St. Kitts & Nevis

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.

Terry Neal denies Exchange Bank and Trust was operated from Nevis

June 30, 2000

Nevis-based offshore provider Terry Neal has denied that his firm Nevis American Trust Co. Ltd. operated Exchange and Bank Trust from the island, despite overwhelming evidence to the contrary.Nauru-registered EBT, which was not licensed in Nevis, is being investigated in the US and Canada for allegedly laundering the proceeds of securities fraud and has had US$16.9 million of assets frozen in Vancouver.

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.

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.

Eugene Herbert threatens legal action over Nevis credit union fiasco

May 31, 2000

Nevis-based offshore provider Eugene Herbert is contemplating legal action against California-based attorney N. Scott Grant in relation to an entity called World Investors Credit Union LC.Herbert, who runs Nevis International Trust Company Ltd., said he was disturbed to learn in last month's Offshore Alert that he was being described in promotional material as Managing Director of WICU.

A look at the dubious GTrade ‘stock exchange’ and its principal, Andy Mann

May 31, 2000

Nevis-based Hanver Trust Company boss Robin Cotterell, who was arrested on May 23 for allegedly laundering the proceeds of securities fraud, is also the chairman of a dubious Internet stock exchange, Offshore Alert can reveal. Cotterell has set up several companies and provided a number of services to the 'exchange', which is known as GTrade, and his firm may have even partially operated it in Nevis without a licence.

Robin Cotterell arrested after FBI sting involving a client

May 31, 2000

Nevis-based trust officer Robin Cotterell, who was arrested recently in the US Virgin Islands for alleged money laundering, was set up in an FBI undercover operation involving a client, Offshore Alert can disclose.

Attorney Scott Grant accused of selling sham offshore credit union

April 30, 2000

Attorney Nigel Scott Grant has been reported to the California Bar Association by a client who claims to have been ripped off over the purchase of a Nevis-registered 'credit union'. California-based Johnson Richards & Co. is seeking to recover about $53,000 in legal fees and other costs allegedly paid to acquire a fully-functioning credit union from Grant and prepare for its operation.

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".

Meridian Investment Bank run by former plumber

April 30, 2000

One of the banks linked with the First International Bank of Grenada group is co-owned and partly run by a former plumber and two former bankrupts, Offshore Alert can reveal. The ex-plumber is Florida resident Sheldon A. Mickelson, 40, who we have been told by two sources is one of the senior partners in Meridian Investment Bank, which is one of the many 'sub-banks' sponsored by FIBG. 

First International Bank of Grenada Ltd. et al v. David Marchant et al: Dismissal Order

April 19, 2000

Final Order of Dismissal 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 Ltd., of Grenada v. David Marchant and Offshore Business News & Research, Inc. at the U. S. District Court for the Southern District of Florida.

Insider Talking: March 31, 2000

March 31, 2000

AS&K denies it is merging with Truman Bodden & Co. (Cayman), Neville Grant, resigns as head of the Cayman Islands Monetary Authority, Montserrat revokes offshore banking license of Equity Bank and Trust Company Limited, Grenada's Ambassador to the United States, Denis G. Antoine, makes a fool of himself while defending Grenada's offshore financial sector, illegally-operated offshore 'bank' continues in business despite regulatory action, sham 'Monaco Bank of Trade' tries to lure Internet users by offering absurdly-high rates of return, Russian businessman Vladimir Momitko dismantles web-site in which he sought to breach the copyright of financial publishers.

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.

Nevis-based offshore provider criminally indicted in Utah

March 31, 2000

Raymond David Finzer, Managing Director of the Nevis-based LIFE Offshore Group, has been criminally indicted in the United States on charges of mail fraud, wire fraud, money laundering and aiding and abetting. Finzer, 46, and co-defendants Ned Richard Hart, who was a client of Finzer's, and Christian G. Cooper were indicted on March 1 at the US District Court for the District of Utah (Central Division).

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. 

Insider Talking: February 29, 2000

February 29, 2000

Keith King and the Transglobal Investment Fund, Antigua PM Lester Bird seeks to have financial advisory lifted, Viktor Kozeny sued in the Bahamas, U. S. and Bermuda discuss new treaty, Quantum Trading offers suspiciously high returns, Mezzanine Capital in middle of pump and dump, and Michael Creft: From Manitoba Department of Highways employee to Grenada's chief offshore regulator

FIBG reports fictitious net income of $60 billion

February 29, 2000

The founding chairman of the First International Bank of Grenada has informed Grenada's chief offshore regulator, Michael Creft, that FIBG has made a net income of $60 billion in its first two years in business. The astonishing claim is made in a rambling, 26-page letter sent by Van A. Brink (a.k.a. Gilbert Allen Ziegler) to Creft on December 23, 1999 in an effort to assuage the regulator's concerns about the bank.

Q&A with Cable & Wireless over its high telecommunications rates

February 29, 2000

Questions and Answers with Rhonda Kelly, the Public Relations Manager for Cable & Wireless' regional headquarters in the Cayman Islands, about C&W's telecommunications service in the Bermuda-Caribbean region.

USA v. Raymond David Finzer, et al: Criminal Indictment

February 23, 2000

Criminal Complaint in USA v. Raymond David Finzer, Ned Richard Hart, and Christian G. Cooper at the U. S. District Court for the District of Utah.

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.

IDIC moves to Grenada after being closed down in two jurisdictions

December 31, 1999

Grenada regulators have allowed the sham insurer known as IDIC to incorporate on the island after regulators in Nevis and Dominica closed down the company, we can disclose. IDIC was closed down by Nevis regulators on January 27, 1999 and, the following month, was shut down in Dominica, where it had moved.

BVI regulator responds to judge’s ruling against The Harris Organization

September 30, 1999

In the face of an onslaught of pressure from the international community, offshore regulators have been quick to claim over the last few years that they are not havens for criminal activity.However, the proof of the pudding is, as they say, in the eating.

Harris Organization appeals libel decision

August 31, 1999

The Harris Organization financial services group of Panama has served official notice that it will appeal its loss of a recent libel lawsuit against Offshore Business News & Research Inc., which publishes Offshore Alert. The grounds for the appeal were not known at press time.

Nevis drafts law to regulate offshore service providers

August 31, 1999

A final draft of the regulatory legislation providing for the supervision and licensing of offshore service providers is currently circulating in Nevis. The Service Providers Supervision Ordinance 1999 is expected to become law later this year.

Marc M. Harris et Cie SA et al v. David Marchant et al: Final Judgment, Findings of Fact and Conclusions of Law

August 10, 1999

Final Judgment, Findings of Fact and Conclusions of Law in Marc M. Harris et Cie S.A., The Firm of Marc M. Harris, Inc. and Marc M. Harris Trust Company, Ltd. v. David E. Marchant and Offshore Business News & Research, Inc. at the U. S. District Court for the Southern District of Florida.

Debtors in offshore financial centers

August 3, 1999

In an effort to assist the public in determining the credibility of businesses and businessmen, OffshoreAlert has compiled a list of companies in the Bermuda Caribbean region who are unwilling to pay their debts. Each of the companies listed below

Bad debtors in the Bermuda-Caribbean Region

August 3, 1999

In an effort to assist the public in determining the credibility of businesses and businessmen, Offshore Business News & Research has compiled a list of companies in the Bermuda-Caribbean region who are unwilling to pay their debts.

Libel trial judge asks: ‘Where is Marc Harris?’

July 31, 1999

The libel trial involving The Harris Organization financial services group of Panama and Offshore Business News & Research ended on July 30 with Judge Michael Moore asking: "Where is Marc Harris?" Harris was nowhere to be seen during six days of testimony even though he was the main subject matter of the March 31, 1998 Offshore Alert article that was being complained about.

Harris Organization/OffshoreAlert trial set to start on July 6, 1999

June 30, 1999

The civil libel trial between Offshore Business News & Research, Inc., which publishes this newsletter, and The Harris Organization financial services group of Panama will start at the United States District Court for the District of Southern Florida (in Miami) on July 6. After two postponements by the court because of scheduling problems, a definite date has now been set for the trial, which is scheduled to last for about one week.

Harris Organization-OBNR trial put back by court

May 31, 1999

The libel trial involving The Harris Organization financial services group of Panama and Offshore Business News & Research, Inc., which publishes this newsletter, has been put back to an unnamed date by the United States District Court for the Southern District of Florida.

Insider Talking: May 31, 1999

May 31, 1999

Offshore promoter Adam Starchild's criminal past, Cayman politicians receive huge pay increases, clients of Marc Harris' Threshold Insurance Services claim to have been ripped off.

First International Bank of Grenada launches Pyramid scheme

May 31, 1999

The First International Bank of Grenada and the sham insurer known as IDIC have launched an international pyramid scheme as the latest phase of their plan to part investors from their money. There is also concern that FIBG may have become involved in stock manipulation involving a Florida-registered penny stock firm that trades on the NASDAQ over-the-counter market.

Second Mezzanine Capital affiliate adjudged ‘stock of the month’

April 30, 1999

For the second month out of four, a company closely associated with Bermuda Stock Exchange-listed Mezzanine Capital Ltd. - which has been implicated in the manipulation of penny stocks - has been adjudged 'Stock of the Month' by www.hotstocknews.com, which promotes stocks over the Internet. NetVoice Technologies Inc. received the 'honor' in April, following on from a similar award in February to XtraNet Systems. Both companies gave the stock promotion firm shares in return for the plugs.

SEC brings action against CBT Holding Corp. and principals

April 30, 1999

The Securities & Exchange Commission this month brought two separate actions against US businessmen accused of operating a fraudulent investment offering involving a Nevis company. At least 148 people invested a total of $6.4 million to buy what they were told were Certificates of Deposit bearing annual interest of 12 per cent, claimed the SEC.

Details of allegations against Keith King in South Africa

March 31, 1999

Further information came OffshoreAlert's way recently about the nature of the allegations that led to the South African authorities issuing an arrest warrant against Keith Leslie King, the senior principal of First Nevisian, a Nevis-based stockbroking/corporate services group.We have obtained a document that originated from the Director of the Office for Serious Economic Offences in Pretoria dated May 15, 1996 that states: "This office is presently conducting an investigation into alleged fraudulent transactions in South African gilts (government and municipal stocks). The alleged falsification of stock certificates is an important element of the investigation.

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.

First International Bank of Grenada Ltd. et al v. David Marchant et al: Amended Emergency Motion for Preliminary Injunction

March 8, 1999

Amended Emergency Motion for Preliminary Injunction in First International Bank of Grenada Ltd., International Depositors' Reinsurance Corporation Ltd., doing business as IDIC; and World Investors' Stock Exchange v. David Marchant and Offshore Business News & Research, Inc. at the U. S. District Court for the Southern District of Florida.

First International Bank of Grenada et al v. David Marchant et al: Emergency Motion for Preliminary Injunction

March 4, 1999

Emergency Motion for Preliminary Injunction 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 Ltd., of Grenada v. David Marchant and Offshore Business News & Research, Inc. at the U. S. District Court for the Southern District of Florida.

Grenada scam bank offers annual interest of 250 per cent

February 26, 1999

Offshore Alert's story about the banking/insurance scam that appeared in last month's edition of the newsletter has created quite a stir in the Caribbean. Several newspapers in the region followed up on the scandal, including those in Nevis, St. Vincent and Bermuda, and we received requests for assistance from the Royal Canadian Mounted Police and the the FBI.

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.

‘I see no evidence of fraud’, writes Grenada’s Chief Regulator

February 12, 1999

Letter to the Editor of Offshore Alert from Michael Creft, Grenada's Chief Regulator regarding the First International Bank of Grenada.

Attorneys threaten OffshoreAlert with lawsuit over exposé of insurance-banking fraud

January 29, 1999

Offshore Alert has received two letters from attorneys threatening to sue us over the banking/insurance scandal involving World Investors Stock Exchange, International Deposit Insurance Corporation, First International Bank of Grenada, International Exchange Bank and Fidelity International Bank, that is exposed in the January 29, 1999 edition of Offshore Alert.

Insider Talking: January 29, 1999

January 29, 1999

Cayman Islands Government award members huge salary increases, McKeeva Bush offers $200,000 to settle $1 million liability, according to First Cayman Bank liquidators; Antigua journalist Tim Hector continues to publish despite printing presses being destroyed in an arson attack, the dubious past of New Utopia conman Prince Lazarus Long, a.k.a. Howard Turney; First Nevisian Group forms Life Offshore Group of Companies, Barron's magazine rips into Agora's The Oxford Club.

Marc Harris-OBNR lawsuit due to be tried in May

January 29, 1999

The Harris Organization's $30 million libel action against Offshore Business News & Research, Inc. and its principal, David Marchant, is scheduled to go to trial in May of this year at the Federal District Court for the Southern District of Florida (Miami).

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.

‘Apologize and pay damages’, demands IDIC’s attorney

January 7, 1999

Letter to the Editor from Gerald Burton threatening to sue OffshoreAlert for libel on behalf of his client, IDIC, a fraudulently-operated offshore 'insurer'.

The fiasco surrounding the collapse of American International Bank and the dubious track record of William Cooper

December 31, 1998

Further information has come our way this month that sheds more light on the collapse of American International Bank and the fiasco that ensued after the same people who caused its problems attempted to transfer the business into another entity they controlled. It seems that American businessman William W. Cooper and his wife, who co-owned AIB, closed down the bank at the end of December, 1997 and transferred its business on January 2 to a new Antigua-registered entity called Overseas Development Bank Ltd.

IDIC – a bogus insurance company in Nevis

December 31, 1998

A Nevis company that purports to provide insurance for depositors at offshore banks may be a scam similar to one used to attract funds to the European Union Bank in Antigua that was closed down last year after fleecing investors of several millions of dollars, we can disclose. International Depositor's Reinsurance Corporation Ltd., which does business as International Deposit Insurance Corporation or IDIC, has all the hallmarks of a fraud. It is in breach of Nevis law by using the word 'Insurance' in its trading name and by passing itself off as an insurance company in its promotional literature at its web-site at http://www.depositinsurance.com.

Marc Harris latest: Senior officers undergo lie detector tests

November 30, 1998

Information coming from Panama indicates that November has been yet another bad month for The Harris Organization. All the signs are that the offshore financial services group, which has been accused in this newsletter of running a Ponzi scheme and of massive insolvency, is about to go bust.