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Condor Insurance Ltd.: Chapter 15 Petition (Saint Kitts and Nevis)

July 27, 2007
Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Saint Kitts and Nevis by Richard Fogerty and William Tacon, as Foreign Representatives of Condor Insurance Limited, at the U. S. Bankruptcy Court for the Southern District of Mississippi.

US Court denies motion to dismiss SEC lawsuit by ex-RenRe officers

June 15, 2007
Former RenaissanceRe officers James Stanard and Michael Cash have failed in their attempt to have an SEC securities fraud lawsuit against them dismissed. In an order dated May 16, 2007, U. S. District Judge Gerard E. Lynch, sitting at the U. S. District Court for the Southern District of New York, denied their motions to dismiss the SEC's complaint. The reasons for his decision were not immediately available from the court's on-line records.

Ex-Grenada diplomat sentenced to 87 months in prison for investment fraud

June 10, 2007
Former Grenada diplomat Eric Resteiner has been sentenced to serve 87 months in prison and pay restitution of $34 million for carrying out an investment fraud. In accordance with a plea agreement reached with the 48-year-old conman 15 months earlier, prosecutors had only asked for a prison-term of 71 months but U. S. District Judge Nancy Gertner considered that to be “inadequate punishment”. 

Nevis insurer, Bahamas ‘stock broker’ & Swiss ‘trust’ company sued for fraud in US

June 10, 2007
Two dubious groups that have featured separately in exposés by OffshoreAlert appear to be business partners and have been jointly accused of perpetrating an advance fee fraud in a civil lawsuit filed recently in the United States. Certusia Reinsurance, whose operations include a Nevis-based insurer, and Nexxus One, whose operations include a Bahamas-based ‘securities' firm and a Swiss ‘trust' firm, are defendants in a complaint that was filed at the U. S. District Court for the Eastern District of California on May 1, 2007. 

SEC v. Jonathan Curshen: SEC’s Closing Argument

May 18, 2007
SEC's Closing Argument in a securities fraud complaint filed by the U. S. Securities and Exchange Commission against Jonathan Curshen at the U. S. District Court for the District of Colorado.

Insider Talking: May 14, 2007

May 14, 2007
Nearly three years after obtaining a default judgment for $44,143 against St. Kitts based offshore financial services provider M. Irvin BonCamper, MBNA America Bank NA has finally collected. Attorneys for MBNA acknowledged “full and complete satisfaction” of the judgment in

Alleged offshore life insurance fraud victims seek evidence in Florida

April 5, 2007
Litigants in the British Virgin Islands who claim to have been defrauded of $11 million in an alleged offshore insurance scam masquerading as a U. S. tax avoidance scheme have turned their attentions to the United States in their search for evidence.Alleged victims recently obtained an order from the U. S. District Court for the Southern District of Florida compelling the appearance for deposition of, and production of documents by, Michael Rosenbaum, a former employee of The Kleinfeld Law Firm, of Miami, and they have just made a similar application concerning Jerome M. Hesch, who is a Miami-based attorney with Greenberg Traurig law firm.

Bahamas hedge fund sues Cayman hedge fund over redemption

April 5, 2007
The Receiver of a failed hedge fund group that was partially based in the Bahamas has filed a civil complaint against a Cayman Islands hedge fund in an attempt to recover $48,700.Arthur Steinberg, of New Jersey, filed a complaint at the U. S. District Court for the Southern District of New York on February 15, 2007 in his capacity as Receiver for Northshore Asset Management LLC, which is based in Chicago, Illinois; Ardent Research Partners L.P., organized in New York; Ardent Research Partners Ltd., incorporated in the Bahamas; Saldutti Capital Management, L.P., organized in New York; Kevin Kelley, a resident of Greenwich, Connecticut; Robert Wildeman, a resident of Chicago, Illinois; and Glenn Sherman, a resident of Chicago, Illinois. The sole defendant is M. Kingdon Offshore Ltd., a hedge fund that is organized in the Cayman Islands and whose shares are listed on the Cayman Islands Stock Exchange.

Insider Talking: April 5, 2007

April 5, 2007
Former Bahamas-based money manager Martin Tremblay receives a 48-month prison sentence for money laundering, Richard E. Busch, Jr. is extradited from the Republic of Panama to Alabama to face securities charges, clients of Julius Baer Holding AG are being investigated by German tax authorities after a former employee in the Cayman Islands stole data and turned it over to the authorities, and Bermuda Stock Exchange-listed Ashby Corporation announces collapse of deal to sell Bahamas Film Studio to Bahamas FilmInvest International.

Ex-Evergreen Security insiders forced into personal bankruptcy

April 5, 2007
After a contested legal battle that lasted more than eight months, two former principals of the fraudulently-operated Evergreen Security offshore mutual fund - and a Florida investment firm they ran - have been forced into bankruptcy in the United States.Involuntary Chapter 7 bankruptcy petitions against Jon M. Knight, of Sorrento, Florida; J. Anthony Huggins, of Orlando, Florida; and their Florida corporation Atlantic Portfolio Analytics & Management Inc. were approved at the U. S. Bankruptcy Court for the Middle District of Florida on March 29, 2007.

Ansbacher-affiliate sues transfer agent and clearing house over missing shares

April 5, 2007
An affiliate of Ansbacher (Bahamas) Limited is suing a stock transfer agent and a securities clearing brokerage in the United States for allegedly misplacing $2.7 million of publicly-traded shares.Details are contained in a complaint that was filed by Chester Asset Holdings Limited, a British Virgin Islands corporation, against Computershare Shareholder Services Inc., which is incorporated in Delaware and based in Canton, Massachusetts, and Depository Trust Company, which is based in New York, NY, at the U. S. District Court for the Southern District of New York on March 5, 2007.

Offshore money launderer receives four-year prison sentence

March 15, 2007
Former Bahamas-based money manager Martin Tremblay was sentenced yesterday to 48 months in prison for money laundering, which is 22 months less than prosecutors were seeking under federal sentencing guidelines. Tremblay, a 44-year-old Canadian national, will receive credit for the 14 months that he spent in custody between his arrest and sentencing, meaning he will be out of prison in less than three years.

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.

Damages of $1 m awarded against Leadenhall Bank & Axxess International

February 28, 2007
Damages totaling $1.04 million have been awarded against two Bahamas companies for their involvement in a U. S./Cayman Islands-based Ponzi scheme known as Cash 4 Titles. The award against Leadenhall Bank & Trust Limited (in liquidation) and now-defunct Axxess International Limited, which combined to provide accounts and credit cards for victims, was entered jointly and severally at the U. S. District Court for the Southern District of Florida on February 12, 2007.

Insider Talking: February 7, 2007

February 7, 2007
Bermuda Supreme Court has ruled that Finance Minister Paula Cox acted lawfully in assisting U. S. tax authorities in an investigation into California-based offshore trust advisor Terence Michael Coxon; On January 10, 2007, the Central Bank of the Bahamas issued warnings against Caribbean International Bank and Deltec Financial & Trust Services; and a look at the dubious background of Ronald Rudman, Compliance Officer for Colorado-based American International Depository & Trust.

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.

Ponzi victims claim millions went out of offshore bank prior to receivership

January 7, 2007
Fraudulent conveyances totaling “millions of dollars” were made from Bahamas-based Leadenhall Bank & Trust Limited just before the bank went into voluntary receivership in 2005, it has been claimed. The allegation was made in a filing at the U. S. District Court for the Southern District of Florida by class action attorneys pursuing a claim for $100 million against the bank on behalf of approximately 2,300 victims of a Ponzi scheme known as Cash 4 Titles.

OffshoreAlert Awards: Best and Worst of 2006

January 7, 2007
Worst Liquidation: Suisse Security Bank & Trust Ltd.; Worst Regulator: Carlos Belgrave, Supervisor of Insurance and Pensions, in Barbados; and Best Justice System: United States of America.

Insider Talking: December 7, 2006

December 7, 2006
Nearly six years after being forced into Receivership and then provisional liquidation, Suisse Security Bank & Trust Limited has finally gone into official liquidation in the Bahamas; MBNA America Bank NA obtained an order of garnishment at the Circuit Court for the 11th Judicial Circuit, Miami-Dade County, Florida on October 30, 2006 that allows it to garnish assets up to $44,143, plus costs of $198, at Eastern Financial Bank that are beneficially owned by St. Kitts-based financial services provider M. Irvin BonCamper; The Swedish Financial Services Authority, known as Finansinspektionen, has issued a public warning about Charterhouse Trust Credit Union, which was exposed by OffshoreAlert as long ago as May 31, 2002; An order to compulsorily wind-up International Alliance Insurance Limited was entered at the Royal Court of Guernsey on April 4, 2006, with Anthony Christian Pickford and James Robert Toynton, of Chandlers Limited, appointed joint liquidators; and The U. S. SEC announced on November 28, 2006 that the U. S. District Court for the Southern District of New York entered a preliminary injunction on November 14, 2006 barring Ian Scott from pursuing litigation in the Federation of St. Kitts and Nevis.

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.

Sabourin and Sun owes clients more than US$10 million

December 7, 2006
A Toronto-based group controlled by a former janitor that specialized in helping Canadians move their money offshore has collapsed owing more than US$10 million to at least 25 creditors.Details are contained in court filings at the Ontario Superior Court of Justice, where Sabourin and Sun is in litigation with Judith Laiken, an elderly client who claims to have been defrauded.

Martin Tremblay pleads guilty to money laundering count

November 21, 2006
Former Bahamas based money manager Martin Tremblay pleaded guilty yesterday to one count of money laundering in the United States. The 43 year old Canadian national is due to be sentenced on February 14, 2007 at the U. S. District

Oceanic Bank settles MJ Select Global lawsuit for $3.8 m

November 9, 2006
Investors in a failed Bahamas based investment fund have secured a $3.8 million settlement of a civil complaint filed in the United States against the Fund's liquidator and its former banker.Under the terms of the settlement, investors in MJ Select

Harajchi family back in business with Bahamas-based CFM Offshore

November 9, 2006
Iranian businessman Mohamad Harajchi and his son, Michel, whose family's scandal plagued offshore bank was closed down by Bahamas regulators in 2001, are back in the financial services business, OffshoreAlert can disclose.They are involved with a Bahamas based business called

Insider Talking: November 9, 2006

November 9, 2006
The cold reality of life behind bars has persuaded former offshore banker Paul Morgan Jones to start turning over his assets to the Receiver of Cash 4 Titles, which perpetrated one of the biggest Ponzi schemes in history, operating from

Banakor Swisse insider Ted Chadwick charged with fraud in Canada

November 9, 2006
A senior officer with the Bahamas based Banakor Swisse financial group has been criminally charged with fraud in his native Canada concerning an alleged high yield investment scam.Ted Chadwick, a 77 year old Canadian national residing in Beeton, Ontario, was

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.

ACE moves to protect reputation in Philadelphia

October 5, 2006
ACE Ltd. has taken action to protect its reputation in the United States after six employees of a Philadelphia insurance brokerage with a similar name were charged with fraud.ACE, which is domiciled in the Cayman Islands but headquartered in Bermuda, and ACE INA Holdings Inc., incorporated in Delaware, based in Philadelphia, Pennsylvania, filed a complaint against ACE Insurance Agency LLC, and Abe Insurance Agency LLC, both incorporated in Philadelphia and based in Allentown, PA at the U. S. District Court for the Eastern District of Pennsylvania on August 31, 2006.

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.

Tri-Continental Exchange Ltd. et al: Chapter 15 Petition (Saint Vincent and the Grenadines)

July 20, 2006
Chapter 15 Petition for Recognition of a Foreign Main Proceeding in St. Vincent and the Grenadines by Malcolm Butterfield, Brian Glasgow, and Simon Whicker, as the Foreign Representatives of Tri-Continental Exchange Ltd., Combined Services Ltd., and Alternative Market Exchange Ltd., at the U. S. Bankruptcy Court for the Eastern District of California.

U. S. judge rejects discovery requests by ex-RenRe officers fighting SEC lawsuit

July 12, 2006
Former officers of Bermuda-based RenaissanceRe recently suffered two discovery setbacks in their defense of a securities fraud lawsuit brought by the United States Securities and Exchange Commission.On June 25, U. S. District Judge Gerard E. Lynch, sitting at the U. S. District Court for the Southern District of New York, denied an application by Bermudian national Michael Cash to delay Cash's deposition until after he has deposed co-defendant and fellow former RenRe officer Martin Merritt and non-party Jonathan Reiss.

Insider Talking: July 10, 2006

July 10, 2006
Jeffrey Allen Weston sued by the SEC; and Chantal Williams distances herself from Martin Tremblay's Dominion Investments.

Second application for evidence made in Dieter Behring investigation

June 7, 2006
Articled based on an application to collect evidence for a criminal investigation into alleged investment fraud - pursuant to a request for judicial assistance from Switzerland - that was filed at federal court in the USA on May 16, 2006. Individuals and businesses mentioned in the request for assistance include Dieter Behring, Walter Mader, Arthur Buck, Beat Bangerter, Jean Kampf, Peter Josef Weibel, Willy Wuthrich, Raymond Pousaz, Anita Zweifel-Reidy, Dr. Stefan Suter, Daniel Borter, Markus Raess, Jorg Honegger, Carmen Rosat-Wyss, Dumartheray, Susanne Hasse, Almesa Fund Two Ltd., Almyx Fund, Alpine Fund, Alto Fund, Cedux International, Cedux Fund, Excolatur, HNI Cap Fund,HNI Growth Fund, MC Premier Return Fund, Moore Park Preferred Return Fund, Platinum Capital Invest, Realto Invest Bahamas, RS Fixed Fund, Secu Value Classic Fund, Solo Fund, Moore Park Investments, Moore Park International, Moore Park Asset Management, Moore Park Fund Services, Moore Park Funding, Swisspulse Holding, Swisspulse Real Estate, Redswiss Holding, RICIR AG, Redsafe Immobilien AG, Swisspulse Systems, Redsafe Systems, Rewswiss Systems, Swisspule Marketing, Redsafe Consulting, Swisspulse Corporate Investment, Schonkind Holding, QED Consulting, Redsafe Holding, Schonkind Asset Management, Redsafe Asset Management, Redsafe Investment Services, Hornblower Fischer Zurich, KB&P Consulting, Hansabank, Moore Consulting, Moore Park Companies, Global Forex Trading, JP Morgan Chase, Bank One Corporation, and Cortal Consors SA.