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Programmer put ‘time-bomb’ in ex-employer’s computer system

July 31, 2002
A programmer who caused his former employer's computer system to crash in the Cayman Islands shortly after resigning and then demanded money to fix it has lost a court judgment.Christopher John Donnachie "unlawfully placed a blocking device" in software used by British American Card Company Ltd., ruled Bahamas Supreme Court Justice Hugh Small on June 5, 2002.

Bahamas resident sued for more than $50 million by Evergreen Security’s Bankruptcy Trustee

July 9, 2002
A civil complaint has been filed against Bahamas resident Greg A. White as part of the investigation into Evergreen Security, whose principals defrauded its clients of more than $200 million.The action, which seeks to recover more than $50 million, was filed at the United States Bankruptcy Court for the Middle District of Florida, in Orlando, by Evergreen's Chapter 11 Bankruptcy Trustee, R. W. (Bill) Cuthill, Jr.

SEC v. Eric Resteiner, et al: Final Judgment

July 2, 2002
Final Judgment against Eric Resteiner and Voldemar VonStrasdas in U. S. Securities and Exchange Commission v. Eric Resteiner, Bunker Hill Aviation, LLC, Miles M. Harbur, and Charles G. Dyer, Resource F, LLC at the U. S. District Court for the District of Massachusetts.

Turks and Caicos Islands: Dwight Rigby

July 1, 2002
Application for the appointment of a Commissioner to collect evidence for a criminal prosecution in the Turks and Caicos Islands into Dwight Rigby for alleged forgery, theft and money laundering while employed by Temple Securities.

Insider Talking: June 30, 2002

June 30, 2002
The Harris Organization financial services group has been evicted from its offices in Panama City for non-payment of rent; The revocation of the banking license of Baltic Bank Ltd. earlier this year by the Offshore Finance Authority of St. Vincent and the Grenadines has been stayed by Justice Brian Alleyne, sitting in the local High Court, according to a source familiar with the action; The battle for control of $6.5 million of frozen assets of a now-defunct, Dominica-based Ponzi scheme known as Stock Generation is dragging on through the United States District Court for the District of Massachusetts; Grenada Prime Minister Keith Mitchell and several other members of his Cabinet have received an award of $200,000, plus legal costs of $10,000, after winning a libel action brought against local journalist Stanley Charles, businessman and radio talk show producer Eddie Frederick and Grenada Broadcasting Network; The Central Bank of Belize has issued warnings about two entities that may be incorrectly holding themselves out to be licensed financial institutions: Trinity Savings Bank and Goldman & Stein; A Bermuda resident has accused the island's biggest law firm, Conyers, Dill & Pearman, of charging exorbitant fees for taking two trustees off her will, reported The Royal Gazette newspaper; A new date of July 15, 2002 has been set for the resumed hearing in the Bahamas of the appeal brought by the directors of Suisse Security  Bank & Trust Ltd. against the decision of the Central Bank revoking SSBT's licence; and The lack of concern shown by the operators of the Financial Times web-site for the financial well-being of its visitors continues.

Yank Barry criminal case takes a further bizarre turn

June 30, 2002
One of the most unusual criminal cases ever - involving Bahamas-based offshore promoter Yank Barry - has taken another bizarre twist. Barry's sentencing at the U. S. District Court for the Southern District of Texas has been delayed yet again because the court transcripts of the nine-day trial - which took eight months to produce - have been found to be inaccurate.

Banque SCS Alliance sued over Martin Frankel dealings

June 30, 2002
Swiss-based Banque SCS Alliance and one of its officers, Jeanne-Marie Wery, are being sued for racketeering involving Martin Frankel.The bank helped Frankel defraud seven U.S.-based insurance companies of more than $200 million, according to a civil complaint filed in New York.

Regulators in Bahamas and Canada warn against offshore ‘bank’

June 30, 2002
The Central Bank of the Bahamas has issued a warning against an unauthorized bank operating from Nassau following details of the illegal activity in last month's edition of OffshoreAlert.On June 6, 2002 - six days after our article - the Central Bank issued a "Warning Notice" that Alpha Credit Union, of 51 Frederick Street, P.O. Box CB-12287, Nassau, was not licensed in the Bahamas.

Bank and trust license revocations in the Bahamas

May 31, 2002
Falcon Trust Co. Ltd. has had its license revoked by the Central Bank of the Bahamas on the grounds that it was "operating in a detrimental manner". The revocation was effective March 22, 2002.Nine other financial institutions had their licenses

Unlicensed banking activity in the Bahamas

May 31, 2002
OffshoreAlert has uncovered two related Internet 'banks' which are operating using contact information in the Bahamas, where they do not have a banking license. Alpha Credit Union Bank and Alliance Trust Bank are promoted from web sites at www.alphacreditunion.com and

Merrill Scott break-away firm has assets frozen

May 31, 2002
The Receiver for Merrill Scott & Associates, which operated from the Bahamas and Utah, has obtained a temporary restraining order against a break away group set up by some of the firm's former principals. The order was issued at the

76 lawsuits filed against Evergreen Security brokers

May 10, 2002
Seventy-six new lawsuits have been filed by the Bankruptcy Trustee of a fraudulently-run offshore 'mutual fund' known as Evergreen Security, which is insolvent by approximately $200 million. The actions, which have been filed in Florida, seek to reclaim more than $8.1 million that was allegedly fraudulently transferred by way of commissions to promoters of Evergreen.

USA v. Alvin Irwin Moss et al: Criminal Indictment

May 8, 2002
Indictment filed by USA against Alvin Irwin Moss, Frederick John Collier, Avraham Zohar, a.k.a. Avy Zohar; Richard Titterington, Geoffrey L. Feldman, Sherrie-Lee Doreen Cave, Peter James O'Sullivan, Rosalind Rose, Wayne Budd, Thomas Montgomery Bayer, Robert Murray Bohn, Stacy Layne Beavers, Beverly Ann Moss, Jeffery Allen Moss, Larry Charles Moss, Michael Joseph Harkin and Michael Elliot Cole at the U. S. District Court for the Western District of Tennessee.

PLP wins Bahamas election

May 3, 2002
Although the official results have not yet been announced, it has become clear that the Progressive Liberal Party has won the General Election in the Bahamas by a wide margin over the ruling Free National Movement party.One of the more

Northern Rock pulls out of Bahamas after just 17 months

April 30, 2002
Northern Rock PLC, which is the ninth largest publicly-listed bank in the United Kingdom, is pulling out of the Bahamas after just 17 months on the island.A spokesman for the company told OffshoreAlert: "I can confirm that with effect from 2 April 2002, Northern Rock (Bahamas) Ltd ceased to accept additional deposits or open new accounts.

Client claims that Keywest Swiss Investment Bank will not redeem funds

April 30, 2002
OffshoreAlert has received a complaint that a client of Barbados-based Keywest Swiss Investment Bank is unable to redeem approximately $200,000 placed with the bank.Keywest Swiss Investment Bank Inc. was licensed in Barbados on January 25, 1995 under the Offshore Banking Act, according to the Central Bank of Barbados.The Central Bank stated that KSIB's directors of record are Garet O. Finlayson, Barbara Y. Hepburn,  Harold R. Longley, Robert L Morris and Cecil A. B. Smith.

Insider Talking: April 30, 2002

April 30, 2002
Business associated with Imperial Consolidated founders Lincoln Fraser and Jared Brook applies for permission to use a property on an old Royal Air Force base in England to store and test military equipment, Offshore Finance Authority of St. Vincent & the Grenadines revokes licenses of nine offshore banks, BVI Financial Secretary L. Allen Wheatley suspended from his duties after being arrested and charged with conspiracy to defraud, Bahamas International Securities Exchange reports net loss of $2.24 million for the 11 monthsended June 30, 2001, criminal action against Yank Barry drags on in Texas, British businessman Sean Quinn charged with US$3 million fraud in Barbados, former FIBG principals fail to comply with subpoeans, and the ego of Marc Harris apparently knows no bounds.

AvantGuard spokesman discusses possible liquidation

April 30, 2002
A spokesman for AvantGuard Bank and Trust has said it may go into liquidation whatever the outcome of recent action taken against it by regulators in Grenada.The administrative functions of AvantGuard Bank were taken over for an initial 15-day period by the Grenada Ministry of Finance at the end of April in a clampdown that saw similar action taken against Imperium Bank and CornerStone International Savings and Investment Bank.

Four plead guilty to Evergreen Security charges

April 30, 2002
Four men have agreed to plead guilty to criminal charges relating to the 'Evergreen Security' investment scam, which defrauded approximately $200 million from more than 2,000 investors.They are Thomas Spencer, 51; Robert W. Boyd, 55; and Martin W. Boelens Jr., 45, all of Orlando, Florida; and Anthony V. Micciche, 72, of Tampa, Florida.Spencer and Boyd are shareholders of Bahamas-based Surety Bank and Trust (in liquidation), which ended up with some of the proceeds from the fraud.

Canada’s ‘W-Five’ program to feature offshore promoter Yank Barry

April 17, 2002
Bahamas-based businessman Yank Barry, who is a twice convicted criminal, will be the subject of an investigative Canadian television program due to air at 10 PM EST, Sunday, April 21, 2002.   Barry will be featured on CTV's 'W-Five' program, which is Canada's equivalent of '60 Minutes' in the United States.

US court approves application to serve summonses on VISA International for tax evasion investigation

March 31, 2002
A California court has approved a request by the Internal Revenue Service for leave to file "John Doe" summonses on VISA International as part of an investigation into tax evasion using offshore credit cards. The order, issued on March 28, 2002, allows the IRS to examine the records of VISA credit or debit cards issued "by, through, or on behalf of banks or other financial institutions" in 31 offshore jurisdictions.

Arms dealer obtains asset freeze order against Imperial Consolidated Group

March 31, 2002
A Spanish court has issued an order that allows an international arms dealer and a related firm to freeze $8.5 million of assets belonging to the Imperial Consolidated Group. The order was issued on March 8, 2002 by the Court of the First Instance, in Marbella against Imperial Consolidated Inc., of Delaware; Imperium Bank, of Grenada; and Consolidated Mining Corporation Inc., of the Bahamas.

Ernst & Young (Bahamas) settle racketeering lawsuit for $3 million

March 31, 2002
Ernst & Young (Bahamas), its Senior Partner, Paul Clarke; and its former Managing Partner, Bahamian politician Philip Galanis, have agreed to pay $3 million to settle a civil lawsuit alleging racketeering. Details of the settlement are contained in documents that were recently filed at the United States District Court for the District of Arizona.

Steps taken to recover SSBT assets in United States

March 31, 2002
The Provisional Liquidator of Bahamas-based Suisse Security Bank and Trust has taken steps to recover approximately $13 million of the bank's assets held in the United States. Raymond Winder filed a petition at the United States Bankruptcy Court for the Southern District of New York on February 22, 2002.

Merrill Scott reinvents itself with a new name and allegedly stolen property

February 28, 2002
Items that were stolen from the premises of Merrill Scott and Associates four days after an SEC lawsuit was filed against the firm were allegedly found in the office of a new firm set up by former employees. That is a claim being made by the attorney who has been appointed Receiver for the Merrill Scott group, which was based in Salt Lake City, Utah, and the Bahamas.

Enron’s Cayman liquidation petitions

February 28, 2002
OffshoreAlert has obtained further details of two petitions filed at the Grand Court of the Cayman Islands on January 25, 2002 in relation to two subsidiaries of failed energy firm Enron Corp. The actions, which were filed by Huntlaw Corporate Services Ltd., are applications to wind up Enron Bahamas LNG Ltd. and Enron LNG Shipping Company in order to preserve and sell their assets.

Litigation involving Montaque Securities International

February 28, 2002
Bahamas-based investment firm Montaque Securities International is involved in two unrelated lawsuits filed over the last five months, one as a plaintiff and the other as a defendant. In an action filed in the United States, Montaque claims that it was defrauded of $1.5 million that it loaned a client to establish a mutual fund in Germany.

Southwest Income Trust et al v. Philip Galanis et al: Motion for Determination of Good Faith Settlement

February 15, 2002
Motion for Determination of Good Faith Settlement in Jack G. Larsen, as Receiver for Southwest Income Trust, Advantage Income Trust, and Investors Trading Trust v. Lauriel Investments, Inc., Charles Smith, Standard Industrial Capital, Inc., Glen Roger Thompson, Progressive Growth Management Group, Ltd., Richard M. Kubany, Paul W. Floyd, III; James M. Floyd, Philip C. Galanis, Paul F. Clarke, and Ernst & Young at the U. S. District Court for the District of Arizona.

Power Securities clients chase their money

January 31, 2002
Investors who placed over US$2 million with Power Securities Ltd. in the Bahamas are preparing to take legal action against the firm and its principal, Canadian businessman Les McIntosh. They have told OffshoreAlert that they have been unable to redeem their investments with the firm, which has since closed down its Nassau office.

Offshore News Briefs: January 31, 2002

January 31, 2002
Bahamas enteres into Tax Information Exchange Agreement with the United States; UBS is reducing its number of staff in the Cayman Islands; The trial of former officers and clients of Euro Bank Corp. is scheduled to begin in May, 2002; and Creditors of First Cayman Bank may receive up to 60 cents in the dollar.

US court freezes assets of Merrill Scott & Associates

January 31, 2002
A United States court has appointed a receiver for and frozen the assets of an offshore investment group that has been accused by the SEC of operating a Ponzi scheme that took in at least $25 million. David K. Broadbent was appointed receiver on January 23, 2002 for the defendants in a civil lawsuit that had been filed eight days earlier by the SEC at the U.S. District Court for the District of Utah.

Keem Kalfon denies involvement in fraudulent letter

January 31, 2002
Conman Keem Kalfon is being falsely passed off as the chairman of The Sovereign Society investment group as part of a fund-raising effort for get-rich-quick schemes, OffshoreAlert can reveal. Those responsible are also falsely claiming they control British-based investment trust Gresham House PLC, which has been one of the world's best-performing investment vehicles over the last ten years.

Insider Talking: January 31, 2002

January 31, 2002
Less than a month after they were taken down as a result of an OffshoreAlert investigation, references to Grenada-registered Euro Caribbean Bank have been reinstated on the web-site of the 'Stock Exchange' of the sham country known as the Dominion of Melchizedek; Caribbean Media Corporation, which operated the Caribbean News Agency, popularly known as CANA, has suspended operations; Another web-site that has shut down, albeit for different reasons, is that of Prosperitas Internationale Credit Union at www.prosperitasinternationale.com; Vanuatu-domiciled International Seminars Ltd., which organizes offshore seminars at which get-rich-quick schemes are promoted, is operating under a new name - Global Wealth Education Ltd.; John Bourbon resigned as Managing Director of the Cayman Islands Monetary Authority, effective January 16, 2002 - 18 months after taking up the position, citing "personal reasons"; An ex-SEC officer is critical of his former employer in a book he has written about how the stock markets and the Internet are used to commit fraud against the unsuspecting public; Clyde Hood, the 67-year-old retired electrician from Mattoon, Illinois who persuaded thousands of people from all around the world to collectively send him more than $12 million by offering a return of 5,000 per cent in 275 days, has been sentenced to serve 14 years in prison; A web-site has been set up to raise funds to defend Kenneth R. Weare, of Belize-based J&K Global Marketing, against an SEC lawsuit filed on April 10, 2001, even though the case has ended without the defendants or their legal representatives ever putting in an appearance; The Isle of Man government has granted an online gaming license to Action Online Entertainment (IOM) Limited, which is the fifth firm to receive such a license; Imperial Consolidated is blaming its lawyers for its loss of a libel lawsuit in New Zealand, in which the judge determined they had fabricated documents submitted as evidence and questioned the legitimacy of their investment products; and Justice Hugh Small, sitting at the Bahamas Supreme Court, issued an order on December 20, 2001 that the voluntary liquidation of Americas International Bank Corporation Ltd. be continued but under the supervision of the court.

Clients seek return of money from Addison International & Triology Fund

January 31, 2002
OffshoreAlert has received a complaint from a client who claims he is unable to redeem an investment made with Bahamas-registered Addison International Ltd., which is apparently run from the United States. The client, who is based in the U.S., claims that he placed $400,000 with Addison International in mid-1999 after the firm's principal told him: "If I don't return four per cent per month, you should fire me."

Imperial Consolidated loses lawsuit, accused by judge of backdating documents

December 31, 2001
Imperial Consolidated, whose operations include an offshore bank and offshore mutual funds, has lost a defamation lawsuit that it brought in New Zealand against a former broker. In a judgment in the High Court of New Zealand on December 18, 2001, Judge William Young ruled that defendant David Frederick Stewart was being truthful when he criticized the group on a web-site.

First Cayman Bank loot used to pay off fraud judgment, claim liquidators

December 31, 2001
Part of the estimated $5.5 million allegedly looted from the First Cayman Bank/Gulf Union Bank group in 1997 went to satisfy a $1.75 million fraud judgment in the United States, according to the liquidators.The fraud had been committed by Sheikh Abdus Shimmy Qureshi and his now defunct Florida firm Escue Management Inc., it was alleged.

Grenada-Montenegro banker plays down links to Melchizedek

December 31, 2001
A principal of two offshore banks has told OffshoreAlert that he no longer has anything to do with the Dominion of Melchizedek, despite his name appearing on literature associated with the fake nation.Peter Drakoulakos, who heads Euro Credit Bank A.D., of Montenegro, and Euro Caribbean Bank Ltd., of Grenada, was once listed as the South American "Ambassador" for Melchizedek on its web-site.

Evergreen Trustee wants offshore trust company to turn over documents

December 31, 2001
OffshoreAlert reported last month that R.W. Cuthill, Jr., the Trustee of Evergreen Security Ltd., had filed an Adversary Proceeding against Costa Rica-based Intrados S.A. at the United States Bankruptcy Court for the Middle District of Florida, where Evergreen has been in bankruptcy since January 23, 2001.

Reorganization continues at scandal-plagued Imperial Consolidated

December 31, 2001
Michael Gilbert, who was severely criticized by a New Zealand judge in a recent court ruling (see separate story), is part of a reorganization that involves the Imperial Consolidated Group and companies with the prefix 'Alpha'.The firm that he is a director of changed its name from Imperial Consolidated (New Zealand) Ltd. to Alpha Equities Asia-Pacific (NZ) Ltd. on November 29, 2001.

Newt Utopia: November 30, 2001

November 30, 2001
Bahamian financial woes The economy stinks and it's getting worse. The once thriving downtown area along Bay Street has empty buildings and those with merchandise have 50% off sales and "going out of business" sales. The huge gap left by

Mohamad Harajchi sues Bahamas Prime Minister for libel

November 30, 2001
Suisse Security Bank and Trust chairman Mohamad Harajchi and the bank's CEO, Christopher Lunn, filed a civil complaint against Bahamas Prime Minister Hubert Ingraham in October, alleging that Ingraham defamed them in a public speech that he gave in Nassau.

Insider Talking: November 30, 2001

November 30, 2001
Imperial Consolidated founders Lincoln Fraser and Jared Brook have been given additional time to wind up their business affairs before their four year disqualification as company directors in England and Wales becomes effective. A judge sitting at Blackpool County Court

Former AFC Re owner sued for return of loans from investment fraud firm

November 30, 2001
A fund manager whose interests have included a Bermuda reinsurer and a Bahamas bank is being sued for $8.5 million by the Bankruptcy Trustee of a fraudulently run offshore investment firm.The defendants are Atlantic Portfolio Analytics and Management Inc., a.k.a.