's Chief Financial Officer in 1995 relating to a former employer.

Imperial Consolidated administrator awaits results of geological survey in Argentina

July 31, 2002
The results of an independent geological survey of 4.5 million acres of land in Argentina to which the Imperial Consolidated Group has mining rights are expected to be known by the end of August. They will go a long way to determining the level of dividend creditors can reasonably expect, said a spokesman for Imperial's UK-based administrator, Mazars Neville Russell.

IIR/OffshoreAlert money laundering conference in New York

July 31, 2002
OffshoreAlert urges subscribers to join us at an anti-money laundering and compliance conference that we are helping to organize at the Sheraton New York Hotel & Towers on September 19-20, 2002.The conference, which OffshoreAlert is organizing in conjunction with the Institute for International Research, will contain many of the leading figures in onshore and offshore finance.

Trenwick Group seeks $55 million from European Re

July 31, 2002
Trenwick Group Ltd. has started an arbitration proceeding seeking $55 million in damages and other relief against European Reinsurance Company of Zurich, a subsidiary of Swiss Reinsurance Company.The claims arise out of European Re's alleged failure to meet its obligations under a Catastrophe Equity Securities Issuance Option Agreement with Trenwick, stated a Trenwick press release dated July 1.

Stirling Cooke’s broking MD resigns

July 31, 2002
The Managing Director of Stirling Cooke Brown's London broking operations, now renamed Gresham Intermediaries, has resigned after less than 12 months with the group.

FN Group’s Redmond Capital files action against Canadian firm

July 31, 2002
Florida-registered Redmond Capital Corp., which is controlled by The FN Group (formerly First Nevisian), of Nevis, has filed a civil lawsuit in Canada in which it is seeking $150,000.The action was filed on July 15, 2002 at the British Columbia Supreme Court against Vancouver-based 584956 B.C. Ltd., which is controlled by Byron Loewen, Gary Mazzei and Gerry Caul.

Financial broker accused of securities-loan fraud

July 31, 2002
A Florida-based businessman with a checkered past has been accused of defrauding 160 international investors of $87 million in a stock scam.David H. Siegel, 65, used companies and bank accounts in the Bahamas and other offshore jurisdictions to siphon off funds from his clients, it has been alleged.

Programmer put ‘time-bomb’ in ex-employer’s computer system

July 31, 2002
A programmer who caused his former employer's computer system to crash in the Cayman Islands shortly after resigning and then demanded money to fix it has lost a court judgment.Christopher John Donnachie "unlawfully placed a blocking device" in software used by British American Card Company Ltd., ruled Bahamas Supreme Court Justice Hugh Small on June 5, 2002.

Cash 4 Titles – drugs money and fraud

July 31, 2002
An attorney who was last year imprisoned for helping to launder $1.1 million of drugs money through the Cayman-based Cash 4 Titles Ponzi scheme has been sentenced to another term for investment fraud.James A. Franklin Jr. was sentenced to 54 months in prison on July 8, 2002 at the United States District Court for the Northern District of Florida.

Former FIBG director arrested for another alleged bank fraud

July 31, 2002
A former director of the fraudulently-operated First International Bank of Grenada has been arrested in the United States on suspicion of committing a $6.6 million fraud involving another bank.DuSean Berkich was arrested in California on May 3, 2002 - nine days after being criminally indicted at the United States District Court for the Northern Mariana Islands on April 24.

Bermuda’s foreign incorporations fall in second quarter

July 31, 2002
The number of foreign-owned legal entities incorporating in Bermuda fell for the second quarter in a row during the period ending June 30, 2002, according to figures released by the Registrar of Companies.In the second quarter, 271 exempted companies, exempted partnerships, overseas companies, overseas partnerships and non-resident insurance companies joined the register.

AIF Bank and Trust has Dominica banking license revoked

July 31, 2002
AIF Bank and Trust Limited has had its banking license revoked in Dominica, the island's offshore regulators told OffshoreAlert.AIF Bank had been granted a provisional license on August 10, 2001 but it was revoked towards the end of July, said a regulatory spokesperson.

ACE considers slashing Lloyd’s of London capacity

July 31, 2002
Bermuda-based ACE is considering reducing the capacity of its Lloyd's Syndicate by 27.5 per cent for the 2003 underwriting year, according to a report in The Insurance Insider newsletter, of London.ACE has drawn up a provisional business plan to reduce the capacity of Syndicate 2488 from GBP900 million (US$1.4 billion) to GBP652 million (US$1 billion) for the underwriting year 2003.

Insider Talking: July 31, 2002

July 31, 2002
Hendrik Rienstra, 73, the principal of sham Panama-registered insurer New England International Surety Co. Inc., has died.; OffshoreAlert has uncovered three new names associated with the business activities of crooked financial services provider Marc M. Harris, who has moved his operations to Nicaragua after running up massive debts in Panama, leading to an application from a creditor to wind up his company and an eviction notice issued by his commercial landlord; Police in the UK have charged a fourth person, Francois M. Verkaeren, with conspiracy to commit fraud in connection with an investigation into the business practices of Merrion Reinsurance Company, which is located in Dublin, Ireland; The Royal Canadian Mounted Police has announced that two residents of the Turks & Caicos Islands - Michael Witt, 45, and his partner, Tina Grenier, 41 - have been arrested and charged with various narcotics, money laundering and possession of crime offenses and their US$1 million property restrained in an operation codenamed 'Oilsheik'; and Local newspapers in the Bahamas have suddenly become excited over a criminal indictment that was issued in the United States as long ago as June 15, 1999.

Bahamas resident sued for more than $50 million by Evergreen Security’s Bankruptcy Trustee

July 9, 2002
A civil complaint has been filed against Bahamas resident Greg A. White as part of the investigation into Evergreen Security, whose principals defrauded its clients of more than $200 million.The action, which seeks to recover more than $50 million, was filed at the United States Bankruptcy Court for the Middle District of Florida, in Orlando, by Evergreen's Chapter 11 Bankruptcy Trustee, R. W. (Bill) Cuthill, Jr.

Bahamas resident sued for $50 million

July 9, 2002
A civil lawsuit has been filed against Bahamas resident Greg A. White as part of the investigation into Evergreen Security, whose principals defrauded its clients of more than $200 million. […]

FIBG liquidator warns creditors to expect no dividend

July 8, 2002
In his Third Report dated June 1, 2002, the liquidator of the First International Bank of Grenada has again warned creditors that there may not be any dividend distribution.Marcus A. Wide, of PricewaterhouseCoopers, advised "there is a real and distinct possibility that there will be no distribution whatsoever made by the Liquidator to the FIBG depositors/creditors".

Police raid offices of ‘The Brothers’

July 6, 2002
Police investigating money laundering and drug trafficking have raided the offices of a Costa Rica-based money exchange operated by Luis Enrique Villalobos.The action has led to financial uncertainty for hundreds of foreigners who have collectively invested millions of dollars in a long-running high yield investment scheme operated by Villalobos and his brother, Oswaldo, who are known locally as 'The Brothers'.

Bermuda firm suspected of fraudulent transfer of assets

June 30, 2002
A company partly-owned by former Bermuda Premier Sir David Gibbons and other Bermuda-based investors is being investigated for a suspected fraudulent conveyance of assets in the United States. It is the latest chapter in the sordid saga of NimsTec Ltd., a 3-D technology firm which - together with predecessor companies and affiliates - has lurched from one fiasco to another over many years.

Charman-Aon-GIO lawsuit settled in UK

June 30, 2002
A settlement has been reached in a lawsuit filed in the UK by former ACE officer John Charman against Aon and GIO Reinsurance, according to a report in The Insurance Insider newsletter, of London. The dispute related to reinsurance placed with Australia-based GIO by Aon on behalf of ACE's Lloyd's Syndicates 488 and 2488.

Milo and Ferguson sue Hannover Re over Clarendon Insurance deal

June 30, 2002
Hannover Re is being sued for $56 million by two former senior executives of Clarendon Insurance Group who claim to have been cheated out of executive compensation. Ralph Milo and Robert D. Ferguson have accused Hannover Re of reneging on their amended employment contracts which formed part of the sale of Clarendon to Hannover Re in 1999.

Euro Bank liquidators pay first dividend

June 30, 2002
The liquidators of Euro Bank Corporation have paid a first dividend totaling US$70 million to creditors, representing 80 cents on the dollar to recognized claimants.Liquidators Michael Pilling and Ian Wight, of Deloitte & Touche, told creditors in a letter dated May 13, 2002 to expect a final return of at least 100 per cent of their respective claims.

Yank Barry criminal case takes a further bizarre turn

June 30, 2002
One of the most unusual criminal cases ever - involving Bahamas-based offshore promoter Yank Barry - has taken another bizarre twist. Barry's sentencing at the U. S. District Court for the Southern District of Texas has been delayed yet again because the court transcripts of the nine-day trial - which took eight months to produce - have been found to be inaccurate.

Ralph Hines indicted for fraud in North Carolina

June 30, 2002
Suspected investment fraudster Ralph Glen Hines was criminally indicted at the United States District Court for the Eastern District of North Carolina on June 6, 2002,Hines, who has multiple prior criminal convictions, was indicted on ten counts relating to an allegedly fraudulent scheme operated from November, 2000 to January, 2002. Hines is alleged to have defrauded $1.158 million from parties who are not named in the indictment, using his account at Central Carolina Bank and Trust, in Raleigh, North Carolina to handle funds.

Regulators in Bahamas and Canada warn against offshore ‘bank’

June 30, 2002
The Central Bank of the Bahamas has issued a warning against an unauthorized bank operating from Nassau following details of the illegal activity in last month's edition of OffshoreAlert.On June 6, 2002 - six days after our article - the Central Bank issued a "Warning Notice" that Alpha Credit Union, of 51 Frederick Street, P.O. Box CB-12287, Nassau, was not licensed in the Bahamas.

Judgment for $1.18 million against VistaBank

June 30, 2002
A default judgment for $1.18 million has been entered in the United States against Grenada-licensed VistaBank Ltd. and its principal, Carl H. Lane.The judgment, comprising $835,537 in actual damages and $350,000 in punitive damages, was entered on March 7, 2002 at the United States District Court for the Eastern District of Virginia.

NatWest bankers accused of fraud involving Enron Corp.

June 30, 2002
Three former British bankers have been accused of defrauding their employer, National Westminster Bank PLC, of $7.3 million in a scheme involving Enron Corp. and several offshore entities.Gary Steven Mulgrew, 40; Giles Robert Hugh Darby, 40; and David John Bermingham, 39, were each charged with one count of wire fraud at the U.S. District Court in Houston, Texas on June 27, 2002.

Insider Talking: June 30, 2002

June 30, 2002
The Harris Organization financial services group has been evicted from its offices in Panama City for non-payment of rent; The revocation of the banking license of Baltic Bank Ltd. earlier this year by the Offshore Finance Authority of St. Vincent and the Grenadines has been stayed by Justice Brian Alleyne, sitting in the local High Court, according to a source familiar with the action; The battle for control of $6.5 million of frozen assets of a now-defunct, Dominica-based Ponzi scheme known as Stock Generation is dragging on through the United States District Court for the District of Massachusetts; Grenada Prime Minister Keith Mitchell and several other members of his Cabinet have received an award of $200,000, plus legal costs of $10,000, after winning a libel action brought against local journalist Stanley Charles, businessman and radio talk show producer Eddie Frederick and Grenada Broadcasting Network; The Central Bank of Belize has issued warnings about two entities that may be incorrectly holding themselves out to be licensed financial institutions: Trinity Savings Bank and Goldman & Stein; A Bermuda resident has accused the island's biggest law firm, Conyers, Dill & Pearman, of charging exorbitant fees for taking two trustees off her will, reported The Royal Gazette newspaper; A new date of July 15, 2002 has been set for the resumed hearing in the Bahamas of the appeal brought by the directors of Suisse Security  Bank & Trust Ltd. against the decision of the Central Bank revoking SSBT's licence; and The lack of concern shown by the operators of the Financial Times web-site for the financial well-being of its visitors continues.

Top offshore practitioners to speak at money laundering-compliance conference

June 30, 2002
OffshoreAlert and InsideBermuda subscribers and their associates are entitled to a $200 discount for an anti-money laundering and compliance conference that will be held in New York on September 18-20, 2002. The event is being organized by the Institute for International Research in association with OffshoreAlert, which is providing all of the offshore content for the conference.

Vultures circle Mutual Risk Management: Three class action lawsuits filed

June 30, 2002
Three Class Action lawsuits were filed against Bermuda-based insurance firm Mutual Risk Management and three of its current and former officers in June. The complaints were all filed at the United States District Court for the Southern District of California, in San Diego, on June 7, June 24 and June 25.

Cambridge International Bank files action against former principal

June 30, 2002
Cambridge International Bank & Trust, whose banking license was revoked in Grenada last year, has brought a lawsuit in the United States against its former principal, David Frank Rowe. The action was filed as an Adversary Proceeding at the United States Bankruptcy Court for the Southern District of Mississippi on May 13, 2002.

The Importance of Due Diligence: Summary of failed libel actions against OffshoreAlert

June 30, 2002
The recent collapse of the Imperial Consolidated Group and the eviction of The Harris Organization from its office space in Panama (see 'Insider Talking') is further proof of the value of OffshoreAlert. Imperial Consolidated's dubious activities were first exposed in OffshoreAlert on November 30, 1999 - 29 months before its offshore bank was taken over by Grenada's regulators and, remarkably, more than two months before it was even established.

Suspicious trading in shares of Brek Energy, formerly First Ecom

June 30, 2002
Stock manipulation or a happy coincidence? That is the unanswered question surrounding the recent share activity of perennial loss-maker Brek Energy, formerly First Ecom.com.For more than ten months, the firm's shares had closed at below $1 on the Nasdaq National Market System in breach of the Exchange's $1 minimum bid requirement for continued listing.

Imperial Consolidated has debts of US$336 million

June 30, 2002
The value of mining rights in economically crippled Argentina will determine the financial condition of the Imperial Consolidated Group. More than 50 per cent of Imperial's total assets - on paper - are in holdings in mining ventures in Tucuman, said a spokesman for the group's UK-based administrator, Mazars Neville Russell Services.

Lincoln Fraser blames OffshoreAlert for Imperial Consolidated’s problems

June 30, 2002
After many months of refusing to be interviewed by OffshoreAlert, Imperial Consolidated co-founder Lincoln Fraser finally responded to questions about his business activities on June 30. In an email, Fraser inferred that it was inaccurate to state that Imperial had "collapsed" and disputed our assertion that he had a track record of failure in business, even though he was petitioned into bankruptcy in 1996 by a creditor, was last year disqualified from serving as a company director for four years in the UK and has managed at least two previous firms which were compulsorily wound-up by their creditors, namely Progressive Leisure Ltd. and Fraser Brook Corporation Ltd.

Banque SCS Alliance sued over Martin Frankel dealings

June 30, 2002
Swiss-based Banque SCS Alliance and one of its officers, Jeanne-Marie Wery, are being sued for racketeering involving Martin Frankel.The bank helped Frankel defraud seven U.S.-based insurance companies of more than $200 million, according to a civil complaint filed in New York.

Class action lawsuit filed against Mutual Risk Management

June 13, 2002
A class action lawsuit has been filed in California against Mutual Risk Management Ltd. and three of its current or former senior officers, alleging misrepresentation of the firm's finances. The civil lawsuit was filed at the United States District Court for the Southern District of California on June 7, 2002.

Imperial Consolidated goes into administration

June 13, 2002
The Imperial Consolidated Group has gone into 'voluntary administration' in the United Kingdom. The news was announced today by Imperial's London-based public relations firm, Luther Pendragon.

Imperial Consolidated Group’s offshore liabilities estimated at $170 m

May 12, 2002
The Imperial Consolidated Group has offshore liabilities of approximately $170 million and has so far been unable to provide evidence to regulators that it has any substantial assets, OffshoreAlert can reveal. Imperial has not even been able to produce any books, let alone assets, according to a source who is familiar with the current investigation into the group by Grenada's Ministry of Finance.

76 lawsuits filed against Evergreen Security brokers

May 10, 2002
Seventy-six new lawsuits have been filed by the Bankruptcy Trustee of a fraudulently-run offshore 'mutual fund' known as Evergreen Security, which is insolvent by approximately $200 million. The actions, which have been filed in Florida, seek to reclaim more than $8.1 million that was allegedly fraudulently transferred by way of commissions to promoters of Evergreen.

Court judgment against David Rose energy company

April 30, 2002
A company operated by David G. Rose, who promotes unregistered oil and gas shares at offshore conferences, has lost a judgment in the United States District Court for the Eastern District of Louisiana.On March 28, 2002, Judge Martin Feldman ruled that Nevada-registered Rose Energy Ltd. had forfeited its interest in an oil, gas and mineral well at Jefferson Parish, Louisiana.

Change of Plea Hearing for Rodolfo Requena

April 30, 2002
A change of plea hearing has been set for May 9 for Rodolfo A. Requena, the former Chairman and President of Dominica-based British Trade and Commerce Bank who is charged with money laundering.Requena, 51, previously pleaded not guilty to one count of money laundering and one count of conspiracy to commit money laundering at the U. S. District Court for the Southern District of Florida.

Northern Rock pulls out of Bahamas after just 17 months

April 30, 2002
Northern Rock PLC, which is the ninth largest publicly-listed bank in the United Kingdom, is pulling out of the Bahamas after just 17 months on the island.A spokesman for the company told OffshoreAlert: "I can confirm that with effect from 2 April 2002, Northern Rock (Bahamas) Ltd ceased to accept additional deposits or open new accounts.