All content of David Marchant

  • Home
  • David Marchant

SHOWING:

51201 to 51250 of 52136 results
  

Sort By:

Search

David Voth arrested for kidnapping

March 31, 2001
Businessman David Marlin Voth, whose dubious offshore activities have been exposed in previous editions of OffshoreAlert, has been arrested in his native Canada and charged with kidnapping. Also arrested with 42-year-old Voth were Lorne Murray Ryz, 31, of the Bahamas, and Merrill Paul Lepp, 38, of Calgary. All three have been charged with kidnapping, forcible confinement and assault.

Failed $200 million fund linked with Bahamas bank

March 31, 2001
An offshore mutual fund that has collapsed amid debts of $200 million and allegations of massive fraud had close links with Bahamas-based Surety Bank & Trust, OffshoreAlert can reveal. SBT's relationship with British Virgin Islands-registered Evergreen Security Ltd. appears to be the reason why the bank chose voluntary liquidation late last year over being sold as a going concern.

Insider Talking: March 31, 2001

March 31, 2001
Former Bermuda insurance boss John McGarrity resurfaces in the Bahamas, Turks & Caicos Islands regulators issue warning about Petro Funds, Bahamas resident Yank Barry goes on trial in Texas, default judgment entered in U. S. against American International Bank (in receivership), Bahamas union boss negotiates for employees of Suisse Security Bank & Trust, a private letter from FIBG principal Van Brink hints at corrupt payments to influential individuals in Grenada.

Interclaim sues US law firm in row over settlement with Canadian crook Blair Down

March 31, 2001
International asset recovery firm Interclaim is suing its former law firm for allegedly cutting it out of a settlement deal with a crook who made tens of millions of dollars by ripping off the elderly. Interclaim Holdings Ltd. and Interclaim Recovery Ltd. filed a lawsuit against Ness Motley Loadholt Richardson & Poole at the US District Court for the Northern District of Illinois on December 4, 2000.

National Commercial Bank of St. Vincent awarded damages over asset freeze

March 31, 2001
The National Commercial Bank of St. Vincent has been awarded damages by Grenada Supreme Court after its correspondent accounts were frozen in the United Kingdom by attorneys representing victims of the First International Bank of Grenada. In a decision on December 12, 2000, the court discharged an injunction that had been granted on August 11, 2000 in Grenada and September 14, 2000 in the High Court in England against NCB's assets held in correspondent accounts in the United Kingdom.

Panama-based businessmen & firms charged with money laundering

March 31, 2001
Two Panamanian residents and two Panama-registered companies have been criminally indicted in the United States with laundering the proceeds of drug trafficking by Colombians. They were charged with money laundering and conspiracy to commit money laundering at the United States District Court for the Eastern District of New York on September 15, 2000.

Court hearing scheduled soon in SSBT case

March 12, 2001
The next court hearing at Bahamas Supreme Court regarding an application for the reinstatement of the suspended banking license of Suisse Security Bank & Trust is due to take place later this week but a decision is not expected until later in the month at the earliest.

Two Grenada bankers arrested in US

March 10, 2001
David Frank Rowe and Gerard Michael Burns, who are or have been principals of Grenada-registered Cambridge International Bank & Trust, have been arrested in the United States and are being held without bail.

SSBT Receiver may have breached court injunction

March 8, 2001
As the court battle continues today over the suspension of the banking license of Suisse Security Bank & Trust, it has emerged that the action by the Central Bank of the Bahamas in suspending the bank's license was taken despite an injunction being issued by the Bahamas Supreme Court on March 2, 2001 ordering that such action not be taken.

Harris Organization clients plead guilty to tax evasion

March 8, 2001
Harris Organization clients Tony and Joseph Vigna have each pleaded guilty to three criminal counts relating to tax evasion at the U. S. District Court for the Southern District of Florida, in Miami, in an attempt to minimize their sentence, which is due to be handed down on May 25, 2001.

British Trade & Commerce Bank and Suisse Security Bank & Trust due in court tomorrow

March 7, 2001
British Trade & Commerce Bank and Suisse Security Bank & Trust are both due to go to court tomorrow in Dominica and the Bahamas, respectively, in an attempt to win back their banking licenses. BTCB will be seeking to overturn the revocation of its license last month, while SSBT will be seeking to overturn the suspension of its license on Monday, March 5, 2001.

Former Harris clients may change plea

February 28, 2001
Former Marc Harris clients Tony Vigna and his son, Joseph, appear to be about to change their plea on money laundering and other criminal charges from not guilty to guilty in Miami.What is described on the court docket sheet as a 'Change of Plea Hearing' has been set for March 2, 2001 before Judge Daniel Hurley at the US District Court for the Southern District of Florida.

Stock Generation case goes to US Appeals Court

February 28, 2001
An appeals court has overturned a US District Court judge's decision to unfreeze millions of dollars of frozen assets of a Dominica-based Internet gaming firm known as Stock Generation.In a decision on February 5, 2001, the Court of Appeals ordered that a preliminary injunction and asset freeze against the Stock Generation group will remain in effect until further order.

Bahamas-registered TAC International in $11 million judgment

February 28, 2001
TAC International Ltd., which was registered in the Bahamas, and two of its principals have been ordered to disgorge $10.9 million and fined $770,000 in the United States.Default judgments were entered against TAC International, Douglas R. Walker and Craig Southwood at the US District Court for the Western District of North Carolina on January 31, 2001.

Regulators take action against Caruba International

February 28, 2001
The latest Pyramid scheme run by 28-year-old Damon Westmoreland, called Caruba International, seems to be headed the way of his last, which was shut down by regulators in the United States.Caruba International, which claims to be operated "entirely in Aruba" but appears to be run from Florida and California, has been subject to two enforcement actions in the US.

Irvin BonCamper enters defense in New York lawsuit

February 28, 2001
St. Kitts & Nevis-based offshore provider M. Irvin BonCamper has entered an eleventh-hour defense to a civil complaint filed in New York just as a default judgment was about to be entered against him.

IBC formations plummet in the Bahamas

February 28, 2001
Figures released by the Registrar General of the Bahamas show that only 781 IBCs were registered on the island in January, 2001, compared with 3,368 in the corresponding month of 2000.

Bahamas firm settles SEC lawsuit

February 28, 2001
Bahamas-registered St. Barth Ltd. and H. D. Inc., which was registered in New Jersey, have agreed to be penalized in the amount of US$1.7 million to settle a civil lawsuit filed in the US by the SEC.

VP Bank and Bank of Butterfield caught up in ‘sex.com’ dispute

February 28, 2001
A federal judge in California has appointed a receiver to take control of any assets of VP Bank (BVI) that were earned from a hard-core pornography web-site at www.sex.com.The Receivership Order, which was issued on February 2, 2001 against convicted felon Stephen Michael Cohen, also covers the assets of two BVI-registered IBCs and other Cohen-related entities.Receiver George C. Fisher, of Palo Alto, is permitted to "locate assets of Stephen Michael Cohen, Ocean Fund International Limited, Sand Man International Limited, VP Bank (BVI) Limited directly or indirectly related to the operation of the Internet domain name 'sex.com'," reads the Order.

Bermuda regulators act against Sentinel Insurance

February 28, 2001
Bermuda's Registrar of Companies has exercised its statutory powers to order an inspection of Sentinel Insurance Company Ltd., which is represented on the island by Bott and Associates.The inspection began after a successful application to the Bermuda Supreme Court on December 11, 2000 under Section 30 of The Insurance Act 1978 and Section 132 of The Companies Act 1981.

Two new lawsuits filed in Platinum Indemnity $60 m reinsurance dispute

February 28, 2001
A $60 million reinsurance dispute that could lead to the collapse of Bermuda-based rent-a-captive Platinum Indemnity Ltd. escalated recently with the filing of two new lawsuits in New York.In one action, Bank of America N. A. and Platinum Indemnity Ltd. are seeking $29,335,032 against Pennsylvania-based Diamond State Insurance Company.In the other lawsuit, Bank of America and Palladium Insurance, which is affiliated with Platinum, are seeking $26,995,000 against UK-based Terra Nova Insurance Company Ltd.

Niue complains about US ban on monetary transactions

February 28, 2001
The offshore financial center of Niue has had sanctions placed on it's banking industry by the United States that is having a serious impact on the island's economy, it was reported recently.Niue Prime Minister Sani Lakatani told a Pacific Leaders Conference in January that the US had forbidden cash transfers to Niue or any of its entities in New Zealand or Australia, reported the French-based news agency Agence France Presse.

MRM insider trades

February 28, 2001
The collapse of Mutual Risk Management's stock price shows the wisdom of several insiders who reported last November that they had exercised options and sold shares for a profit, rather than hang on to them.Records filed with the SEC shows that insiders made a combined profit of $533,133 on the stock market by exercising options at $15.14 per share and selling them for between $17.82 and $18.73.

MRM share price plummets after $46.1M charge

February 28, 2001
Mutual Risk Management's share price fell by more than 25 per cent in one day after the firm reported a net loss of $37.7 million for the quarter ended December 31, 2000. The loss was primarily due to MRM taking an after-tax charge of $46.1 million or $1.11 per share to establish a reserve to settle reinsurance disputes relating to its Program Business.

Victims sue Melvin Ford and The Forum

February 28, 2001
A civil lawsuit has been filed in the United States by victims of a failed Antigua-based investment scheme known as 'The Forum'.The lawsuit was filed at the US District Court for the Southern District of Texas on January 24, 2001 by 64 individual plaintiffs.

Grenada bank with dignitaries as directors implicated in fraud

February 28, 2001
A bank whose directors include an ex-Prime Minister, a former Governor-General and two Justices of the Peace has become Grenada's latest offshore financial institution to be implicated in fraud. A promoter and 'Honorary Director' of Windsor International Bank & Trust, Douglas E. Castle, is being sued in the United States for allegedly defrauding a client of $244,636.

Lines Overseas Management sued by Rubin Investment Group

February 28, 2001
Bermuda-based investment firm Lines Overseas Management has been named as one of several defendants in a civil lawsuit filed in California relating to an alleged $5 million stock fraud.The lawsuit was filed by Los Angeles resident Dan Rubin, d.b.a. Rubin Investment Group, on December 26, 2000 at the United States District Court for the Central District of California.

Fidelity Low-Priced Fund becomes big investor in Stirling Cooke

February 28, 2001
A mutual fund that has accumulated a ten per cent stake in financially distressed Stirling Cooke Brown Holdings has one of the best reputations in its peer group. The Fidelity Low-Priced Stock Fund (Ticker: FLPSX) returned 25.74 per cent over the 12 months ended February 23, 2001, greatly outperforming the S&P500, which lost 7.37 per cent.

Imperial Consolidated files lawsuit against OBNR, seeks injunction

February 28, 2001
Imperial Consolidated PLC has followed in the footsteps of The Harris Organization and the First International Bank of Grenada and filed a libel lawsuit against OBNR and its principal, David Marchant. While the previous two lawsuits were filed at federal court in Miami, Imperial Consolidated filed its complaint at state court, specifically the Circuit Court of the Eleventh Judicial Circuit for Miami-Dade County, Florida, on February 21, 2001.

Imperial Consolidated Plc’s first audit reveals little about health of entire group

February 28, 2001
UK-based Imperial Consolidated PLC filed its first-ever audit with Companies House in early February but it shed little light on the financial status of the overall group. Although the firm is described as the "Imperial Consolidated PLC Group of Companies" in its audit, the results of none of its overseas affiliates are included, nor are some of the group's UK companies.

Bahamas regulators place restrictions on Fortis mutual fund license

February 28, 2001
The Bahamas Securities Commission has placed conditions on the mutual fund license of Fortis Fund Services (Bahamas) Limited over apparent negligence in its administration of a failed investment fund.The action, which was announced in a Public Notice dated January 23, 2001, forms part of an investigation into Bahamas-registered Oracle Fund Ltd., which invested in US tax liens.

Canadian exchange suspends shares linked with Grenada bank

February 28, 2001
The Canadian Venture Exchange has suspended trading in the shares of two companies that are linked to insolvent Grenada-registered Cambridge International Bank & Trust. It is the latest regulatory action to be taken involving the now-defunct First International Bank of Grenada group, whose activities have been filling pages of newspapers all over the world recently.

Insider Talking: February 28, 2001

February 28, 2001
Offshore regulators act against banks named in U. S. Senate's 'Correspondent Banking: A Gateway to Money Laundering' report, Marc Harris denounces attempt to strip him of Panamanian citizenship, David Voth comes up with a novel excuse as to why he can't make investment pay-outs, complaints about Morrison Cross Financial Investments start coming in, details of relatively-recent lawsuits involving Jerome Schneider and/or related entities, U. S. court approves settlement plan between Heartland Financial Services and investors who received "false profits", Pittsburgh travel agent Roy Davis Jr. becomes latest victim of John Mathewson's co-operation with US authorities, sset freeze order issued against Midpoint Trading Corporation, Euro Bank Corp. 'Preliminary Inquiry' hearing starts in Cayman Islands.

Imperial Consolidated files audit

February 9, 2001
Imperial Consolidated PLC, the British holding company for the Imperial Consolidated financial services group, whose operations include a Grenada-based bank and offshore mutual funds in Grenada and the Bahamas, has finally submitted its first ever statutory audit to Companies House in England & Wales.

Imperial Consolidated threatens to sue OBNR

February 8, 2001
A Miami-based attorney representing the British-based Imperial Consolidated financial services group sent a letter to Offshore Business News & Research on February 7, 2001 stating that a lawsuit will be filed against OBNR and its principal, David Marchant, on Thursday, February 15, 2001 unless we retract "a plethora of libelous and slanderous statements" allegedly made against the group.

Imperial Consolidated financials did not contain auditor’s statement, says Companies House

February 6, 2001
Companies House for England and Wales told OffshoreAlert today that it rejected the statutory financial statement submitted a few days ago by the British holding company of the Imperial Consolidated group because "there was no auditor's statement". Why Imperial Consolidated PLC would submit an unaudited financial statement when the law clearly requires it to file an audited statement is anyone's guess.

Imperial Consolidated audit rejected by UK regulators

February 5, 2001
A spokesman for Companies House for England & Wales told OffshoreAlert today that the first ever audited financial statement for Imperial Consolidated PLC, which is the British holding company for the Imperial Consolidated financial services group, has finally been submitted to regulators - and rejected. The audit was due to have been submitted to Companies House on or before December 30, 2000 and had officially been listed as 'OVERDUE' at Companies House until today, when its status was changed to 'PENDING'.

Manager of Liberty International Bank answers allegations

January 31, 2001
The manager of a Nauru-registered bank that appears to be operated illegally from Nevis said he did not realize he was doing anything wrong and will take steps to correct the matter. Dennis L. Shollenburg also said that a lawsuit that has been filed against him and others in the US by plaintiffs alleging investment fraud involving his previous bank had not been served on him.

MRM fights for reinsurance payments

January 31, 2001
Mutual Risk Management boss Robert Mulderig says the group's multi-million dollar disputes with reinsurers is the single biggest factor holding back its share price on NYSE.At September 30, 2000, MRM was involved in litigation and arbitration to reclaim $47 million from its reinsurers, putting a strain on its cash-flow and share price, which is currently at about $13.50.

CBS News’ ’48 Hours’ exposes Global Prosperity

January 31, 2001
A group that has held highly dubious offshore seminars in Bermuda, the Bahamas and other offshore centers was exposed by CBS News' television program '48 Hours' on January 25. The program, which included an interview with OffshoreAlert's publisher, David Marchant, focused on the activities of the Global Prosperity Group, now known as the Institute of Global Prosperity.

Troubled ESG Re settles Radix Health lawsuit in Wisconsin

January 31, 2001
A lawsuit filed in the United States against subsidiaries of the troubled Bermuda-based ESG Re group was settled in early January.Plaintiff Radix Health Connection LLC, which is registered in Wisconsin and based in Chicago, had filed a lawsuit against European Specialty Reinsurance (Ireland) Ltd. and European Specialty Reinsurance (North America) Ltd. on June 14, 2000 at the US District Court for the Northern District of Illinois.

Cayman-based SEGOES acts to protect its reputation

January 31, 2001
Cayman-based on-line brokerage firm SEGOES Ltd. acted quickly this month after OffshoreAlert tipped it off to apparent misuse of its name over the Internet. Omnicorp Bank Inc., of St. Vincent; and Business Builders LLC, of California, all made apparently false claims on their web-sites about a relationship with SEGOES.

David Finzer trial scheduled for May

January 31, 2001
A four-week jury trial to hear multiple allegations of fraud and money laundering against Nevis-based offshore provider Raymond David Finzer is scheduled to start on May 7, 2001 in the United States.

Cayman Islands banks told not to promote secrecy

January 31, 2001
Financial institutions based in the Cayman Islands have been advised by the local Monetary Authority that they should not promote themselves "exclusively or primarily on confidentiality or secrecy".

Details of $50 m lawsuit re. Cambridge International Bank

January 31, 2001
In one of the latest lawsuits to be filed as part of the on-going Grenada banking scandal, creditors of Cambridge International Bank & Trust claim to have been defrauded of $50 million.Cambridge, which began life as a sub-bank of the First International Bank of Grenada, offered annual interest rates of up to 51 per cent per annum, according to the complaint.