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Suisse Security Bank & Trust has $4.5M frozen & seized

January 31, 2001
Bahamas-based Suisse Security Bank & Trust is fighting two lawsuits in the United States which have resulted in $1.47 million of its assets being seized and another $3 million frozen. The bank is currently waiting for the outcome of an appeal against a default judgment in Florida in 1998 which will determine whether the seized $1.47 million has been lost forever.

Insider Talking: January 31, 2001

January 31, 2001
David Voth unable to name auditor of The Forex Fund, Dennis Sutton charged with fraud and forgery in the Bahamas, fraudulent GTrade 'stock exchange' becomes active again after months of inactivity, conman Joseph Becker sets up his own European Community in cyberspace, FIBG-related barrister Lawrence Jones stops practicing law in England.

CBS News’ ’48 Hours’ exposes Global Prosperity

January 31, 2001
A group that has held highly dubious offshore seminars in Bermuda, the Bahamas and other offshore centers was exposed by CBS News' television program '48 Hours' on January 25. The program, which included an interview with OffshoreAlert's publisher, David Marchant, focused on the activities of the Global Prosperity Group, now known as the Institute of Global Prosperity.

David Finzer trial scheduled for May

January 31, 2001
A four-week jury trial to hear multiple allegations of fraud and money laundering against Nevis-based offshore provider Raymond David Finzer is scheduled to start on May 7, 2001 in the United States.

Details of $50 m lawsuit re. Cambridge International Bank

January 31, 2001
In one of the latest lawsuits to be filed as part of the on-going Grenada banking scandal, creditors of Cambridge International Bank & Trust claim to have been defrauded of $50 million.Cambridge, which began life as a sub-bank of the First International Bank of Grenada, offered annual interest rates of up to 51 per cent per annum, according to the complaint.

APAM settles lawsuit prior to AFC Re sale

January 31, 2001
Florida-based Atlantic Portfolio & Analytics Management settled a lawsuit in the United States prior to selling Bermuda-registered AFC Re in December, 2000 to avoid "further litigation costs".

Switzerland: Jurg Weiss

January 30, 2001
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Switzerland into Jurg Weiss for alleged embezzlement.

Offshore Alert editor to be featured on CBS News’ 48 Hours

January 21, 2001
CBS News' television program '48 Hours', which is hosted by Dan Rather and averages approximately 11 million viewers per show, has filmed Offshore Alert's editor, David Marchant, for a television program on Cybercrime that is due to be aired on the evening of Thursday, January 25, 2001.

Italy: Giuseppe Conigliaro

January 17, 2001
Application for the appointment of a Commissioner for a criminal investigation in Italy into Giuseppe Conigliaro for alleged heroin trafficking.

Leon Brener v. Malcolm Alan Novack et al: Complaint

January 11, 2001
Complaint in Leon Brener v. Malcolm Alan Novack, Marilyn Novack, Watermark (International) Holdings Ltd., Buckingham Holdings International Ltd., Pembroke Trading Company Ltd., and Gabelle Holdings Ltd. at the U. S. District Court for the Southern District of Florida.

Netherlands: Fay Lee Russell

January 8, 2001
Order regarding application for the appointment of a Commissioner to collect evidence - pursuant to a request for judicial assistance from the Netherlands - for a criminal investigation into Fay Lee Russell and others.

The Attorney General: Judicial Assistance Application(1)

January 3, 2001
In the Matter of the Criminal Justice (International Co-operation) (Bermuda) Act 1994, and In the Matter of a letter of request for assistance from the U. S. Department of Justice, Washington D.C. in the United States of America. - Bermuda Supreme Court

Terry Neal lawsuit concludes with settlement by last defendant

December 31, 2000
The civil fraud lawsuit filed by the SEC against Nevis-based offshore provider Terry Neal and five others ended on December 15 when the last defendant settled. Michael T. Baer was ordered by the U. S. District Court for the District of Oregon to disgorge $1.4 million in "ill-gotten gains" and barred from serving as an officer or director of a public company. The disgorgement was waived and no civil penalty was imposed "based on his demonstrated financial condition".

FIBG client Teddy Wayne Solomon sentenced to 24 years in prison

December 31, 2000
A client of the First International Bank of Grenada, Teddy Wayne Solomon, has been sentenced to 293 months in prison after a jury in Texas found him guilty on multiple charges of fraud and swindling. Solomon was also fined $150,000 and ordered to pay restitution of $2.4 million when he was sentenced on October 20, 2000 at the US District Court for the Northern District of Texas.

Galanis, Ernst & Young (Bahamas) sued for alleged investment fraud

December 31, 2000
Ernst & Young (Bahamas), its former Managing Partner, Philip Galanis; and a current partner, Paul Clarke, are being sued in the United States for their role in an alleged $9.95 million investment fraud. The complaint, which was filed on November 30, 2000 at the U. S. District Court for the District of Arizona, relates to the same events that led to Galanis being fired from Ernst & Young in 1997.

Insider Talking: December 31, 2000

December 31, 2000
During the course of 2000, Offshore Alert received many telephone calls and e-mails from clients of The Harris Organization financial services group in Panama who claimed to have been defrauded of various amounts of money; After Tony Vigna was recently deported from Panama to face criminal charges in Miami, further details emerged of a fake British passport that was obtained for him by The Harris Organization when he fled the US before being indicted; Standard Hellier Bank and Allianz Trade Reinsurance web-sites become inactive after investigation by Offshore Alert; We have been told by the Grenada Supreme Court that between 10 and 15 civil lawsuits have now been filed against the First International Bank of Grenada group; The default judgment entered against the Bank of Bermuda in favor of the Receiver of the Cash 4 Titles alleged Ponzi scheme at a US federal court on November 20, 2000 was set aside ten days later; Clyde DHood, the small-town electrician in Illinois who persuaded thousands of suckers all over the world to mail him millions of dollars just by promising high returns, remains in jail after his bail application was turned down; Canadian crook Jordan Bionda seems to subscribe to the philosophy that 'the best form of defense is attack'; and Americans are regarded virtually all over the world as being parochial in that they tend not to travel abroad, generally know little about other countries or world affairs and, rather insultingly to the rest of the world's population, give themselves titles such as 'World Champions' when they win a national championship, be it in basketball, baseball, American football or whatever.

Robin Cotterell: ‘US investigators wanted me to give up my clients’

December 31, 2000
Nevis-based offshore provider Robin Cotterell claims that US investigators asked him to disclose confidential information on his firm's clients in return for leniency on money laundering charges. Details of a failed attempt to persuade Cotterell to break Nevis' confidentiality laws are contained in a statement issued on his behalf following his acquittal on November 28, 2000.

BVI-domiciled Kading Companies SA agrees to SEC Cease and Desist Order

December 31, 2000
A British Virgin Islands-domiciled company and its President have agreed to a Cease and Desist Order and a civil penalty following an administrative proceeding brought by the SEC. Kading Companies S.A. and Kevin H. Kading, 42, were among four Respondents accused of acting as broker-dealers in the United States without being registered by the SEC. The other Respondents were Utah-registered Joning Corp. (f.k.a. Global Stock Exchange Corp.), which was 55 per cent-owned by Kading Corp; and John O. Jones Jr., 54, Joning's President.

Everest Re buys secretive Bermuda reinsurer AFC Re

December 31, 2000
One of the most secretive commercial reinsurers in Bermuda has been sold after three years in business, about two-thirds of which it appears to have been up for sale. AFC Re, which was capitalized at $100 million when it formed in October, 1997, was bought for $17 million in cash by Everest Re (Bermuda) in a deal that was announced on December 22, 2000.

ACE sues CIGNA for $170 million, alleges accounting and tax errors

December 31, 2000
ACE Ltd. filed a civil complaint against CIGNA on December 11, 2000 alleging breach of contract stemming from its $3.45 billion acquisition of CIGNA's property and casualty business in July, 1999. ACE is seeking compensatory damages of $218 million, comprising $170 million in alleged over-valuation of the acquired business and $48 million under a Tax Sharing Agreement. ACE is also asking for a declaration that it is not liable to CIGNA for any additional tax liabilities.

Director of DIAK Bank is defendant in SEC lawsuit

December 31, 2000
A director of Grenada-registered DIAK Bank is currently fighting a civil lawsuit in which he is accused of participating in an investment fraud relating to a previous venture, we can disclose. Kenneth Lagonia was one of several defendants in a lawsuit filed by the Securities & Exchange Commission on April 14, 1998 at the US District Court for the Southern District of New York.

Italy: Giuseppe Cipolla

December 29, 2000
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Italy into Giuseppe Cipolla for alleged fraud regarding the bankruptcies of Oleificio Borelli SpA and Gruppo Borelli SpA.

Imperial’s HINT MasterCard terminated by Bahamas bank

December 21, 2000
The Bahamas-based HINT MasterCard credit card program that was offered by the Imperial Consolidated Group has been terminated by the issuing bank, Leadenhall Bank & Trust, and the data processor, Axxess International, which are both based in the Bahamas. In other news, Brent Wagman has been sentenced to five years in prison in Texas and fined $19.7 million for investment fraud.

Hungary: Istvan Csepregi

December 18, 2000
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Hungary into Istvan Csepregi for alleged fraud.

Offshore firms sued after family trust was alleged defrauded

November 30, 2000
Some of the biggest names in offshore finance have been named as defendants in a civil lawsuit filed in the United States by investors who claim to have been defrauded of $5 million. Defendants are Matheson Trustees (BVI) Limited, Matheson Trust Company (BVI) Limited, Bank of Bermuda, Credit Suisse, of Switzerland; UBS, of Switzerland; and KPMG, of the British Virgin Islands.

Martin Hoffman Interview: Part Three

November 30, 2000
InsideBermuda continues this month with the third installment of our in-depth interview with New York-based businessman Martin Hoffman, who has attracted his fair share of publicity since he entered the insurance industry in the 1960s and has been an active participant in the Bermuda market.

Insider Talking: November 30, 2000

November 30, 2000
In an attempt to more accurately gauge the expectations of investors when they go offshore, we decided not to close last month's Internet poll on offshore investing but to keep it going indefinitely; Approximately 1,911 investors have filed claims totaling US$189.3 million, according to the latest report by the Receiver of the Cash 4 Titles alleged Ponzi scheme, which operated largely out of the United States, the Cayman Islands and the Bahamas; Controversial businessman Yank Barry, who hails from Montreal in Canada, has been given his passport back by Judge Lynn Hughes sitting at the U. S. District Court for the Southern District of Texas, where Barry is awaiting trial on eight counts of bribery, fraud and money laundering; The Panama Supreme Court has still not ruled on a dispute between The Harris Organization and La Comisión Nacional de Valores (National Securities Commission), which ordered the suspension of the financial services group's operations for operating without a license; The State of Washington Department of Financial Institutions Securities Division has issued a Cease and Desist Order against Grenada-registered Joie De Vie Ventures Inc., which Offshore Alert exposed earlier this year, and Arthur Kilner, d.ba. Kilner Enterprises Ltd.; and We recently contacted Bill Wallace, of Pannell Kerr Forster, in Nassau, to ask how his accounting firm was able to perform a competent audit of several Bahamas and Grenada-registered mutual funds operated by the Imperial Consolidated Group when the BVI-registered companies upon which the funds' solvency entirely depends do not appear to be audited.

Losses mount at Stirling Cooke

November 30, 2000
Faced with mounting legal bills and no longer earning brokerage commissions and underwriting fees by spinning premiums around in a circle, Stirling Cooke has reported another heavy quarterly loss. The company lost $2.6 million or 27 cents per share for the quarter ended September 30, almost identical to the corresponding period of 1999.

Barbados and Anguilla firms and Barbados attorney defendants in $323 m fraud lawsuit

November 30, 2000
Companies based in Barbados and Anguilla and a Barbados attorney are at the center of an investigation in the U.S. into an alleged $323 million insurance fraud. The investigation was launched after the liquidation on January 21, 1998 of Pennsylvania-based medical malpractice insurer PIC Insurance Group Inc., formerly known as Physicians Insurance Group.

Default judgment entered against Bank of Bermuda in Cash 4 Titles lawsuit

November 30, 2000
A default judgment has been entered against the Bank of Bermuda in a racketeering lawsuit filed by the Receiver of the alleged $300 million Ponzi scheme known as Cash 4 Titles. The judgment was entered against the Bank of Bermuda Ltd. and the Bank of Bermuda (Cayman) Ltd. on November 20, 2000 at the U. S. District Court for the Northern District of Illinois.

BVI and Bahamas funds used in alleged $70 million fraud aimed at Latin Americans

November 30, 2000
Two offshore funds allegedly involved in a $70 million scheme to defraud investors who mainly resided in Latin America have been put into receivership following court action in the United States. Bahamas-registered United World Capital Fund Limited and BVI-registered United World Capital Limited consented to the receivership after being named as defendants in an SEC lawsuit filed in Texas.

Isle of Man AG thanked by SEC for tracing bankrupt’s offshore assets

November 30, 2000
The Isle of Man Attorney General has been publicly thanked by the US Securities & Exchange Commission for helping to track down the offshore assets of a massively bankrupt businessman. The praise came after a New York court issued an injunction preventing the transfer of ownership of a Florida gaming cruise ship apparently controlled by a bankrupt businessman through three offshore trusts.

Default judgment against BVI firm in $6.2 million fraud case

November 30, 2000
A default judgment has been entered against British Virgin Islands-registered Hedley Finance Ltd. and its administrator, Christian Dante, for involvement in a $6.2 million investment fraud. They participated in a fraud which raised $6.2 million through the sale of bogus prime bank notes to investors who were promised returns of between 20 and 100 per cent every ten international banking days.

Offshore criminal activity continues unabated in Grenada

November 30, 2000
Regulators in Grenada are continuing to allow banks belonging to the First International Bank of Grenada group to operate on the island despite FIBG's massive insolvency, we can reveal. The National Commercial Bank of St. Vincent, which is government-owned, is also continuing to provide banking services despite having its UK assets frozen recently over the FIBG fiasco.

How to take over a NASDAQ-listed firm using ‘toxic convertibles’

November 30, 2000
A lawsuit filed in the United States against a Bahamas-based mutual fund offers a fascinating insight into how stock promoters can wrest control of a publicly-traded firm through alleged stock manipulation. Louisiana-based National Affiliated Corporation claims that it was a victim of a method of stock manipulation known in the industry as a 'death spiral' or 'toxic convertibles'.

Robin Cotterell acquitted of money laundering

November 30, 2000
Nevis-based offshore provider Robin Cotterell has been acquitted of criminal money laundering charges following a jury trial at the U. S. District Court for the Southern District of New York. After a trial that lasted eight days, British-born Cotterell was unanimously acquitted on November 29, 2000 on one count of money laundering and one count of conspiracy to commit money laundering.

Two more Harris Organization clients deported to US to face criminal charges

November 30, 2000
Two more clients of The Harris Organization have been arrested in Panama and deported to their native United States to face trial on criminal charges. Anthony Vigna, 68, and his son, Joseph, 35, were arrested on November 9, 2000 as they left their homes in Panama and immediately flown to Miami, where they are being held in custody.

Poland: Leszek Tadeusz Gago

November 30, 2000
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Poland into Leszek Tadeusz Gago for alleged fraud.

Credit Bancorp et al v. Aristocrat Endeavor Fund Ltd. et al: Complaint

November 28, 2000
Complaint in Carl Loewenson Jr., as Receiver for Credit Bancorp et al v. Aristocrat Endeavor Fund Ltd., Aristocrat Capital Advisors, Ltd., Aristocrat Corporate Finance, Ltd., Jeffrey Allen Weston, James Shadlaus, Patrick Albert Meredith, David Elias Sherman, and Robert William Newman at the U. S. District Court for the District of Nevada.

Italy: Antonio Sciacca

November 20, 2000
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Italy into Antonio Sciacca for the alleged murder of Jimmy Yu, attempted robbery and criminal possession of a weapon.

Spain: Raul Elizondo Chapas

November 17, 2000
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Spain into Raul Elizondo Chapas for alleged narcotics trafficking.

Italy: Marino Carpino

November 15, 2000
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Italy into Marino Carpino for attempted fraud.

Austria: New Bank Ltd.

November 14, 2000
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Austria into "unknown" representatives of New Bank Ltd. and others who are suspected of aggravated fraud regarding of ZUG Insurance Holdings Ltd.

Switzerland: Lydia Albertina Sturm

November 14, 2000
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Switzerland into alleged fraud by Lydia Albertina Sturm while working as an investment adviser for UBS AG.