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Insider Talking: September 10, 2007

September 10, 2007
A jury in Texas has awarded 41 investors clients damages of $8.8 million, plus annual interest of 8.25% backdated to December 12, 2002, against Atlas Financial Group Ltd. and Atlas Private Trust Ltd., which collapsed in the Turks and Caicos

Bermuda insurers attempt to force arbitration on NYSE-listed firm

September 10, 2007
Reinsurers in Bermuda and elsewhere are seeking to force a Vermont based captive and its NYSE listed parent to arbitrate a dispute involving claims from a fire at a chemical manufacturing plant.A motion to compel arbitration was filed against International

Tyson Foods seeks $113 m in Hurricane Katrina claims

September 10, 2007
Giant meat processor Tyson Foods, Inc. is seeking damages of more than $113 million in litigation and arbitrations against insurers in Bermuda and elsewhere for alleged property damage and business interruption losses caused by Hurricane Katrina on August 29, 2005.Details

Basis Yield Alpha Fund: Chapter 15 Petition (Cayman Islands)

August 29, 2007
Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the Cayman Islands by Hugh Dickson, Stephen Akers, and Paul Billingham, as the Foreign Representatives of Basis Yield Alpha Fund (Master), at the U. S. Bankruptcy Court for the Southern District of New York.

Ukraine: Infolink Information Services, Inc.

August 17, 2007
Application for the appointment of a Commissioner to collect evidence - pursuant to a request for judicial assistance from Ukraine - for a criminal investigation arising from the publication over the internet of a transcript of a private telephone conversation between the Head of the Verkhovna Rada of Ukraine and the Ambassador to the Ukraine from Great Britain.

Mark Cooke denies any involvement in Stirling Cooke fraud

August 10, 2007
In a recently-filed, colorfully-worded court document that often reads like it could have been written by the man himself, rather than the attorney whose name appears as the author, it is aggressively denied that Stirling Cooke Brown Holdings co-founder Nicholas Mark Cooke was involved in any financial improprieties or had any meaningful role in the group's collapse.

Oslo Reinsurance Company ASA: Chapter 15 Petition (England)

July 19, 2007
Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the United Kingdom by Jan Endresen, as the Foreign Representative of Oslo Reinsurance Company ASA and Oslo Reinsurance Company (UK) Limited, at the U. S. Bankruptcy Court for the Southern District of New York.

Offshore hedge fund group refuses to turn over records, claims US regulator

July 12, 2007
A contempt of court motion has been filed in the United States against a Bermuda-based firm that manages several hedge funds registered in the British Virgin Islands and also has ties to Canada and Switzerland.Lake Shore Asset Management Limited, which is believed to manage at least $466 million, has refused to turn over documents to the Commodity Futures Trading Commission in breach of a Statutory Ex-Parte Restraining Order issued seven days earlier, stated the regulator in its contempt motion at the U. S. District Court for the Northern District of Illinois on July 3, 2007.

AXA Insurance UK Plc: Chapter 15 Petition (England)

July 9, 2007
Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the United Kingdom by Philip Heitlinger, as the Foreign Representative of AXA Insurance UK Plc, Ecclesiastical Insurance Office Plc, GLOBAL General and Reinsurance Company Limited, and MMA IARD Assurances Mutuelles, at the U. S. Bankruptcy Court for the Southern District of New York.

UK moves to seize US assets of convicted criminal

June 10, 2007
Article based on an application to collect evidence for an attempt to seize the proceeds of crime - pursuant to a request for judicial assistance from the United Kingdom - that was filed at federal court in the USA on May 17, 2007. Individuals and businesses mentioned in the request for assistance include Hiten Patel, Hanasa Patel, Shashikant Patel, Tejal Hiten Kumar Patel, Alpa Patel, Bhavna Patel, Nikul Patel, Tarun Rajnikant Patel, Visa Services Inc., Dawson County Bank, Century South Bank of Dawsonville, United Community Bank, and HSBC Bank.

Nevis-domiciled Condor Insurance goes into liquidation

June 10, 2007
Condor Insurance Ltd. went into liquidation at the High Court of St. Kitts and Nevis on May 18 following a petition by New York Stock Exchange-listed Infineon Technologies AG, which is registered in Germany.Richard Fogerty, of Kroll (Cayman) Limited, and William Tycon, of Kroll (BVI) Limited, were appointed joint official liquidators. Another creditor, Pro Med Reinsurance Limited, which, like Condor, is incorporated in Nevis, was granted permission to appear in the liquidation.

Bank of America records sought for UK fraud investigation

June 10, 2007
Article based on an application to collect evidence for a criminal investigation into alleged securities fraud - pursuant to a request for judicial assistance from the United Kingdom - that was filed at federal court on May 1, 2007. Individuals and businesses mentioned in the request for assistance include Gordon O'Donnell, Nicholas Westin, Heritage Mergers and Acquisitions Ltd., Edos Inc., Bank of America, First Liberty Clearing LLC, Bank of Cyprus, TA Holdings Corporation, and Crown Noble TA, a.k.a. Crowne Noble TA.

UK seeks Internet records in US in probe of theft from Lloyd’s TSB Bank

June 10, 2007
Article based on an application to collect evidence for a criminal investigation into alleged theft - pursuant to a request for judicial assistance from the United Kingdom - that was filed at federal court in the USA on April 19, 2007. Individuals and businesses mentioned in the request for assistance include Andrejs Polujanovs, Lloyds TSB Bank, and Cox Communications.

UK gaming firm pleads guilty to racketeering in US

May 25, 2007
British gaming firm BETonSPORTS Plc has pleaded guilty to a federal racketeering charge in the United States, prosecutors announced yesterday.Under a plea agreement, BETonSPORTS will receive leniency in return for helping with the criminal prosecution of 14 co defendants, who

United Kingdom: Hiten Patel et al

May 17, 2007
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the United Kingdom into Hiten Patel and family members for alleged money laundering.

Two Bermuda P&I Clubs sued in separate US actions

May 16, 2007
Two Bermuda based protection and indemnity clubs have been named as defendants in unrelated civil complaint that were filed recently in the United States.In the first action, Constantin Chirita is suing The United Kingdom Steam Ship Assurance Association (Bermuda) Ltd.,

Offshore firms laundered proceeds of alleged $1 b Ponzi scheme, claim plaintiffs

May 14, 2007
Several offshore-based parties have been named as defendants in two new civil lawsuits that were filed recently by alleged victims of what they claim was a $1 billion Ponzi scheme. They include legal entities and individuals based in Gibraltar, Hong Kong, the Isle of Man, Liechtenstein, St. Lucia, St. Kitts, St. Vincent & the Grenadines, and the United Kingdom.

United Kingdom: Gordon O’Donnell

May 1, 2007
Application for the appointment of a Commissioner for a criminal investigation in the United Kingdom into an alleged fraud perpetrated by Nicholas Westin against Gordon O'Donnell.

United Kingdom: Operation Humanity

April 19, 2007
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the United Kingdom code-named Operation Humanity.

Poland: Media Trust

April 16, 2007
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Poland into alleged money laundering involving Poalim Trust Services Ltd., Media Trust SpA and Prokom Investment SpA.

UK seeks account information from E-Gold for fraud investigation

April 5, 2007
Article based on an application to collect evidence for a criminal investigation into alleged phone and credit card fraud - pursuant to a request for judicial assistance from the United Kingdom - that was filed at the U. S. District Court for the Southern District of Florida on March 7, 2007. Individuals and businesses mentioned in the request for assistance include Dariusz Zyla, a.k.a. Sebastian Wrobel, Adam Zemierowski, a.k.a. Roman Zykin, a.k.a. Jaroslaw Drozdowski, a.k.a. Pedro Dadi; Malgorzata Zykin, Krzysztof Rogalski, Hannes Pajusalu, a.k.a. Max Porter; Tiia Pajusalu, Bogdan Pozniak, Andrei Kouterov, also spelt Andrey Kutepov; Sergey Blashchuk, Anastasia Bezushko, Halina Pozniak, Dmitry Zaliznyak, Sergey Kibalnikov, Yana Salikhzhanova, Goldstyle OU, Guarantee Agency Inc., Toom Toomas, Cassel Management Ltd., Loyal Bank, Meelis Ismael, Meelis Laugasson, Arduno OU, Andrew Ittleman, and E-Gold.

KPMG (Vanuatu) sued following collapse of viaticals firm

April 5, 2007
KPMG (Vanuatu) is among several defendants who are being sued for $45 million in damages by the Receiver of a failed viaticals company that was allegedly operated as a Ponzi scheme.The lawsuit was filed by Michael J. Quilling, as Receiver for ABC Viaticals Inc. and related parties, at the U. S. District Court for the Northern District of Texas on March 6, 2007.The defendants are International Fidelity & Surety Limited and International Consultants & Management Ltd., both “allegedly” incorporated in Vanuatu, sharing the same registered agent of Trusco Holdings Limited, at Hawkes Law House, Rue Pasteur, Port Vila, Vanuatu; Surety Marketing Source LLC, incorporated in Michigan; KPMG (Vanuatu), a partnership organized in Vanuatu; Hawkes Law, a Vanuatu accounting firm which has a correspondent relationship with KPMG; KPMG International, organized in Switzerland; Boswell Dermott & Pawlett LLP, formed in the United Kingdom; Mohan & Associates, incorporated in India; David A. Goldenberg, a resident of Michigan; DAG Investments LLC, incorporated in Michigan; LPG Investments LLC, incorporated in Michigan; WED Marketing LLC, incorporated in Michigan; Galax Holdings Ltd., based in the United Kingdom; Mark Wolok, a resident of Michigan; Linda Wolok, a resident of Michigan; and Arie Kotler, a resident of Manhattan, NY.

UK police raid premises in Invaro investigation

March 20, 2007
Police in the United Kingdom have raided at least three premises as part of a criminal investigation into a group whose insiders include some of the most notorious offshore fraudsters of recent years.

Italy: Antonio Ferreri et al

March 16, 2007
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Italy into Antonio Ferreri and others for alleged tax evasion, communications fraud, securities violations and money laundering.

Belgium: Charles Van Renynghe de Voxvrie

March 12, 2007
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Belgium into Charles Van Renynghe de Voxvrie for alleged fraud, forgery and money laundering.

Insider Talking: March 9, 2007

March 9, 2007
The web-sites of two companies whose dubious activities have been highlighted in recent editions of OffshoreAlert have been dismantled over the last few weeks; On February 12, 2007, OffshoreAlert received an email from Kristen Lawson, a “Legislative Advisor” with Miller Thomson LLP, a law firm based in Calgary, Alberta, Canada; Telecommunications and cable television firms in Bermuda and the Cayman Islands have been dragged into a long-running legal dispute over the ownership of a $900,000 airplane that was damaged in Hurricane Ivan; Under Prime Minister Keith Mitchell, Grenada has become the poster country for corruption and banking fraud; OffshoreAlert recently learned that U. S. Bank N.A. obtained a default judgment for $21 million against British-based alleged fraudster Sendjer Shefket and his British firm Target International Funds Ltd. at federal court in the USA on May 24, 2006; Convicted white-collar criminals who believe they are punished too severely in the United States should be thankful they don't operate in China; and While the U. S. legal system does not yet offer death as a punishment for fraudsters, it is still less than hospitable for convicted white-collar criminals, as Martin A. Armstrong can attest to.

Nine indicted for investment scam involving Bahamas IBC

March 9, 2007
Nine people have been indicted for fraud in the United States regarding an investment scheme that was perpetrated through a Bahamas shell company. The indictment was brought at the U. S. District Court for the Western District of Virginia on February 28, 2007 against Shinder Singh Gangar, 45, a United Kingdom national residing in England; Alan White, 48, a U.K. national residing in England; Birgit Mechlenburg, a.k.a. Gitte Mechlenburg, a resident of Massachusetts; Kenneth Mason, a U. S. national residing in Chicago, Illinois; Michael Hardesty, a U. S. national residing in Utah; Mark Smyth, a U. S. national residing in California; Gregory Smyth, 56, a U. S. national residing in California; Mary Dowdell, 49, a U. S. national residing in Charlottesville, Virginia and wife of Terry L. Dowdell, who is currently serving a 15-year prison sentence after pleading guilty to related fraud charges in June, 2004; and Rebecca Dowdell, 30, the daughter of Terry Dowdell and a U. S. national residing in Charlottesville, Virginia.

Trinidad and Tobago: National Lotteries Control Board et al

March 8, 2007
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Trinidad and Tobago into three former members of the National Lotteries Control Board regarding an agreement between NLCB and G-TECH Corp.

United Kingdom: Dariusz Zyla et al

March 7, 2007
Application for the appointment of a Commissioner to collect evidence for a criminal investigation into alleged theft by Dariusz Zyla and others.

Invaro Latest: UK SFO opens criminal investigation, victims file civil lawsuit in Japan

January 22, 2007
The Serious Fraud Office in the United Kingdom has started a criminal investigation into the collapse of British litigation funding firm Invaro Ltd., according to two sources. Invaro went into liquidation in June, 2004 - shortly after being exposed by OffshoreAlert - and is insolvent by approximately $145 million, according to its liquidators, Tony Murphy, Henry Shinners and Robert Horton, of British accounting firm Smith & Williamson.

United Kingdom: John Howarth et al

January 10, 2007
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the United Kingdom into John Howarth, Roy Harris, and John Phipps for alleged fraud.

Sears accuses Bermuda insurers of ‘frustrating’ claims for hurricane losses

January 7, 2007
United States-based retail giant Sears is suing insurers in Bermuda and elsewhere for allegedly frustrating the processing and payment of “enormous” claims stemming from Hurricane Katrina in 2005. Sears Holdings Corporation, a Delaware corporation based in Hoffman Estates, Illinois, filed a civil complaint at the Circuit Court of Harrison County, Mississippi Second Judicial Court on August 25, 2006, with the case being transferred to the U. S. District Court for the Southern District of Mississippi on December 18, 2006.

Letter from Bermuda: Premier works to undermine British influence

January 7, 2007
The departure from the country's top job of the hapless Alex Scott appears to have taken Independence from the UK off the agenda. Mr. Scott's replacement, Dr. Ewart Brown, has said that, while Independence remains one of his long-term goals, it will not feature high on his to-do list. But our new leader, who admitted he lied to the voters at the last general election for their own good, may not be telling the whole truth. In the first few weeks of his Premiership, Dr. Brown has begun a campaign of destabilising our Governor, the local representative of Her Majesty the Queen.

Insider Talking: January 7, 2007

January 7, 2007
A Bahamas-based business operated by Mohamad Harajchi and his son, Michel Harajchi, that was exposed in the October 31, 2006 edition of OffshoreAlert has stopped accepting new business; Andreas Ihrke has agreed to be extradited from the United States to Germany, where he has been charged with fraud and falsification of documents; British newspaper The Daily Telegraph reported on December 23 that the U. K. Government “is set to announce within weeks an amnesty scheme for tax evaders who have stashed money in offshore bank accounts"; OffshoreAlert has uncovered a securities fraud complaint that was filed - and later dismissed - at the U. S. District Court for the District of Nevada in 2003 against a company that has featured prominently in the newsletter in recent months, Bermuda-based River Capital Limited; A Costa Rica-based brokerage firm has reached a settlement with the British Columbia Securities Commission after admitting to unregistered trading to B. C. residents; and Bancafe International Bank Ltd., which is the fifth largest unsecured creditors of bankrupt commodities broker Refco, with a claim for $204 million, had its operations closed by the Central Bank of Barbados, effective October 23, 2006.

Child poronography investigators ask for web-site billing records

December 7, 2006
Article based on an application to collect evidence for a criminal investigation into alleged child pornography - pursuant to a request for judicial assistance from the United Kingdom - that was filed at federal court in the USA on November 7, 2006. Individuals and businesses mentioned in the request for assistance Operation Glume, Operation Ore, Trevor William Rowell, Wendy Ruth Rowell, Jamie Moses, Citibank International, El Dorado Sales, Inc., Jerry Reynolds, Xcite NCT Inc., CCBill, AC Pay, and Thomas Kiser.

Real-life ‘Pirates of the Caribbean’ now showing at Florida court

December 7, 2006
The legal version of ‘Pirates of the Caribbean' is being played out in a Florida court case involving a Bahamas studio where scenes from two movies of the same name were shot. Among the cast of characters is a Bermuda Stock Exchange-listed company, a British Virgin Islands shell company that operates as an “underwriting” vehicle; a dubious Nevis-based insurer that is facing liquidation in a separate, unrelated action; and a Florida attorney who is currently suspended from practicing law for allegedly misappropriating client funds.

United Kingdom: Trevor William Rowell et al

November 7, 2006
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the United Kingdom into Trevor William Rowell, Wendy Ruth Rowell and Jamie Moses for alleged distribution of child pornography.

Cadman Contracts Ltd.: Chapter 15 Petition

October 27, 2006
Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the United Kingdom by Shay Bannon and Geoffrey Kinlan, as the Foreign Representatives of Cadman Contracts Limited and Thornycroft (1862) Limited, at the U. S. Bankruptcy Court for the Southern District of New York.

Offshore banker released on $10 m bail, agrees to waive extradition to Netherlands

October 17, 2006
Offshore banker and oil tycoon John Deuss has been released on $10 million bail in Bermuda - three days after his arrest as part of an investigation into alleged money laundering and other financial crimes.Deuss, a 64-year-old Dutch national who has resided in Bermuda since the 1970s, has agreed to waive extradition to the Netherlands, where he is wanted for questioning about alleged money laundering and other financial crimes.

Offshore banker John Deuss is ‘head of criminal organization’, claim Dutch investigators

October 12, 2006
Dutch investigators suspect offshore banker and oil trader John Deuss of being in charge of a criminal organization, his attorney told a Bermuda court yesterday.The revelation came during a hearing at which his attorneys were attempting for a second time to over-turn a Bermuda magistrate's decision to issue an arrest warrant for 64-year-old Deuss on October 2, 2006. Deuss has been in hiding since then and Bermuda police have appealed to the public for help in trying to locate him. The total area of Bermuda is just 21 square miles.

Stirling Cooke Bankruptcy Trustee sues Goldman Sachs, auditor, D&O, law firm for $80 m

October 5, 2006
Goldman Sachs refused to pull the plug on one of the biggest frauds the insurance industry has ever known for fear it would de-rail the 137-year-old investment banker's own $3.66 billion IPO in May, 1999, it has been claimed.The extraordinary allegation appears in a civil complaint that was filed recently in the United States by the Bankruptcy Trustee of Bermuda-based broker AlphaStar Insurance Group Ltd., formerly known as Stirling Cooke Brown Holdings Ltd., and several of its subsidiaries and affiliates.