St. Kitts & Nevis

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Man swindled $1 m from investors in Nevis ‘hedge fund’, claims SEC

December 31, 2001
A 26-year-old man defrauded 14 investors of approximately $1.17 million through a scam involving a Nevis-registered "hedge fund", according to a complaint filed in the United States by the SEC.Peter W. Chabot raised the funds from June, 1999 to December, 2001 but, instead of putting it into 'The Synergy Fund', he used it to fund his "extravagant lifestyle", according to the complaint.

Philip Johnston identified as President of offshore firm accused of fraud

December 31, 2001
Evidence has emerged that the President of a 'paper' offshore securities firm accused of fraud in the United States was attorney Philip W. Johnston, a Canadian who once had a law firm in the Turks & Caicos Islands.Details of Johnston's alleged involvement in TCI-registered Carib Securities Ltd. is contained in a civil lawsuit that is on-going at the United States District Court for the Southern District of Florida.

Unlicensed offshore ‘credit unions’ offer high yield products to members

December 31, 2001
A United States firm has been forming IBCs in Panama and selling them to North Americans at a huge mark-up on the basis that they are "financial institutions", OffshoreAlert can reveal.At least five of the IBCs are currently offering investment products and services from web-sites hosted in Montana or the Bahamas even though none holds a license.

Newt Utopia: November 30, 2001

November 30, 2001
Bahamian financial woes The economy stinks and it's getting worse. The once thriving downtown area along Bay Street has empty buildings and those with merchandise have 50% off sales and "going out of business" sales. The huge gap left by

Insider Talking: October 31, 2001

October 31, 2001
More has become known about the re branding of the First Nevisian Group, which is now known as The FN Group, and the partial move from Nevis to the Dominican Republic, where its "strategic partner" is H. E. Partners, which

Terry Neal’s bank named as a relief defendant in stock fraud lawsuits

October 31, 2001
A Nauru-licensed bank that is operated from Nevis was used to launder most of the more than $30 million in profits from a fraudulent stock trading ring, it has been alleged.Exchange Bank and Trust, which is operated by Terry Neal's Nevis American Trust Co., has been named as a relief defendant in three of four related lawsuits filed by the SEC in the United States.

Unlicensed Internet bank offered for sale by AFM Services Group

September 30, 2001
St. Kitts and Nevis-based offshore provider Irvin Boncamper is trying to sell an Internet "bank" for US$3.2 million by incorrectly claiming that it is licensed, we can disclose.Boncamper sent out a mass email on August 3, 2001 in the name of his firm, AFM Trust and Corporate Services Ltd., inviting offers for something known as "Internet Bank and Trust".

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.

Aristocrat Endeavor Fund emerges as key component of First International Bank of Grenada fraud

August 31, 2001
A Cayman-registered mutual fund whose shares were once listed on the Bermuda Stock Exchange has emerged as a centerpiece of the massive fraud committed by the First International Bank of Grenada.Shares in the Aristocrat Endeavor Fund comprised $17.25 million of FIBG's bogus initial capital of $32.75 million in 1997, according to a new report by the bank's liquidator, Marcus Wide.

Mexican police arrest Andy Mann

July 31, 2001
Joseph Andy Mann, who is a client of Nevis-based offshore provider Robin Cotterell, was arrested on or around July 23 in Mexico, where he lives.At the end of the month, he was still in custody pending the outcome of extradition proceedings, said a source.

First Nevisian group opens up in the Dominican Republic

July 31, 2001
The First Nevisian stockbroking and corporate services group, which is now known as The FN Group, has opened an office in the Dominican Republic, where it plans to relocate much of its business from Nevis.And the official line is still that Keith King "retired" from the group two years ago, even though he is listed as the administrative contact for its new Internet domain name of 'thefngroup.com', which was only created 12 months ago on June 20, 2000.

Judgment entered against client of Terry Neal’s Exchange Bank and Trust

June 30, 2001
A client of Exchange Bank and Trust, which is operated illegally in Nevis by Terry Neal-controlled Nevis American Trust Company, has lost a stock fraud lawsuit filed by the SEC in the United States.Judgments were entered against Stephen C. Sayre, Independent Financial Reports Inc. and Silver Screen Industries Inc. at the US District Court for the Central District of California on May 24, 2001.

UK Official Receiver declines to halt Grant-St. James bankruptcy

June 30, 2001
Since last month's story about clients of Nevis-based Global Dominion Financial Services being unable to redeem their investments, OffshoreAlert has discovered that the firm's head is an undischarged bankrupt in the UK.Nicolas Eugene Grant-St. James, 38, who was a clothes salesman prior to going into offshore services, was declared bankrupt at the High Court in London on June 16, 1998.

Nevis-based offshore provider is an undischarged bankrupt in the UK

June 7, 2001
OffshoreAlert can today confirm that the man who runs Global Dominion Financial Services in Nevis, whose approximately 200 clients are unable to redeem investments of more than US$6 million, is currently an undischarged bankrupt in the United Kingdom.   Former clothes salesman Nicolas Grant-St. James was declared bankrupt in the UK High Court on June 16, 1998 (Case number 2849 of 1998) and is due to be discharged, by expiry of time, in nine days time on 16 June 2001.

Insider Talking: May 31, 2001

May 31, 2001
Ned Richard Hart, who was criminally indicted on February 23, 2000 along with Nevis based offshore provider Raymond David Finzer and Christian G. Cooper, pleaded guilty to one count each of fraud and money laundering on May 21, 2001 at

Global Dominion clients unable to redeem investments

May 31, 2001
About 200 people who invested more than $6 million through Nevis-based Global Dominion Financial Services are unable to redeem their investments, OffshoreAlert can reveal. One investor, a 39-year-old disabled woman residing in Washington State, is due to have her house repossessed on June 24, 2001 because she cannot meet her mortgage payments.

Indicted ex-client of John Mathewson linked to Nevis trust company

May 31, 2001
A man who is under criminal indictment in the United States for alleged money laundering and fraud is no longer involved with Nevis-based Guardian Trust Company, said the firm's manager, Jessica Huggins. Even though one of Guardian's web-sites is still registered to Baron D. Abboud, of Omaha, Nebraska, Huggins said: "He no longer has anything to do with the company."

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.

Nevis regulator leaves after just five months

March 31, 2001
Thomas Peacock, who was appointed Regulator for Financial Services in Nevis, effective October 1, 2000, has quit his position five months into a two-year contract, leaving on March 9, 2001.

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".

Irvin BonCamper enters defense in New York lawsuit

February 28, 2001
St. Kitts & Nevis-based offshore provider M. Irvin BonCamper has entered an eleventh-hour defense to a civil complaint filed in New York just as a default judgment was about to be entered against him.

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.

Insider Talking: January 31, 2001

January 31, 2001
David Voth unable to name auditor of The Forex Fund, Dennis Sutton charged with fraud and forgery in the Bahamas, fraudulent GTrade 'stock exchange' becomes active again after months of inactivity, conman Joseph Becker sets up his own European Community in cyberspace, FIBG-related barrister Lawrence Jones stops practicing law in England.

David Finzer trial scheduled for May

January 31, 2001
A four-week jury trial to hear multiple allegations of fraud and money laundering against Nevis-based offshore provider Raymond David Finzer is scheduled to start on May 7, 2001 in the United States.

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.

Robin Cotterell: ‘US investigators wanted me to give up my clients’

December 31, 2000
Nevis-based offshore provider Robin Cotterell claims that US investigators asked him to disclose confidential information on his firm's clients in return for leniency on money laundering charges. Details of a failed attempt to persuade Cotterell to break Nevis' confidentiality laws are contained in a statement issued on his behalf following his acquittal on November 28, 2000.

New offshore regulator appointed in Nevis

November 30, 2000
The Nevis government has separated its Marketing/Promotion division from its Regulation/Supervision division of its financial services sector in an attempt to improve its much-criticized level of regulation. Thomas Peacock has been appointed as Regulator for Financial Services, while Agatha Jeffers-Gooden has been appointed as Director of Development and Marketing, both effective October 1, 2000.

Offshore criminal activity continues unabated in Grenada

November 30, 2000
Regulators in Grenada are continuing to allow banks belonging to the First International Bank of Grenada group to operate on the island despite FIBG's massive insolvency, we can reveal. The National Commercial Bank of St. Vincent, which is government-owned, is also continuing to provide banking services despite having its UK assets frozen recently over the FIBG fiasco.

Robin Cotterell acquitted of money laundering

November 30, 2000
Nevis-based offshore provider Robin Cotterell has been acquitted of criminal money laundering charges following a jury trial at the U. S. District Court for the Southern District of New York. After a trial that lasted eight days, British-born Cotterell was unanimously acquitted on November 29, 2000 on one count of money laundering and one count of conspiracy to commit money laundering.

Insider Talking: October 31, 2000

October 31, 2000
Midasco Gold Corp's dubious offshore private placement participants, Turks & Caicos Islands regulator issues warning against Orion Bank & Trust, Canadian lawsuit filed against Bermuda-based investment firm GulfStream Financial Ltd., prospectus for Bermuda Money Funds identifies long-deceased Bermudian attorney as its chairman, Better Business Bureau in Costa Rica angered by Harris Organization's false claim to be a member, New Utopia scam keeps going and going, superseding indictment brought against Nevis-based offshore provider Robin Cotterell.

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.

Court battle looms for control of Hawthorne-Sterling fund group

October 31, 2000
A crucial hearing in the battle for control of the Hawthorne-Sterling group of mutual funds is due to take place at Bahamas Supreme Court on November 1. Florida-based Ian L. Renert wants the court to remove accountant Clifford Culmer as Receiver of 36 companies within Renert's group and be allowed to relocate them to Nevis.

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.

Newt Utopia: ‘Offshore Insight’

September 30, 2000
Liechtenstein benefits for short timers Police in the capital of Vaduz recently reported a prisoner housing problem as a result of several recent arrests made during a money laundering investigation. In police headquarters there are 16 cells that can only

Internet poll shows that Grenada is considered worst ‘real’ offshore center

September 30, 2000
Grenada has finished a close second to the fake jurisdiction of Melchizedek in an Internet poll to determine the worst offshore jurisdiction. In answer to the question 'Which of these offshore centers would you least trust with your money?', Melchizedek came top with 30 per cent of votes cast, while Grenada followed with 21 per cent.

Terry Neal settles SEC lawsuit for $2.5 million

September 30, 2000
Nevis-based offshore financial services provider and author Terry Neal has been ordered to disgorge $2.3 million in "ill-gotten gains" and pay a $200,000 penalty to settle a civil fraud lawsuit in the United States. Neal, who is an American citizen, has also been barred from serving as an officer or director of a public company in the United States.

Irvin BonCamper linked with dubious insurers

September 30, 2000
St. Kitts and Nevis-based accountant Irvin BonCamper has been linked to two dubious insurers accused of separately attracting millions of dollars of premiums on the strength of false financial statements. One of the insurers, St. Kitts-based Keyes International Insurance Company Ltd., was affiliated with Banque de Petite Martinique, a Grenada-registered 'bank' that became defunct in 1998 or 1999.

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.

Offshore Financial Centers capitulate to international pressure

July 31, 2000
The governments of offshore financial centers have moved with unprecedented haste in changing their regulatory and supervisory systems in order to be removed from international 'hit lists'.Rather than attempt to group together and negotiate with foreign agencies from a position of strength, many governments have capitulated to international pressure and rushed through emergency legislation.

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.