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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.

Sale of unregistered stock in Bahamas-based IBC comes to a halt

June 30, 2000
An offering memorandum for shares in a Bahamas-registered IBC was taken off the Internet recently immediately after Offshore Alert began asking questions about it.Offshore Alert had downloaded a "Memorandum" relating to the sale of up to 2.5 million shares for $10 each in a company called ecombahamas.com Ltd., which was incorporated on August 3, 1999.

Regulators freeze assets of bank controlled by Terry Neal

May 31, 2000
A Nauru-registered bank that is operated out of Nevis by offshore provider and author Terry Neal is at the centre of a major stock fraud investigation in the United States and Canada.Investigators allege that Exchange Bank and Trust helped launder millions of dollars from illegal trading in US stocks through bank and brokerage accounts in Vancouver and Nevis-registered entities.

Poland: James Chrysler-Plymouth Jeep/Eagle

May 8, 2000
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Poland into the alleged importation of foreign cars and customs clearance based on allegedly forged documents.

Seto and Rusnak banned from securities industry for role in offshore exchange

April 30, 2000
Two Canadians have been banned from the securities industry by the Alberta Securities Commission for their role in operating an offshore Internet stock exchange. In an Order dated March 31, 2000, Orest Rusnak and Kim Seto were prohibited from acting as a director or officer of any issuer for 20 years and five years, respectively.

Ukraine: Pavel Lazarenko et al

April 28, 2000
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Ukraine into Pavlo Ivanovych Lazarenko, a former Prime Minister; Myckola Ivanovych Agafonov, Petro Myckolayiovych Kirichenko and Igor Olexandrovych Polozhentsev for alleged fraud, embezzlement and corruption.

Alberta Securities Commission claims jurisdiction over Internet exchange

March 31, 2000
In a landmark decision, the Alberta Securities Commission has found that an Internet stock exchange that was once registered in the Cayman Islands before moving to Antigua was in breach of local securities laws. The case against the World Stock Exchange, Thomas Kim Seto and Orest Rusnak was the first time that a Canadian securities commission had reviewed the activities of a stock exchange operating over the Internet.

Ontario Securities Commission to hold inquiry into Felderhof

March 31, 2000
The Ontario Securities Commission has set aside two months for a hearing into the activities of former Bre-X Minerals Chief Geologist John Bernard Felderhof, who is currently hiding out in the Cayman Islands. Proceedings against Felderhof are due to be held from October 16 to December 22, 2000 at the Provincial Offences Court, Old City Hall, Toronto.

Canada: Armour Pharmaceuticals

March 13, 2000
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Canada into Armour Pharmaceuticals regarding the distribution of HIV-infected blood.

Insider Talking: January 31, 2000

January 31, 2000
Liquidators of First Cayman Bank reach settlement with former Cayman government minister McKeeva Bush, First Nevisian's Keith Leslie King testifies at civil trial in the Isle of Man, Jordan Bionda denies he is a fraudster, conman Keem Kalfon promotes his Global Heritage Asset Protection 'fund', attorney Julian Hall is declared bankrupt in Bermuda, Bermuda's international business sector voices concern over Government plans to introduce tougher new work permit rules for foreign workers, offshore crook Marc Harris compares himself to Albert Einstein, Florida judge orders Harris Organization to pay costs after losing a libel action against OffshoreAlert's publisher.

Sterling International Bank & Trust and its dubious mutual funds

January 31, 2000
A Grenada-based banking group that appears to be controlled by an attorney located in the Turks & Caicos Islands is promoting dubious investment products, OffshoreAlert can reveal. Sterling International Bank & Trust and its apparent owner, attorney Philip Johnston, have already been involved in one fiasco last year involving the Bermuda-registered Heritage Growth Fund.

Canadian regulators take action against International Financial Privacy Association

December 31, 1999
The Saskatchewan Securities Commission has issued a Temporary Cease Trading Order against two Bahamas-registered companies accused of involvement in prime bank note fraud. International Financial Privacy Association Ltd. and IFPA Ltd., which bank with Bahamas-based Suisse Security Bank & Trust, were among six individuals and companies named in the Orders, which were issued on October 19, 1999.

Bahamas entities sued over alleged fraud

October 31, 1999
A multi-millionaire Canadian geophysicist has filed a lawsuit in Canada against Barclays Bank (Bahamas) and others claiming he was defrauded of US$1.5 million.Theodore Rozsa, who is in his eighties, claims to have been swindled out of his funds by conmen peddling a fake investment scheme and blames Barclays Bank and Swiss-based private bank Darier Hentsch et Cie for contributing to his loss through alleged negligence.

New Unicover lawsuits

July 31, 1999
US and Canadian insurers this month started three new legal actions that will help to determine who will pay for the huge losses associated with the Unicover workers' compensation insurance pool. Sun Life Assurance Co. of Canada announced it had started arbitration to void Unicover-related reinsurance contracts, Phoenix Home Life Mutual Insurance Co. filed a lawsuit in the United Kingdom in an attempt to force a broker, Rattner Mackenzie, to reveal more information about Unicover and it is also believed that Lincoln National Life has filed a suit.

Eurofed’s name taken off Canadian regulator’s warning list

June 30, 1999
Antigua-licensed Eurofed Bank has been taken off a Warning Circular issued on April 15, 1999 by the Canadian Office of the Superintendent of Financial Institutions. The list contains the names of 227 entities against which the OFSI has had "some form of inquiry or complaint" and which may be operating illegally in Canada.

World Stock Exchange closed down by Cayman police

May 31, 1999
A Cayman-based Internet stock exchange was closed down last year by the local police and government because of concerns that it might be confused with the Cayman Islands Stock Exchange. Details about the action appeared in a complaint prepared by the Alberta Securities Commission against Canadians Kim Seto and Orest Rusnak.

More firms list on dubious World Investors’ Stock Exchange

April 30, 1999
One of the First International Bank of Grenada's partners in crime, the Grenada-based World Investors' Stock Exchange, has stepped up its efforts to part the public from their savings. The shares of seven new companies were listed on WISE this month to go with the only other previous listing, that of EcoMed International, which we recently revealed had a false prospectus.

Richard Hape arrested on suspicion of money laundering

March 31, 1999
Canadian businessman Richard Hape, 51, who is a Senior Executive of Turks & Caicos Islands-based British West Indies Trust Limited, was arrested in Canada on February 16 and charged with conspiracy to launder the proceeds of drug trafficking.Simultaneous with Hape's arrest in Ontario, the Royal Turks & Caicos Islands Police executed a search warrant at the offices of British West Indies Trust Limited and a restraining order was served on the Trust's employees and banks.

Interclaim (Bermuda) freezes $200 m of assets controlled by callous white-collar criminals

March 31, 1999
Debt recovery firm Interclaim (Bermuda) Limited made international headlines recently after a series of daring legal manoeuvres in several countries against the type of heartless criminals who have become accustomed to getting away with their crimes.The company, which operates from Dublin, Ireland, has successfully frozen in the region of US$200 million of assets linked with Blair Down, a Canadian businessman who created his wealth by ripping off the elderly.

Grenada bank scam: Injunction bid against Offshore Alert fails

March 31, 1999
The First International Bank of Grenada, the International Deposit Insurance Corporation and the World Investors Stock Exchange this month failed in their bid to obtain a court injunction preventing Offshore Alert from continuing to report on their fraudulent activities.Attorneys representing these entities filed hundreds of pages of documents at the U. S. District Court for the Southern District of Florida in an effort to obtain an emergency injunction preventing Offshore Alert from continuing to report on their dubious activities.
fibg-v-offshorealert

First International Bank of Grenada Ltd. et al v. David Marchant et al: Libel Complaint

February 25, 1999
Libel Complaint in First International Bank of Grenada Ltd., of Grenada; International Depositors' Reinsurance Corporation, Ltd., doing business as IDIC, of Nevis, and World Investors' Stock Exchange, of Grenada v. David Marchant and Offshore Business News & Research, Inc. at the U. S. District Court for the Southern District of Florida.

Trying times for Jacob J. Elkin and Baron Hans Heinrich Thyssen-Bornemisza

January 29, 1999
Former high-flying Canadian investor Jacob J. Elkin and Swiss tycoon Baron Hans Heinrich Thyssen-Bornemisza were featured in two separate stories in The Royal Gazette newspaper in Bermuda this month. The newspaper reported that Elkin's Bermuda home, which has an estimated value of $1.5 million, was being auctioned off in an attempt to collect part of the $12.5 million he owes creditors.

Banking-insurance scam advertisements ask investors to sign away their assets

January 29, 1999
Avertisement from 'Vincent Lachmi' and 'Dr. Vincent Kumar' starts appearing on the Internet in connection with fraud perpetrated in the names of the International Deposit Insurance Corporation, the World Investors Stock Exchange, Fidelity International Bank, International Exchange Bank and the First International Bank of Grenada.
Van Brink (l) & Robert Skirving (r)

OffshoreAlert exposes massive offshore banking and insurance fraud

January 29, 1999
Offshore Alert can today expose a massive fraud involving at least three banks, an insurance company and a stock exchange into which investors are believed to have invested tens of millions of dollars. Participants in the scam include the World Investors Stock Exchange in Grenada, the International Deposit Insurance Corporation in Nevis, the First International Bank of Grenada, the International Exchange Bank, which is registered in either Nauru or Grenada but operated out of Bermuda and Texas; and Fidelity International Bank, which is registered in Nauru but operated from St. Vincent.

Insider Talking: September 30, 1998

September 30, 1998
Receivers of the Florida Employers Safety Association Self-Insurers Fund sue David Sanz, share price of Stirling Cooke falls to new low on NASDAQ, Elite International Services offers dubious offshore products, Marc Harris on the move, prison inmate Ronald Williams apparently continues to rip people off during his day-release program, Bahamas Prime Minister Hubert Ingraham puts both feet in his mouth during press conference for murder of foreign national.

Insider Talking: May 31, 1998

May 31, 1998
Former Cayman banker John Mathewson's sentencing hearing for helping to launder the proceeds of crime has been delayed yet again. Mathewson was due to be sentenced on April 30 by a court in New Jersey in the US but the matter was adjourned until later in the year; If figures compiled by The Wall Street Journal are to be relied upon for accuracy, the Cayman Islands is not the world's fifth largest financial center, as it claims, but is actually the eighth largest; Six months after US$9 million of its assets were frozen in British Columbia as part of an investigation into fraudulent trading, the Cayman-based broker/dealer Harris McLean Financial Group has filed a lawsuit in the Grand Court of the Cayman Islands against one of its principals, Richard Harris, and his mother, Ana Harris; and Those of you who have been following our articles on The Harris Organization of Panama might like to read a three-page article on the subject that appeared in the June 1 edition of Business Week.

Insider Talking: April 30, 1998

April 30, 1998
David Walsh, the former head of Bre X Minerals, tried to close a bank account in the Bahamas and take out his entire deposit of $25.3 million two weeks after an audit revealed concluded that the supposedly rich Busang gold

John Felderhof sued by Bre-X bankruptcy trustees

December 30, 1997
Deloitte & Touche, as trustee of bankrupt Canadian mining firm Bre-X Minerals, has brought a lawsuit in the Cayman Islands against its former chief geologist, John Felderhof; his wife, Ingrid; and a Cayman company they control called Spartacus Corporation.The lawsuit was filed in the Grand Court of the Cayman Islands on December 19 and signals the beginning of what will probably be a long legal battle between Felderhof and those who claim he was largely responsible for the massive Bre-X stock fraud that netted him millions of dollars.

USA v. Lorne Banks et al: Criminal Indictment

December 5, 1997
Indictment in USA v. Lorne Banks, Michael Bell, Howard Bidloff, Kevin Bregman, Russell Bronson, Charles Courville, Howard Dick, Walter Fantin, Michael Hamley, Joe Kelley, Thomas Laquer, a.k.a. Wayne Arnold, a.k.a. Wayne Donaldson; Steve Millgram, a.k.a. Steve Louis; Gordon Orwin, a.k.a. Gordon Thomas; Marshall Alexander (Sandy) Reid, Martin Seagal, Marvin Simon, Walter Smolarek, a.k.a. Bob Winters, a.k.a. Walter Shaw; Victor Tomasicchio, a.k.a. Victor Thomas; Brian Wilson, John Doe #1, a.k.a. Andrew Barrington; John Doe #2, a.k.a. Bill Crandall; John Doe #3, a.k.a. Gordon Sinclair; and John Doe #4, a.k.a. Andrew Noble, at the U. S. District Court for the Western District of New York.

Canadian kidnapped in the Bahamas

October 31, 1997
A 31-year-old Bahamian businessman has been charged with 25 offences following the kidnapping and robbery of five Canadian men in Nassau on October 13.

Harris McLean’s Canadian assets frozen

October 31, 1997
The British Columbia Securities Commission has frozen an estimated US$9 million held in Vancouver trading accounts on behalf of Cayman-based broker/dealer Harris McLean Financial Group Ltd. and Ana Jimenez, who is the mother of Richard Harris, one of Harris McLean's principals.

Cayman court enforces foreign judgment

October 31, 1997
In a ruling that could have implications for other offshore ‘paper' companies registered in the Cayman Islands and operated elsewhere, the Grand Court of the Cayman Islands has allowed the enforcement of a foreign judgement against a Cayman entity called Socoa International.The Grand Court rejected one of the main defence arguments that to allow the enforcement of a foreign judgement would be against the national interests of the Cayman Islands and ruled that the Canadian judgement could be enforced without the plaintiff having to prove its case all over again in Cayman.

Kruger loses Cayman extradition battle as another fugitive, John Felderhof, arrives

May 28, 1997
As one millionaire fugitive was finally forced to leave his paradise island hiding place to face the music back home, another took his place to cause further embarrassment to the Cayman Islands.Swiss businessman Peter Kruger gave up a 16 month battle to escape justice by leaving the Cayman Islands on May 15 to return to Switzerland to face charges of bankruptcy fraud involving nearly US$272 million.But his place in the public eye has already been taken by John Felderhof, the former chief geologist of Bre-X Minerals, a would-be mining firm that defrauded investors of about $4 billion through false claims of gold finds in Indonesia.

Money launderer convicted in Cayman

May 28, 1997
In a case that has triggered investigations on both sides of the US-Canadian border, Pietro Paolo Codispoti, of Montreal, was convicted in the Cayman Islands on May 22 of three counts of money laundering.

Dubious Canadian firm forms Bermuda subsidiary

November 24, 1994
A Canadian company described as "a disaster waiting to happen" has incorporated a subsidiary in Bermuda to promote the firm's interests overseas.International Hi-Tech Industries Inc, which is listed on the notorious Vancouver Stock Exchange, has a net worth of CDN$4 million.But the company's market capitalization — the value placed on it by investors in the marketplace — stands at a staggering CDN$335 million even though Hi-Tech reportedly has no sales revenue and no contracts for any sales.