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Trader ‘owed over $21M’ applies to wind up Bybit crypto exchange in BVI

August 23, 2024

An application to wind up the operator of "a large, international online cryptocurrency exchange" known as Bybit has been filed in the British Virgin Islands by a trader who claims to be owed more than $21 million and has accused the group of 'playing a jurisdictional shell game' involving several countries, including the BVI, England, Seychelles, and Singapore.

Cayman law firm Maples applies to wind up U.S.-based oil and gas firm Coastline Exploration over ‘$410K debt’

August 22, 2024

Cayman Islands law firm Maples Group has petitioned to wind up Texas-based oil and gas exploration company Coastline Exploration Ltd. over allegedly unpaid legal fees of $410,707.

Hong Kong investor applies to wind up PointGuard Ventures hedge fund in Cayman over ‘$4.8M debt’

August 21, 2024

A petition to wind up a Cayman Islands hedge fund operated by U.S.-based investment group PointGuard Ventures has been brought by one of its investors, Hong Kong-based Suning International Ltd., which claims to be owed $4.8 million in an unpaid cash distribution that it should have received in 2022 but was allegedly not even told about.

‘Embarrassed’ Bermuda witnesses to alleged $37M investment fraud will only testify in secret, claim defendants

August 14, 2024

'Embarrassed' witnesses in Bermuda will only testify in a $37 million crypto investment fraud lawsuit brought by the United States Securities and Exchange Commission in Florida if they can do so in secret, defendants Troy Hogg, James Goldberg, Stephen Braverman, and Max Barber have claimed in a court filing.

Panama-based U.S. couple charged with swindling 200,000 investors out of $650M in ‘crypto trading scam’

August 12, 2024

Panama-based husband-and-wife Eddy and Cynthia Petion have been charged by the U.S. SEC with swindling $650 million from over 200,000 investors in a "crypto trading investment and pyramid scheme" via their Saint Vincent and the Grenadines-domiciled firm known as NovaTech.

Bankrupt crypto lender Celsius sues stablecoin Tether’s BVI & HK firms for recovery of Bitcoin worth $3.4B

August 11, 2024

Bankrupt crypto lender Celsius has sued crypto stablecoin Tether's British Virgin Islands and Hong Kong companies in New York in an attempt to recover "preferential and fraudulent transfers" of Bitcoin worth $3.4 billion at the current conversion rate.

Private investment firm 777 Partners faces second eviction complaint, this one for its California office

August 9, 2024

Alleging unpaid rent of $95,456, a second eviction complaint in six days has been filed against U.S. private investment firm 777 Partners LLC, this one for its $20,398 per month, 6,580 sq. ft. office space in California. It followed a separate action by another landlord in Florida to evict the soccer club-owning group from its headquarters in Miami.

English soccer team Nottingham Forest FC takes U.S. court action to identify ‘smear campaign wrongdoer’

August 8, 2024

Nottingham Forest Football Club has applied to take discovery from marketing agency Harris Media and two of its employees, Vincent Harris and Brian Ruddle, in the United States in an attempt to identify its client on whose behalf they allegedly carried out a "smear campaign" against the English Premier League team.

Bridging Finance investment group seeks restoration of Cayman firm to pursue C$1.7B fraud claim in Canada

August 8, 2024

The Receiver of the failed Canadian investment group known as Bridging Finance has taken legal action in the Cayman Islands to restore and liquidate a Cayman company through which millions of dollars of investors' funds were allegedly misappropriated and which "now faces potential liability of up to CAN$1.7 billion".

U.S. firm sues Tether for release of ‘$160M of crypto frozen to satisfy $180K Chinese criminal judgment’, alleges extortion attempt

August 7, 2024

Tiger Mines New York, Inc., which appears to be operated by New York businessman Hassan Miah, is suing crypto stablecoin Tether's British Virgin Islands and Hong Kong companies for "improperly" freezing crypto "worth about $160 million" allegedly at the request of police in China investigating a '$180,000 online gambling case'. Tiger Mines alleged that people claiming to represent the "Chinese government" have attempted to extort half of the frozen funds.

Contempt motion filed against Belgian businessman Philip Deutz’s U.S. firm through which he ‘swindled Swiss firm out of $8.5M’

August 1, 2024

Switzerland-domiciled Loewenstein Invest Schweiz AG, which claims that Belgian businessman Philip Deutz has swindled it out of $8.5 million, has filed a contempt motion in the United States against his Delaware firm EDPNet Inc., whose books and records it has been trying to inspect for 20 months.

Private investment firm 777 Partners faces eviction from Miami HQ for ‘unpaid rent of $144K’

July 30, 2024

The landlord of a prestigious 40-story office skyscraper in downtown Miami has taken legal action to evict the private investment firm 777 Partners from its $76,000 per month, 25,138 sq. ft. office space on the 19th floor that serves as the group's headquarters for non-payment of rent. 777 Partners owns several professional soccer clubs, including Genoa C.F.C., in Italy; Sevilla Fútbol Club, in Spain; Standard de Liège, in Belgium; Red Star F.C., in France; Hertha Berlin, in Germany; Club de Regatas Vasco da Gama, in Brazil, and Melbourne Victory Football Club, in Australia.

Hong Kong-based Tahoe Life Insurance Company goes into provisional liquidation in Bermuda

July 27, 2024

Hong Kong-based life insurer Tahoe Life Insurance Company Ltd. has gone into provisional liquidation in Bermuda, where it is domiciled, following a winding up petition by the local regulator, the Bermuda Monetary Authority.

Chinese banks ‘owed $211M’ petition to wind up Hong Kong oil & gas firm Primeline Energy Holdings in Cayman

July 24, 2024

Citing debts totaling $211 million owed to itself and two other Chinese banks (Export-Import Bank of China and China Development Bank), Shanghai Pudong Development Bank has filed a petition in the Cayman Islands to wind up Hong Kong-based oil and gas exploration Primeline Energy Holdings.

British fugitive fraudster Anthony Constantinou ‘died of a heart attack in Mexico’, claims source

July 24, 2024

British fugitive fraudster Anthony Constantinou, who fled England last year during his trial for fraud and money laundering regarding a £70 million Ponzi scheme known as CWM that involved entities in the British Virgin Islands, Cayman Islands, and England, 'died of a heart attack in Mexico earlier this month', an anonymous source has told OffshoreAlert, providing a copy of a 'death certificate' as 'proof', although it's possible that Constantinou - a notorious conman - may have faked his own death and is still alive.

Liquidators of ‘ticking time bomb’ Silicon Valley Bank (Cayman) sue shareholder SVB Financial Group to void ‘$294M distribution’

July 24, 2024

The liquidators of Silicon Valley Bank in the Cayman Islands are suing its Delaware-domiciled sole shareholder, SVB Financial Group, in an attempt to void a $294 million "upstream distribution" made when the offshore bank was "insolvent" and "a ticking time bomb".

MyChargeBack.com sues for return of website domain seized by FBI as part of crypto recovery investigation

July 24, 2024

New York-based crypto investigations and recovery firm MyChargeBack.com, which is run by Israelis, has petitioned the USA at federal court in California for the return of its website domain after it was seized last month by the FBI as part of a crypto recovery fraud investigation.

Switzerland requests bank records of U.S. firm for money laundering investigation into ‘caterer’ Maria Magali Ribeiro Martignoni

July 23, 2024

Switzerland has requested the bank records of U.S. firm Trading Core Investment LLC, which has an affiliate in the Cayman Islands, for a criminal investigation into purported "caterer" Maria Magali Ribeiro Martignoni for suspected money laundering involving accounts and entities in Andorra, Italy, Saudi Arabia, Switzerland, United Arab Emirates, and USA.

Bermuda reinsurer Roosevelt Road Re sues New York personal injury attorneys for ‘workers’ comp fraud’

July 22, 2024

Bermuda-based reinsurer Roosevelt Road Re, Ltd. has sued two New York-based personal injury attorneys - Herbert Subin and Eric Subin, of Subin Associates - for allegedly "orchestrating" a workers' compensation insurance fraud scheme in which "undocumented immigrants who do not speak English" were paid for "fake construction accidents".

Thomas Braziel removed as Receiver of Fund.com & ordered to repay $1.9M that he ‘stole from shareholders’

July 19, 2024

Distressed asset investor Thomas Braziel has been removed as the Receiver of U.S. firm Fund.com Inc. and ordered to repay $1.94 million that he allegedly stole from shareholders. He also faces the prospect of being sued for further claims by a new Receiver.

1MDB liquidators sue Amicorp Group & CEO Toine Knipping in BVI for ‘dishonest assistance to $7B fraud’

July 16, 2024

Hong Kong-based corporate services provider Amicorp Group's operations in Barbados, British Virgin Islands, Curaçao, Hong Kong, and Singapore and its Dubai-based CEO, Toine Knipping, are being sued in the BVI for allegedly helping to launder some of the $7 billion that was misappropriated from the Malaysian sovereign wealth fund 1MDB.

Labuan suspends license of Chinese-owned Asia Pacific Investment Bank

July 11, 2024

The Labuan Financial Services Authority has suspended the license of Malaysia-based, Chinese-owned Asia Pacific Investment Bank Ltd. "for non-compliance to minimum capital and/or other regulatory requirements".

Bankrupt crypto lender Celsius sues 1,300+ individuals and entities that ‘each received preferential transfers of more than $100K’

July 5, 2024

Clawback complaints for hundreds of millions of dollars have been filed in New York over the last five days against more than 1,300 individuals and entities around the world, including investment funds and companies in Australia, British Virgin Islands, Canada, Cayman Islands, Finland, Hong Kong, Italy, Liechtenstein, Lithuania, Mexico, Portugal, Spain, and United States, that allegedly each received "preferential transfers" of more than $100,000 from U.S.-based crypto lender Celsius Network in the 90 days before it filed for bankruptcy in 2022.

U.S. files forfeiture complaint against $4.1M that DEA seized from ‘illegal BVI money transmitter’ Smart Focus International Fund

July 3, 2024

The United States has filed a forfeiture complaint against $4.1 million that the Drug Enforcement Administration previously seized from a U.S. bank account belonging to Argentina-based, British Virgin Islands-domiciled Smart Focus International Fund Ltd., which allegedly operated as an unregistered money transmitter for two months in 2021, during which it allegedly transmitted $37 million.

Abraaj liquidators sue Air Arabia for $700M+ in Cayman for ‘fraud and dishonest assistance’

June 27, 2024

United Arab Emirates-based airline Air Arabia PJSC is being sued for more than $700 million in the Cayman Islands for allegedly "knowingly" participating in a massive fraud by the failed Abraaj Group, which was also based in the UAE.

Accused fraudster Marc-André Pépin sets up new Luxembourg fund, Polaris Financial Investments

June 25, 2024

Swiss asset manager Marc-André Pépin and British fund administrator Gareth Williams, who both participated in a Cayman Islands investment scheme that recently collapsed amid allegations of fraud, have set up a new Luxembourg fund, Polaris Financial Investments S.A., with a similar investment objective of investing in receivables.

British national David Kennedy sentenced to eight years in prison for Axiom Legal Financing Fund fraud

June 10, 2024

United Kingdom national David Kennedy, 71, has been sentenced to eight years in prison in England for his role in a £121 million fraud by Cayman Islands-domiciled Axiom Legal Financing Fund, which collapsed after being exposed by OffshoreAlert in 2012.

Venezuelan businessman Carlos Lazo Reyes seeks U.S. records to defend “baseless allegations of fraud” in Mexico

June 7, 2024

Venezuelan businessman Carlos Lazo Reyes has applied to obtain transaction records in the United States to defend himself against "baseless allegations of fraud" in Mexico regarding sports betting firm YOX Holding S.A.

Two more Cayman entities controlled by U.S.-based Swedish national Dennis Klemming go into liquidation

May 22, 2024

The collapse of an investment group headed by Miami-based Swedish national Dennis Klemming has continued with the liquidations of two more Cayman Islands entities, International Capital Allocation Ltd. and International Portfolio Allocation Ltd., which each had an agreement to borrow up to $100 million from another failed Cayman entity, SPI Investment Fund.

U.S. charges Chinese nationals with laundering $73M via accounts at Bahamas-based Deltec Bank

May 18, 2024

Two Chinese nationals - one of whom has a second passport issued by Saint Kitts and Nevis - have been arrested in the United States after being criminally charged with laundering at least $73 million of 'Pig Butchering' crypto-related fraud proceeds through accounts at Deltec Bank & Trust, in the Bahamas.

Letter purports to link cyber attack on OffshoreAlert’s website to British fraudster David Kennedy

May 12, 2024

OffshoreAlert has received a bizarre 'Cease and Desist' letter that purports to link last week's prolonged cyber attack on our website to British investment fraudster David Kennedy, who was criminally convicted in England on May 3rd for his involvement in a £121 million investment fraud perpetrated by Cayman Islands-domiciled Axiom Legal Financing Fund, which collapsed after being exposed by OffshoreAlert in 2012.

Swiss asset manager Heinz Kubli’s investment fund TTC SICAV has license revoked by Malta regulator

May 9, 2024

Malta Financial Services Authority has revoked the licenses of Swiss asset manager Heinz Kubli's investment fund TTC SICAV Plc and its sub-fund, TTC Green Energy Fund, for several regulatory breaches.

Bahamas Telecommunications Company seeks to seize $10M motor yacht that ‘damaged underwater cable’

May 7, 2024

The Bahamas Telecommunications Company has filed a complaint at federal court in New York in which it is seeking to seize a $10 million, 121-foot, Cayman Islands-registered motor yacht - M/V Retriever - that it claims caused $1.5 million of damage to an underwater telecommunications cable.

Irish hotelier Patrick McKillen seeks evidence from ex-Qatar Gov’t Minister in French ‘luxury hotel’ dispute

May 7, 2024

At federal court in California, Irish hotelier Patrick McKillen is seeking documents and testimony from former Qatar Government Minister Sheikh Hamad bin Jassim for use in a "tens of millions of euros" legal dispute in France "related to the development of a luxury hotel at 231, Boulevard Saint-Germain in Paris".

U.S. businessman Tony Bobulinski alleges ‘fraudulent conspiracy’ in lawsuit over China Branding Group’s Cayman liquidation

April 1, 2024

U.S.-based 'distressed business investor' Tony Bobulinski is suing Cayman Islands law firm Walkers, insolvency specialist Grant Thornton, and others in California, alleging he suffered losses totaling "tens of millions of dollars" as a result of a "fraudulent conspiracy" regarding the liquidation of China Branding Group.

Dubai-based Swiss businessman Patrick Dannacher takes legal action to identify ‘extortionist’

March 27, 2024

Dubai-based, Swiss businessman Patrick Dannacher has taken legal action in California in an attempt to discover who is behind an alleged attempt to extort funds from him.

British/Thai businessman Christopher Harborne sues WSJ for defamation over ‘crypto fraud’ article

March 1, 2024

British/Thai businessman Christopher Harborne has filed a defamation complaint against The Wall Street Journal over an article headlined 'Crypto Companies Behind Tether Used Falsified Documents and Shell Companies to Get Bank Accounts'.

Liquidators of Silicon Valley Bank (Cayman Islands) sue FDIC, allege discrimination against Chinese depositors

February 23, 2024

One day after their Chapter 15 bankruptcy recognition petition was dismissed in the United States after an objection by the Federal Deposit Insurance Corporation, the liquidators of the Cayman Islands Branch of the U.S.-headquartered Silicon Valley Bank sued the FDIC for allegedly discriminating against Chinese depositors.

Convicted fraudster & former Cayman resident Robert Christopher Girvan dies in U.S. ‘amid new probe’

February 15, 2024

Jamaican national Robert Christopher Girvan, whose past included a criminal conviction in the Cayman Islands for a $19 million investment fraud, has died in the United States, apparently from a self-inflicted gunshot wound in the backyard of his girlfriend’s house in Alpharetta, Georgia, amid what a source said was a criminal investigation into another of his schemes.

Bankruptcy Trustee of indicted Chinese ‘$1B fraudster & launderer’ Ho Wan Kwok sues Ogier BVI for $350K & others for $28M

February 12, 2024

The U.S. Bankruptcy Trustee of New York-based, Chinese national Ho Wan Kwok, who is in custody awaiting trial for allegedly laundering more than $1 billion of fraud proceeds, has sued British Virgin Islands law firm Ogier in an attempt to recover $350,000 in 'unauthorized transfers', one of 23 recently-filed complaints against entities in Australia, BVI, England, Italy, Japan, and U.S. seeking to recover a total of $28.7 million in 'unauthorized or fraudulent' transfers.

U.S. lender ‘owed COP 14.7M’ seeks Cayman liquidation of Colombia’s Zinobe financial services group

February 9, 2024

A U.S. lender claiming to be owed COP 14.7 million has filed a petition at the Grand Court of the Cayman Islands to wind up the holding company of Colombian financial services group Zinobe, whose subsidiaries provide consumer and commercial credit services in Colombia and Mexico.

Three Arrows Capital’s offshore feeder fund applies for Chapter 15 bankruptcy recognition in New York

February 8, 2024

Three Arrows Fund - the offshore feeder fund for British Virgin Islands-domiciled, Singapore-based failed crypto hedge fund Three Arrows Capital - has applied for Chapter 15 bankruptcy recognition in New York.

Cayman arm of GEMS Education Group faces liquidation over ‘CHF 63M unpaid Swiss rent award’

February 7, 2024

A Luxembourg property firm seeking to collect on a CHF 63 million arbitration award for unpaid rent on leased premises in Switzerland has applied to wind up a Cayman Islands entity that is part of the GEMS Education Group, which is one of the world's largest operators of private schools.

Creditor applies to wind up U.K. luxury fashion e-commerce firm Farfetch in Cayman over ‘$404M Debt’

February 3, 2024

Citing a debt of $404 million and the need for an "urgent investigation" into the conduct of its 49-year-old founder, chairman, and CEO, José Neves, U.S. financial services provider Wilmington Trust has filed a petition at the Grand Court of the Cayman Islands to wind up Cayman-domiciled, United Kingdom-based luxury fashion e-commerce firm Farfetch Limited.

Coors brewing scions seek removal of South African Hendrik Jordaan from ‘fraudulent’ 1K Africa Cayman fund

January 29, 2024

Citing criminal and regulatory investigations in the United States for suspected fraud and other "significant concerns”, an investment vehicle owned by scions of the founder of Coors beer has asked a Cayman Islands court to remove South African Hendrik Jordaan as voluntary liquidator of a private investment fund he operated - One Thousand & One Voices Africa Fund.

Lord Energy’s Hazim Nada sues UAE & Swiss investigators Alp Services and Diligence for ‘smear campaign’

January 24, 2024

U.S.-Italian businessman Hazim Nada is suing the United Arab Emirates, UAE president and Abu Dhabi ruler Mohamed bin Zayed Al Nahyan, Swiss investigative firms Alp Services and Diligence, a Swiss journalist, and others for $2.8 billion, alleging they orchestrated "a years-long dark public public relations campaign" that destroyed his oil trading business.

Citing ‘serious’ concerns about FDIC’s conduct, Silicon Valley Bank (Cayman) seeks U.S. Chapter 15 recognition

January 19, 2024

Fueled by the "disparate treatment" of domestic and foreign depositors by the Federal Deposit Insurance Corporation in the United States, the liquidators of the Cayman Islands Branch of Silicon Valley Bank have applied for Chapter 15 bankruptcy recognition in New York.

Greek regulator revokes license of forex/crypto broker Ardu Prime & forces liquidation

January 18, 2024

Greek financial broker Ardu Prime Investment Services S.A., which specialized in forex and crypto, has had its license revoked and been forced into "special liquidation" by the Hellenic Capital Market Commission.

Swedish national Jon Malmsäter’s SCF Brazil Cayman fund goes into liquidation

January 16, 2024

Another Cayman Islands mutual fund - SCF Brazil, Cayman Feeder SPC - associated with the Miami-based, Brazil-focused Prudent Group has collapsed, this one operated by Swedish national Jon Malmsäter, who has a history of dubious investment schemes, indebtedness, tax problems, and even domestic violence.

Darts world champion Rob Cross’s British firm goes into liquidation with £579K debts

January 1, 2024

A British company owned by 2018 PDC World Darts Champion Rob Cross, who is currently in the semi-finals of this year's ongoing tournament, has gone into liquidation with an estimated deficiency of £579,807, most of which is owed in taxes. Cross is the firm's biggest debtor, owing £423,608 that was loaned to him.