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IRS files ‘John Doe summons’ petitions to identify Trident Trust Group clients suspected of U.S. tax evasion

December 17, 2024

In an attempt to identify clients of international corporate services provider Trident Trust Group who are suspected of evading U.S. taxes, the IRS has applied to federal courts in New York, Georgia, and South Dakota for permission to serve 'John Doe Summonses' on courier services, financial institutions, correspondent banks, and Trident Trust Group itself.

Dubai-based BVI investment firms ‘All Blue’ seek Chapter 15 bankruptcy recognition in U.S. amid investigation into ‘$126M naked short trade losses’

December 16, 2024

The liquidators of Dubai-based, British Virgin Islands-domiciled All Blue Investments North Star 1 Ltd. and All Blue Investment Management Ltd. have filed for Chapter 15 bankruptcy recognition in Miami amid an investigation into losses of $126 million from "improper naked short trades" and the suspected shifting of trading profits to two Cayman Islands affiliates, Red Rowan Investments Ltd. and Washington Muse Investments SPC.

U.K.’s Man Group seeks evidence in U.S. to defend ‘$1B investment loss’ lawsuit by Kuwait’s state pension fund

December 12, 2024

British and Swiss investment firms that are part of the London-based Man Group have applied to take discovery in New York to aid its defense of a civil lawsuit against them in England by Kuwait's state pension fund, the Public Institution for Social Security, which is seeking nearly $1 billion in damages.

Bankrupt British fund manager Greg Bryce held in contempt of court for ‘breaching asset freeze order’

November 29, 2024

Bankrupt British fund manager Greg Bryce, whose London-based investment firm Pardus Wealth Limited was forced into liquidation earlier this year by a Latvian creditor, has been held in contempt of court in England for breaching an asset freeze order.

Bahamas firm seeks to enforce €5M arbitration award against Miami-based 777 Partners

November 28, 2024

Miami-based investment group 777 Partners is being sued again, this time by a Bahamas investment firm - Heritage Travel and Tourism Ltd. - that is seeking to enforce a €5 million partial arbitration award regarding 777's uncompleted purchase of a minority stake in Dutch luxury fashion holding company La Perla Fashion Holding N.V. for €60 million.

Cayman Islands capital-raising subsidiaries of Spirit Airlines follow parent into Chapter 11 bankruptcy in U.S.

November 26, 2024

Four Cayman Islands subsidiaries of Florida-based, self-described "ultra low-cost carrier" Spirit Airlines have followed its parent into Chapter 11 bankruptcy in New York, namely Spirit Finance Cayman 1 Ltd., Spirit Finance Cayman 2 Ltd., Cayman IP Spirit Ltd., and Spirit Loyalty Cayman Ltd.

British-American fund manager Nicholas Hofgren loses legal battle with Guernsey regulator to set aside 14-year corporate ban

November 21, 2024

London-based, British-American fund manager Nicholas Hofgren, 54, has lost a two-year legal battle to stop the Guernsey Financial Services Commission imposing regulatory sanctions against him for "misconduct" regarding his operation of an investment scheme known as GFG Funds.

Cayman/Hong Kong crypto firm BIT Mining admits bribing Japanese officials, will pay $10M to settle U.S. criminal charges

November 19, 2024

Cayman Islands-domiciled, Hong Kong-based crypto firm BIT Mining Ltd. has agreed to pay a $10 million fine to settle criminal charges in the United States that it paid $1.9 million in bribes to "Japanese government officials", while its Chinese former CEO, Zhengming Pan, has been criminally indicted.

Brazil’s Unigel petrochemical group files for Chapter 15 bankruptcy recognition in U.S.

November 16, 2024

Citing liabilities of BRL $4.1 billion, one of Brazil's largest petrochemical companies - Unigel - has filed for Chapter 15 bankruptcy recognition in New York.

British fund manager Jeremy Leach defaults on $11.5M fraud complaint settlement, say Cayman liquidators

November 14, 2024

British fund manager Jeremy Leach has defaulted on an agreement to pay $11.5 million to settle a fraud complaint in the Cayman Islands regarding two of his failed life settlement funds - Traded Life Policies Fund and Diversified Settlements Fund, the liquidators have told creditors.

U.S. files forfeiture complaint against crypto linked to ‘Sam Bankman-Fried’s Chinese bribery scheme’

November 12, 2024

The United States has filed a forfeiture complaint regarding crypto allegedly traceable to a bribery scheme by FTX principal Sam Bankman-Fried to unfreeze $1 billion of crypto that had been frozen by Chinese law enforcement in 2021.

FTX sues crypto exchange Binance to clawback $1.8B in ‘fraudulent transfers’

November 11, 2024

FTX - which "may have been insolvent from inception" - has sued rival crypto exchange Binance in an attempt to recover $1.76 billion of "fraudulent transfers" in a dispute whose parties are entities or individuals in Antigua, Bahamas, British Virgin Islands, Cayman Islands, China, Hong Kong, Ireland, and USA.

With liabilities of $580M, Bermuda AI firm Afinity files for Chapter 15 bankruptcy recognition in U.S.

November 4, 2024

Artificial intelligence firm Afiniti, Ltd. - which went into provisional liquidation in Bermuda on September 19th and has liabilities of $580 million - has filed for Chapter 15 bankruptcy recognition in the United States.

U.S. investor sues Spanish ‘freedom fighter’ Luis Cuende over ‘$25M Aragon crypto scheme theft’

October 31, 2024

Alleging "a blatant act of theft", a U.S. investor is suing 24-year-old Spanish self-described "freedom fighter" Luis Cuende and three Swiss entities in New York regarding a crypto venture known as Aragon that raised "$25 million in Ether" via an Initial Coin Offering.

Insolvent Canadian financial services group Chesswood files for Chapter 15 bankruptcy recognition in U.S., owes lenders over $130M

October 30, 2024

Canadian financial services group Chesswood, which "provides loans to small businesses and consumers across Canada and the United States", has filed for Chapter 15 bankruptcy recognition in the United States, owing "existing lenders" US$66 million and C$93 million.

Hong Kong-based French businessman Damien Dernoncourt sues Credit Suisse for ‘spying on me during CEO’s affair with my wife’

October 29, 2024

Hong Kong-based French businessman Damien Dernoncourt is suing Swiss bank Credit Suisse for $15 million in the United States for allegedly hacking into his emails and spying on him at the direction of the bank's then-CEO, Tidjane Thiam, who was allegedly having an affair with Dernoncourt's then-wife, fellow banker Marie-Soazic Geffroy.

Cayman’s SPI Investment Fund liquidators seek evidence from U.S. loan recipients for investigation into ‘disappearance of $118M’

October 28, 2024

The liquidators of three insolvent Cayman Islands investment funds who are investigating "the disappearance of monies" from SPI Investment Fund SPC have applied for Chapter 15 bankruptcy recognition in Florida so they can take discovery from representatives of alleged $118 million loan recipients Sinai Holdings and Prudent Group, including Dennis Klemming, Jacob Gitman, and Yulia Kislyuk.

MMA’s Professional Fighters League sues athletes’ social commerce platform MILLIONS for ‘$250K sponsorship breach’

October 28, 2024

Canadian firm MILLIONS, which operates a social commerce platform for athletes, is being sued for $250,000 for allegedly defaulting on a sponsorship agreement with U.S. mixed martial arts firm Professional Fighters League.

Singapore-based student housing investment manager Shangxuan Tan sued by Chinese-owned Cayman lender over ‘$34M loan’

October 28, 2024

Amid allegations of fraud, 35-year-old Singapore-based student housing investment manager Shangxuan Tan is being sued by a Cayman Islands firm and its Chinese principal, Yanglong Song, regarding an allegedly outstanding loan of $34 million, with the plaintiffs seeking the appointment of a Receiver for Tan's North Carolina-based Ivy Fund Manager.

Guernsey regulator bans Steve Dewsnip from financial services industry

October 27, 2024

British businessman Steve Dewsnip, 57, whose involvement in several fraudulent investment schemes has been previously exposed by OffshoreAlert, has been banned from Guernsey's regulated financial services industry "as a result of his failure to meet the minimum criteria for licensing".

Canadian EV vehicle supplier Vicinity Motor Corp. files for Chapter 15 recognition in U.S.

October 25, 2024

Three days after it went into receivership in Vancouver, Canadian publicly-listed electric vehicle supplier Vicinity Motor Corp. has filed for Chapter 15 bankruptcy recognition in the United States.

Offshore businessmen Jean Chalopin & Gregory Pepin accuse Texas ‘fund manager’ of $4.1M fraud

October 22, 2024

Bahamas-based Deltec Bank's Chairman Jean Chalopin and its former Deputy CEO, Cayman Islands resident Gregory Pepin, have filed a lawsuit in the United States in which they claim to have been swindled out of a combined $4.1 million by purported fund manager Reno Casimir.

Cayman liquidators of Canadian Erin Winczura’s Canterbury Securities file for Chapter 15 recognition in U.S., claim $20M is missing

October 21, 2024

The liquidators of Cayman Islands investment firm Canterbury Securities Ltd., who suspect its Canadian principal, Erin Winczura, of misappropriating more than $20 million, have filed for Chapter 15 recognition in the United States.

Nottingham Forest-owner Evangelos Marinakis seeks evidence in U.S. for ‘smear campaign’ lawsuit in England

October 21, 2024

Greek businessman Evangelos Marinakis, who owns English Premier League soccer club Nottingham Forest, has applied to take discovery in the United States for use in a defamation lawsuit in London in which he has accused the chair of another soccer club - Irini Karipidis - and others of orchestrating a "smear campaign" against him.

Bankrupt hotel firm seeks evidence in U.S. for ‘£182M fraud litigation’ against British businessman Andy Ruhan and his ‘secret nominee’

October 21, 2024

English firm Hotel Portfolio II UK is seeking evidence in the United States for legal proceedings against British businessmen Andy Ruhan and Anthony Stevens, against whom it has outstanding judgments of £182 million and £3.4 million, respectively, for "a complex fraud".

Dubai Islamic Bank clients who invested $315M seek to wind up Cayman’s Rasmala Trade Finance Fund

October 18, 2024

Alleging regulatory breaches, at least $100 million of losses, "lack of transparency", "mismanagement", and the "need for independent investigation", a British bank ultimately representing clients of United Arab Emirates-based Dubai Islamic Bank who invested $315 million has applied to wind up Rasmala Trade Finance Fund in the Cayman Islands.

Soccer club-owning 777 Partners sued by lender ING Capital for ‘$28M fraud’

October 17, 2024

New York-based lender ING Capital has filed a $28 million fraud complaint against Miami-based investment group 777 Partners, which owns several soccer clubs around the world; its principals, and related entities, the latest in a slew of lawsuits against them over the last few years for alleged fraud and indebtedness.

Labuan’s City Credit Investment Bank liquidator seeks U.S. bank records for investigation into ‘$1B Ponzi scheme’

October 17, 2024

The liquidator of Labuan-based City Credit Investment Bank Ltd. has applied to take discovery from several banks in the United States for his investigation into a suspected $1.1 billion "global fraud" against 17,000 victims, most of whom are in Taiwan.

U.S. distressed debt investor applies to wind up China Evergrande Group subsidiary in BVI over ‘$6.4B debt’

October 16, 2024

U.S.-based distressed debt investor Purple Chrysanth Master, LLC, claiming to be "an ultimate beneficial holder" of nearly $6.4 billion of debt, has applied to liquidate a subsidiary of bankrupt Chinese property developer China Evergrande Group called Scenery Journey Limited in the British Virgin Islands.

U.S. seeks ownership of $2.3M cash & 38 luxury watches seized from Cyprus home of indicted Swiss banker Urs Meisterhans

October 16, 2024

The United States has filed a forfeiture complaint against $2.3 million in cash and 38 luxury watches that were seized in 2021 from the Cyprus home of 63-year-old Swiss banker Urs Meisterhans as part of an investigation into an alleged $6 million international investment fraud and money laundering scheme for which Meisterhans and nine citizens of Cyprus, Ireland, and the United Kingdom were criminally indicted in 2021.

Guernsey regulator penalizes Zedra Trust Co. and ex-officer Colin Borman regarding ‘entity owned by suspected fraudster’

October 15, 2024

Guernsey's financial regulator has fined Zedra Trust Company and fined and banned former officer Colin Borman for essentially helping to conceal the beneficial ownership of an entity by a businessman who had been arrested for suspected fraud, bribery, and corruption.

Client sues New York asset manager Jerry Wang and his Cayman firm Haitou Global for ‘$1.4M securities fraud’

October 14, 2024

New York-based asset manager Jerry Wang is being sued by an investor who alleges he was swindled out of $1.4 million via Wang's Cayman Islands-domiciled Haitou Global.

BVI regulator fines Vistra corporate services group $276K for AML breaches

October 14, 2024

Two British Virgin Islands companies that are part of the Vistra corporate services group have been fined a combined $276,500 for breaches of the BVI's Anti-Money Laundering regulations and/or code of practice.

Bermuda regulator cancels insurance registration of 777 Partners-owned 777 Re

October 9, 2024

Bermuda's financial regulator, the Bermuda Monetary Authority, has cancelled the insurance license of life and annuity reinsurer 777 Re. Ltd., which is part of the scandal-plagued U.S.-based investment group 777 Partners, which owns several professional soccer clubs around the world and recently failed in its attempt to buy English Premier League club Everton F.C.

Cayman bank NCB applies to wind up U.S.-based Dennis Klemming firm that received ‘$1.5M due to banking error’

October 8, 2024

Cayman Islands bank NCB has applied to wind up a company whose sole director is U.S.-based, Swedish businessman Dennis Klemming over an alleged debt of $668,371 that allegedly remains outstanding after the firm received a "mistaken payment" of $1.5 million due to a "banking error".

U.S. takes forfeiture action against crypto linked to ‘$879M heists by North Korean military hacking groups’

October 6, 2024

The United States has filed forfeiture complaints against previously-seized Bitcoin and Tether that allegedly can be traced to the theft of crypto worth $879 million from at least five entities, including those in Japan, Singapore, U.S., and Vietnam, by "North Korean military hacking groups" known as the Lazarus Group and Advanced Persistent Threat 38 over 13 months in 2021-2022.

British fraudsters Simon Hooper, Martin Kelly & Ryan Allen collectively sentenced to 15+ years in prison

October 4, 2024

British nationals Simon Hooper, Martin Kelly, and Ryan Allen have been collectively sentenced to more than 15 years in prison in England for a fraud that targeted pensioners and involved Rationale Asset Management Plc, which raised more than £2 million from investors.

BVI liquidators sue U.S. music producer Swizz Beatz to recover ‘$7.3M gifted by Malaysia’s 1MDB fraudsters’

October 4, 2024

The liquidators of two British Virgin Islands companies have sued U.S. music producer and rapper Swizz Beatz and two of his firms to recover $7.3 million they were allegedly "gifted" by insiders who helped steal $7.65 billion from Malaysia's sovereign wealth fund 1MDB.

Bahamas bank accuses Chilean businessman Álvaro Saieh of transferring assets to avoid ‘$27M debt’

October 4, 2024

In a discovery application filed at federal court in New York, the Bahamas branch of Brazil-based Itaú Unibanco has accused Chilean businessman Álvaro Saieh of transferring assets to family members to avoid paying his debts, including $27 million allegedly owed to the bank.

Chinese businessman Yuewen Zheng’s Cayman firm sued by RAAS China for ‘outstanding loans of $59.9M and €17.39M’

September 30, 2024

The liquidators of Hong Kong-domiciled RAAS China Ltd. have filed a lawsuit in the Cayman Islands against investment firm Creat Group (International) Limited, whose sole director is Chinese businessman Yuewen Zheng, for allegedly outstanding loans of US$59.9 million and €17.39 million.

Saint Kitts-based ‘recidivist’ Paul Bilzerian indicted in U.S. for ‘avoiding $180M SEC judgment’

September 27, 2024

Saint Kitts-based "recidivist" Paul Bilzerian has been criminally indicted in the United States for allegedly fraudulently avoiding a 1993 SEC judgment that now stands at $180 million. Also indicted were accountant Scott Rohleder and Canadian "cannabis and lifestyle brand company" Ignite International Brands Ltd., while all three and others have also been sued for fraud by the SEC.

Swiss-based investor prepares to sue in Cayman over ‘$2.3M owed by Reza Ali’s Prosiris investment funds’

September 24, 2024

Swiss-based investor Karin Reza, who claims she is unable to redeem over $2.3 million in investment funds operated by New York-based fund manager Reza Ali and suspects fraud, has applied to take discovery from Ali, his Prosiris group, and JPMorgan at federal court in the United States for a contemplated lawsuit in the Cayman Islands, where the funds are domiciled.

British crypto fund boss Graham Stanton & clothing designer Andy Morrell sued in BVI over fatal boat collision

September 24, 2024

Two lawsuits - one of which alleges 'wrongful death' - have been filed in the British Virgin Islands against British crypto fund boss Graham Stanton and local clothing designer Andrew Morrell regarding a fatal boating accident in 2021.

Hong Kong trustees of ‘uncooperative’ Chinese $74M bankrupt Kwan Cheung seek U.S. assets

September 19, 2024

The Hong Kong trustees of 'uncooperative' Chinese bankrupt Kwan Cheung, who owes more than $74 million and has business interests in multiple jurisdictions, including Australia, British Virgin Islands, Cayman Islands, China, Hong Kong, and United States, have applied for Chapter 15 recognition in California as they hunt for her assets. Cheung's "largest creditor" is Cayman-domiciled CM International Capital Ltd., with a claim of "more than $35 million".

777 Partners accuses ex-CTO of ‘breaking into Florida office to help British & Irish plaintiffs in fraud lawsuit’

September 18, 2024

U.S.-based 777 Partners - which owns several soccer clubs around the world - has accused its former Chief Technology Officer Noah Davis of breaking into its Florida office and illegally accessing its computer system to aid British and Irish firms that are suing it for an alleged $350 million collateral fraud.

Swedish ‘Amazon.com aggregator’ Go North Group seeks ‘to stay U.S. litigation’ with New York Chapter 15 filing

September 16, 2024

Swedish "Amazon aggregator" Go North Group AB, which buys and scales businesses that primarily sell their products via the online marketplace, has applied for Chapter 15 bankruptcy recognition in the United States as part of a restructuring in its homeland.

Peruvian ‘victim of $269K advance fee fraud by Ricardo Soto’ applies for evidence in Florida

September 16, 2024

A Peruvian who claims he was swindled out of $269,743 in an alleged advance fee fraud by U.S.-based Venezuelan Ricardo Soto Marin and others, including Canadian Jonathan Frappier, has applied for judicial assistance at federal court in Miami to collect evidence for a criminal complaint he has filed in Peru.

Danske Bank investors seek evidence from Promontory Financial Group for ‘$1B Losses’ litigation in Denmark

September 15, 2024

Institutional investors who are among a group of over 300 who allegedly collectively lost over $1 billion in stock market losses when Danske Bank's share price plummeted "by almost 50%" amid a $234 billion "money laundering scandal" are seeking evidence in the United States for litigation in Denmark.

Dubai bank seeks U.S. records in attempt to collect on $100M judgment against UAE’s ‘wealthy Al Sari family’

September 10, 2024

The Commercial Bank of Dubai has applied to take discovery from banks in the United States as part of a long-running battle to collect on a judgment for approximately $100 million that was entered in the United Arab Emirates in 2016 against Abdalla Al Sari, his sons Mohamed Al Sari and Majid Al Sari, and related parties in a dispute that, inter alia, involves entities in the British Virgin Islands, Cayman Islands, and UAE.

Gibraltar court orders accountant Karel Manasco to pay $3M to former employer, Mansion Group

September 8, 2024

Gibraltar accountant Karel Manasco has been ordered by Gibraltar Supreme Court to pay the equivalent of nearly $3 million regarding some of the claims in an ongoing $5 million 'misconduct' lawsuit brought by his former employer, online gaming operator Mansion Group.