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Insider Talking: October 5, 2006

October 5, 2006
Two corporations formed in Florida by former Nevis-based offshore financial services provider Nigel Scott Grant did not last long; OffshoreAlert has previously reported about the propensity of Bahamas Supreme Court judge Jon Isaacs to issue rulings that are favourable to suspected crooks, particularly those accused of narcotics trafficking; The All Japan Liquor Merchants Co-operative Association filed a civil lawsuit at Tokyo District Court, in Japan on August 17, 2006 against Credit Suisse, Haruo Kusakabe, who was a Vice President, Private Banking of Credit Suisse at the time of the incident at the heart of the action, and investment broker Fabio Takeshi Sunago; The liquidators of offshore stockbroker SEGOES Services Ltd. have obtained a court judgment for US$3.9 million against the firm's principal director, John Kaweske, Jr.; and Ohio Attorney General Jim Petro filed a motion at the U. S. District Court for the District of Southern New York on October 3 requesting that the State Teachers Retirement System of Ohio be appointed lead plaintiff in a securities class action lawsuit filed in August against Scottish Re Group Ltd.
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Goldman Sachs says it is ‘blameless’ in Stirling Cooke collapse, describes its governance as ‘textbook’

October 5, 2006
Despite taking Bermuda-based broker AlphaStar Insurance Group public in a $50 million IPO and being its biggest shareholder during an astonishing crime spree that caused losses estimated at more than $1 billion to the world insurance markets, Goldman Sachs is not accepting any responsibility for what happened.In fact, the actions of its two directors on AlphaStar's board, Reuben Jeffery III and Jean de Pourtales, were “a textbook illustration” of how to govern a company, according to Goldman's motion to dismiss the action on September 15, 2006.

Liongate SPC: Company Announcement

September 19, 2006
Company Announcement by Liongate SPC regarding a questionable $254 million related-party arrangement and resignation of the Fund's administrator.

United Kingdom: Jared Brook et al

September 18, 2006
Application for the appointment of a Commissioner to collect evidence for a criminal investigation into Jared Brook, Lincoln Fraser and others for alleged investment fraud involving the Imperial Consolidated Group.

Insider Talking: September 7, 2006

September 7, 2006
A tax information exchange agreement between the Isle of Man and the United States has come into force. In a press release on September 1, 2006, the U. S. Department of The Treasury announced that “An exchange of letters between

Offshore gaming firm hoists white-flag after legal action by US Gov’t

August 15, 2006
A British Internet and telephone gaming firm has decided to effectively put itself out of business in order to comply with a restraining order issued by a federal court in the United States, even though it has no physical presence there.BETonSPORTS Plc has dismantled its numerous web-sites and, on August 11, 2006, announced that it was closing down its “US facing” operations, comprising offices in Antigua and Costa Rica, “as soon as practicable” because they were no longer “viable”, with the loss of approximately 800 jobs. “The Directors are taking steps to ensure that the Company will not knowingly accept any wagering transactions from US based customers,” stated the firm, virtually all of whose revenue and profit came from U. S.-based clients. 

Bahamas attorney plays key role in group accused of securities fraud

August 8, 2006
Bahamas-based attorney Anthony Thompson has emerged as a key player in another securities scheme by a group whose allegedly fraudulent activities were exposed in the previous edition of OffshoreAlert. Thompson is the sole officer and director of two offshore companies that beneficially own 43.8% of the common stock of Reliant Home Warranty Corporation, a Florida-registered, Canada-based “mortgage banking” firm whose shares are currently trading for six cents each on the Over-The-Counter Bulletin Board in the United States.

PILL resurfaces in Panama under new name

August 8, 2006
An offshore financial services group that wound down its Bahamas-based business following legal action by the United States Government has resurfaced in Panama and England under a new name.Prosper International League Limited, widely known as PILL, has dismantled its web-site at www.pill.net and morphed into Alliance Asset Management, which has a site at www.allianceasset.com.

Insider Talking: August 8, 2006

August 8, 2006
Lennox Gibbs is well-paid for his role in dubious penny stock Strategy International Insurance Group Inc.; Law firm Charles Russell and financial advisors Smith & Williamson, continue to be handsomely rewarded for their lmismanagement of the iquidation of Invaro Ltd.; and the US Senate Permanent Subcommittee on Investigations' 'Tax Haven Abuses: The Enablers, The Tools and Secrecy' is not without its humorous side.

Wife of AXIS Capital boss wins US$91 m divorce pay-out

August 8, 2006
In what is believed to be the biggest divorce settlement in a contested case in British history, AXIS Capital CEO John Charman has been ordered to pay £48 million (US$91 million) to his estranged wife. The award represents 37% of the couple's estimated £131 million (US$250 million) fortune.Charman, who is believed to have homes in Bermuda, Atlanta and Florida, has vowed to appeal, describing the judgment as “poor and blatantly discriminatory” and the award as “grotesque and unfair”.

United Kingdom: Lubin Reyes Cuenca

August 3, 2006
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the United Kingdom into suspected money laundering involving Lubin Reyes Cuenca.

Barclays Bank held liable for Architects of Wine losses

July 24, 2006
Barclays Bank Plc in the United Kingdom has been held liable for damages suffered by investors in a wine-based, offshore investment scam for which the bank provided services.Summary judgment against the bank and in favor of claimant Cayman Islands-registered Architects of Wine Ltd. (in liquidation) was entered at the U. K. High Court on June 16, 2006.

US indicts offshore gaming operators

July 19, 2006
The United States Government has continued its onslaught against the offshore gaming industry by indicting a British firm and several of its alleged employees and agents.The indictment against BETonSPORTS Plc and related parties was brought at the U. S. District Court for the Eastern District of Missouri on June 1, 2006 and sealed until July 17 so arrests could be made.

Parent of offshore insurer accused of $50 m securities fraud

July 10, 2006
A publicly-listed company in the United States whose subsidiaries include an offshore insurer is being sued in New York by investors who claim they were victims of a $50 million securities fraud. Strategy International Insurance Group Inc., whose shares are currently trading on the Over-The-Counter Bulletin Board at just six cents per share, misrepresented its assets and concealed “material negative facts” about some of its “principal executives and directors” in a private placement memorandum, according to the plaintiffs, who include investment funds in the British Virgin Islands and Cayman Islands. 

Wachovia Bank seeks to avoid giving records to Antigua corruption investigators

July 10, 2006
Wachovia Bank is trying to avoid turning over records to the Antigua Government for an investigation into alleged corruption by former Prime Minister Lester Bird, offshore banker Bruce Rappaport and others. The North Carolina-domiciled bank has applied for a protective order in a civil complaint filed by the Government of Antigua and Barbuda at the Eleventh Judicial Circuit Court for Miami-Dade County, Florida on February 23, 2006. 

Narco-trafficker’s assets may be hidden in Florida, say UK investigators

July 10, 2006
Articles based on an application for permission to collect evidence for a hunt for the proceeds of narcotics-trafficking - 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 May 31, 2006. Individuals and businesses mentioned in the request for assistance include Alan Harris, Kevin Waller, Mauricio Albarracin, Brendan Beaver, Daud Ghaznavi, Christine Thomas, Matthew Mackender, Darren Scott, Gurinder Mall, Gurinder Sandhu, Wildtower Ltd., and Highfield Distribution Limited.

Fraud charges brought against five former Imperial Consolidated Group insiders

June 14, 2006
Five former insiders in the Imperial Consolidated Group were today each charged with conspiracy to defraud in the United Kingdom. The defendants are Jared Bentley Brook, 36, of Manchester, England; Lincoln Julian Fraser, 35, of Brookenby, Lincolnshire, England; his brother, Nicholas Grant Fraser, 33, of Kirton Lindsey, Lincolnshire, England; William Godley, 58, of Almancil, Portugal; and Robert Statham Raven, 46, of Usk, Gwent, Wales.

Hatteras Reinsurance Ltd.: Chapter 15 Petition (Bermuda)

June 8, 2006
Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Bermuda by Mike Morrison and Charles Thresh, as Foreign Representatives of Hatteras Reinsurance Ltd., at the U. S. Bankruptcy Court for the Southern District of New York.

Insider Talking: June 7, 2006

June 7, 2006
A British company that is at the heart of a liquidation scam being perpetrated against creditors of failed litigation funding firm Invaro Ltd. has missed a statutory deadline for filing its first accounts and is now subject to penalty fees; Former Panama-based, offshore financial services provider Marc Harris, 41, has lost his appeal against his November 24, 2003 conviction in the United States on multiple tax fraud, tax evasion and money laundering charges and May 21, 2004 sentencing to 17 years in prison, a fine of $20.3 million, and restitution of $6.6 million; and An unlicensed Canada-based forex dealer with a checkered past appears to be behind a purported offshore investment provider that was the target of a warning by the Bermuda Monetary Authority earlier this year, OffshoreAlert can disclose.

UK seeks evidence in Arizona for investigation into child pornography

June 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 May 19, 2006. Individuals and businesses mentioned in the request for assistance include Andre James Alexander and CC Bill.

United Kingdom: Alan Harris et al

May 31, 2006
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the United Kingdom into alleged narcotics trafficking and money laundering involving Alan Harris and others.

United Kingdom: Andrew James Alexander

May 19, 2006
Application for the appointment of a Commissioner to collect evidence for a criminal investigation into the United Kingdom into Andrew James Alexander for allegedly distributing child pornography.

Switzerland: Dieter Behring et al (May 2006)

May 16, 2006
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Switzerland into Dieter Behring, Arthur Buck, Beat Bengerter, Jean Kampf, Peter Josef Weibel, Willy Wuthrich, Raymond Pousaz and Anita Zweifel-Reidy for alleged investment fraud, theft, forgery and money laundering involving Moore Park Funding and related companies.

NRG Victory Reinsurance Ltd.: Chapter 15 Petition (England)

May 12, 2006
Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the United Kingdom by Alan Boyce, as the Foreign Representative of NRG Victory Reinsurance Limited, at the U. S. Bankruptcy Court for the Southern District of New York.

Bermuda insurers sued in $350 m-limit policy dispute

May 5, 2006
A New Jersey based manufacturer has sued several insurers, including two that are incorporated in Bermuda, in an attempt to enforce a $350 million limit insurance policy.Formosa Plastics Corporation USA claims they have breached the terms of the contract concerning

Stirling Cooke claims expected to exceed $750 m, says Bankruptcy Trustee

May 5, 2006
Potential claims arising from the fraudulent activities of a Bermuda based insurance broker's British subsidiary may exceed $750 million, says the firm's U. S. Bankruptcy Trustee.It means that Stirling Cooke Brown Insurance Brokers Ltd. committed “one of the largest frauds

Released from prison, mafia fraudster sets up new securities scheme

May 5, 2006
A 68-year-old fraudster released from prison in the United States only 21 months ago for helping the New York mafia commit violently-enforced stock scams has picked up where he left off, OffshoreAlert can reveal.Mexico-based, U. S. national Joseph Andrew Mann, now using the name Joseph Andres Mann Piccione, is behind a web of shell companies in several countries, including England, Panama, and Dominica, as part of a new securities scheme that bears striking similarities to the fraud to which he pleaded guilty in the United States in 2004.

Switzerland: Ulrich Wymann et al(2)

April 28, 2006
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Switzerland into Ulrich Wymann, Martin Wymann and Juerg Rothen for alleged fraud and embezzlement.

Yukos Oil Company: Chapter 15 Petition (Russia)

April 13, 2006
Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Russia by Eduard Rebgun, as the Foreign Representative of Yukos Oil Company, a.k.a. OAO NK Yukos, at the U. S. Bankruptcy Court for the Southern District of New York.

Switzerland: Dieter Behring et al (April 2006)

April 10, 2006
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Switzerland into Dieter Behring, Arthur Buck, Beat Bangerter, Jean Kampf, Peter Josef Weibel, Willy Wuthrich, Raymond Pousaz, and Anita Zweifel-Reidy for suspected fraud, embezzlement, forgery and money laundering.

Insider Talking: April 6, 2006

April 6, 2006
Nicolas Eugene Grant St. James charged with cannabis possession in UK, a look at the record of criminal-friendly judge Jon Isaacs in the Bahamas, liquidator of Suisse Security Bank and Trust charges creditors extra if they want to receive his creditors' reports, long after denying it, Marcus Queree acknowledge's fraudster Robert Raven's involvement in the group of companies known as 'Sidera'; and a look at CFTC Chairman Reuben Jeffery III's role in one of the biggest insurance frauds in history.

Architects of Wine liquidator sues Barclays Bank

April 6, 2006
Barclays Bank continued processing checks for an offshore-based wine investment group even after it learned of a regulatory warning in the U. S. and then then refused to co-operate with the group's liquidator after it collapsed amid allegations of fraud, it has been claimed.The allegations are contained in a civil complaint filed by Christopher Johnson, as liquidator of Cayman Islands-registered Architects of Wine Ltd., at the U. K. High Court of Justice, Queen's Bench Division, Commercial Court on March 9, 2006. AOWL is seeking to recover $1.3 million from sole defendant Barclays Bank, of London, England, alleging conversion.

Poland: Ryszard Kaminski et al (Illinois)

March 28, 2006
Application for the appointment of a Commissioner to collect evidence - pursuant to a request for judicial assistance from Poland - for a criminal investigation into Ryszard Kaminski and Mohamad Nashawi for suspected fraud.

Russia: Johnson Industries Ltd.

March 28, 2006
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Russia into alleged tax fraud involving Johnson Industries Ltd.

Ex-Imperial Consolidated officer jailed for contempt of court

March 15, 2006
Former Imperial Consolidated Group money-raiser Robert Raven was today sentenced to four months in prison for contempt of court in the United Kingdom. Raven, a 45-year-old British national who was Imperial's International Sales & Marketing Director, received the punishment in a civil action at the High Court for refusing to co-operate with the administrators/liquidators of five Imperial companies in the U. K. and the Caribbean, in the hunt for defrauded assets.

Lion City Run-Off Private Ltd.: Chapter 15 Petition (Singapore)

March 15, 2006
Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Singapore by Richard Whatton, as the Foreign Representative of Lion City Run-Off Private Limited, at the U. S. Bankruptcy Court for the Southern District of New York.

Connelly Management Inc., et al v. Ferguson Marketing Group Inc., et al: Judgment Order

March 15, 2006
Judgment Order, Findings of Fact & Conclusions of Law in Connelly Management Inc., Connelly Management Employee Welfare Benefit Plan, James B. Connelly, individually and as a participant under the Connelly Management Employee Welfare Benefit Plan, v. Ferguson Marketing Group Inc., Euan David McNicoll, John Fowler Anderson, Marsh Investment Corporation, McSooner, Inc., Marketrends Financial Services Ltd., Marketrends Insurance, Ltd., Michael Arthur Reeve, Saint John Management Services, Ltd., and Michael Reeve & Associates at the U. S. District Court for the District of South Carolina.

Emails show Citco knew of Lancer fraud long before collapse, says Receiver

March 6, 2006
Fund administrator Citco knew that Lancer Offshore was fraudulently valuing assets nearly two years before the fund collapsed but its sole concern was how to extricate itself from the $400 million insolvency, rather than warn investors and regulators. That is the most serious allegation contained in a civil lawsuit that was filed as long ago as January 14, 2005 at the U. S. District Court for the Southern District of Florida but kept sealed until February 21, 2006 due to concerns that its release may breach a court order prohibiting disclosure of certain information. It is supported by copies of extraordinary email exchanges between Citco's senior executives that were disclosed in discovery that Citco opposed.

Briton suspected of laundering funds through UK firms and US accounts

March 6, 2006
Article based on an application to collect evidence for a criminal investigation into alleged money laundering and criminal conspiracy - pursuant to a request for judicial assistance from Belgium - that was filed at federal court in the USA on February 13, 2006. Individuals and businesses mentioned in the request for assistance include Paul Phserowsky, a.k.a. Paul Simon; Tayanc Nurettin, The Swiss Loan Corporation, Prime Chemical Company Ltd., Chemical Oil Company Ltd., International Security Company Ltd., Peace Pilgrim Foundation, John Rush, Elizabeth Quigley, Noah A. Troyer, and Corporate Accounts, Bank of America, Commercial Savings Bank, and Kathy Miller.

Russia: VN Daginov (Florida)

March 6, 2006
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Russia into Vitali Nicolaevich Daginov for alleged theft from Kalmneft JSC, Glencoe International AG and Briarwise International Ltd.

Belgium: Paul Phserowsky

February 13, 2006
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Belgium into Paul Phserowsky for allegedly laundering the proceeds of narcotics trafficking.

Insider Talking: February 4, 2006

February 4, 2006
A U. S.-based professional organization for private investigators has revoked the membership of Cayman Islands-based PI William Claude C. Myles for “professional misconduct” and violations of its code of ethics; What is the going rate for climbing into bed with crooks to ‘throw' a liquidation so the bad guys can continue to profit at the expense of true creditors? Try £1,624 (US$2,870) per day!; A victim of 72-year-old serial fraudster Keem Kalfon, a.k.a. Chaim Kalfon, a.k.a. Chaim Chalfon, has set up a web-site at www.chaimchalfontaxevader.com following the collapse of his latest scheme, known as LifeStyle Master Inc.; Once again proving that there is no hiding place for financial criminals, no matter which country they flee to when looking for a rock to hide under, the U. S. Government recently arranged the deportation from Panama of accused fraudster David Alan Struckman, a co-founder of the Global Prosperity Group; and If Bahamas-based investment scam group Banakor Swisse is indeed behind several menacing telephone calls that have been anonymously made to OffshoreAlert's publisher over several months, as evidence indicates, it would not be the first time that the group has reacted crudely to an investigative journalist writing negatively about its fraudulent activities.

United Kingdom: Andrew James Alexander(2)

February 3, 2006
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the United Kingdom into Andrew James Alexander for allegedly distributing child pornography.

Hong Kong: Cassandra Keung Yuen-Mun

January 27, 2006
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Hong Kong into Cassandra Keung Yuen-Mun for allegedly defrauding PacificNet Limited of approximately US$830,000 between November and December 2004.