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OBNR defeats Harris Organization in libel lawsuit

August 13, 1999
The Harris Organization financial services group of Panama has lost its libel lawsuit brought against Offshore Business News & Research, which publishes this newsletter, and OBNR's principal, David Marchant. Judge Michael Moore, sitting in the United States District Court for the Southern District of Florida, issued a strong ruling in favour of OBNR and Marchant on August 10, 1999.

John Mathewson let off with probation after turning in his bank’s clients

August 4, 1999
Former Cayman banker John Mathewson has kept his freedom as a reward for turning in his clients to the US authorities. Mathewson, 71, was sentenced to five years of probation, 500 hours of community service and a $30,000 fine at the U. S. District Court for the District of New Jersey on August 2 after previously pleading guilty to money laundering, and tax evasion charges brought not only in New Jersey but also at the U. S. District Court for the Southern District of Florida and the U. S. District Court for the Eastern District of New York.

Bad debtors in the Bermuda-Caribbean Region

August 3, 1999
In an effort to assist the public in determining the credibility of businesses and businessmen, Offshore Business News & Research has compiled a list of companies in the Bermuda-Caribbean region who are unwilling to pay their debts.

Crown Meridian, Sattva Investment Bank and Offshore Investment Services join FIBG scam

July 31, 1999
Grenada-registered Crown Meridian Bank has followed in the footsteps of its sister bank, First International Bank of Grenada, by promising depositors annual interest rates of 200 per cent and falsely claiming deposits are insured by the sham insurer IDIC, we can disclose.Crown Meridian is run by the same people who control FIBG and was licensed by Grenada's regulators on February 1, 1999 - three days after Offshore Alert exposed FIBG as a scam.

Privy Council upholds Bermuda’s ban on fast-food restaurant chains

July 31, 1999
The UK Privy Council has thwarted plans by private entrepreneurs, led by former Premier Sir John Swan, to take Bermuda down-market by opening US fast-food franchises on the island.The court of appeal rejected an appeal by Swan's company, Grape Bay Ltd., to strike down Bermuda's Prohibited Restaurants Act, which was enacted in 1996 in a bid to stop Swan from opening a McDonald's restaurant.

US criminal defendants become latest victims of John Mathewson

July 31, 1999
Eight defendants in a criminal indictment filed in Nebraska recently appear to be the latest victims of former Cayman banker John Mathewson's decision to help US authorities investigate his ex-clients.David Abboud, his brother Gene, son Baron and nephew Joseph, Susan Germer, United Imports Corp. (d.b.a. M. D. Electronics), G&A Distributing Inc. (d.b.a. Broadway Enterprises) and Infinite Electronics were charged on April 26, 1999 with 15 counts of Mail Fraud, 11 counts of Wire Fraud, seven counts of Unauthorized Reception of Cable Television Service, one count of Conspiracy to Commit Money Laundering, and 13 counts of Domestic Money Laundering.

Caribbean Bank of Commerce scam continues under another name

July 31, 1999
After finally having its bank licence revoked by regulators in Antigua earlier this year, the Caribbean Bank of Commerce has simply changed its name and is continuing its criminal activity without interruption.The bank has not even bothered to change its Antiguan telephone and fax numbers or its two web addresses at www.caribbank.com and www.cbcltd.com.

US regulators put squeeze on offshore gaming operators

July 31, 1999
US regulators have continued to put the squeeze on Internet gaming operators with the passage of a US Senate Judiciary Committee bill to ban sports and casino gambling over the Internet in the United States.

New Unicover lawsuits

July 31, 1999
US and Canadian insurers this month started three new legal actions that will help to determine who will pay for the huge losses associated with the Unicover workers' compensation insurance pool. Sun Life Assurance Co. of Canada announced it had started arbitration to void Unicover-related reinsurance contracts, Phoenix Home Life Mutual Insurance Co. filed a lawsuit in the United Kingdom in an attempt to force a broker, Rattner Mackenzie, to reveal more information about Unicover and it is also believed that Lincoln National Life has filed a suit.

Libel trial judge asks: ‘Where is Marc Harris?’

July 31, 1999
The libel trial involving The Harris Organization financial services group of Panama and Offshore Business News & Research ended on July 30 with Judge Michael Moore asking: "Where is Marc Harris?" Harris was nowhere to be seen during six days of testimony even though he was the main subject matter of the March 31, 1998 Offshore Alert article that was being complained about.

TCI Police asked to investigate alleged stock fraud against Asian investors

July 31, 1999
Police in the Turks & Caicos Islands are to be asked to investigate a company that was allegedly used to defraud mainly Asian investors, according to a recent report in the South China Morning Post in Hong Kong."Peddlers of worthless shares in the Grand Financial Fund, Equity Mutual Trust and Mercantile Securities now appear to be working from the Turks and Caicos Islands," stated the newspaper in an article published on July 12, 1999.

New Stirling Cooke boss, Len Quick, is former defendant in RICO action

July 31, 1999
Mark Cooke this month stepped down as CEO of Goldman Sachs-controlled Stirling Cooke Brown Holdings following the company's disastrous performance since going public in November, 1997. But the man promoted to temporarily replace him and steady the firm in the face of widespread fraud allegations was himself accused of impropriety with his previous employer, we can reveal. Len Quick, 57, who was previously the head of Stirling Cooke's North American operations, was elevated to Chief Operating Officer of the group and interim CEO until a permanent replacement for Cooke is found.

Insider Talking: July 31, 1999

July 31, 1999
Global Village Market and the World Investors' Stock Exchange, Global Prosperity Group charges attendees $17,000 each for its get-rich-quick conferences, John Mathewson and the FBI, Cayman bank officer lived in home owned by client, says source; Harris Organization tries to subscribe to Offshore Alert, journalists seek information on Michael Ashcroft, Harris Organization officer Alan McAloon professes ignorance over Florida property ownership.

SEC files administrative action against Gary Pierce and CSI Ag

June 30, 1999
The United States Securities and Exchange Commission has commenced cease-and-desist proceedings against Turks & Caicos Islands-registered CSI Ag and its principal, Gary J. Pierce, of Studio City, California. From July, 1997 to February, 1999, Pierce and CSI solicited investments in a $500 million unregistered bond offering for the Government of Free Vietnam, which is a political association in Garden Grove, California, via its Internet web-site and its newspaper, according to the SEC in its administrative complaint.  

Bahamas businessmen accused of money laundering

June 30, 1999
Bahamian businessman George J. Wilson, who is accused of money laundering and other serious offences in the US, was released from prison on March 11 and is not allowed to leave the US pending the outcome of his trial in Texas. His co-defendant in the criminal action, Bahamas attorney Norwood Rolle, is in the Bahamas and is considered to be a fugitive by the US authorities.

Eurofed’s name taken off Canadian regulator’s warning list

June 30, 1999
Antigua-licensed Eurofed Bank has been taken off a Warning Circular issued on April 15, 1999 by the Canadian Office of the Superintendent of Financial Institutions. The list contains the names of 227 entities against which the OFSI has had "some form of inquiry or complaint" and which may be operating illegally in Canada.

Euro Bank goes into voluntary liquidation

June 30, 1999
Cayman Islands-based Euro Bank Corporation this month officially went into voluntary liquidation, as we revealed it would in the May edition of Offshore Alert. Additionally, two members of its management, Ivan Burges and Judi Donegan, were arrested by Cayman police but released without charge, according to sources.  

Fidelity fund group biggest investor in Bermuda insurance market

June 30, 1999
The Boston-based Fidelity Management and Research group is the broadest investor in the Bermuda insurance market, XL Capital has the oldest directors and the directors of Stirling Cooke Brown Holdings are not only the youngest - with an average of just 40 - but also the fewest in number. Directors and officers of Stirling Cooke also own more of their company than for any other firm. These are some of the results of a comprehensive survey of the ownership and governance of Bermuda-based, publicly-listed insurance entities by Miami-based Offshore Business News & Research Inc., which publishes this newsletter.

Liquidators of Telecheck group prepare to pay final dividend

June 30, 1999
The liquidators of Televest Ltd. and Telecheck Holdings Ltd., which went bust on December 15, 1993, have announced they will soon pay a final dividend to creditors. Although accounting firm Kempe and Whittle have no amount for the dividend, creditors have been told in the past to expect a total payment of between 21 and 37 cents on the dollars.

Worldwide International Bank goes into receivership

June 30, 1999
Antigua-licensed Worldwide International Bank has officially been placed into receivership after the failure of a last-ditch bid to stop the process by the bank's owner, Antiguan Joan De Nully.

Insider Talking: June 30, 1999

June 30, 1999
As I flew out of Bermuda on June 10 after narrowly surviving an attempt by Donald Lines' attorney, Robin Potts, to have me put in prison for contempt of court for refusing to reveal my sources in relation to articles I wrote about Bermuda Fire & Marine Insurance, who should I bump into on the flight to Atlanta but one of Donald's sons, Brian Lines, who is the President of Lines Overseas Management, which has been on the receiving end of several unflattering articles in this newsletter; Some of the UK's leading attorneys have made Bermuda their home for the next several months as they work on two of the biggest civil trials in the island's history: The Bermuda Fire & Marine Insurance Company case and a trust dispute involving the Thyssen-Bornemisza family, which has a $2.7 billion fortune; What was it like sitting in front of Britain's finest while they debated for two days whether to lock me up for seven days for contempt of court? Not much fun, I can tell you; The lengths that crooks will go to in order to lend credibility to their scams knows no shame; and Beleaguered Stirling Cooke Brown Holdings Ltd. is laying off staff in Bermuda and is in the process of moving its Bermuda-based broking activities to London, we have been told.

OBNR publisher almost imprisoned for refusing to reveal sources for stories

June 30, 1999
For those who are not already aware from other media outlets, David Marchant, the publisher of this newsletter, came close to being imprisoned in Bermuda this month for refusing to reveal his sources for articles he had written about Bermuda Fire & Marine Insurance Company. Marchant was giving evidence during what is probably Bermuda's biggest ever civil trial in which some of the island's most prominent businessmen and companies are accused of defrauding creditors of BFMIC (in liquidation) of more than $50 million of assets.

Stirling Cooke Brown lays off Bermuda staff

June 30, 1999
Beleaguered Stirling Cooke Brown Holdings Ltd. is laying off staff in Bermuda and is in the process of moving its Bermuda-based broking activities to London, Inside Bermuda has been told. The move comes after Goldman Sachs, which is the biggest single shareholder in Stirling Cooke, told management that it was taking more control of the company, said a source.

Brian O’Hara tops Bermuda shareholders’ list with $65 million of XL Capital stock

June 30, 1999
XL Capital President and CEO Brian O'Hara has topped a list that measures the value of shares that officers of Bermuda-based, publicly-listed insurers own in their own company. O'Hara is the beneficial owner of shares worth approximately $64.6 million in XL Capital, according to a review conducted by Miami-based Offshore Business News & Research, Inc., which publishes this newsletter.

Decision expected soon in Ann Nealon/Cayman Stock Exchange dispute

June 30, 1999
A decision in the bitter legal dispute between the Cayman Islands Stock Exchange and its former CEO, Ann Nealon, is expected soon after the case was heard over June 28-29 before Chief Justice Anthony Smellie at the Grand Court of the Cayman Islands. The ruling is being eagerly awaited in both Cayman and overseas, where the decision by the government-funded CSX to bring a civil lawsuit against Nealon has raised many eyebrows.

First lawsuit filed against First International Bank of Grenada

June 30, 1999
The First International Bank of Grenada appears to be on the verge of collapse. A client filed a lawsuit against the bank this month alleging non-payment of a $300,000 one-month Certificate of Deposit and we understand that several other depositors are preparing similar lawsuits.

Harris Organization/OffshoreAlert trial set to start on July 6, 1999

June 30, 1999
The civil libel trial between Offshore Business News & Research, Inc., which publishes this newsletter, and The Harris Organization financial services group of Panama will start at the United States District Court for the District of Southern Florida (in Miami) on July 6. After two postponements by the court because of scheduling problems, a definite date has now been set for the trial, which is scheduled to last for about one week.

Stirling Cooke latest: Director resigns, new unpaid claim goes to arbitration

May 31, 1999
May was another bad month for Stirling Cooke Brown Holdings, which suffered the resignation of a director, announced that it had become involved in yet another arbitration in London and reported that quarterly earnings were down by 11 per cent and that projected annual net income for fiscal 1999 is 25 per cent less than in 1998. The resignation of director Warren Cabral, effective May 13, came a month after the company's auditor, KPMG Peat Marwick, resigned.

James Stanard tops insurance compensation package chart for 1998

May 31, 1999
RenaissanceRe's President and CEO, James Stanard, was the best compensated officer of a Bermuda-based, publicly-listed insurance entity for the second consecutive year in fiscal 1998, according to a compensation review by Miami-based Offshore Business News & Research, Inc., which publishes this newsletter.

Ann Nealon resigns from Cayman Stock Exchange

May 31, 1999
Ann Nealon has resigned after two years as CEO of the Cayman Islands Stock Exchange. We understand that Nealon, who is an attorney by profession, has been offered a job with the Cayman law firm of W. S. Walker & Co.

World Stock Exchange closed down by Cayman police

May 31, 1999
A Cayman-based Internet stock exchange was closed down last year by the local police and government because of concerns that it might be confused with the Cayman Islands Stock Exchange. Details about the action appeared in a complaint prepared by the Alberta Securities Commission against Canadians Kim Seto and Orest Rusnak.

First International Bank of Grenada launches Pyramid scheme

May 31, 1999
The First International Bank of Grenada and the sham insurer known as IDIC have launched an international pyramid scheme as the latest phase of their plan to part investors from their money. There is also concern that FIBG may have become involved in stock manipulation involving a Florida-registered penny stock firm that trades on the NASDAQ over-the-counter market.

Euro Bank to go into voluntary liquidation

May 31, 1999
Cayman-registered Euro Bank Corporation is to go into voluntary liquidation following a report into its affairs by Ian Wight and Michael Pilling, of Deloitte & Touche, OffshoreAlert can reveal. The accountants were appointed as controllers of the bank by the Cayman government on May 11 following concerns that it may be involved in illegal activities.

Peter Crisson accused of Internet libel against Colombian Emeralds boss

May 31, 1999
Stephen Crane, the head of Bahamas-based jewellery group Colombian Emeralds International, has brought a libel action against two Bermudians accused of posting defamatory messages about him on the Internet. Bermuda Supreme Court has already issued an Anton Piller Order that allowed representatives of Crane to search the homes of Peter Crisson and Larry Booker and jeweller H. S. & J. E. Crisson, which Crisson heads and where Booker works.

SG Hambros sues Coutts over Bahamas purchase

May 31, 1999
SG Hambros filed a lawsuit in March in the High Court in London against Coutts private banking group in relation to the former's purchase of Coutts (Bahamas) for $100 million in August, 1998.

Offshore banker William Cooper arrested in Antigua

May 31, 1999
Antigua continued its battle to clean up the image of its offshore financial services sector this month with the arrest of a notorious banker and an attempt to force another suspect bank into receivership. American-born William W. Cooper, aged 59, was arrested in Antigua on May 18 after a warrant was issued against him in the United States, where he has been criminally indicted for alleged money laundering and fraud.

Bermuda Fire & Marine Insurance trial hears accusations of fraud

May 31, 1999
The Bermuda Fire & Marine Insurance trial began, as scheduled, on May 4 and most of the rest of the month was spent hearing allegations of lies, deceit and fraud against people who were at one time considered to be among the crème de la crème of the local business community.

Antigua advisor attacks US Advisory against island’s offshore industry

May 31, 1999
One of the architects of Antigua's new anti-money laundering laws has written to the US Treasury protesting its recent issuance of an Advisory warning that all transactions with Antiguan financial institutions should be treated as suspicious. US-based attorney Carlos E. Loumiet conceded that there were "a few shortcomings" in Antigua's new legislation but he claimed the US had ignored the "numerous positive changes in bank supervision in Antigua and Barbuda over the past two years designed to clean up the offshore banking sector in that country".

Harris Organization-OBNR trial put back by court

May 31, 1999
The libel trial involving The Harris Organization financial services group of Panama and Offshore Business News & Research, Inc., which publishes this newsletter, has been put back to an unnamed date by the United States District Court for the Southern District of Florida.

Red faces all around as Absolute Offshore conference is called off

May 31, 1999
There were plenty of red faces this month after an offshore exhibition and conference planned for Amsterdam was called off at the eleventh hour, apparently because only eight people had signed up for it. Registrations for the Absolute Offshore International Finance Convention were being handled by EMAP Promotions, which is one of the UK's leading conference firms.

Overseas Partners facing victory against the IRS

May 31, 1999
Overseas Partners Ltd. appears to have won its battle with the US Internal Revenue Service over tax assessments and penalties totalling $539 million that were levied against the firm for the period 1984-90. On January 21, 1999, a US Tax Court ruled that OPL had no deficiency in income tax, and no additional tax was due from the company, for 1984, the only year that has so far gone to trial.

Insider Talking: May 31, 1999

May 31, 1999
Offshore promoter Adam Starchild's criminal past, Cayman politicians receive huge pay increases, clients of Marc Harris' Threshold Insurance Services claim to have been ripped off.

David Brown and Grant Gibbons walk away from Gemini Re

May 5, 1999
Former Centre Solutions boss David Brown and Grant Gibbons, Bermuda's former Minister of Finance, are no longer part of Gemini Re Holdings, OffshoreAlert can reveal. Brown was the President and CEO of the proposed reinsurer, while Gibbons was the Chief Financial Officer and Treasurer.