Ireland

Hungary seeks evidence in Delaware for investigation into alleged $44 m fraud

January 4, 2006

Article based on an application for the appointment of a Commissioner to collect evidence for a criminal investigation into alleged fraud - pursuant to a request for judicial assistance from Hungary - that was filed at federal court in the USA on December 22, 2005. Individuals and businesses mentioned in the request for assistance include Attila Kulcsar, Tibor Endre Rejto, El Abed Hasan, Mahmoud Abdo, Miklos Bitvai, Dr. Gabor Garamszegi, Dr. Erika Erzsebet Futo, Janos Meszaros, Eva Toth, Katalin Balassa, Hajnalka Pinizsi, Gyula Szeker, Pacific Traders Company LLC, Britton Interinvest Ltd., Atlantic Business Finance Ltd., Canadian Merchant Trading Inc., Megastar Trading Co., Feldman Management BV, Britalia Intenvesi Ltd., Glendale Inter-Management SA, Inter Capital Projects Ltd., Lobagola Investment Inc., Intercorp Holdings LLC, First Capital Invest LLC, Globe International Investment, American-Hungarian Fashionhouse Inc., The Montrade Establishment Ltd., Balmoral Group LLC, Ashmore Investments LLC, Geometax Holdings Ltd., K&H Equities Reszvenytarsasag, K&H Befektetesi Reszvenytarsasag, and JPMorgan Chase.

Hungary: Attila Kulcsar

December 22, 2005

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Hungary into Attila Kulcsar, Janos Meszaros, Dr. Erika Erzsebet Futo, El Abed Hasan, Mahmoud Abdo and Gyula Szeker for alleged embezzlement and money laundering.

Norwegian ‘fraud victims’ seek evidence from NY attorney

December 5, 2005

Forty-six Norwegian parties are seeking evidence from a New York attorney as part of an attempt to recover millions of dollars allegedly defrauded from them in an investment scam.They filed a motion for the issuance of letters rogatory at the U. S. District Court for the Eastern District of New York, in Brooklyn, on November 18, 2005.

British accountants charged with offshore scam

November 17, 2005

Two British nationals have been charged with defrauding clients of companies in the Bahamas and England in a high yield investment scam.Shinder Gangar, 44, and Alan White, 47, were each charged with two counts of conspiracy to defraud at Leicester

Court dismisses offshore insurance fraud indictment

November 4, 2005

A United States federal judge has dismissed a criminal indictment against all eight defendants who were accused of using several offshore reinsurers to commit a $45 million fraud.All 54 counts of conspiracy, fraud and money laundering against Michael Arthur Reeve,

Judge Lynn Hughes dismisses offshore insurance fraud indictment

November 4, 2005

A United States federal judge has dismissed a criminal indictment against all eight defendants who were accused of using several offshore reinsurers to commit a $45 million fraud.All 54 counts of conspiracy, fraud and money laundering against Michael Arthur Reeve,

ABN AMRO, Inc. v. Capital International Limited et al: First Amended Complaint

November 1, 2005

First Amended Complaint in ABN AMRO, Inc. v. Capital International Limited, Eirles Four Limited, Deutsche Bank Aktiengesellschaft, Sarco Holdings, and Dhananjay (Dan) Hajela at the U. S. District Court for the Northern District of Illinois.

Here we go again: Citco accused of distributing false NAVs

August 3, 2005

An offshore fund administrator in the Netherlands Antilles has been caught up in a second hedge fund scandal in less than two years.Citco Fund Services (Curacao) NV is a defendant in a civil lawsuit filed on June 9, 2005 by investors in Dobbins Offshore, which was registered in the British Virgin Islands. KPMG (Netherlands Antilles), as the Fund's auditor, is also a defendant. The plaintiffs include companies in the Cayman Islands, France, Luxembourg and Switzerland.

Offshore compliance services firm stops operating

July 5, 2005

An offshore company that provided Know Your Customer services to the financial industry has stopped operating."KYCOS Limited has announced today that they will cease local operations here in the Isle of Man, the Channel Islands and the Republic of Ireland effectively 30th June 2005," stated the firm in a press release issued on July 1, 2005.

Missing in Action: Halliburton’s disappearing offshore subsidiaries

June 5, 2005

In the space of four or five years, Halliburton, the international oil services and construction conglomerate that is under attack for overcharging and underperforming in Iraq, has gone from reporting approximately 70 to 80 offshore subsidiaries in its annual SEC filing to just two, both in the Cayman Islands.Offshore networks had become a central part of Halliburton's management and financial strategy. When current United States Vice President Dick Cheney was CEO of Halliburton from 1995 to 2000, the company's offshore subsidiaries increased from nine to 44. By the year 2001, that had nearly doubled. Now most of them have gone missing!

Documents show PwC and Deloitte & Touche knew of Yukos transfer pricing

April 30, 2005

As a Russian court prepares to issue a verdict in the tax evasion trial of Russian mogul Mikhail Khodorkovsky, documents show that his Menatep holding company and Yukos Oil shorted Russia of billions of dollars in taxes by using shell companies for transfer pricing.They also allegedly cheated minority shareholders. A U.S. lawsuit is charging that Yukos auditor PricewaterhouseCoopers knew of the false invoicing scheme and failed in its duty to report it. Documents obtained by OffshoreAlert, but not cited in the suit, indicate that PwC knew of Yukos' offshore marketing structure, called "Jurby Lake," which used Menatep shell companies in Switzerland, Liberia and Dublin to sell Yukos oil.

ESG Re sues former auditor (again)

March 31, 2005

Bermuda registered ESG Re is now pursuing a professional negligence claim against its former auditor, Deloitte and Touche, in Ireland after a United States court rejected jurisdiction.Defendants in a new action filed at the High Court (Commercial Division) in Dublin

Newt Utopia: Derek Turner, Ralph Kuna, Quanpro and more

January 31, 2005

Derek Guise Turner; Ralph Kuna; Quanpro; Bye, Bye BVI?; Ireland; The Euro; The Swiss; and Grenada.

Former BVI regulator Nigel Bailey among those accused of $500 m fraud

November 14, 2004

A former insurance regulator in the British Virgin Islands has been accused of conspiring with others to defraud the United States Government of more than $500 million since at least 1998.Nigel J. Bailey, a British national living in the BVI,

Czech Republic seeks account records at Colonial Bank for securities fraud investigation

October 31, 2004

Article based on an application for the appointment of a Commissioner to collect evidence for a criminal investigation into alleged securities fraud - pursuant to a request for judicial assistance from the Czech Republic - that was filed at federal court in the USA on October 19, 2004. Individuals and businesses mentioned in the request for assistance include Jiri Langer, Jiri Kerslager, Martin Zach, Petr Kaplan, Venture Group SA, Credit and Development Company AS, IFC International Financial Corporation, McPherson & Durrant Co. Ltd., Bradley and Company, Finnex Trust, Assent Inc., and Colonial Bank.

Czech Republic: Jiri Langer et al

October 19, 2004

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the Czech Republic into Jiri Langer and Jiri Kerslager for alleged fraud.

United Kingdom: Shinder Gangar et al (Florida)

October 4, 2004

Application for the appointment of a Commissioner to collect evidence for a criminal investigation into alleged investment fraud and money laundering by Shinder Gangar and others.

Insider Talking: August 31, 2004

August 31, 2004

No mention of SEC's securities fraud investigation in publicly-listed Lines Overseas Management's half-monthly letter to shareholders; Fraudster Maurice Lewis Mills loses a civil lawsuit that was filed against him by the Commodity Futures Trading Commission; Former offshore provider David Hampton Tedder indicted again; Former banker Mohamad Harajchi claims to have contributed $10 million to the Progressive Liberal Party to fund its successful general election campaign in the Bahamas in 2002; US Gov't tries to kick-start its stalled criminal action against Yank Barry and James Collins; Leadenhall Bank & Trust says its viability has not been affected by the loss of its MasterCard license and its legal dispute with former card administrator Axxess International over the return of millions of dollars of deposits to card-holders; and Axxess International appears to have gone out of business.

Portugal seeks evidence in Texas for investigation into alleged fraud against Banco Espirito Santo

July 31, 2004

Article based on an application to collect evidence for a criminal investigation into suspected fraud - pursuant to a request for judicial assistance from Portugal - that was filed at federal court in the USA on May 17, 2004. Individuals and businesses mentioned in the request for assistance include Hassan Raef Hamze, Skyport Computers, Hanna Car Hendles GmbH, Manuel Carvalho de Sousa, Elie Hanna, Efax.com, J2 Global Communications, KBC Bank, Banco Espirito Santo, Bank Fuer Tirol Und Vorarlberg, and Bank One.

Spain: Domingo Tarruella Dalmau (Florida)

June 30, 2004

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Spain into Domingo Tarruella Dalmau and others for alleged money laundering.

ABN AMRO, Inc. v. Capital International Limited et al: Complaint

April 30, 2004

Complaint in ABN AMRO, Inc. v. Capital International Limited and Eirles Four Limited at the U. S. District Court for the Northern District of Illinois.

U.S. to seek extradition of two British nationals in alleged offshore reinsurance scam

March 31, 2004

Several offshore reinsurers have been implicated in an alleged $45 million health insurance scam in the United States. The reinsurers, formed in Aruba, Belgium, the Cook Islands, Cyprus, and Ireland, have allegedly failed to pay claims to small businesses and

USA v. Michael Arthur Reeve et al: Criminal Indictment

March 25, 2004

Criminal Indictment in USA vs. Michael Arthur Reeve, John Anthony Claro, Jack H.M. Ferguson, Milton Doke Wilkinson, Gary I. Hoskie, James Arthur Glidewell, and Euan David McNicoll at the U. S. District Court for the Southern District of Texas.

Investors sue Lancer Group service providers for $570 m

March 18, 2004

Eighty-six investors from 19 countries who claim to have invested more than $570 million in the Lancer Offshore Group have filed a lawsuit against its directors, administrator, auditor and prime broker. The three biggest claimants are all based in Montreal, Canada: Fondation Lucie et Andre Chagnon, a charity with a claim for $100 million; Bombardier Inc., the world's biggest train maker and third largest civil aircraft manufacturer whose pension fund has a claim for $68 million; and the University of Montreal's pension fund, with a claim for $67 million.

Lithuania seeks information about Unicum Trade for human smuggling investigation

February 29, 2004

Article based on an application to collect evidence for a criminal investigation into people smuggling - pursuant to a request for judicial assistance from Lithuania - that was filed at federal court in the USA on August 22, 2003. Individuals and businesses mentioned in the request for assistance include Patrick McLaughlin, Lagos B, Webcross LLC, and Unicum Trade LLC.

Citco slammed by Lancer Group Receiver

January 31, 2004

An offshore fund administrator has been accused of "impeding" the investigation in the United States into the $600 million collapse of the Lancer group of hedge funds. Citco Fund Services (U.S.A.) Inc. has refused to turn over records concerning BVI-registered Lancer Offshore Inc. and The OmniFund Ltd., which its Netherlands Antilles affiliate administered.

Insider Talking: December 31, 2003

December 31, 2003

Investors who were defrauded in the Cash 4 Titles Ponzi scheme can expect to receive a dividend of approximately one-third of their recognized losses, according to Philip Stenger, the SEC Receiver responsible for administering claims; Four offshore companies and their registered agents have been trying to prevent their local regulator in the Turks & Caicos Islands from having access to their records; Also at the TCI Supreme Court, John E. Rutley Jr. has filed a lawsuit against Timothy Prudhoe, Christian Papachristou, Melbourne Wilson and Stephen Wilson, sued as and on behalf of the partners of McLeans law firm, formerly McLean McNally; Financial criminals operating in six offshore centers in the Bermuda-Caribbean region can breathe more easily next year with news that the Miami, Florida-based White-Collar Crime Investigation Team, is being disbanded on March 31, 2004 due to the withdrawal of funding by the United Kingdom government; The capacity of sales people for UK-based due diligence information provider World-Check to tell outrageous lies to potential customers in an attempt to secure a sale appears to know no bounds. FirstRand, the South African parent of Ansbacher (Cayman) Ltd., has agreed to pay 25 per cent of the amount being sought by the Irish government to cover the costs of an offshore tax investigation carried out by a panel known as the McCracken Tribunal, reported the Irish Examiner newspaper on December 19, 2003; and The Australian Securities & Investments Commission has obtained an interim order appointing a receiver over Queensland-based Comcash Australasia Pty Ltd., which it claims was operating an unregistered investment scheme in conjunction with SMC Corporation, of Dominica.

Viktor Kozeny indicted in New York

October 2, 2003

Bahamas resident Viktor Kozeny has been criminally indicted in Manhattan on charges that he stole $182 million from clients of a New York investment firm.He has been indicted on 15 counts of Grand Larceny in the First Degree and two counts of Criminal Possession of Stolen Property in the First Degree.

ESG seeks damages from former auditor

September 30, 2003

ESG Re, which provides reinsurance in the accident and health market, has filed a civil complaint against its former auditor, Deloitte & Touche, which it blames for much of its current troubles. The complaint was filed against the U. S.,

Lithuania: Patrick McLaughlin

August 22, 2003

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Lithuania into Patrick McLaughlin for alleged involvement in the recruitment of illegal workers to Ireland, Portugal and the USA.

Switzerland requests information about accounts at US banks for fraud investigation

July 31, 2003

Article based on an application to collect evidence for a criminal investigation into alleged fraud and money laundering - pursuant to a request for judicial assistance from Switzerland - that was filed at federal court in the USA on April 22, 2003. Individuals and businesses mentioned in the request for assistance include Gunter Tschudin, Gabriele Borjan, Raymond Schmitt, Luigi Piffaretti, Sidney Management Ltd., Scoote AG, Packaline AG, Lincoln Door SA, Tresor Line Inc., Lane Consulting Ltd., Kelly Pahl & Associates Ltd., James Larkin Pahl , Joseph Kelly, Jansons Solicitors, NAJA Establishment, General Surety Company Ltd., Harleysville National Bank and Trust Co., NationsBank, Charles Weaver and Michael Adkins.

Asset recovery firm wins $36 m judgment against US law firm

July 15, 2003

The organizer of the asset recovery section of OffshoreAlert's upcoming Symposium has won a $36 million judgment against a U.S. law firm.Interclaim Holdings Ltd. and Interclaim Recovery Ltd., which are based in Ireland and owned by a Bermuda holding company, secured the judgment in Chicago on July 3 following a trial that lasted two and a half weeks.

Insider Talking: May 31, 2003

May 31, 2003

In a libel action at Grenada High Court, Grenada attorney Anselm B. Clouden has been awarded $2,500 in damages and $450 in costs against the First International Bank of Grenada and its one time CEO, Van A. Brink. The award

Switzerland: Gunter Tschudinet al

April 22, 2003

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Switzerland into alleged fraud, theft and money laundering by Gunter Tschudin, Gabriele Borjan, Raymond Schmitt and Luigi Piffaretti.

Insider Talking: February 28, 2003

February 28, 2003

Christopher Stone, ex-Managing Director of now-defunct, Dominica-based Investors Bank and Trust Ltd. was released from custody in Belgium in February on bail of 125,000 Euros, said a source; A default judgment for $130 million was entered against Bahamas-registered Vavasseur Corp. at the U. S. District Court for the Western District of Virginia on February 21, 2003 for its part in an international Ponzi scheme; Grenada Supreme Court issued a $125 million judgment against Van Arthur Brink, a.k.a. Gilbert Allen Ziegler, former head of the First International Bank of Grenada; Allen Wheatley, former Financial Secretary of the British Virgin Islands, was sentenced to serve five months in prison on February 17 after being found guilty of corruption charges; Cayman Islands-based businessman Kenneth Dart has acquired a 5.7 per cent stake in financially crippled, Bermuda-based insurance firm Mutual Risk Management; British trader Sean Alexander Quinn, 36, was released from prison in Barbados on December 5, 2002 after pleading guilty to an amended charge of money laundering; Receivers for the fraudulently-operated asset planning group Merrill Scott & Associates have found $1.03 million of assets in the Cayman Islands; The Bahamas Ministry of Finance expects to receive a report on the status of the financially-troubled Bahamas International Securities Exchange in the first week of March, 2003; The number of companies incorporating in the Cayman Islands has steadily decreased over the last three years, according to a report by Cayman Net News based on information provided by the Registry General; Florida-based Briton Edward Myles Chism Jr., 63, was taken into custody in Florida on February 7, 2003 - one day after being criminally indicted on three counts of tax evasion at federal court in Miami; Bermuda may be about to lose its grip at the top of the offshore world; and The Irish Minister for Justice has applied to Ireland's High Court for an order directing the Cayman Islands branch of Ansbacher International to pay US$3.1 million to cover the costs of a long-running inquiry into corruption and tax evasion.

Offshore investors accuse fund manager of swindling them

December 31, 2002

Investment vehicles registered in Bermuda, the Isle of Man and Delaware claim to have been cheated out of more than $9.5 million by the manager of an investment fund.The culprit was Sloane Robinson Investment (Cayman) Ltd., which was the General Partner and Manager of the S. R. Global International Fund L. P., according to a civil lawsuit.

Terry Dowdell pleads guilty to fraud

December 31, 2002

A business associate of the now-closed Overseas Development Bank & Trust Ltd., of Dominica, has pleaded guilty to 20 felony charges, including securities fraud, money laundering and wire fraud.The charges relate to a multi-million dollar fraudulent trading program that Terry L. Dowdell operated through his Bahamas-registered firm, Vavasseur Corporation, starting in 1998.

Allied World Assurance opens office in Dublin

October 31, 2002

New Bermuda based insurer, Allied World Assurance Holdings, has been granted a license to commence business in Dublin, Ireland."The location will be the European head office of Allied World Assurance Holdings (Ireland) Ltd and will operate through its wholly owned

Finland: Ismo Sakari Pentikainen

October 17, 2002

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Finland into Ismo Sakari Pentikainen and Martti Untamo Sihvola for alleged embezzlement.

United Kingdom: Neil Edward Walker et al

September 30, 2002

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the United Kingdom into Neil Edward Walker, James George Thomas Brooman, Ian David Cale, Irnraan Abid Karim, Barrie John Connor, Timothy Theobald, David Hodgson, Simon Morley, Craig Mark Ireland and Iftekhar Ahmed for alleged tax fraud.

Insider Talking: July 31, 2002

July 31, 2002

Hendrik Rienstra, 73, the principal of sham Panama-registered insurer New England International Surety Co. Inc., has died.; OffshoreAlert has uncovered three new names associated with the business activities of crooked financial services provider Marc M. Harris, who has moved his operations to Nicaragua after running up massive debts in Panama, leading to an application from a creditor to wind up his company and an eviction notice issued by his commercial landlord; Police in the UK have charged a fourth person, Francois M. Verkaeren, with conspiracy to commit fraud in connection with an investigation into the business practices of Merrion Reinsurance Company, which is located in Dublin, Ireland; The Royal Canadian Mounted Police has announced that two residents of the Turks & Caicos Islands - Michael Witt, 45, and his partner, Tina Grenier, 41 - have been arrested and charged with various narcotics, money laundering and possession of crime offenses and their US$1 million property restrained in an operation codenamed 'Oilsheik'; and Local newspapers in the Bahamas have suddenly become excited over a criminal indictment that was issued in the United States as long ago as June 15, 1999.

Regulatory Warnings: April 30, 2002

April 30, 2002

Recently-filed warnings from securities regulators around the world.

Regulatory Warnings: March 31, 2002

March 31, 2002

Recently-filed warnings from securities regulators around the world.

Regulatory Warnings: February 28, 2002

February 28, 2002

Recently-filed warnings from securities regulators around the world.

Debt recovery firm continues to fight for assets

February 28, 2002

One arm of an asset recovery group that is registered in Bermuda and Ireland has gone into liquidation as a defensive measure in a bitter legal battle in North America for control of the assets of a convicted criminal. Interclaim Recovery Ltd., of Ireland, applied for voluntary liquidation on November 7, 2001 after a Canadian judge ordered it to pay CDN$2.2 million (US$1.37 million) in legal costs to the crook, Blair Down, and his associates.

United Kingdom: Merrion Reinsurance et al

February 13, 2002

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the United Kingdom into Merrion Reinsurance and others.

Fraud charges brought in Merrion Re investigation

August 31, 2001

Three people linked with an Irish-based reinsurer which Grenada-registered Windsor International Bank and Trust claimed was guaranteeing its high yield investments have been charged with conspiracy to defraud.Darren Louis Thomas, Leslie Gerald Hursey and David Graham Da Costa, of Merrion Reinsurance, were charged on July 19, 2001 at the City of London Magistrates Court, in England.

Fraud charges brought in Merrion Re investigation

August 31, 2001

An offshore reinsurer run by people with links to the Dai Ichi Kyoto/Kobe Re/North American Fidelity & Guarantee scandal in the 1990s, which was partly based in Bermuda, is being investigated for fraud.Three principals of Irish-based reinsurer Merrion Reinsurance have been charged in the United Kingdom with conspiracy to defraud.Darren Louis Thomas, Leslie Gerald Hursey and David Graham Da Costa, of Merrion Reinsurance, were charged on July 19, 2001 at the City of London Magistrates Court, in England.

The FN Group refuses to comment on mystery offering

August 31, 2001

OffshoreAlert has come across a $10 million note offering in which The FN Group, formerly known as the First Nevisian Group, acts as the arranger, dealer and registrar and controls the two guarantors.We understand that the group has used its discretionary investment authority to put some of its clients' funds in the offering, which has led to at least one complaint.The issuer is Nevis-registered Global Power Supplies Inc., whose notes range from 30 days to three years and bear interest of 9 to 10 per cent per year.

Liechtenstein: Juan Carlos Saavedra Molina et al

June 14, 2001

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Liechtenstein into Juan Carlos Saavedra Molina and others for the alleged laundering of the proceeds of narcotics trafficking.