British Virgin Islands

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Elderly client claims Sabourin and Sun cleaned her out

June 30, 2001
A 61-year-old woman is suing Canada-based offshore provider Peter Sabourin to recover CDN$876,451 that was allegedly defrauded from her trading account, leaving her destitute.Judith Laiken claims that Sabourin, who is described in court filings as a former school janitor, wiped out her entire account within six months of it being opened in March, 1999.

Fund manager Ian Renert signed documents in names of pet geese, claims SEC

June 30, 2001
Investment advisor Ian Renert has been portrayed in a lawsuit as a bungling fraudster who genuinely believes that bank debenture trading programs exist and who signed mutual fund documents in the names of his pet geese.Renert, who controlled 36 mutual fund firms that were mostly incorporated in the Bahamas, has been accused of defrauding at least 850 investors who invested $22 million from June, 1997 to April, 1999.

Businessmen indicted over Evergreen Security alleged fraud

June 30, 2001
Three businessmen have been criminally indicted in the United States for allegedly stealing $27.7 million from British Virgin Islands-registered  mutual fund Evergreen Security Ltd.William J. Zylka, James P. Conroy and Martin W. Boelens Jr. were each charged with two or more counts of Grand Larceny at the Supreme Court of the State of New York on June 7, 2001.

Insider Talking: April 30, 2001

April 30, 2001
Attorney David Hampton Tedder, 54, who has spent much of his career involved in offshore finance, including several dubious ventures, is no longer licensed to practice law in the United States. Records kept by the State Bar of California, where

Belgium: Melchior Wathelet

April 10, 2001
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Belgium into Melchior Wathelet for suspected forgery and bribery.

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.

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.

Monaco: William Fogwell et al

March 13, 2001
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Monaco into William Fogwell, Shelley Fogwell and Guillaume Losada y Padilla for alleged fraud regarding the Hobbs Melville Group.

VP Bank and Bank of Butterfield caught up in ‘sex.com’ dispute

February 28, 2001
A federal judge in California has appointed a receiver to take control of any assets of VP Bank (BVI) that were earned from a hard-core pornography web-site at www.sex.com.The Receivership Order, which was issued on February 2, 2001 against convicted felon Stephen Michael Cohen, also covers the assets of two BVI-registered IBCs and other Cohen-related entities.Receiver George C. Fisher, of Palo Alto, is permitted to "locate assets of Stephen Michael Cohen, Ocean Fund International Limited, Sand Man International Limited, VP Bank (BVI) Limited directly or indirectly related to the operation of the Internet domain name 'sex.com'," reads the Order.

Insider Talking: February 28, 2001

February 28, 2001
Offshore regulators act against banks named in U. S. Senate's 'Correspondent Banking: A Gateway to Money Laundering' report, Marc Harris denounces attempt to strip him of Panamanian citizenship, David Voth comes up with a novel excuse as to why he can't make investment pay-outs, complaints about Morrison Cross Financial Investments start coming in, details of relatively-recent lawsuits involving Jerome Schneider and/or related entities, U. S. court approves settlement plan between Heartland Financial Services and investors who received "false profits", Pittsburgh travel agent Roy Davis Jr. becomes latest victim of John Mathewson's co-operation with US authorities, sset freeze order issued against Midpoint Trading Corporation, Euro Bank Corp. 'Preliminary Inquiry' hearing starts in Cayman Islands.

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.

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.

Leon Brener v. Malcolm Alan Novack et al: Complaint

January 11, 2001
Complaint in Leon Brener v. Malcolm Alan Novack, Marilyn Novack, Watermark (International) Holdings Ltd., Buckingham Holdings International Ltd., Pembroke Trading Company Ltd., and Gabelle Holdings Ltd. at the U. S. District Court for the Southern District of Florida.

Insider Talking: December 31, 2000

December 31, 2000
During the course of 2000, Offshore Alert received many telephone calls and e-mails from clients of The Harris Organization financial services group in Panama who claimed to have been defrauded of various amounts of money; After Tony Vigna was recently deported from Panama to face criminal charges in Miami, further details emerged of a fake British passport that was obtained for him by The Harris Organization when he fled the US before being indicted; Standard Hellier Bank and Allianz Trade Reinsurance web-sites become inactive after investigation by Offshore Alert; We have been told by the Grenada Supreme Court that between 10 and 15 civil lawsuits have now been filed against the First International Bank of Grenada group; The default judgment entered against the Bank of Bermuda in favor of the Receiver of the Cash 4 Titles alleged Ponzi scheme at a US federal court on November 20, 2000 was set aside ten days later; Clyde DHood, the small-town electrician in Illinois who persuaded thousands of suckers all over the world to mail him millions of dollars just by promising high returns, remains in jail after his bail application was turned down; Canadian crook Jordan Bionda seems to subscribe to the philosophy that 'the best form of defense is attack'; and Americans are regarded virtually all over the world as being parochial in that they tend not to travel abroad, generally know little about other countries or world affairs and, rather insultingly to the rest of the world's population, give themselves titles such as 'World Champions' when they win a national championship, be it in basketball, baseball, American football or whatever.

BVI-domiciled Kading Companies SA agrees to SEC Cease and Desist Order

December 31, 2000
A British Virgin Islands-domiciled company and its President have agreed to a Cease and Desist Order and a civil penalty following an administrative proceeding brought by the SEC. Kading Companies S.A. and Kevin H. Kading, 42, were among four Respondents accused of acting as broker-dealers in the United States without being registered by the SEC. The other Respondents were Utah-registered Joning Corp. (f.k.a. Global Stock Exchange Corp.), which was 55 per cent-owned by Kading Corp; and John O. Jones Jr., 54, Joning's President.

Offshore firms sued after family trust was alleged defrauded

November 30, 2000
Some of the biggest names in offshore finance have been named as defendants in a civil lawsuit filed in the United States by investors who claim to have been defrauded of $5 million. Defendants are Matheson Trustees (BVI) Limited, Matheson Trust Company (BVI) Limited, Bank of Bermuda, Credit Suisse, of Switzerland; UBS, of Switzerland; and KPMG, of the British Virgin Islands.

BVI firm blames Lines Overseas Management for $980,000 investment loss

November 30, 2000
A BVI-registered firm is appealing a Bermuda judge's ruling that it must provide a $100,000 security deposit before it can proceed with a negligence claim against investment firm Lines Overseas Management. Overseas Finance Management will argue that it is unfair to expect a plaintiff to put up additional funds to pursue a claim against a defendant accused of squandering virtually all of its assets.

BVI and Bahamas funds used in alleged $70 million fraud aimed at Latin Americans

November 30, 2000
Two offshore funds allegedly involved in a $70 million scheme to defraud investors who mainly resided in Latin America have been put into receivership following court action in the United States. Bahamas-registered United World Capital Fund Limited and BVI-registered United World Capital Limited consented to the receivership after being named as defendants in an SEC lawsuit filed in Texas.

Default judgment against BVI firm in $6.2 million fraud case

November 30, 2000
A default judgment has been entered against British Virgin Islands-registered Hedley Finance Ltd. and its administrator, Christian Dante, for involvement in a $6.2 million investment fraud. They participated in a fraud which raised $6.2 million through the sale of bogus prime bank notes to investors who were promised returns of between 20 and 100 per cent every ten international banking days.

Offshore shareholders face huge losses after First Ecom share price collapses

November 30, 2000
A publicly-traded company whose principal shareholders include the Bank of Bermuda and Lines Overseas Management is well on the way to becoming an e-commerce flop. The share price of First Ecom.com Inc. hit an all-time low of $1.063 on NASDAQ on November 30, 2000 just nine months after a trading high of $34 on the over-the-counter market.

Accounts in Jersey and BVI used for insider trading

October 31, 2000
A Vancouver-based businessman who used a Jersey-registered trust and a BVI-registered IBC to conduct illegal insider trades in firms he managed has been fined $50,000 by Canadian securities regulators. David Michael Patterson admitted that he did not file insider-trading reports for trades he made through a British Virgin Islands firm in shares of four companies where he was an officer or director.

Marc Harris gets temporary reprieve after being closed down

October 31, 2000
After months of ignoring blatant illegalities, Panamanian regulators finally acted against The Harris Organization financial services group this month and suspended its business operations. However, an Order by La Comisión Nacional de Valores (National Securities Commission) was itself suspended by the Panamanian Supreme Court following an application by The Harris Organization.

Equity Management clients seek other victims

October 31, 2000
Clients of Bahamas-based Equity Management Group, Antigua-based Fullerton Financial Corp. and BVI-based Capital Advisory Corporation are being invited to join legal action that is being prepared against the now defunct companies and their principals.

Panama suspends operations of The Harris Organization

October 17, 2000
La Prensa newspaper in Panama reported today that La Comisión Nacional de Valores, which is the Panamanian equivalent of the SEC in the United States, has suspended the business operations of The Harris Organization financial services group, which is headquartered in Panama but has its main entities incorporated in the British Virgin Islands and Nevis.

Harris Organization-controlled motel put into receivership

August 31, 2000
A Florida motel controlled by The Harris Organization has been put into receivership after the Panama-based financial services group defaulted on an $11,820 per month mortgage. A receiver for Neptune's Hideaway Motel Inc., in Key Largo, was appointed by the 16th Judicial Court for Monroe County on June 20, 2000 after an application on June 6 by creditor LRJ Realty Inc.

Keith King panned in Isle of Man judgment

August 31, 2000
A now defunct Isle of Man stockbroking company controlled by offshore businessman Keith King has lost a second civil lawsuit brought by a former client. Defendant City & International Securities was found to have illegally transferred GBP200,000 out of the account of The Mannin Foundation, of Liechtenstein, to fund a new stockbroking firm that collapsed within 12 months and was compulsorily wound up by the Isle of Man High Court.

Insider Talking: July 31, 2000

July 31, 2000
Robin Cotterell released on bail pending trial on money laundering charge, SG Hambros and Coutts settle Bahamas lawsuit, casino web-site's links to the Bahamas, where Internet gaming is prohibited; Canadian regulators issues warning about Cayman International Holdings, First International Bank of Grenada fraudsters open a new bank, investors in Versailles finance group apply to liquidate BVI firm Trading Partners, Harris Organization has Nov. 24 deadline to obtain investment manager's license in Panama, Imperial Consolidated Securities SA offers "High-Yield Investment Facility", Cayman Islands passes Electronic Transactions Bill and Computer Misuse Bill.

Major countries strike hard against offshore centers

June 30, 2000
The high stakes poker game between onshore and offshore governments lost six players recently but another 35 have 12 months to decide whether the OECD is bluffing with the threat of sanctions.Bermuda, the Cayman Islands, Cyprus, Malta, Mauritius and San Marino have all signed an 'Advanced Letter of Commitment' agreeing to co-operate with international tax investigations.

Resumption of Isle of Man trial involving Keith King company

May 31, 2000
A civil trial in the Isle of Man involving a company controlled by Keith King, the founding boss of the First Nevisian group in Nevis, was due to resume on May 30.The trial, which was adjourned earlier in the year, concerns a claim for GBP200,000 (approximately US$300,000) made against King's firm City & International Securities by former clients Virginia Anne Callow and Dr. Herbert Batliner, as Trustees of The Mannin Foundation.

OECD backs off publishing an offshore ‘hit list’

April 30, 2000
The much-vaunted publication of a tax haven 'hit list' by the Organisation for Economic Co-operation and Development has been put off for at least a year. The OECD had planned to name those territories deemed to engage in "harmful tax practices" in June of this year, after which the 29 OECD member countries would seek to punish those on the list by introducing "defensive measures".

Insider Talking: April 30, 2000

April 30, 2000
The low-down on Imperial Consolidated's City UK Ltd., Antigua-based Accord Insurance goes to ground; and Mezzanine Capital's Eric Chess Bronk, complaints to SEC about clampdown on broker activities.

‘It all seems very strange’ – A look at the Imperial Consolidated Group in the UK

April 30, 2000
In the course of our inquiries into the Imperial Consolidated Group, which has regional offices in the Bahamas, the Cayman Islands and Grenada, Offshore Alert talked with a local journalist in Lincolnshire who visited ICG's offices at Brookenby about 12-18 months ago. His report, which appears below, confirmed that the group is one of the largest private employers in the area and has added to the mystique that surrounds ICG, which has become one of the highest profile offshore companies over the last few years.

UK pressures offshore centers to report suspicious tax transactions

March 31, 2000
Anyone who still has doubts that UK Overseas Territories such as the Cayman Islands, the British Virgin Islands and the Turks & Caicos Islands will be forced to co-operate with foreign tax investigations should read a paper published by the UK Treasury in February. Titled 'Exchange of Information and the Draft Directive on Taxation of Savings', it makes it clear that UK Overseas Territories are being pressured not only to co-operate with requests for information on tax matters but to take the initiative and report suspicious tax-related transactions.

Bear Stearns accused of preferential treatment over failed BVI fund

March 31, 2000
Bear Stearns has been accused of tipping off privileged clients so that they could cash out of the BVI-registered Manhattan Investment Fund before it collapsed in January with losses of about $450 million. It has also been claimed that the broker exceeded "generally accepted margin limitations" in extending credit to the fund, thus contributing to the size of its losses.

Harris Organization associate deported from Panama

March 31, 2000
A fugitive American businessman who has been helping The Harris Organization run investment schemes through IBCs set up in the Bahamas and the BVI was deported this month from Panama to the US. Within days of his deportation, Brent A. Wagman was criminally indicted in Texas on charges of masterminding a scheme that defrauded mainly elderly victims of approximately $30 million.

Bermuda tops Year 2000 Telecommunications Review

February 29, 2000
Telecommunications Review in Bermuda-Caribbean region: Bermuda continues to offer by far the cheapest overseas telecommunications rates compared with its rival offshore jurisdictions in the Caribbean, we can disclose. While rates have generally fallen in many islands since our last survey in April, 1997, the gap between Bermuda and the pack remains huge, largely due to the introduction of competition for international calls. 

More lawsuits following collapse of $500 million hedge fund

February 29, 2000
The barrage of litigation surrounding the collapse in January of BVI-registered Manhattan Investment Fund and the disappearance of nearly $500 million continued this month. Five lawsuits were filed at Bermuda Supreme Court during February to go along with the four that were filed at the same court the previous month and one in New York.

Harris Organization moves closer to collapse

January 31, 2000
There are increasing indications that The Harris Organization financial services group of Panama is edging closer to collapse. Several of the group's clients have contacted Offshore Alert recently to complain that their requests to redeem all or part of their investments have been ignored.

Lawsuits fly in Bermuda following collapse of $500 m hedge fund

January 31, 2000
Four lawsuits were filed at Bermuda Supreme Court in the last week of January following the collapse of the Manhattan Investment Fund Ltd., which was registered in the British Virgin Islands, managed in New York City and administered and audited in Bermuda.