South Africa

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SEC v. The Hydrogen Technology Corporation et al: Complaint (‘$2.2M Crypto Fraud’)

September 28, 2022
Complaint alleging a scheme "to fraudulently manipulate the price and volume of Hydro tokens traded on crypto asset trading platforms so that Hydrogen could sell its own Hydro tokens at a greater profit" involving, inter alia, Moonwalkers Trading Limited, of South Africa, in U.S. Securities and Exchange Commission v. The Hydrogen Technology Corporation, Michael Ross Kane, and Tyler Ostern at the U.S. District Court for the Southern District of New York.

USA v. 14.77997889 Ethereum: Forfeiture Complaint (‘Crypto Fraud Involving Efeoghene Oboghenemiepha’)

September 21, 2022
Forfeiture Complaint regarding the proceeds of an alleged crypto fraud in USA v. 14.77997889 Ethereum seized from an account at Binance crypto exchange in the name of Efeoghene Greatnes Oboghenemiepha, described as the holder of a Nigerian driver's license who appears to operate from Nigeria and South Africa, filed at the U.S. District Court for the Southern District of Illinois.

New World Holdings: ‘Court Supervision’ Petition

July 6, 2022
Petition for Court Supervision of a Voluntary Liquidation in the matter of New World Holdings (in Voluntary Liquidation), described as "a holding company for a range of investment management businesses including lnvictus Hyperion, lnvictus Asset Management Limited, lnvictus Alpha Limited and lnvictus Capital Financial Technologies SPC (and its segregated portfolios), all of which are involved with investing in cryptocurrency assets", at the Grand Court of the Cayman Islands.

CFTC v. Mirror Trading International Pty. Ltd. et al: Complaint (‘$1.7B Bitcoin Fraud’)

June 30, 2022
Complaint alleging "an international fraudulent multi-level marketing scheme" that received "at least 29,421 Bitcoin - with a value of over $1,733,838,372" in Commodity Futures Trading Commission v. Mirror Trading International Proprietary Limited and Cornelius, of South Africa, Johannes Steynberg, described as a citizen of South Africa who "was recently detained in the Federative Republic of Brazil on an INTERPOL arrest warrant", at the U.S. District Court for the Western District of Texas.
Invictus Capital

$135M offshore crypto fund group Invictus Capital suspends redemptions, attempts to re-organize

June 22, 2022
Citing exposure to the UST stablecoin and Celsius Network 'bank', crypto fund operator Invictus Capital, which was set up by South Africans and claims to have more than $135 million under management in investment funds in the Cayman Islands and British Virgin Islands, has suspended redemptions and is attempting to re-organize under the oversight of voluntary liquidators appointed for its Cayman parent company.

SEC v. Trends Investments Inc. et al: Complaint

June 8, 2022
Complaint alleging "a scheme to defraud investors in private offerings of shares in publicly traded companies" in U.S. Securities and Exchange Commission v. Trends Investments Inc., Brandon Rossetti, Clinton Greyling, Leslie Greyling, described as a citizen of South Africa residing in the United Kingdom; Roger Bendelac, and Thomas Capellini at the U.S. District Court for the District of Massachusetts.

Brite Advisors South Africa (Pty) Ltd.: R10M Fine

May 27, 2022
Administrative Penalty Order by South Africa's Financial Sector Conduct Authority imposing a fine of R10 million on Brite Advisors South Africa (Pty) Ltd., formerly deVere Investments South Africa (Pty) Limited and deVere SA Acuma (Pty) Ltd., for regulatory breaches.

Nigel Green: Disqualification

May 27, 2022
Disbarment Order by South Africa's Financial Sector Conduct Authority imposing a five-year disqualification from the financial services industry on Nigel Green, Founder and CEO of deVere Group,.

Nigel Green: R2.5M Fine

May 27, 2022
Administrative Penalty Order by South Africa's Financial Sector Conduct Authority imposing a fine of R2.5 million on Nigel Green, Founder and CEO of deVere Group, for regulatory breaches involving Brite Advisors South Africa (Pty) Ltd., formerly deVere Investments South Africa (Pty) Limited, including a determination that "he was not fit and proper".

Guy Davis et al v. MTN Group Ltd. et al: Complaint

March 27, 2022
Complaint "under the federal Anti-Terrorism Act on behalf of American service members and civilians, and their families, who were killed or wounded while serving their country in Iraq between 2006 and 2010" in Guy Davis et al v. MTN Irancell Telecommunications Services Company, of Iran; MTN Group Limited, described as "a South African telecommunications company whose stock trades publicly on the Johannesburg Stock Exchange"; Phuthuma Nhleko, of South Africa, and Irene Charnley, of South Africa, at the U. S. District Court for the District of Columbia.

SEC v. Crowd Machine Inc. et al: Complaint

January 6, 2022
Complaint alleging a "fraudulent and unregistered" cryptocurrency offering that "raised more than $33 million from hundreds of investors" and involved entities in Australia, Cayman Islands, South Africa, and United States in U. S. Securities and Exchange Commission v. Crowd Machine Inc., of Delaware; Metavine Inc., of Delaware, and Craig Derel Sproule, a citizen of Australia, as Defendants, and Metavine Pty. Ltd., of Australia, as Relief Defendant, at the U. S. District Court for the Northern District of California.

Nordic Aviation Capital Designated Activity Company: Chapter 11 Petition

December 19, 2021
Chapter 11 Petition by Nordic Aviation Capital Designated Activity Company, of Ireland, part of a group that is "the world’s largest regional aircraft lessor and the sixth largest commercial aircraft lessor, offering leasing and lease management solutions to airlines and aircraft investors worldwide" and comprises companies in the British Virgin Islands, Cayman Islands, Cyprus, Denmark, England, France, Germany, Guernsey, Ireland, Luxembourg, Malta, Singapore, South Africa, Sweden, and United States, at the U. S. Bankruptcy Court for the Eastern District of Virginia.

Transnet SOC Ltd.: €15K Fine

November 15, 2021
Public Notice by the Luxembourg CSSF that it has imposed an administrative fine of €15,000 on Transnet SOC Ltd. for regulatory breaches.

JP Markets (Mauritius) Ltd.: License Revocation

September 21, 2021
Public Notice by the Mauritius Financial Services Commission that it has revoked the license of JP Markets (Mauritius) Ltd. for regulatory breaches. Editor's Note: Research by OffshoreAlert at the Mauritius Corporate and Business Registration Department showed that JP Markets (Mauritius) Ltd. was incorporated on February 6th, 2020, that its directors are Justin George Paulsen and Kurt Anton Paulsen, and that it is managed by Toukan Corporate Services Limited. On the group's website at www.jpmarkets.co.za, it is claimed that "JP Markets is a global Forex powerhouse". The site is operated by South African firm JP Markets SA, which, according to records kept by the South African Companies and Intellectual Property Commission, was incorporated in South Africa on March 29th, 2016, went into in liquidation in 2020, and whose only current director is Justin Paulsen, 34, while Kurt Paulsen, 41, is a former director, both of whom are citizens of South Africa.

Oak Trust (Guernsey) Ltd. v. William Dewsall: Re-Amended Complaint

September 16, 2021
Re-Amended Complaint alleging fraud involving Gable Holdings Inc., of the Cayman Islands, and Gable Insurance AG, of Liechtenstein, in Kevin Alcock, Corita Metelerkamp, both of Surrey, England; Oak Trust (Guernsey) Limited, of Guernsey; Baytree Group Holdings Limited, Morvale Company Limited, Aggaris Investments Limited, all of the British Virgin Islands; Christopher Lawrance, Roy Campbell, both of South Africa, and CriSeren Investments Limited, of Wales v. William Dewsall, of London, England, at the High Court for England and Wales.

Think Capital Ltd.: Public Warning (Bermuda)

September 7, 2021
Public Warning by the Bermuda Monetary Authority against Think Capital Limited, part of the "ThinkMarkets group of companies", which "falsely claimed to have a licence issued by the Bermuda Monetary Authority" and which, when contacted by the BMA, claimed that "the statement was made in error and that, instead, it should have stated that it had been issued a licence by the Cayman Islands Monetary Authority".

Craig Featherby: R800,000 Fine

July 30, 2021
Order by South Africa's Financial Sector Conduct Authority imposing a fine of R800,000 on Craig Timothy Featherby for a regulatory breach.

South Africa: Riccardo Spagni (‘Fraud’)

July 21, 2021
Complaint for the extradition of Riccardo Paolo Spagni from the USA to South Africa to face allegations of fraud, filed at the U. S. District Court for the Middle District of Tennessee.

Depaho Ltd.: License Suspension

July 9, 2021
Public Notice by the Cyprus Securities and Exchange Commission announcing that it has suspended the license of Depaho Ltd. for regulatory breaches. Editor's Note: Research by OffshoreAlert at the Cyprus Registrar of Companies showed that Depaho Ltd. was incorporated in Cyprus on August 11th, 2011 and its directors are Hananel Levi, Charalampos Hatziokonomou, Aida Rizk, Petros Nakouzi, Neda Herodotou, and Marios Economou. On the company's website at www.depaho.eu, it is stated that Depaho Ltd. "operates under the brand names GTCM, FXGM and TradeApp" and, apart from Cyprus, "is also authorized by the South Africa Financial Sector Conduct Authority".

Capricorn Trustees Ltd.: €32K Fine

July 7, 2021
Public Notice by the Malta Financial Services Authority that it has imposed a fine of €32,000 on Capricorn Trustees Ltd. for regulatory breaches. Editor's Note: Research by OffshoreAlert at the Malta Business Registry showed that Capricorn Trustees Ltd. was incorporated in Malta on July 10th, 2012, its directors are Kevin Forrest, a citizen of the United Kingdom residing in South Africa, and Olivia Micallef, of Malta, and its sole shareholder is Guy William Edmunds, a citizen of Zimbabwe and the United Kingdom who "passed away" on June 15th, 2021.

Frazer Solar GmbH v. Kingdom of Lesotho: Petition to Enforce Foreign Arbitral Award

May 17, 2021
Petition to Enforce Foreign Arbitral Award in the amount of €50 million, plus interest, costs and fees, in Frazer Solar GmbH, described as a German company that "designs, constructs and facilitates the financing of renewable energy projects in multiple countries around the world" v. The Kingdom of Lesotho at the U. S. District Court for the District of Columbia.

Greensill Capital Inc.: Chapter 11 Petition

March 25, 2021
Chapter 11 Petition by Greensill Capital Inc., a Delaware-domiciled "financial services company" that "arranged factoring and reverse factoring programs for clients globally" and which is directly owned by Greensill Capital Management (UK) Limited, of the United Kingdom, and indirectly owned by Greensill Capital Pty Limited, of Australia, and is part of a group that includes companies in Australia, Brazil, Cayman Islands, Germany, India, Isle of Man, Netherlands, Singapore, Switzerland, South Africa, United Arab Emirates, and United Kingdom, at the U. S. Bankruptcy Court for the Southern District of New York.

Comair Ltd.: Chapter 15 Petition (South Africa)

February 16, 2021
Chapter 15 Petition for Recognition of a Foreign Main Proceeding in South Africa by Shaun Collyer and Richard A. Ferguson, as the Foreign Representatives of Comair Limited (in Business Rescue), described as "one of the largest regional commercial airline companies in Southern Africa", at the U. S. Bankruptcy Court for the Southern District of New York.

Oak Trust (Guernsey) Ltd. et al v. William Dewsall: Amended Complaint

February 10, 2021
Amended Complaint alleging fraud involving Gable Holdings Inc., of the Cayman Islands, and Gable Insurance AG, of Liechtenstein, in Kevin Alcock, Corita Metelerkamp, both of Surrey, England; Oak Trust (Guernsey) Limited, of Guernsey; Baytree Group Holdings Limited, Morvale Company Limited, Aggaris Investments Limited, all of the British Virgin Islands; Christopher Lawrance, Roy Campbell, both of South Africa, and CriSeren Investments Limited, of Wales v. William Dewsall, of London, England, at the High Court for England and Wales.

East Asian Consortium BV v. Bank of America et al: Discovery Application

February 2, 2021
Application by East Asian Consortium B.V., of the Netherlands, to take discovery from the New York branches of Bank of America, N.A., Bank of New York Mellon, BNP Paribas USA, China Construction Bank, Citibank N.A., HSBC Bank USA, N.A., JPMorgan Chase Bank, N.A., MashreqBank PSC, Standard Chartered Bank, and Wells Fargo Bank, N.A. for use in legal proceedings in South Africa "against MTN Group Ltd., MTN International (Mauritius) Ltd., Mobile Telephone Networks Holding (Pty) Limited, MTN International (Pty) Ltd., Phutuma Freedom Nhleko, and Irene Charnley", filed at the U. S. District Court for the Southern District of New York.

Solax Energia Altiplano SA de CV et al v. Ithuba Credit Corp. et al: Complaint

January 31, 2021
Complaint alleging, inter alia, fraud in Solax Energia Altiplano SA de CV, of Mexico, and Solax Energy LLC v. Ithuba Credit Corporation, Ithuba Savings and Credit, of South Africa; Ithuba Investment Bank and Statutory Trust, Ithuba Business Advisory Services Inc., Ithuba Holdings Inc., ISCC Group of Companies, of South Africa; Jean Bilala, and Sefudi Paul Maleka, both described as citizens of South Africa, at the U. S. District Court for the Southern District of New York.

Petra Diamonds US$ Treasury Plc: Chapter 15 Petition

December 15, 2020
Chapter 15 Petition for Recognition of a Foreign Main Proceeding in England by Jacques Breytenbach, as the Foreign Representative of Petra Diamonds US$ Treasury Plc, described as being part of "an independent diamond mining group and supplier of gem quality rough diamonds to the international market", at the U. S. Bankruptcy Court for the Southern District of New York.

Malcolm Duncan v. Max Barber et al: Receivership Motion Opposition

September 30, 2020
Max Barber's Opposition to Malcolm Duncan's Motion for an Order "appointing a receiver to sell the set of Nelson Mandela gold hands and accompanying certificates of authentication (the "Mandela Hands"); and (ii) modifying the February 27, 2020 temporary restraining order to permit the receiver to sell the Mandela Hands" in Malcolm Duncan, a citizen of South Africa v. Max Barber, SION Trading FZE, of Ras Al Khaimah, in the United Arab Emirates, and Barlan Enterprises Ltd., d.b.a. Guernsey's, a firm of auctioneers based in New York, at the Supreme Court of the State of New York, County of New York.