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Bermuda ICO ‘Advisor’ Dan Sloan pleaded guilty to fraud in Texas in 2010

February 10, 2019
An "advisor" to the first cryptocurrency firm to be approved for an Initial Coin Offering by the Bermuda government pleaded guilty to a $200,000 fraud in the U.S. eight years ago and is still on probation, OffshoreAlert can reveal. He is Dan Sloan, who is associated with California-based Uulala Ltd.

Cayman funds sue Venezuela over ‘bonds default’

January 15, 2019
Two Cayman Islands funds managed by New York-based Pharo Management have filed a complaint against Venezuela over the alleged default of government bonds in which they claim to own a "beneficial interest" totaling $115.5 million.

US regulator acts against Cayman’s Beverstone Fund Management

December 18, 2018
The National Futures Association has suspended Cayman Islands-domiciled Beverstone Fund Management and its Canadian principal, Roland Kaehler, for operating what appears to be a fraudulent scheme in which investors have lost over $6 million.

Cayman Court unseals dozens of cases after OffshoreAlert exposé

August 30, 2018
In the first seven months of this year alone, the international business court of the Cayman Islands concealed 21 insolvency petitions in which the liabilities collectively exceeded $1.2 billion, including five against companies listed on foreign stock exchanges. Their existence is only now known because the Court unsealed dozens of cases after OffshoreAlert's exposé of its draconian secrecy practices.

Cayman court secrecy on the rise: 55% of recent financial cases are sealed

August 6, 2018
The court that hears international business disputes in the Cayman Islands is sealing records of liquidation petitions and other cases at unprecedented levels, meaning that foreign investors, creditors, and clients of Cayman-domiciled hedge funds and other companies are not alerted to insolvencies and other problems, OffshoreAlert can reveal. Secrecy has escalated to the point where more than half of all cases filed in recent months are sealed.

US insurer claims to be victim of $135M offshore reinsurance fraud

July 11, 2018
Bermudian businessman Gregory Tolaram, Bahamas-based financial adviser Edward Lynch, and seven insurers and investment funds in the Cayman Islands have been accused of participating in a $135 million fraud against U.S. insurer Great Western Insurance Company.

Another red flag concerning Bahamas-based investment firm Touchstone Advisory

June 14, 2018
Zachary Zanghi, the New York-based business partner of British investment advisor Benjamin Alderson, who was recently accused of securities fraud by the U.S. Securities and Exchange Commission, was himself involved in impropriety a few years ago for which he was fired by Citigroup, OffshoreAlert can reveal.

deVere USA settles SEC fraud allegations for $8M

June 5, 2018
Investment advisor deVere USA, Inc. has agreed to pay an $8 million civil money penalty and two former officers - Benjamin Alderson and Bradley Hamilton - have been sued over allegations by the U.S. SEC that they defrauded hundreds of clients, most of them U.S.-based British expatriates.

BVI attorney ‘agrees to pay’ $425K to settle failed Liberia asset recovery case

May 17, 2018
British Virgin Islands-based asset recovery attorney Martin Kenney has agreed "in principle" to pay $425,000 to settle his U. S. liability to CIGNA Worldwide Insurance Company concerning a failed asset recovery attempt on behalf of businesspeople in war-torn Liberia, it was disclosed yesterday in a court filing in the United States.

Garrett Kelleher seeks to sue Deloitte & law firms over litigation funding liabilities

May 3, 2018
Irish litigation funder Garrett Kelleher intends to sue Deloitte Ireland, four of its principals, and Deloitte Malta over "advice" concerning his $2.85 million investment in a Cayman Islands claim that led to an arrest warrant and estimated $12 million liability against him in the U.S. He is also exploring suing law firms in the U.S., U.K., and Cayman, including Walkers.

Guernsey’s Steve Dewsnip involved in another dubious venture

April 30, 2018
Guernsey-based businessman Steve Dewsnip, who was arrested last year as part of a fraud investigation into Providence Financial Group, is involved with another questionable venture, Connecticut-based Almas Nexus, whose CEO, Mark Nichols, has a history of indebtedness and corporate failure.

Brazil hotelier Alceu Antimo Vezozzo claims advisors stole $14M in offshore scheme

April 25, 2018
A wealthy Brazilian family that owns the Bourbon Hotels & Resorts luxury hotel chain - headed by Alceu Antimo Vezozzo - has accused two investment advisors - Raquel Borges and Rita Ramoni - of using offshore structures in the Bahamas and BVI to steal virtually the entire $14 million of assets they were entrusted to manage.

Hedge fund accountant Rob Patraulea fights for license in Cayman

April 22, 2018
Canadian hedge fund accountant Robert Patraulea, who has worked in Cayman since at least 2004, is appealing against a decision by the Council of the Cayman Islands Institute of Professional Accountants not to renew his license to practice.

Cayman politician McKeeva Bush drops attempt to take evidence from UK Gov’t employee

April 20, 2018
Cayman Islands politician McKeeva Bush has withdrawn an application at federal court in Miami to compel evidence from United Kingdom government employee Larry Covington for a 'malicious prosecution' lawsuit that Bush is pursuing in Cayman against that jurisdiction's former Governor, Duncan Taylor; former Police Commissioner, David Baines; and current Attorney General.

Argentarius Group ‘removes’ PwC as auditor

April 12, 2018
OffshoreAlert has uncovered more red flags concerning the Argentarius Group, which operates investment platforms in Malta, Gibraltar and the Cayman Islands. PwC has become the second auditor to be 'removed' in less than three years, while Argentarius' predecessor firm - Minerva Investments - collapsed amid a fraud investigation by the financial regulator in Liechtenstein.

UK’s Larry Covington fights testimony application by Cayman politician McKeeva Bush

April 6, 2018
Florida-based United Kingdom government employee Larry Covington is fighting an attempt by Cayman Islands politician McKeeva Bush to compel his evidence for a 'malicious prosecution' lawsuit that Bush is pursuing in Cayman against that jurisdiction's former Governor, former Police Commissioner and current Attorney General.

Bermuda law firm Trott & Duncan sued for $18M by US insurer client

March 23, 2018
Bermuda law firm Trott & Duncan is being sued for damages that could total more than $18 million by a client, Florida-based Fidelity National Title Insurance Company, which alleges negligence regarding the legal advice it received concerning a property development that collapsed in suspicious circumstances.

Offshore providers charged with FATCA-related tax fraud

March 22, 2018
In a superseding indictment returned on Tuesday in New York, four offshore bankers and service providers in St. Vincent and the Grenadines, Mauritius, Hungary and England were charged with conspiring to defraud the USA by "obstructing" the IRS' ability to collect tax revenue via FATCA.

Privilege Wealth Plc reports £42M ‘deficiency’

March 1, 2018
In a 'Statement of Affairs' filed with Companies House in Britain yesterday, investment fraudster Privilege Wealth Plc reported an estimated deficiency of £42 million. Of that amount, the company reported that £39.55 million is owed to investors, £2.5 million owed to its directors, and £124,038 to trade creditors.

Eighth British attorney struck off over Axiom Legal Financing Fund fraud

February 1, 2018
Andrew Lindsay has become at least the eighth British attorney to be struck off due to involvement in the Cayman Islands-based Axiom Legal Financing Fund, which defrauded investors of more than £100 million before collapsing in 2012 after being exposed by OffshoreAlert. Another solicitor, Marina Frankel, was suspended indefinitely.

Malta regulator shuts down funds managed by Swiss firm Novium AG

January 29, 2018
Malta-domiciled investment fund firm Excellence Investment Umbrella SICAV Plc, which is managed by Swiss investment manager Novium AG, has been ordered to go into liquidation by its local regulator, the Malta Financial Services Authority.