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Insider Talking: September 30, 2004

September 30, 2004
Three bankers who allegedly swindled their former employer, NatWest, in a deal involving Enron and a Cayman Islands registered company appeared in court in England on September 28, 2004 as they seek to avoid extradition to the United States. Gary

Cayman wine firm closes, allegedly leaves behind debts

September 30, 2004
A controversial wine based investment firm appears to have abandoned the Cayman Islands in the wake of Hurricane Ivan - allegedly leaving behind substantial debts.Architects of Wine Ltd. closed down its Grand Cayman office in September, owing rent and several

Russia seeks evidence from Delawar-domiciled firm for tax evasion investigation

August 31, 2004
Article based on an application to collect evidence for a criminal investigation into alleged tax fraud - pursuant to a request for judicial assistance from Russia - that was filed at federal court in the USA on August 16, 2004. Individuals and businesses mentioned in the request for assistance are Firma Vneshtorg, Valery Anatolyevich Kostin, Georgy Aleksandrovich Chernichenko, Alexander Alekseevich Chupranov, VG Euro Ltd., Electroservice, Agrodorstroy, Laston-Eco LLC, Zavod eksperimentalnogo litya, Intertrade Atlantic LLC, Algora, Alfer Holding GmbH, Marco Ltd., I. F. & M. Ltd., Laslo Kalman, Charles Fromm, a.k.a. Carles Fromm, and David Smith.

Bermuda Fire & Marine sues to enforce arbitration award

August 31, 2004
Bermuda-based companies are among 14 insurers who have filed a petition to enforce arbitration awards totaling $1.2 million against two New York-based firms.The action concerns unpaid reinsurance claims from the failed United Kingdom-based underwriting pool known as H. S. Weavers (Underwriting) Agencies Limited, which stopped underwriting in 1990.

US taxpayer fined $5,000 per day for non-production of offshore trust records

August 31, 2004
A United States court has imposed a $5,000 fine on a taxpayer for every day that he fails to turn over records of his Bahamas trust to the IRS.If John F. Eulich, of Dallas, Texas, has not produced them by September 15, 2004 - 30 days after the start of the penalties - the fine will be increased to $10,000 per day.

UK litigation funding flops try again with new group called Strathmore

August 31, 2004
Former insiders of two U. K. litigation funding scams that collapsed with combined losses of nearly $500 million are behind a recycled version of the same scheme, OffshoreAlert can reveal. The new business - operating under the brand name 'Strathmore' - encompasses companies in the Bahamas, Canada, the United Kingdom and Africa.

Brazil: Barcelona Tour Cambio e Turismo Ltda. et al

August 24, 2004
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Brazil into suspected fraud and money laundering by Antonio Oliveira Claramunt, Jose Diogo de Oliveira Campos, Silvio de Almeida e Souza, Altair Inacio de Lima, Marcelo Viana, Valdecir Geraldi, and Ussen Ali Chahime regarding Barcelona Tour Cambio e Turismo, Ltda.

Russia: Firma Vneshtorg JSC

August 16, 2004
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Russia into suspected tax evasion by Firma Vneshtorg JSC.

Saddam’s Laundry: How western money managers ran the offshore network that bankrolled Iraq’s war machine

July 31, 2004
Switzerland, Liechtenstein, Panama and the Bahamas were key elements in the offshore shell company and money-laundering schemes that bankrolled Saddam Hussein for more than 20 years.And Saddam used the same offshore money launderers as Osama bin Laden. His offshore network hid the money skimmed from government oil sales and collected in kickbacks. It was used to pay for Saddam's secret agents and security forces, reward domestic and foreign friends, and buy arms during international embargos. 

Insider Talking: July 31, 2004

July 31, 2004
How absurd has the criminal case in Texas involving Bahamas resident Yank Barry become?; A recent land-mark opinion by the United States Supreme Court that effectively determined federal sentencing guidelines were unconstitutional has formed the basis of an appeal by jailed former offshore services provider Marc Harris against his sentence of 17 years in prison and a financial penalty of $26 million for fraud, money laundering and tax evasion; The Central Bank of Belize has warned that an entity calling itself 'Development & Holding Bank of Belize' is not licensed; In July, the Bermuda Monetary Authority also issued warnings about suspect or bogus companies claiming to have ties to the jurisdiction; The United States FBI is establishing an office in the Bahamas, reported the Nassau Guardian; On July 19, 2004, a United States podiatrist admitted to using an offshore bank and credit card account to launder money and evade New York City state and federal taxes on more than $300,000 in income, according to a press release from the office of Manhattan District Attorney Robert Morgenthau, which prosecuted the case at the state Supreme Court; Germain Bourgeois, the former investment manager of the University of Montreal Pension Plan, is suspected of receiving payments in return for "convincing" three parties to invest "hundreds of millions of dollars" in the Lancer Offshore group of funds; and A civil lawsuit has been filed at the Turks & Caicos Islands Supreme Court against a solicitor who was recently disqualified from serving as a company director in the U. K. by the Department of Trade & Industry for his part in a timeshare scam.

Spain seeks evidence in Florida for money laundering investigation

July 31, 2004
Article based on an application to collect evidence for a criminal investigation into alleged money laundering - pursuant to a request for judicial assistance from Spain - that was filed at federal court in the USA on June 30, 2004. Individuals and businesses mentioned in the request for assistance include Domingo Tarruella Dalmau, Roberto de Luca, Carlos Augusto Quintero Patino, Robert P. Gleusner, Brian Lennon, Ronald Reed, Manuel Lao Hernandez, Alicia Esther Franch, International Gaming Manufacturing, a.k.a. Leisure & Gaming Corporation; Forum Technology Ltd., Winner Group SA, J.L.M. Trading Corp., Hoboken Floramerica, Pacific Seafood Inc., Lakeview Flowers Inc., Surhtos Inc., Floramerica Inc., Big Plantain American Inc., L&G Corporation, Blazing Ltda, Enkor Business Corporation, Beauport Commercial, Atronic, Unidelca SA, Super Siete, Tuworld Inversora SA, Edsaco Ltd., Nova Atlantis SA, Consultoria International, Merrydown Ltd., Meadowside Management Ltd., Luis Flores, Barclays Bank, NationsBank International, Lloyds TSB Bank, ABN AMRO and Banco Ganadero.

Puritan International shareholder goes bust in United Kingdom

July 31, 2004
Since our article in last month's newsletter, OffshoreAlert has uncovered more information about an offshore-domiciled, United Kingdom-based litigation funding company that casts further doubt about its credibility. One of the founding shareholders of British Virgin Islands-registered Puritan International Ltd., which is offering investors annual returns of 10.5 per cent in an unregistered offering, has gone bust.

Lancer Receiver sues financial institutions for over $17 m

July 31, 2004
The Receiver of the Lancer Offshore group has filed a lawsuit against 26 financial institutions and other firms in an attempt to recover more than $17 million of allegedly fraudulent transfers.Defendants include companies from Bahrain, Bermuda, Canada, the Cayman Islands, Guernsey, the Isle of Man, Luxembourg, Monaco, Switzerland, the United Kingdom, and the United States.

Russia: Orsk Custom House

July 7, 2004
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Russia into the following officers of Orsk Custom House: AV Yakovlev, VB Radchenko, EV Dimaev, SI Sharanov, YF Medvedev and SP Savchenko.

Indosuez Eastern Europe Fixed Income Fund Ltd.: Section 304 Petition

July 6, 2004
Section 304 Petition for Assistance in Insolvency Proceedings in the British Virgin Islands by Stephen Akers and Terry Carson, as the Foreign Representatives of Indosuez Eastern Europe Fixed Income Fund Ltd., Clariden Eastern Europe Debt Fund, Ltd., and Safra Eastern Europe Fixed Income Fund, Ltd., at the U. S. Bankruptcy Court for the Southern District of New York.

AT&T sues XL Insurance over 9/11 coverage

June 30, 2004
AT&T Corp. has filed a civil complaint against 15 insurers, including XL Insurance (Bermuda) Ltd., over allegedly unpaid property damage and business interruption claims concerning 9/11. The telecommunications giant, which is registered in New York but based in New Jersey,  is seeking an award of not less than $139 million in an action filed at New Jersey Superior Court on June 11, 2004.

UK seeks evidence in Florida for money laundering investigation

June 30, 2004
Article based on an application to collect evidence for a criminal investigation into alleged money laundering and narcotics trafficking - pursuant to a request for judicial assistance by the United Kingdom - that was granted at federal court in the USA on March 25, 2004. Individuals and businesses mentioned in the request for assistance include Juan David Delvalle, Carlos Delvalle, Tom Page, Eduardo Gonzales, Metropolitan Safe Deposits Limited, Raul Acosta, Francisco Javier Cabrera Garcia, Salvage Motors, Salvage Masters Worldwide Services Inc, Gerald Dickson, Bank of America, CommerceBank, HSBC Bank, Executive National Bank, Revinca CA, Banco Continental SA, WSA Corp. Inc., Citibank, Banco Del Pichincha, Computer Technologies Inc., and Wachovia Bank.

UK seeks video evidence in Florida for trial of accused investment adviser

June 30, 2004
Article based on an application to collect evidence - pursuant to a request for judicial assistance by the United Kingdom - that was granted by federal court in the USA on March 3, 2004. Individuals and businesses mentioned in the request for assistance include Roddam Quintin Twiss, Emile Coury, The Grosvenor Trust, Grosvenor Ventures Inc., Westfield Capital Investments Ltd., Al Grillo, Michael Grillo, Dragon Group, Swepstone Walsh, William Hedley, Solicitors Indemnity Fund, Robin Kobacher, M. Rachid Safa, and Arab Bank.

HERE WE GO AGAIN: BVI firm offers double-digit annual returns for UK litigation funding, claims investment is ‘very low risk’ and returns are ‘guaranteed’

June 30, 2004
An offshore firm is seeking to raise millions of dollars from the sale of an unlicensed investment product that investors are told is "very low risk" and pays out a "guaranteed" annual return of 10.5 per cent. British Virgin Islands-registered Puritan International Limited has launched a "Loan Stock Offering" for investment in the widely abused personal injury litigation funding industry in the United Kingdom.

Spain: Domingo Tarruella Dalmau (Florida)

June 30, 2004
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Spain into Domingo Tarruella Dalmau and others for alleged money laundering.

Ex-Imperial Consolidated boss admits stun gun offense

June 23, 2004
The former boss of a fraudulently-operated offshore investment group has been convicted of illegally possessing two high-voltage stun guns that were found at his home in England during a raid by the UK Serious Fraud Office. Lincoln Julian Fraser, 33, who co-founded the now-collapsed Imperial Consolidated Group, admitted possession of the guns during an appearance at Lincoln Magistrates Court, reported the Market Rasen Mail newspaper, in England.

Imperial Consolidated spin-off Invaro to go into liquidation

June 10, 2004
UK-based financial services firm Invaro Ltd. is insolvent and intends to apply for voluntary liquidation, along with two associated companies, which are believed to be Wishsprite Plc and Medico-Legal Reports Ltd. An announcement about Invaro's demise was made yesterday - only ten weeks after an OffshoreAlert article raised concerns about Invaro's legitimacy and provided evidence of its links to the fraudulently-operated Imperial Consolidated Group.

Spain: Manuel Fernando Martin Catalan et al

May 18, 2004
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Spain into Juan Jose Garcia Seijas, Carlos Federico Braga, Manuel Fernando Martin Catalan, Norman Duncan Moir, Maria Almudena Alfonso Alfonso, Juan Manuel Oliveros, Dominga Soto de Reffett, Yanira Leonor Batista Peguero, Paloma Yolanda Martin Lopez, Luis Miguel Triguro Gomez, Jose Lucia Diaz de Rondon, David Hernandez Diaz, Jose Miguel Antonio Tavera Tavera, Javier de la Torre Pino, Jose Maria Hoyas Barquillas, Daniel Israel Sanchez Cabrera, Diego Mario Castellon Lopez and Jorge Marcelino Lago for alleged tax fraud.

USA v. Funds on Deposit at Bank Julius Baer & Co. et al: Complaint

May 14, 2004
Complaint in USA v. All Funds on Deposit at Bank Julius Baer & Company, Ltd., Credit Suisse (Guernsey) Limited, and Eurofed Bank Limited in the names of Pavlo Lazarenko, Pavel Lazarenko, Samante Limited, and Alexander Milchenko at the U. S. District Court for the District of Columbia.

United Kingdom: Patrick Guy et al

May 11, 2004
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the United Kingdom into Patrick Guy, Alain Barou and Laurette Mousa Adamou for allegedly obtaining property by deception.

Insider Talking: April 30, 2004

April 30, 2004
Ian Renert and his unlicensed Bahamas-based investment fund group receive $1.5 m in penalties in securities fraud action, London-based barristrer Lawrence Jones in messy legal battle with former fiancée, Keith King and the Dominican Republic's Central Bank, AT&T Corp. sues the Bahamas Tourist Office for an allegedly unpaid bill of $104,361, Royal Bank of Scotland refused to explain massive exposure to the Cayman Islands, civil complaints filed in the Turks and Caicos Islands against Professional Capital Ltd. and Intalco Management Ltd., US Government obtains order allowing it to seize $2.6 m of narcotics trafficking proceeds held at Barclays Bank (Bahamas), US Government applies to seize 55-feet catamaran passenger ferry called 'The Preference' moored in St. Vincent and the Grenadines, and Netherlands Antilles-domiciled Overseas World Marketing NV sues Motivational Marketing Inc. in Florida.

Matrix Investigations goes into liquidation

April 17, 2004
A company secretly controlled by British fraudsters Lincoln Fraser and Jared Brook has gone into liquidation with an estimated net deficiency of £94,614 (approximately US$170,000). Matrix International (Management) Ltd., d.b.a. Matrix Investigations, went into creditors' voluntary liquidation by way of an extraordinary resolution passed by its shareholders on April 6, 2004 - nearly 19 months after being formed on September 17, 2002.

Ukraine: IM Didenko

April 2, 2004
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Ukraine into officials of Gradobank for allegedly stealing money received from Germany that was intended to compensate victims of Nazi persecutions.

Insider Talking: March 31, 2004

March 31, 2004
A company formed by British investment fraudsters Lincoln Fraser and Jared Brook to disrupt the administration liquidation of their failed Imperial Consolidated Group, including perpetrating an asset recovery fraud against Imperial's investors, is about to go the way of most,

John Hancock sued again over unpaid reinsurance

March 31, 2004
In the latest fall out from the fraudulent practices of Bermuda based broker AlphaStar Stirling Cooke, a U. S. insurer is being sued for unpaid claims that may eventually total $60 million.John Hancock Financial Services Inc., of Boston, Massachusetts, is

Group with ties to Imperial Consolidated fraudsters forms new UK-based PLC

March 31, 2004
A financial services group with close ties to fraudulently-operated Imperial Consolidated and offering similar products has formed a new public limited company in the United Kingdom.Wishsprite Plc was incorporated on September 2, 2003 - 25 days after the formation of affiliates Wishsprite Financial Services Ltd., Wishsprite Investment Services Ltd., Wishsprite Legal Services Ltd., Wishsprite Marketing Ltd., and Wishsprite UK Ltd.

UK seeks evidence in Wisconsin for investigation into attorney Kevin Dooley

March 31, 2004
Article based on an application for the appointment of a Commissioner to collect evidence for a criminal investigation into alleged investment fraud - pursuant to a request for judicial assistance from the UK - that was filed under seal at federal court in the USA on December 16, 2003 and unealed on February 2, 2004. Individuals and businesses mentioned in the request for assistance include Kevin Dooley, Dooley & Co., Trevor Prider, Richard Green, Kenneth Nelson Wiseman II, Wiseman Hedge Fund, Thomas George Whitbread, Sally Johnson, Laura Fletcher, Donald Melton Sweatman, Contrast Finance Ltd., Margaret Elizabeth Silver, David Netka, Neil Roe, Grosvenor Trust, Michael Shenker, Wexford Investments Ltd., Citco Banking Corporation, Taipan Asset Management Ltd., Golconda Partners Ltd., Jamie Bond, Crompton Holdings Ltd., Clive Lincoln, Delverton Investment Ltd., Cadogan Asset Management Ltd., Julian Horwood, CFC Finance Ltd., Woodborough Corporation Ltd., Trade Direct Corp., Barony Holdings Inc., Southern Star (Suisse) FX LLC, Durazno Securities Ltd., Northridge Capital Corp., Swepstone Walsh, Wells Fargo Bank, City National Bank, Washington Mutual Bank, Fiserv Correspondent Services, Bank One, AEA Bank, Citibank, Barclays Bank, and JP Morgan Chase Bank.

UK seeks information about Florida property for investigation into alleged tax evaders

March 31, 2004
Article based on an application for the appointment of a Commissioner to collect evidence for a criminal investigation into alleged tax evasion - pursuant to a request for judicial assistance from the UK - that was filed at federal court in the USA on March 17, 2004. Individuals and businesses mentioned in the request for assistance include Jack Baars, Ann Claire Baars, and Jack Baars Wholesale.

UK seeks evidence in Florida for trial of suspected investment fraudsters

March 31, 2004
Article based on an application for the appointment of a Commissioner to collect evidence for a criminal investigation into alleged investment fraud - pursuant to a request for judicial assistance from the UK - that was filed at federal court in the USA on March 17, 2004. Individuals and businesses mentioned in the request for assistance include Anthony David Rich, Michael Thomas Rich, Victor Le Chenal, Nigel Sandor Allan, Michael Clark, Alan Butt, E&I International Ltd., First National Bank of Florida, Captain Steven Gunning, Seth Braiman, Global 2 You, Nick Sturghill, Sturghill Films Productions, Lloyds of London, Onno Petersen, TPP,  Quarterhorse Films Inc., and Triple A Finance.

USA v. Michael Arthur Reeve et al: Criminal Indictment

March 25, 2004
Criminal Indictment in USA vs. Michael Arthur Reeve, John Anthony Claro, Jack H.M. Ferguson, Milton Doke Wilkinson, Gary I. Hoskie, James Arthur Glidewell, and Euan David McNicoll at the U. S. District Court for the Southern District of Texas.

United Kingdom: Juan David Delvalle et al

March 23, 2004
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the United Kingdom into suspected narcotics trafficking and money laundering by Juan David Delvalle and others.

London and Scottish Assurance Corporation Ltd.: Section 304 Petition

March 18, 2004
Section 304 Petition for Assistance in Insolvency Proceedings in the United Kingdom by David Rose, as the Foreign Representative of London and Scottish Assurance Corporation Limited, Edinburgh Assurance Company Limited, The Indemnity Marine Assurance Company Limited, The British & European Reinsurance Company Limited, Commercial Union Assurance Company Limited, General Accident Fire and Life Assurance Corporation Limited, General Accident Reinsurance Company Limited, The New Zealand Reinsurance Company (UK) Limited, The Road Transport & General Insurance Company Limited, The Ulster Marine Insurance Company Limited, Scottish Insurance Corporation Limited, The Yorkshire Insurance Company Limited, and The Ocean Marine Insurance Company Limited, at the U. S. Bankruptcy Court for the Southern District of New York.

United Kingdom: Jack Baars et al

March 17, 2004
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the United Kingdom into alleged tax evasion by Jack Baars and Ann Claire Baars.

United Kingdom: Anthony David Rich et al

March 17, 2004
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the United Kingdom into Anthony David Rich and others for alleged fraud.

Harrington Advisory Services, SL: Public Warning

March 10, 2004
Public Warning by Spain's Comisión Nacional del Mercado de Valores against Harrington Advisory Services, S.L., whose participants were identified as Alexander Giles Martin and Richard Sinclair Pope.

United Kingdom: Roddam Quintin Twiss

March 2, 2004
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the United Kingdom into an alleged 'prime bank' fraud and theft by Roddam Quintin Twiss.

UK SFO arrest five former Imperial Consolidated insiders

February 29, 2004
The United Kingdom Serious Fraud Office arrested five former insiders with the Imperial Consolidated Group during February. Lincoln Julian Fraser, 32; David Norvel Willerton, 30, who is Fraser's boyfriend; Jared Bentley Brook, 34; and one other person, believed to be a woman, were all arrested in Lincolnshire, England, on February 3, 2004. Three properties were also raided by police.

UK seeks video testimony of Florida resident for fraud trial

February 29, 2004
Article based on an application to collect evidence for a fraud prosecution - pursuant to a request for judicial assistance from the UK - that was filed at federal court in the USA on January 16, 2004. Individuals mentioned in the request for assistance include Stephen Peter Rayment and Stephen Kornfeld.

Spain seeks evidence in USA for fraud investigation into CAFI Company and Port Kenny Holdings

February 29, 2004
Article based on an application to collect evidence for a criminal investigation into alleged securities fraud - pursuant to a request for judicial assistance by Spain - that was filed at federal court in the USA on February 3, 2004. Individuals and businesses mentioned in the request for assistance include CAFI Company, Port Kenny Holdings SL, IFX Ltd., Harris Trust and Savings Bank, Consultoria y Asesoria Financiera International SL, Credit Lyonnais SA, Wilfred Morgan, Sergio Ariel Lopez Crivogusov, Europa Marketing Advisory SL, Global Analysis, Alberto Ortega Diaz, Fernando Heras Castan, Pedro Llorente Malo, International On Line, Francisco Javier Munoz Ponce, David Santiago Suarez, Manuel Diez Fernandez, Ignacio Jose Correa Sureda, and Santiago Maroto Illera.