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Eric Resteiner extradited from Singapore to the US

June 21, 2004
Former Grenada diplomat Eric Resteiner has been extradited from Singapore to the United States to answer a 60-count criminal indictment for fraud and money laundering. Resteiner, who is a United States national, was extradited to the United States from Singapore, where he was arrested on February 11, 2004, after losing his fight against extradition proceedings. He made his first appearance at the U. S. District Court for the District of Massachusetts on June 18, 2004.

LOM clears itself of wrongdoing

June 19, 2004
Bermuda-based investment firm Lines Overseas Management Ltd. has denied allegations of securities fraud made against it by the SEC but is still refusing to co-operate with the regulator's investigations. LOM has reiterated its stance that its affairs are governed by the laws of Bermuda, the Bahamas and the Cayman Islands, where it has offices, and not the USA and Canada, where it makes much of its revenue.

SEC investigates LOM for alleged securities fraud

June 11, 2004
Bermuda-based investment firm Lines Overseas Management Ltd. and its principal officers, Scott and Brian Lines, are being investigated for alleged securities fraud in the United States. It has been alleged that the Lines brothers and LOM customers profited by more than $6.4 million from fraud and market manipulation and that the firm caused false statements to be filed with the SEC and altered its internal records to impede an investigation.

Offshore firms sue BDO Seidman for $170 m over collapsed ES Bankest

May 31, 2004
Three offshore firms have filed a civil complaint against accounting firm BDO Seidman in an attempt to recover $170 million of losses from a collapsed factoring scheme.The complaint, whose sole cause of action is professional negligence, was filed at the

Second ex-Grenada diplomat indicted in the United States

May 15, 2004
United States national Eric Resteiner has become the second former diplomat of scandal plagued Grenada in six months to be criminally indicted in the United States.Resteiner, once a General Ambassador for the Caribbean island, was indicted on 33 counts of

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.

Hungary investigates Bahamas firms and others for alleged high-tech smuggling

April 30, 2004
Article based on an application to collect evidence - pursuant to a request for judicial assistance by Hungary - that was granted by the U. S. District Court for the District of Delaware on April 5, 2004. Individuals and businesses mentioned in the request for assistance include Ferenc Bacs, Olaro Deposit Partnership, Sugoda Deposit Partnership, U. S. Product Ltd., Concord Invest & Trade Corp., Concord Invest Ltd., S.M.G. Trade Inc., and Zoltan Zsolt.

Cayman Islands: Lewis Rowe et al

April 7, 2004
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the Cayman Islands into alleged money laundering by Lewis Rowe and Patrick Tibbetts regarding the Cash 4 Titles Ponzi scheme.

Hungary: Ferenc Bacs

March 19, 2004
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Hungary into Ferenc Bacs and others for alleged smuggling.

Investors sue Lancer Group service providers for $570 m

March 18, 2004
Eighty-six investors from 19 countries who claim to have invested more than $570 million in the Lancer Offshore Group have filed a lawsuit against its directors, administrator, auditor and prime broker. The three biggest claimants are all based in Montreal, Canada: Fondation Lucie et Andre Chagnon, a charity with a claim for $100 million; Bombardier Inc., the world's biggest train maker and third largest civil aircraft manufacturer whose pension fund has a claim for $68 million; and the University of Montreal's pension fund, with a claim for $67 million.

Tax avoidance is rampant, claim US Senators

March 9, 2004
Nearly two thirds of the top 100 contractors doing business with the U. S. federal government have subsidiaries in tax haven countries which could be used to avoid paying income taxes, it has been claimed. "While the offshore subsidiaries may be technically legal under current law, numerous studies have found that many are little more than a post office box set up to allow corporations to move profits to the low-tax or no-tax havens, rather than reporting that income in the United States," stated U. S. Senators Byron Dorgan (Democrat, North Dakota) and Carl Levin (Democrat, Michigan).

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.

IRS tax investigation focuses on Antigua, Bahamas and Cayman

February 29, 2004
The investigation by the IRS into alleged offshore tax evasion by United States taxpayers using offshore credit cards appears to be currently focusing on Antigua & Barbuda, the Bahamas, and the Cayman Islands. Although the IRS has previously announced it is targeting more than 30 offshore centers, these three are the only countries to feature in a slew of "John Doe" summonses issued recently by U. S. federal courts.

Insider Talking: February 29, 2004

February 29, 2004
The U. S. Government is seeking to seize the alleged proceeds of narcotics trafficking that are held in accounts at Barclays Bank, in London, England in the name of British Virgin Islands-registered Auxerre Corporation; St. Kitts and Nevis-based Crowne Gold Inc., which is secretly controlled by offshore provider Terry Neal, has been slammed by an Ontario, Canada-based client for allegedly not assisting in the recovery of nearly US$6,000 that the client claims was defrauded from his account by a third-party; U. S.-based Spherion Corporation, which specializes in staffing, recruiting and workforce management, filed a civil complaint against the Cayman Islands Department of Tourism at federal court in the USA on January 29, 2004. Three former insiders of a now-defunct, Grenada-licensed offshore bank have each received non-custodial sentences for their participation in an investment fraud; Meanwhile, two other former insiders with another Grenada-licensed offshore bank, Robert John Skirving and Paul James Peiffer, both of Oregon, have suffered setbacks in their attempts to have their debts wiped out via bankruptcy; Investors who lost millions of dollars in the failed Bahamas-registered Oracle Fund have reached a settlement with the Fund's administrator, reported the Bahama Journal on January 23, 2004; The number of foreign-owned legal entities registered in Bermuda fell by 2.5 per cent from 13,870 to 13,528 during 2003, according to figures recently released by the Registrar of Companies; For a company that claims to manage so much money - more than $2.5 billion - Bermuda-based Orbis Investment Management Ltd. has surprisingly little transparency; A company in which St. Vincent and the Grenadines-licensed offshore bank Omnicorp Bank invested was named as a defendant in a civil lawsuit filed by the SEC at the U. S. District Court for the District of Utah on February 23, 2004; and A participant in an offshore-oriented scam perpetrated by an organization doing business as the Global Prosperity Group or the Institute of Global Prosperity has pleaded guilty to tax evasion in the United States.

Ansbacher asserts superior claim over $32 m judgment debtor

February 29, 2004
Ansbacher (Bahamas) Ltd. is seeking to prevent a United States bank from partially collecting on a $32 million judgment against an airline based in El Salvador, which is a mutual client. Ansbacher alleges it has a superior claim to Wells Fargo Bank Northwest over $228,993 held in accounts belonging to TACA International Airlines S.A. at the Bank of America, in Fort Lauderdale, Florida.

Montaque Securities seeks to enforce settlement

January 31, 2004
Bahamas-based investment firm Montaque Securities International Ltd. has taken further legal action against a former client for the alleged non-payment of a settlement in an earlier lawsuit. Under the settlement, Janet Amore was required to pay MSI $60,000 on or before December 1, 2003, according to a petition filed by MSI at New York State Supreme Court on January 23, 2004.

Imperial Consolidated victims sue Ansbacher for US$54 million

January 31, 2004
Nearly 500 victims of the Imperial Consolidated fraud have filed a lawsuit in which they seek to hold offshore provider Ansbacher responsible for their entire losses of over £30 million (US$54 million). The complaint was filed against Ansbacher (Bahamas) Ltd. at the Bahamas Supreme Court on January 30, 2004 by 486 plaintiffs located in several countries.

Citco slammed by Lancer Group Receiver

January 31, 2004
An offshore fund administrator has been accused of "impeding" the investigation in the United States into the $600 million collapse of the Lancer group of hedge funds. Citco Fund Services (U.S.A.) Inc. has refused to turn over records concerning BVI-registered Lancer Offshore Inc. and The OmniFund Ltd., which its Netherlands Antilles affiliate administered.

US Gov’t seeks to seize Bahamas property

January 31, 2004
The United States government is seeking ownership of property in the Bahamas that it alleges was bought with the proceeds of crime by a client of local law firm Graham Thompson & Co. It filed a civil forfeiture complaint at the U. S. District Court for the Western District of Washington on January 12, 2004.

Cayman insurer accuses bank of withholding funds

January 31, 2004
A Cayman Islands-registered exempted insurer has accused a United States bank of withholding $467,582 of its funds.Star Insurance Company (Cayman) Ltd. claims to have been trying to gain access to the funds in six trust accounts at Wachovia Bank since March 4, 2003.

Prosecutors push for sentencing in bizarre case involving Yank Barry

December 31, 2003
The U. S. Government has filed a motion asking a federal judge to sentence Yank Barry, an offshore promoter, and James Collins, a former Executive Director of the Texas Department of Criminal Justice. More than 28 months after they were both convicted of conspiracy, bribery and money laundering at federal court in Houston, Texas on August 20, 2001, Barry and Collins have still not been sentenced.

Legal problems for Alexei Golubovich in Switzerland

December 31, 2003
Alexei Golubovich, longtime partner of Mikhail Khodorkovsky, is the target of legal action in Switzerland by his former associate Yelena Collongues-Popova and is being investigated by a Geneva judge on a charge of forgery. Golubovich has not been indicted by Russian prosecutors, though they are interested in talking to the former Yukos finance director who has reportedly fled to London. However, he could be indicted by the Swiss.

IRS accesses records of Florida card processor

December 21, 2003
A Florida-based firm which processes card transaction payments has been ordered to turn over its records to the IRS as part of an investigation into offshore tax evasion using MasterCard, VISA and American Express. An order issued on September 11, 2003 at the U. S. District Court for the Southern District of Florida allows the IRS to serve a "John Doe" summons on Credomatic of Florida Inc., of Brickell Avenue, Miami.

United Kingdom: Kevin Dooley et al (Wisconsin)

December 16, 2003
Application for the appointment of a Commissioner to collect evidence from Fiserv Correspondent Services Inc. - pursuant to a request for judicial assistance from the United Kingdom - for a criminal investigation into "an alleged fraud scheme executed by a British solicitor, Kevin Dooley, and his firm".

Nine indicted for allegedly defrauding Espirito Santo Bank

December 15, 2003
Nine businessmen have been criminally indicted in Florida for allegedly perpetrating an accounts receivable factoring scam which an offshore bank group claims has cost it approximately $170 million. The December 4th indictment relates to the same circumstances which led to Cayman Islands-licensed Bank Espirito Santo (International) Ltd. filing a civil lawsuit against E. S. Bankest LLC earlier this year.

MJ Select Fund liquidator accused of not pursuing insiders

November 30, 2003
The Zurich Financial Services Group has accused PricewaterhouseCoopers (Bahamas) of failing to pursue claims against several parties who were involved in a failed offshore investment fund.It claims PwC has taken no legal action against the administrator or directors of the

Mikhail Khodorkovsky: ‘The richest crook in Russia’

November 30, 2003
A business group headed by Russia's richest man, Mikhail Khodorkovsky, who was arrested in October for allegedly defrauding the state of $1 billion, stashed money in offshore centers, including Switzerland, Luxembourg, the British Virgin Islands, the Seychelles, Panama and the Bahamas, according to Yelena Collongues-Popova, who worked for one of Khodorkovsky's associates. Lucy Komisar, a New York investigative reporter who is writing a book about the offshore banking and corporate secrecy system, interviewed Collongues-Popova. This is her story.

Ian Renert abandons SEC action, starts up again in South Africa

November 15, 2003
Unlicensed fund manager Ian Renert has abandoned his defense of a $22 million securities fraud lawsuit in the United States and apparently moved overseas to start a new investment scheme.After more than two years of fighting an action filed by

SEC Receiver criticized by judge over efforts to recover assets

November 8, 2003
An SEC appointed Receiver has been criticized by a judge for not doing enough to recover assets of an $87 million fraud that were transferred offshore, including $61 million to Barclays Bank in the Bahamas.The target of the criticism is

Cash 4 Titles victims sue Leadenhall Bank and Axxess International

October 25, 2003
Two years after obtaining a $67.5 million settlement from the Bank of Bermuda, victims of the Ponzi scheme known as Cash 4 Titles have filed a class action lawsuit against another offshore bank.The target this time is Bahamas-based Leadenhall Bank & Trust, which is a defendant along with its credit card processing affiliate, Axxess International, also of the Bahamas.

Viktor Kozeny indicted in New York

October 2, 2003
Bahamas resident Viktor Kozeny has been criminally indicted in Manhattan on charges that he stole $182 million from clients of a New York investment firm.He has been indicted on 15 counts of Grand Larceny in the First Degree and two counts of Criminal Possession of Stolen Property in the First Degree.

Newt Utopia: September 30, 2003

September 30, 2003
Newt was (is) right A dog that doesn't wag its own tail is a sad dog. And I'm here to wag my tail. Bermuda But first, on a more somber note, to all of our friends, coworkers and cohorts in

Bahamas-based offshore provider Dennis Sutton sentenced to prison

September 30, 2003
Canadian national Dennis Sutton has been sentenced to six months in prison in the Bahamas after being convicted of 68 counts of fraud and forgery regarding the formation of international business corporations.Sutton, who operated International Investors Group Ltd., in Nassau,

Switzerland seeks evidence in Florida for investigation into derivatives scam

September 30, 2003
Article 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 September 10, 2003. Individuals and businesses mentioned in the request for assistance include Northern Trust Bank of Florida, Markus Erich Haueter, Ulrich Habedank, Eyk Himmel, Stefan Jutz, Rocko Holdings Corp., Dinamica Directiva, Futop GmbH, and Dr. Sporri.

Jury convicts Martin Chambers, acquits Michael Hepburn

September 11, 2003
Vancouver based attorney Martin G. Chambers, 63, is due to be sentenced on December 5, 2003 after being found guilty of five counts of money laundering.Chambers was convicted of all counts against him by a jury at the U. S.

Switzerland: Markus Erich Haueter et al

September 10, 2003
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Switzerland into Markus Erich Haueter, Ulrich Habedank, Eyk Himmel and Stefan Jutz for alleged commercial fraud.

Insider Talking: August 31, 2003

August 31, 2003
Fund manager Brian Paul Kuhn pleads guilty at the Grand Court of the Cayman Islands to several counts of theft of client funds; Switzerland investigates theft of financial data by computer hackers; HedgeWorld Limited closes Bermuda office and relocates its staff to New York; "Marc Harris stole your funds", investment fraudster tells clients; Bermuda-based Bank of Butterfield and Bank of Bermuda expand overseas; and career conman David Tedder is sentenced to five years in prison, fined $1.06 million and ordered to forfeit $2.7 million at federal court in the USA.

Cayman bank sues US factoring firm for $170 m

August 18, 2003
A Cayman Islands-licensed bank is suing a Florida-based accounts receivable factoring company which has allegedly defaulted on loans totaling $170 million.Bank Espirito Santo (International) Ltd., which is part of the Portugal-based Espirito Santo Group, filed a civil lawsuit against E. S. Bankest LC at the U. S. District Court for the Southern District of Florida on August 6, 2003.

Investors in Bahamas-domiciled MJ Select Global seek to recover $9.8 m in losses

August 18, 2003
Investors in a failed Bahamas-based investment fund have filed a lawsuit in the United States in which they are seeking to recoup $9.8 million of losses.The plaintiffs are investors in M. J. Select Global Ltd., which is in liquidation after suffering total losses of "at least $30-$40 million", according to the complaint.Several of the many defendants are based in the Bahamas, including M. J. Select Global Ltd., Oceanic Bank & Trust Ltd., Citco Fund Services (Bahamas) Ltd. and Lion Corporate Services Ltd.

Slovenia: Boris Sustar et al

August 4, 2003
Application for the appointment of a Commissioner to collect evidence - pursuant to a request for judicial assistance from Slovenia - for a criminal investigation into Boris Sustar, Bostjan Soba, and Stanislav Droljc for alleged corruption.

Ex-janitor who ripped off Bermudians sentenced to 30 years in prison

July 31, 2003
A former janitor whose groups persuaded Bermudians to cash in their pension plans and invest in fraudulent 'get-rich-quick' schemes has received a 30-year prison sentence in the United States.John Wayne Zidar, 60, of Gardnerville, Nevada, orchestrated a Ponzi scheme that took in approximately $74 million from about 3,200 people in the United States, Bermuda and other countries.

MasterCard terminates Leadenhall Bank’s credit card-issuing license

July 31, 2003
One of the biggest issuers of offshore credit cards, Leadenhall Bank & Trust in the Bahamas, has had its card issuing license terminated by MasterCard.Effective July 29, 2003, all MasterCards issued by Leadenhall Bank were cancelled - a victim of the U. S. clampdown on the use of offshore cards to access the proceeds of crime, including tax evasion.

Insider Talking: June 30, 2003

June 30, 2003
The Bank of Bermuda sacked 14 staff in June after catching them distributing pornographic e-mails, reported The Royal Gazette newspaper; Imperial Consolidated co-founders Jared Brook and Lincoln Fraser are close to being arrested by the Serious Fraud Office in the United Kingdom, according to the June 12, 2003 edition of 'Private Eye', a British satirical magazine; Meanwhile, UK-registered financial services firm Kingsbridge Holdings PLC has partly blamed its "very disappointing" loss of £1.397 million (US$2.3 million) for the six months ended February 28, 2003 on Imperial Consolidated; While owners of web-sites in the United States are legally protected against libel actions from people who believe they have been defamed on Internet message boards, that does not appear to be the case in the Cayman Islands; In the United States, where there is a tax protester, there is usually an illegal offshore investment scheme not far behind and Eddie Ray Kahn, who lives in Sorrento, Florida, is no exception; The British Virgin Islands Financial Services Commission issued a warning about Richmont Investments Inc. on April 10, 2003; Former Bank of Bermuda (Cayman) officer Marc Vanmarsenille, who lost his job in the aftermath of the Cash 4 Titles fiasco, is a defendant in a civil lawsuit filed at the Turks & Caicos Islands Supreme Court on November 7, 2002; At the same court, a lawsuit has been filed against TCI-registered Sealand Housing Corporation in an attempt to collect on a judgment awarded in the UK High Court; Two businessmen previously exposed in OffshoreAlert for their involvement in the sale and operation of sham offshore credit unions involving Nevis, Panama and the United States have each been sentenced to 25 years in prison, ten of which is suspended, for defrauding a 101-year-old woman out of her life savings; and If creditors of Bahamas-based Suisse Security Bank & Trust were wondering why the winding-up of the bank is taking so long, they should read the prelude to the recently-released written judgment by Bahamas Supreme Court Justice Austin Davis in which he turned down the bank's attempt to regain its banking license, which was suspended on March 5, 2001 and revoked on April 2, 2001.

Leadenhall Bank credit card-holders targeted by Manhattan District Attorney

June 30, 2003
Credit cards issued by Bahamas-based Leadenhall Bank & Trust and other offshore banks were used to access over $100 million in 2001 alone by residents of New York's tri-state area, according to Manhattan's District Attorney. Robert M. Morgenthau made the claim in a press release issued on June 26, 2003 when he disclosed that one Leadenhall client had pleaded guilty to tax evasion and another was under investigation.