United Kingdom: Kenneth Roy Simmons et al
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the United Kingdom into suspected narcotics trafficking by Kenneth Roy Simmons and others.
United Kingdom: Bashru Oladiranet al
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the United Kingdom into alleged credit card fraud by Bashru Oladipupo Oladiran and Jairzinho Olusoji Williams.
Switzerland: Magda Medina Perez
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Switzerland into Magda Medina Perez for alleged forgery and money laundering.
Insider Talking: May 31, 2000
International Financial Privacy Association's '6,000 square foot' office building fails to materialize, fraudulently-operated World Investors' Stock Exchange shamelessly targets the elderly, Imperium Bank offers double-digit annual returns, Cayman Islands Court of Appeal upholds decision to remove Chris Johnson and Nick Freeland as liquidators of local Cash 4 Titles firms, Eugene Chusid's Digital Commerce Bank, John Bourbon and Valia Theodoraki appointed heads of Cayman Islands Monetary Authority and Cayman Islands Stock Exchange, respectively; Nigel Scott Grant - sorting out fact from fiction on his Curriculum Vitae.
Stirling Cooke under investigation by Lloyd’s of London
Stirling Cooke has disclosed that its UK-based subsidiaries are being investigated by Lloyd's of London following the apparent insolvency of a Lloyd's syndicate known as the Alan R. Bird syndicate.
The Bird syndicate is believed to have become insolvent following an arbitration ruling on December 9, 1999 that rescinded reinsurance contracts with Transamerica Occidental Life Insurance Co., primarily on the grounds that Stirling Cooke, in its capacity as broker, had orchestrated an "abnormally tight" reinsurance spiral.
Compagnie d’Escomptes Financiers CEF SA v. Georgian Bay Holdings Corporation et al: Writ of Summons
Writ of Summons in Compagnie d'Escomptes Financiers CEF SA v. Georgian Bay Holdings Corporation, Anchorage International Fund Management Limited, Bank of America Trust and Banking Corporation (Cayman) Limited, and Australia and New Zealand Banking Group Ltd. at the Grand Court of the Cayman Islands.
United Kingdom: Stephen Anthony Trutch et al
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the United Kingdom into alleged fraud, money laundering and perjury concerning Stephen Anthony Trutch and Jeanne Mary Trutch.
Insider Talking: April 30, 2000
The low-down on Imperial Consolidated's City UK Ltd., Antigua-based Accord Insurance goes to ground; and Mezzanine Capital's Eric Chess Bronk, complaints to SEC about clampdown on broker activities.
‘It all seems very strange’ – A look at the Imperial Consolidated Group in the UK
In the course of our inquiries into the Imperial Consolidated Group, which has regional offices in the Bahamas, the Cayman Islands and Grenada, Offshore Alert talked with a local journalist in Lincolnshire who visited ICG's offices at Brookenby about 12-18 months ago. His report, which appears below, confirmed that the group is one of the largest private employers in the area and has added to the mystique that surrounds ICG, which has become one of the highest profile offshore companies over the last few years.
United Kingdom: Peter Paul Gellatly et al
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the United Kingdom into an alleged advance fee fraud by Peter Paul Gellatly, David Robertson and David Tallant.
Stirling Cooke reports $8.8 million loss amid costs of litigation
The cost of being involved in so many lawsuits is taking its toll on Stirling Cooke Brown Holdings, with the company reporting a net loss of $8.8 million for the quarter ended December 31, 1999, compared with a profit of $3.9 million a year earlier.
Imperial Consolidated Group’s links to High Yield Investment Programs
Offshore Alert has obtained documents which implicate the Imperial Consolidated Group in the sale of investment programs purporting to offer guaranteed returns of as much as 30 per cent per month. In one program, Imperial Consolidated offers to pay a return of 9.25 per cent per month while simultaneously paying a 40 per cent commission to brokers who introduce investors.
Criminal indictment against Suisse Security Bank & Trust client
Bahamas-based Suisse Security Bank & Trust, whose dubious clients have been exposed in the last two editions of Offshore Alert, is the banker to yet another allegedly fraudulent investment scheme, we can disclose. Although not a defendant, the bank is mentioned in a criminal indictment filed at the United States District Court for the Eastern District of California against Larry W. Wilcoxson, David Baxter, C. William Gordin, Roxanne Albaugh and John R. Witzke.
Imperial Consolidated Group launches new offshore credit card
Bahamas-based Imperial Consolidated Securities, which has had several scrapes with regulators over the way it promotes its mutual funds, has launched a new offshore credit card with an aggressive promotional campaign that repeats claims that its funds guarantee returns of up to 18 per cent per year. "The Imperial Consolidated HINT MasterCard can be used like a regular credit card but the card offers superb advantages when used in conjunction with Imperial Consolidated mutual funds," states promotional literature.
Stirling Cooke lawsuit moved from New York to UK
Stirling Cooke's share price hit its highest level in several months following the decision of a New York judge to dismiss Odyssey Re's racketeering lawsuit against the company. Stirling Cooke's stock closed at $3.69 on February 29 - up by 47 per cent on the month. The major rise occurred after Judge Naomi Reice's decision on February 28 to dismiss Odyssey Re's lawsuit on the grounds that the United Kingdom was a more appropriate forum.
United Kingdom: Bashru Oladipupo Oladiran et al
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the United Kingdom into Bashru Oladipupo Oladiran and Jairzinho Olusoji Williams for alleged fraud.
United Kingdom: Ibrahim Karagozlu et al
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the United Kingdom involving Ibrahim Karagozlu and others.
United Kingdom: Ibrahim Karagozlu
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the United Kingdom into Ibrahim Karagozlu and others for alleged narcotics trafficking and money laundering.
Transamerica wins second ‘spiral’ arbitration
California-based Transamerica Occidental Life Insurance Co. has won a second arbitration over its refusal to pay multi-million dollar reinsurance claims on coverage brokered by Stirling Cooke Brown Holdings.
The losing party was Alan R. Bird, on his own behalf and representing all members of Lloyd's Syndicate 103 for the 1993/94 years of account.
Imperial Consolidated Group closes Cayman and Barbados offices
Questions and Answers between OffshoreAlert and Imperial Consolidated's Bill Godley about the closure of Imperial's offices in Barbados and the Cayman Islands.
Alan Bird lawyer writes that Chubb has ‘deepest pocket’
The Alan Bird Syndicate's UK attorneys have discussed the possibility of suing the Chubb Insurance Group and Stirling Cooke Brown Holdings in the aftermath of its arbitration loss to Transamerica. Chubb, which previously lost a similar arbitration to Transamerica, is considered to be an attractive target because it has "the deepest pocket", while Stirling Cooke might escape an action because it was "highly probable that the company will eventually fold".
Alan Bird Syndicate’s attorney: ‘Stop Publishing arbitration ruling’
Letter to OffshoreAlert from attorney Michael Dobias, of Davies Arnold Cooper law firm, representing Lloyd's of London Syndicate 103, known as the Alan Bird Syndicate.
United Kingdom: John Esin et al
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the United Kingdom into John Nte Anwana Esin and Cornelis Van Aken for allegedly defrauding Barclays Bank.
Transamerica Occidental Life Insurance Co. v. Alan R. Bird: Interim Arbitration Award
Interim Arbitration Award and Reasons for Interim Award in Transamerica Occidental Life Insurance Co. v. Alan R. Bird, on his own behalf and as representative of all the members of Syndicate 103 at Lloyd's for 1993 and 1994.
Imperial Consolidated moves from Bahamas to Grenada after pressure from regulator
Imperial Consolidated Securities S. A. has moved its investment division to Grenada following consultations with regulators in the Bahamas, where the company is registered and physically based.
The move, which was due to be completed by November 30, followed concerns about the company's involvement in the sale of unregistered securities.
Q&A with Don Schuster, Stirling Cooke’s PR spokesman
Don Schuster, of The Torrenzano Group, of New York, was hired by Stirling Cooke earlier this year to improve its public relations, which, until that point, included a policy of not taking Inside Bermuda's telephone calls.
However, as you should gather from a question and answer session below, the main change from the 'No Comment' days of Mark Cooke and Nicholas Brown, who have both been fired as officers in recent months, is that the company now takes more words to say not very much at all.
Stirling Cooke: Where did the $1.4 million go?
Stirling Cooke Brown Holdings has refused to explain a mysterious $1.4 million investment write-down that was disclosed in its latest 10Q filing with the SEC.
The company is being so secretive about the write-down that it has created an irresistible impression that it has something to hide.
Details of four UK lawsuits filed against Stirling Cooke Brown Holdings
Inside Bermuda has obtained specific details about four of the seven lawsuits filed against Stirling Cooke Brown Holdings and/or related entities in the High Court of Justice, Queen's Bench Division Commercial Court, in the UK.
Aristocrat Endeavor Fund Ltd.: Information Memorandum, 1999
Information Memorandum for Aristocrat Endeavor Fund Ltd - September 1, 1999
Aneco Re wins $35 m UK court decision against Johnson & Higgins
Aneco Reinsurance Underwriting, the Bermuda-based reinsurance group that went into liquidation in 1992, has won US$34.98 million in damages for negligent advice given by US brokerage Johnson & Higgins, reported the Financial Times on July 31, 1999. The broker was also held to be liable for the insurer's losses.
Transamerica wins arbitration to rescind Stirling Cooke-brokered spiral business
Stirling Cooke Brown Holdings has suffered a major setback in an arbitration held recently in London.
The arbitration panel decided by three votes to nil to rescind reinsurance contracts for 1993 and 1994 that the San Francisco-based Transamerica insurance/financial services group had with Duncanson & Holt, Chubb Insurance Group and Chubb-subsidiary Federal Insurance Company.
USA v. Mack Obioha et al: Criminal Indictment
Indictment by USA against Mack Obioha, Roland Bleyer, Tari McNamara, Ann Henderson, a.k.a. Joyce Henderson, and Jay Stevens at the U. S. District Court for the Eastern District of California.
United Kingdom: Michael Joseph O’Brien
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the United Kingdom into Michael Joseph O'Brien and others for narcotics trafficking and money laundering.
United Kingdom: Dilip Patel et al
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the United Kingdom into alleged fraud and theft by Dilip Patel and Mahendra Hathi.
State of Florida v. John McGarrity et al: Amended Information (1999)
Amended Information in State of Florida v. John McGarrity James T. Staples, Joseph Monaco, James Deas, Francis Clarkson, John McGarrity, John Manion, Jeff Mann, Rich Mann, David Trotter, Steven Schaefer, Jeno Koch, and Julie Gilvary at the Circuit Court of the Eighteenth Judicial Circuit, in and for Seminole County, Florida.
Winding-up petition against Caribbean International Insurance Company
The UK Secretary of State for Trade and Industry presented a petition to the High Court in London on June 18, 1999 to wind up the affairs of Antigua-registered Caribbean International Insurance Company Inc.
Insider Talking: June 30, 1999
As I flew out of Bermuda on June 10 after narrowly surviving an attempt by Donald Lines' attorney, Robin Potts, to have me put in prison for contempt of court for refusing to reveal my sources in relation to articles I wrote about Bermuda Fire & Marine Insurance, who should I bump into on the flight to Atlanta but one of Donald's sons, Brian Lines, who is the President of Lines Overseas Management, which has been on the receiving end of several unflattering articles in this newsletter; Some of the UK's leading attorneys have made Bermuda their home for the next several months as they work on two of the biggest civil trials in the island's history: The Bermuda Fire & Marine Insurance Company case and a trust dispute involving the Thyssen-Bornemisza family, which has a $2.7 billion fortune; What was it like sitting in front of Britain's finest while they debated for two days whether to lock me up for seven days for contempt of court? Not much fun, I can tell you; The lengths that crooks will go to in order to lend credibility to their scams knows no shame; and Beleaguered Stirling Cooke Brown Holdings Ltd. is laying off staff in Bermuda and is in the process of moving its Bermuda-based broking activities to London, we have been told.
Poland: Alexei Bragontchuk
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Poland into Alexei Bragontchuk and for alleged fraud and money laundering regarding the proceeds of weapons trafficking.
Lloyd’s of London to investigate Stirling Cooke
Lloyd's Regulatory Board, the body that regulates the Lloyd's of London market, is soon to begin an investigation into Bermuda-based Stirling Cooke Brown Holdings that, in the worst scenario, could lead to the company's Lloyd's broking licence being suspended or even revoked.
Cayman Governor John Owen to stand down
Cayman Governor John Owen is stepping down from his position next April.
Mark Hardy has work cut out to attract business in Bermuda
Businessman Mark Hardy, whose Bermuda based insurance group collapsed over 1990 91, has set himself up in London as a 'Regulatory and Statutory Compliance Consultant' and has started soliciting business from insurers and reinsurers on the island, claiming to have
Insider Talking: October 31, 1998
A funny thing happened a few days after our expose of The Highlander Club in last month's Offshore Alert. I received from them a spam letter - sent a week before we published - stating "Congratulations You have been approved
The Harris Organization forms UK PLC to raise much-needed cash
The cash strapped Harris Organization of Panama has formed a UK public limited company in an apparent attempt to raise up to £5 million ($8.5 million) by selling shares to the public. The Marc M Harris Group PLC was registered
State of Florida v. John McGarrity et al: Criminal Indictment
Criminal Indictment alleging racketeering and securities fraud in State of Florida v. John McGarrity James T. Staples, Joseph Monaco, James Deas, Francis Clarkson, John McGarrity, John Manion, Jeff Mann, Rich Mann, David Trotter, Steven Schaefer, Jeno Koch, and Julie Gilvary at Florida Supreme Court.
Reports implicate Stirling Cooke in fraudulent insurance schemes
Two reports into Stirling Cooke Brown that were compiled two years ago by a London firm of insurance investigators on behalf of a client gives an interesting insight into the history of the Bermuda-based insurance broker, particularly allegations that the company was involved in a reinsurance spiral.
The alleged spiral that we have been told has dragged Stirling Cooke and the Clarendon group into arbitrations in London at least partly involves North American Fidelity & Guarantee and Stockholm Re (Bermuda).
Stirling Cooke’s share price drops like a stone amid more allegations of murky past
As the share price of Stirling Cooke Brown Holdings Limited continues to plummet for reasons that appear unrelated to the general market slide, Inside Bermuda has uncovered fresh evidence that casts an extraordinarily negative light over the company and its main business partner, the Clarendon insurance group.
USA v. Zenichi Konishi et al: Criminal Indictment
Criminal Indictment in USA v. Zenichi Konishi and John Doe, a.k.a. Steven Baker, at the U. S. District Court for the District of Delaware.
Mark Hardy’s bankruptcy annulled in the UK
The bankruptcy of former Bermuda-based businessman Mark Hardy has been annulled in London, OffshoreAlert can reveal.
Creditors of seven failed Hardy companies, including Forum, Focus and Aneco, which were all based in Bermuda, agreed to the annulment three months ago in return for Hardy signing over various assets and debt recovery rights relating to his failed business empire.
UK offshore tax initiative: The truth finally comes out after months of misinformation
The unfolding saga of moves by the UK to force its Overseas Territories to recognize fiscal offences in its mutual legal assistance laws is extraordinary in that it reveals the lengths that politicians, civil servants and businessmen will apparently go to lie or mislead the public when they think it is in their best interests to do so.It also underscores the importance of newsletters like Offshore Alert, which was launched in February, 1997 to provide clients with an independent and accurate source of information in a sometimes overly secretive offshore world where the truth is often difficult to find.
Shorex 98 focuses on Europe, the Internet and offshore financial services
Shorex 98, which is probably the biggest offshore exhibition and conference around, takes place at the Business Design Centre in London on October 20-22.Labeled ‘The International Money Show', the event's organizers expect to attract over 100 exhibitors and 6,000 visitors from around the globe.