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Clarendon America/Eton Management involved in premiums dispute lawsuit

April 30, 2001
Clarendon America Insurance Company is suing two US Virgin Islands-based brokers for $2.92 million of premiums that were allegedly sent to a firm controlled by Martin Hoffman, instead of to Clarendon. The lawsuit was filed against Marshall & Sterling of St. Thomas Inc, d.b.a. Theodore Tunick & Co., and Marshall & Sterling of St. Croix Inc. at the US District Court for the District of Delaware on July 14, 2000 before being transferred to Federal Court in US Virgin Islands on April 10, 2001.

Mathewson claims Cayman politician asked for pay-off

April 30, 2001
Former banker John Mathewson claims that a member of the Cayman Islands government once asked him for a pay-off of $250,000, plus shares in an offshore bank that Mathewson controlled. Mathewson, who owned and managed the now defunct Cayman-registered Guardian Bank & Trust, made the allegation on the first of three days of United States Senate hearings into money laundering.

Lincoln Fraser and Jared Brook resign from Imperial Consolidated

April 30, 2001
Three weeks after OffshoreAlert exposed their role in a failed hotel in England, Lincoln Fraser and Jared Brook resigned their positions with the UK-based Imperial Consolidated Group. The resignations of Fraser and Brook as Chairman and Chief Executive Officer, respectively, of Imperial Consolidated was announced in a press release dated April 23.

United Nations body acts against latest scam run by former FIBG group officer

April 30, 2001
A new scheme run by former First International Bank of Grenada group officer Doug Ferguson has been denounced as a fraud by a representative of an organization within the United Nations. Ferguson has distributed promotional brochures in an attempt to raise "donations" for a "Foundation" to purportedly fund the G77 Chamber of Commerce & Industry of Developing Countries.

ESG Re shareholder seeks voluntary liquidation of the firm

April 30, 2001
A major shareholder in beleaguered Bermuda-based reinsurer ESG Re has called on directors to liquidate the firm or resign their seats on the board at the AGM on May 8. Peter M. Collery, President of New York-based investment advisor SC Fundamental LLC, believes the time has come to pull the plug on John C. Head III's latest reinsurance flop.

Eric Resteiner charged with defrauding Christian Scientists

April 30, 2001
Former Bahamas resident Eric Resteiner has been accused of defrauding at least 50 people of $22 million in a civil lawsuit filed at the United States by the Securities & Exchange Commission. Many of the alleged victims were members of the Christian Science Church, according to a lawsuit filed at the US District Court for the District of Massachusetts on April 16, 2001.

Robin Cotterell client subject to arrest warrant

April 30, 2001
A client of Nevis-based offshore provider Robin Cotterell is still on the run from US authorities nearly 12 months after being criminally indicted on racketeering charges along with members of the New York mafia. Joseph Andrew Mann, known as 'Andy Mann', was one of 120 defendants in securities fraud and RICO actions filed on June 14, 2000 at the United States District Court for the Southern District of New York.

Elderly electrician pleads guilty to Omega investment fraud

April 30, 2001
Clyde Hood, the 66-year-old electrician who persuaded gullible investors to send him millions of dollars by promising 5,000 per cent returns, has pleaded guilty to fraud-related charges in the United States. Hood pleaded guilty on April 10, 2001 to one count each of conspiracy to commit fraud, conspiracy to commit money laundering and filing a false tax return.

Cambridge International Bank officers charged with fraud

April 30, 2001
Six weeks after they were arrested in the United States, former Grenada bankers David Frank Rowe, 52, and Gerard Michael Burns, 52, were criminally indicted in San Jose, California on April 11. Rowe and Burns are being held in custody pending the outcome of their case, while a third indictee, Waylon McMullen, 54, is subject to an arrest warrant but has not been apprehended.

FIBG liquidator warns creditors to expect no dividend

April 30, 2001
Creditors of the First International Bank of Grenada have been informed by its liquidator that they might get back nothing from the liquidation. In a letter to creditors dated April 23, 2001, FIBG liquidator Marcus A. Wide, of accounting firm PricewaterhouseCoopers, wrote that "there will be a significant shortfall to creditors".

Elfindepan, Southern Financial Group and Calvin Dunlap held in contempt of court

April 30, 2001
Costa Rica-registered Elfindepan S. A., which, inter alia, provides debit card services to Nevis-based Liberty International Bank & Trust, has been held in civil contempt of court in the United States. Co-defendants Southern Financial Group and Tracy Calvin Dunlap Jr. were also held in contempt of court in a ruling issued on March 15, 2001 at the U. S. District Court for the Middle District of North Carolina.

Sterling International Bank fails to unfreeze assets

April 30, 2001
An offshore bank has failed to unfreeze US$540,000 of its assets that were frozen at the Bank of Montreal in Vancouver by the British Columbia Securities Commission as part of a stock fraud investigation. The provisional liquidator of Nauru-registered Sterling International Bank Inc., Graham R. Whiteside, had applied for the funds to be released so that he could proceed with the liquidation of the bank.

Regulators and offshore creditors act against SunState FX

April 30, 2001
Regulators in the United States have acted to close down a Florida-based investment firm weeks after two lawsuits were filed by offshore corporations alleging they were victims of fraud. The SEC and the Commodity Futures Trading Commission filed separate lawsuits against SunState FX Inc. at the U. S. District Court for the Southern District of Florida on April 18, 2001.

Attorney Jeffrey Matz and others found guilty of $64 million investment fraud

April 30, 2001
Six people have been convicted of criminal offenses relating to a $64 million investment scam that involved several offshore jurisdictions, including Antigua, Bermuda and the Bahamas. The convictions on April 13, 2001 followed a six-week jury trial at the U. S. District Court for the Northern District of Florida that focused on investment programs known as Hammersmith Trust, Microfund and Luxor Capital Markets.

Imperial Consolidated principals resign

April 23, 2001
Three weeks after OffshoreAlert exposed their role in a failed hotel in Morecambe, England; Lincoln Julian Fraser and Jared Bentley Brook have resigned as Chairman and Chief Executive Officer, respectively, of the UK-based Imperial Consolidated Group, with immediate effect.

SEC files lawsuit against Wellington Bank & Trust

March 31, 2001
Thirteen months after being exposed by OffshoreAlert as a scam, the SEC filed a civil lawsuit against Grenada-registered Wellington Bank & Trust, its principals and affiliates. The lawsuit was filed at the United States District Court for the Southern District of Indiana on February 27, 2001.

Suisse Security Bank & Trust fights for its license

March 31, 2001
Bahamas-based Suisse Security Bank & Trust filed an application at the Bahamas Supreme Court on March 29, 2001 to reverse what it has called "a purported out-of-court appointed receivership". The Respondents in the lawsuit are Julian Francis, who is the Governor of the Central Bank of the Bahamas; the Attorney-General of the Bahamas and SSBT's Receiver, accountant Raymond Winder.

Stirling Cooke reports record quarterly loss

March 31, 2001
Fourteen days after its share price collapsed to a record low of 56 cents on NASDAQ, Stirling Cooke Brown Holdings reported a record quarterly net loss of $21.2 million.

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.

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.

Panamanian regulators act against Marc Harris

March 31, 2001
The Panama Securities Commission has turned down an investment advisor application by Harris Investment Advisory Inc., which is part of The Harris Organization group. A Commission spokesman said the application was rejected primarily because of "the number of  complaints we have received from Harris clients alleging all sorts of dubious practices".

Imperial Consolidated: Prior debts of principals and more regulatory problems

March 31, 2001
The Chairman of the Imperial Consolidated Group was threatened with criminal action in England in 1996/97 after being accused of breaking the terms of his bankruptcy, we can disclose. Even then, it took Lincoln Julian Fraser many more months to settle a debt of GBP22,000 (approximately US$32,111) to Lincolnshire-based creditor Heckford Advertising.

Raids on Jerome Schneider and Global Prosperity, charges against Anderson’s Ark

March 31, 2001
Jerome Schneider, who has made a living by selling offshore bank charters in lightly-regulated jurisdictions to private individuals and by writing offshore books, had his office raided by the IRS on February 26. The raid on the office of Schneider's Wilshire Publishing Company in California was one of three high profile actions taken against offshore promoters within five days of each other in the United States.

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.

Years later, Anglo-American Insurance liquidators still baffled by Centre Re commutation

March 31, 2001
As John Head's ESG Re reported its latest quarterly loss, liquidators of one of his previously-failed insurers are still trying to figure out an unusual reinsurance commutation years after the firm collapsed. A major focus of the liquidation of UK-based Anglo American Insurance Company Ltd. is the commutation of financial reinsurance contracts with Bermuda-based Centre Re prior to Anglo's collapse.

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.

Grenada bankers arrested in US on suspicion of investment fraud

March 31, 2001
Two businessmen who helped run Grenada-registered Cambridge International Bank & Trust were arrested in the United States on February 28 and are being held in custody. David Frank Rowe, 52, and Gerard Michael Burns have been accused of fraud at the US District Court for the Northern District of California.

Cash 4 Titles businessman pleads guilty to fraud

March 31, 2001
American businessman Michael Gause has pleaded guilty to securities fraud, conspiracy to commit fraud,  and money laundering charges in relation to the Ponzi scheme known as Cash 4 Titles. Gause changed his plea to guilty to six counts on January 3, 2001 and is due to be sentenced on May 4. He faces up to 20 years in prison and a fine of twice the amount lost in the scam.

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.

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.

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.

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.

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.

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.

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'.

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.

Lawsuit filed by victims of Antigua-based Accord group

January 31, 2001
A civil lawsuit has been filed in the United States against Antigua-based Accord Trading Ltd., which was run by Britons Leslie Wingham and Graham Carr.Plaintiff Milton Shoong Corporation claims that it lost $1.2 million with Accord after being promised monthly returns of 100 per cent per month for ten months, according to its complaint.

Suisse Security Bank & Trust has $4.5M frozen & seized

January 31, 2001
Bahamas-based Suisse Security Bank & Trust is fighting two lawsuits in the United States which have resulted in $1.47 million of its assets being seized and another $3 million frozen. The bank is currently waiting for the outcome of an appeal against a default judgment in Florida in 1998 which will determine whether the seized $1.47 million has been lost forever.

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.

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.

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.

FIBG put into liquidation, founder weds Ugandan woman half his age

January 31, 2001
A petition to wind-up the First International Bank of Grenada was filed by the Grenada government on January 12, with PricewaterhouseCoopers appointed as liquidator. In the petition, the government announced that US$206 million of clients' principal went into FIBG and that an additional US$266 million of interest is owed to creditors.