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Attorney Jeffrey Matz and others found guilty of $64 million investment fraud

April 30, 2001
Six people have been convicted of criminal offenses relating to a $64 million investment scam that involved several offshore jurisdictions, including Antigua, Bermuda and the Bahamas. The convictions on April 13, 2001 followed a six-week jury trial at the U. S. District Court for the Northern District of Florida that focused on investment programs known as Hammersmith Trust, Microfund and Luxor Capital Markets.

SEC v. Eric Resteiner et al: Complaint

April 16, 2001
Complaint in U. S. Securities and Exchange Commission v. Eric Edward Resteiner, Voldemar A. VonStrasdas, Miles M. Harbur, Charles G. Dyer, Resource F, LLC, and Bunker Hill Aviation, LLC at the U. S. District Court for the District of Massachusetts.

Suisse Security Bank & Trust fights for its license

March 31, 2001
Bahamas-based Suisse Security Bank & Trust filed an application at the Bahamas Supreme Court on March 29, 2001 to reverse what it has called "a purported out-of-court appointed receivership". The Respondents in the lawsuit are Julian Francis, who is the Governor of the Central Bank of the Bahamas; the Attorney-General of the Bahamas and SSBT's Receiver, accountant Raymond Winder.

Raids on Jerome Schneider and Global Prosperity, charges against Anderson’s Ark

March 31, 2001
Jerome Schneider, who has made a living by selling offshore bank charters in lightly-regulated jurisdictions to private individuals and by writing offshore books, had his office raided by the IRS on February 26. The raid on the office of Schneider's Wilshire Publishing Company in California was one of three high profile actions taken against offshore promoters within five days of each other in the United States.

Insider Talking: March 31, 2001

March 31, 2001
Former Bermuda insurance boss John McGarrity resurfaces in the Bahamas, Turks & Caicos Islands regulators issue warning about Petro Funds, Bahamas resident Yank Barry goes on trial in Texas, default judgment entered in U. S. against American International Bank (in receivership), Bahamas union boss negotiates for employees of Suisse Security Bank & Trust, a private letter from FIBG principal Van Brink hints at corrupt payments to influential individuals in Grenada.

Lawsuits filed against Fortis Fund Services

March 31, 2001
Two lawsuits have been filed at Bahamas Supreme Court following the collapse of the Bahamas-registered Oracle Fund, with the loss of more than $100 million. Plaintiffs in one lawsuit are HSBC Bank Middle East, HSBC Investment Bank PLC, HSBC Private Banking Nominees 1 Jersey Ltd, Hunter Douglas Holdings Limited, Lazamar Foundation,  Montsol Investments Inc.

Failed $200 million fund linked with Bahamas bank

March 31, 2001
An offshore mutual fund that has collapsed amid debts of $200 million and allegations of massive fraud had close links with Bahamas-based Surety Bank & Trust, OffshoreAlert can reveal. SBT's relationship with British Virgin Islands-registered Evergreen Security Ltd. appears to be the reason why the bank chose voluntary liquidation late last year over being sold as a going concern.

David Voth arrested for kidnapping

March 31, 2001
Businessman David Marlin Voth, whose dubious offshore activities have been exposed in previous editions of OffshoreAlert, has been arrested in his native Canada and charged with kidnapping. Also arrested with 42-year-old Voth were Lorne Murray Ryz, 31, of the Bahamas, and Merrill Paul Lepp, 38, of Calgary. All three have been charged with kidnapping, forcible confinement and assault.

Cash 4 Titles businessman pleads guilty to fraud

March 31, 2001
American businessman Michael Gause has pleaded guilty to securities fraud, conspiracy to commit fraud,  and money laundering charges in relation to the Ponzi scheme known as Cash 4 Titles. Gause changed his plea to guilty to six counts on January 3, 2001 and is due to be sentenced on May 4. He faces up to 20 years in prison and a fine of twice the amount lost in the scam.

Court hearing scheduled soon in SSBT case

March 12, 2001
The next court hearing at Bahamas Supreme Court regarding an application for the reinstatement of the suspended banking license of Suisse Security Bank & Trust is due to take place later this week but a decision is not expected until later in the month at the earliest.

SSBT Receiver may have breached court injunction

March 8, 2001
As the court battle continues today over the suspension of the banking license of Suisse Security Bank & Trust, it has emerged that the action by the Central Bank of the Bahamas in suspending the bank's license was taken despite an injunction being issued by the Bahamas Supreme Court on March 2, 2001 ordering that such action not be taken.

British Trade & Commerce Bank and Suisse Security Bank & Trust due in court tomorrow

March 7, 2001
British Trade & Commerce Bank and Suisse Security Bank & Trust are both due to go to court tomorrow in Dominica and the Bahamas, respectively, in an attempt to win back their banking licenses. BTCB will be seeking to overturn the revocation of its license last month, while SSBT will be seeking to overturn the suspension of its license on Monday, March 5, 2001.

Bahamas-registered TAC International in $11 million judgment

February 28, 2001
TAC International Ltd., which was registered in the Bahamas, and two of its principals have been ordered to disgorge $10.9 million and fined $770,000 in the United States.Default judgments were entered against TAC International, Douglas R. Walker and Craig Southwood at the US District Court for the Western District of North Carolina on January 31, 2001.

Insider Talking: February 28, 2001

February 28, 2001
Offshore regulators act against banks named in U. S. Senate's 'Correspondent Banking: A Gateway to Money Laundering' report, Marc Harris denounces attempt to strip him of Panamanian citizenship, David Voth comes up with a novel excuse as to why he can't make investment pay-outs, complaints about Morrison Cross Financial Investments start coming in, details of relatively-recent lawsuits involving Jerome Schneider and/or related entities, U. S. court approves settlement plan between Heartland Financial Services and investors who received "false profits", Pittsburgh travel agent Roy Davis Jr. becomes latest victim of John Mathewson's co-operation with US authorities, sset freeze order issued against Midpoint Trading Corporation, Euro Bank Corp. 'Preliminary Inquiry' hearing starts in Cayman Islands.

Imperial Consolidated files lawsuit against OBNR, seeks injunction

February 28, 2001
Imperial Consolidated PLC has followed in the footsteps of The Harris Organization and the First International Bank of Grenada and filed a libel lawsuit against OBNR and its principal, David Marchant. While the previous two lawsuits were filed at federal court in Miami, Imperial Consolidated filed its complaint at state court, specifically the Circuit Court of the Eleventh Judicial Circuit for Miami-Dade County, Florida, on February 21, 2001.

Imperial Consolidated Plc’s first audit reveals little about health of entire group

February 28, 2001
UK-based Imperial Consolidated PLC filed its first-ever audit with Companies House in early February but it shed little light on the financial status of the overall group. Although the firm is described as the "Imperial Consolidated PLC Group of Companies" in its audit, the results of none of its overseas affiliates are included, nor are some of the group's UK companies.

Bahamas regulators place restrictions on Fortis mutual fund license

February 28, 2001
The Bahamas Securities Commission has placed conditions on the mutual fund license of Fortis Fund Services (Bahamas) Limited over apparent negligence in its administration of a failed investment fund.The action, which was announced in a Public Notice dated January 23, 2001, forms part of an investigation into Bahamas-registered Oracle Fund Ltd., which invested in US tax liens.

Bahamas firm settles SEC lawsuit

February 28, 2001
Bahamas-registered St. Barth Ltd. and H. D. Inc., which was registered in New Jersey, have agreed to be penalized in the amount of US$1.7 million to settle a civil lawsuit filed in the US by the SEC.

IBC formations plummet in the Bahamas

February 28, 2001
Figures released by the Registrar General of the Bahamas show that only 781 IBCs were registered on the island in January, 2001, compared with 3,368 in the corresponding month of 2000.

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.

Unregistered offering in the name of Bahamas mail-drop firm

January 31, 2001
Bahamas-based A.S.A.P. Services Ltd., which provides mail-drop and 'virtual office' services, is conducting an unregistered share offering that values the four-year-old firm at $45 million.Investors are being solicited to invest in a "pre-IPO" offering of five million shares - said to represent 11 per cent of the firm's common stock - at $1 per share.

Fortis Fund Services (Bahamas) Limited

January 23, 2001
Public Notice 'In the Matter of The Oracle Fund Ltd. and In the Matter of Fortis Fund Services (Bahamas) Limited' issued by the Securities Commission of the Bahamas.

Spanish newspaper reveals Imperial Consolidated’s relationship with arms dealer

January 15, 2001
The Spanish newspaper El Mundo published several articles yesterday and today about a business relationship (turned sour) between the Imperial Consolidated Group, which has offices in the UK, the Bahamas, Grenada and other countries, and Monzer al-Kassar, a Syrian national who has been described in various media articles over the years as one of the world's largest arms dealers and whose clients, according to El Mundo, include suspected terrorist Osama Bin Laden, whom the US believes was involved with the World Trade Center bombing.

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.

David Voth client alleges $50,000 loss, links to unlicensed Bahamas fund

December 31, 2000
A Canadian businessman who offers unlicensed investment products and services through Bahamas-registered IBCs is under fire from a client who lost $50,000 in suspicious circumstances. David M. Voth's group received funds from Bahamas-registered Geebung Corporation in December, 1998 for investment in a scheme that offered a 25 per cent return per quarter for 12 months.

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.

Bahamas firms terminate Imperial Consolidated’s HINT MasterCard

December 31, 2000
The UK-based Imperial Consolidated Group has suffered another blow with the forced termination of its HINT MasterCard offshore credit card program, which was operated from the Bahamas. Leadenhall Bank & Trust, which issued the card, and Axxess International, which administered it, withdrew their support in November due to concerns over Imperial Consolidated's credibility.

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.

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.

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.

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'.

Offshore shareholders face huge losses after First Ecom share price collapses

November 30, 2000
A publicly-traded company whose principal shareholders include the Bank of Bermuda and Lines Overseas Management is well on the way to becoming an e-commerce flop. The share price of First Ecom.com Inc. hit an all-time low of $1.063 on NASDAQ on November 30, 2000 just nine months after a trading high of $34 on the over-the-counter market.

Bahamas-based Surety Bank to go into liquidation

November 30, 2000
Bahamas-based Surety Bank & Trust is to go into voluntary liquidation after its banking license was suspended by the Central Bank of the Bahamas. The license was suspended on November 23, 2000 for a breach of Section 11 of the Banks and Trust Companies Regulations Act, which deals with capital adequacy and reporting requirements.  

Regulators take action against Tri-West Investment Club

October 31, 2000
Regulators in Texas have issued a Cease and Desist Order against Tri-West Investment Club, which appears to have been operated from the US but also maintained an address in the Bahamas. In an Order issued by the Texas State Securities Board on July 10, 2000, the principal address for the club is listed as East Bay Shopping Center, East Bay Street, Suite A-216, Nassau, the Bahamas.

IRS gains access to offshore credit card accounts

October 31, 2000
A US judge has ordered that American Express and MasterCard must hand over records to the IRS relating to Americans utilizing offshore credit, charge and debit cards through three offshore centers. The ex parte order, issued on October 30, 2000 at the US District Court for the Southern District of Florida, specifically relates to accounts linked with Antigua, the Bahamas and the Cayman Islands.

Bahamas government allows IBCs to conduct business locally

October 31, 2000
The Bahamas government has announced that IBCs will be allowed to compete for business with local companies. It is now likely that other offshore jurisdictions like Bermuda and the Cayman Islands will follow suit since the change in the Bahamas has only come about because of international pressure.

Who let the dogs out? Dubious investments of Hawthorne-Sterling fund group

October 31, 2000
Research into publicly-quoted firms linked with Hawthorne-Sterling's mutual funds has revealed an astonishing pattern of alleged stock manipulation, bankruptcies and ties to convicted criminals. There is overwhelming evidence that the companies exist largely so that insiders can benefit at the expense of unsophisticated investors who are sucked in by hype.

Court battle looms for control of Hawthorne-Sterling fund group

October 31, 2000
A crucial hearing in the battle for control of the Hawthorne-Sterling group of mutual funds is due to take place at Bahamas Supreme Court on November 1. Florida-based Ian L. Renert wants the court to remove accountant Clifford Culmer as Receiver of 36 companies within Renert's group and be allowed to relocate them to Nevis.