Bahamas

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Debtors in offshore financial centers

August 3, 1999
In an effort to assist the public in determining the credibility of businesses and businessmen, OffshoreAlert has compiled a list of companies in the Bermuda Caribbean region who are unwilling to pay their debts. Each of the companies listed below

Bad debtors in the Bermuda-Caribbean Region

August 3, 1999
In an effort to assist the public in determining the credibility of businesses and businessmen, Offshore Business News & Research has compiled a list of companies in the Bermuda-Caribbean region who are unwilling to pay their debts.

State of Florida v. John McGarrity et al: Amended Information (1999)

August 3, 1999
Amended Information in State of Florida v. John McGarrity James T. Staples, Joseph Monaco, James Deas, Francis Clarkson, John McGarrity, John Manion, Jeff Mann, Rich Mann, David Trotter, Steven Schaefer, Jeno Koch, and Julie Gilvary at the Circuit Court of the Eighteenth Judicial Circuit, in and for Seminole County, Florida.

Insider Talking: July 31, 1999

July 31, 1999
Global Village Market and the World Investors' Stock Exchange, Global Prosperity Group charges attendees $17,000 each for its get-rich-quick conferences, John Mathewson and the FBI, Cayman bank officer lived in home owned by client, says source; Harris Organization tries to subscribe to Offshore Alert, journalists seek information on Michael Ashcroft, Harris Organization officer Alan McAloon professes ignorance over Florida property ownership.

Bahamas businessmen accused of money laundering

June 30, 1999
Bahamian businessman George J. Wilson, who is accused of money laundering and other serious offences in the US, was released from prison on March 11 and is not allowed to leave the US pending the outcome of his trial in Texas. His co-defendant in the criminal action, Bahamas attorney Norwood Rolle, is in the Bahamas and is considered to be a fugitive by the US authorities.

USA v. Philip Abramo, et al: Criminal Indictment

June 15, 1999
Criminal Indictment in USA v. Philip Abramo, a.k.a. Lou Metzer; Philip Gurian, a.k.a. Martin Clainey; Glen Vittor, Barry Glesser, and Louis Consalvo at the U. S. District Court for the Middle District of Florida.

Peter Crisson accused of Internet libel against Colombian Emeralds boss

May 31, 1999
Stephen Crane, the head of Bahamas-based jewellery group Colombian Emeralds International, has brought a libel action against two Bermudians accused of posting defamatory messages about him on the Internet. Bermuda Supreme Court has already issued an Anton Piller Order that allowed representatives of Crane to search the homes of Peter Crisson and Larry Booker and jeweller H. S. & J. E. Crisson, which Crisson heads and where Booker works.

SG Hambros sues Coutts over Bahamas purchase

May 31, 1999
SG Hambros filed a lawsuit in March in the High Court in London against Coutts private banking group in relation to the former's purchase of Coutts (Bahamas) for $100 million in August, 1998.

John McGarrity disappears amid fraud investigations

April 30, 1999
Former Bermuda-based underwriter John McGarrity has disappeared in the middle of several investigations into him for alleged fraud. McGarrity, who was President of the now-defunct Amberco Brokers Ltd. in the 1980s, had most recently been working in the Bahamas.

Rudolph Linschoten arrested in Florida

April 30, 1999
A businessman who is alleged to have defrauded about 170 investors out of more than $6 million through a high-yield investment scheme is in custody after being arrested this month in Florida. The FBI picked up Rudolph Linschoten, who also goes by the name Rudolph Van Lin, in Fort Lauderdale on April 18.

US businessman arrested after using Cayman firm to invest in Cuba

March 31, 1999
A Florida businessman who allegedly used a Cayman Islands company to illegally invest in Cuba was this month charged with violating the seldom-enforced Trading with the Enemy Act.Thomas H. Boylan, 43, has been accused of investing $920,000 in a seaport and airport development at the Port of Mariel in Cuba.

Dubious past of attorney David Hampton Tedder

February 26, 1999
OffshoreAlert has carried out further research into attorney David Hampton Tedder, who featured in a story last month about a Bahamas-registered IBC, Global Investments Inc., which appears to be selling unregistered securities in the United States. In California alone, Tedder has filed for a bankruptcy, has appeared as a debtor in 12 judgments at State Court and as a defendant in 23 lawsuits at State Court. Additionally, he appears as a debtor in 33 liens.

Poland: Alexei Bragontchuk

February 24, 1999
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Poland into Alexei Bragontchuk and for alleged fraud and money laundering regarding the proceeds of weapons trafficking.

Aaron Day, Arnold Goldstein and two non-existent Bahamas companies

January 29, 1999
Nine months after threatening to sue us for alleging that he promoted the services of The Harris Organization of Panama, Florida-based attorney and offshore author Arnold Goldstein has written to thank us for calling his attention to a dubious web-site that promotes his products and services.

Details of alleged fraud against Bahamas attorney Leslie Vernon Rolle

January 29, 1999
Bahamas attorney Leslie Vernon Rolle is facing a criminal investigation into an alleged attempt to swindle clients of UBS (Bahamas) Limited out of $2.2 million. Police have been asked to look into the matter following incriminating evidence that was unearthed during the execution of an Anton Piller order issued by the Bahamas Supreme Court last month as part of a civil action brought by UBS.

Bahamas company may be committing illegal acts in the US

January 29, 1999
Bahamas-registered Global Investments Inc. appears to be selling unregistered securities in the US in which investors are investing on the belief they are likely to get high rates of return. Some investors in Alabama have been putting their life savings into the scheme and some have even borrowed against their pensions, OffshoreAlert has been told.

Investors allegedly defrauded of $5 million in Bahamas/Florida bond scheme

December 31, 1998
The SEC has obtained a federal court order against a Bahamas-registered IBC, a Florida company and businessmen in the United States who participated in an allegedly fraudulent bond sale and prime bank note scam that earned nearly $5 million. According to the SEC's complaint, the bonds offered for sale were historical bonds, including those issued in the 19th Century by now defunct railroads and allegedly backed by gold.

UBS (Bahamas) obtains an Anton Piller order against attorney Leslie Vernon Rolle

December 31, 1998
UBS (Bahamas) Limited has obtained a seldom-granted court order allowing its representatives to enter a Bahamian attorney's premises without notice and take away documents and other movable assets. The order - known as an Anton Piller order - was granted by the Bahamas Supreme Court on December 11 against attorney Leslie Vernon Rolle, who operates from Nassau, and Esson Securities and Investments Ltd. and Weybridge Properties Ltd.

Insider Talking: November 30, 1998

November 30, 1998
Apart from The Harris Organization of Panama, other financial services providers promoted by Florida-based attorney and offshore author Arnold Goldstein have less than distinguished records over recent years, OffshoreAlert can disclose; After responding to an advertisement in the International Herald Tribune that invited readers to call a Bahamas telephone number for details about obtaining an offshore banking licence without any qualifications, we were faxed details of various licences available; The Bahamas Government appears to have changed its mind about how it should privatize the Bahamas Telecommunications Corporation; The Securities Industry Bill, which will, inter alia, provide for the establishment of a Bahamas International Stock Exchange, was introduced to the House of Assembly this month; and the liquidators of First Cayman Bank try to collect $1 million from former Cayman government minister McKeeva Bush.

Insider Talking: October 31, 1998

October 31, 1998
A funny thing happened a few days after our expose of The Highlander Club in last month's Offshore Alert. I received from them a spam letter - sent a week before we published - stating "Congratulations You have been approved

State of Florida v. John McGarrity et al: Criminal Indictment

October 5, 1998
Criminal Indictment alleging racketeering and securities fraud in State of Florida v. John McGarrity James T. Staples, Joseph Monaco, James Deas, Francis Clarkson, John McGarrity, John Manion, Jeff Mann, Rich Mann, David Trotter, Steven Schaefer, Jeno Koch, and Julie Gilvary at Florida Supreme Court.

Global Currency Trust shuts down

September 30, 1998
Global Currency Trust, which has claimed at various times to be based in Nevis and the Bahamas, although it may not be registered anywhere, appears to have closed for business, leaving behind at least one angry investor.

Insider Talking: September 30, 1998

September 30, 1998
Receivers of the Florida Employers Safety Association Self-Insurers Fund sue David Sanz, share price of Stirling Cooke falls to new low on NASDAQ, Elite International Services offers dubious offshore products, Marc Harris on the move, prison inmate Ronald Williams apparently continues to rip people off during his day-release program, Bahamas Prime Minister Hubert Ingraham puts both feet in his mouth during press conference for murder of foreign national.

Equity Management Group’s unhappy clients

September 30, 1998
Complaints from investors in several countries have been made against the Equity Management Group, a firm of stockbrokers based in the Bahamas. Several clients, including those from Spain, France, Switzerland and South Africa, have accused the company of misappropriating their funds, according to sources.

PaineWebber fires broker, closes offshore brokerage accounts

August 31, 1998
PaineWebber this month fired long-serving broker Terry Cross and terminated its relationship with Bahamas-based financial and corporate services company International Trade & Investments Limited over fears of becoming implicated in a possible tax evasion scandal. PaineWebber took this aggressive action after being tipped off that Cross, who worked at its San Francisco office, had allegedly promoted tax evasion during a speech he gave at an offshore seminar held two months ago in Nassau by ITI.

Insider Talking: June 30, 1998

June 30, 1998
Offshore regulators apparently uninterested in scams exposed by OffshoreAlert; NimsTec's 3-D cameras offered for sale as "collector's items" over the Internet; Marc Harris has t-shirt with the slogan: "David Marchant is alive because killing him would be a crime"; As General Election looms, Progressive Labour Party tipped to win power in Bermuda for the first time; Dominion of Melchizedek offers a variety of fraudulent products and services; and Little Switzerland contemplates legal action after proposed purchase of Colombian Emeralds International falls through.

Bahamas News Briefs

May 31, 1998
Mutual Fund stats; Central Bank suspends Socimer International Bank; and National Debt grows.

Insider Talking: April 30, 1998

April 30, 1998
David Walsh, the former head of Bre X Minerals, tried to close a bank account in the Bahamas and take out his entire deposit of $25.3 million two weeks after an audit revealed concluded that the supposedly rich Busang gold

Gulf Union (Bahamas) finally goes into permanent liquidation

March 31, 1998
After a hearing that lasted half a day, the Bahamas Supreme Court officially placed Gulf Union Bank (Bahamas) into liquidation on March 26 but deferred a decision on whether to appoint the current provisional liquidators as permanent liquidators. The court first ruled on two preliminary legal issues regarding the competence and appropriateness of the National Insurance Board, which is a government agency, in being allowed to petition for the winding-up of the bank.

Insider Talking: February 27, 1998

February 27, 1998
Buyers of luxury property in Bermuda in 1997 include John Deuss, Reg Grundy, Britons Michael Butt, David Brown, and Ernest Stempel, First Cayman Bank liquidators defend size of fees, Ken Dart turned down for permanent residency in Cayman Islands, John Tugwell wanted to be Bank of Butterfield's Chairman, as well as CEO, say sources; Bermuda Sun newspaper to start publishing twice a week, Thomas Azzara's 'Tax Havens of the World' book contains several inaccuracies, nearly half of all births in Bermuda in 1996 were out of wedlock.

Battle to stop Bahamas government controlling liquidation of Gulf Union Bank

February 27, 1998
A fierce battle has been taking place behind closed doors in the Bahamas over the last month to prevent the government from controlling the winding-up of Gulf Union Bank (Bahamas) Limited.Depositors are concerned that a government-controlled liquidation will lead to a whitewash of the regulatory role in the bank's collapse of the Central Bank of the Bahamas.

Bahamas firms part of prime bank securities scam

January 30, 1998
Bahamas-based Loomis Ltd. has been ordered to pay $874,515 following a default judgement against it in the US District Court for the Southern District of New York.Loomis and other companies, including fellow Bahamas-registered Comcar International Ltd., fraudulently obtained more than $2.1 million through a scheme involving fictitious ‘prime bank' securities.

Insider Talking: January 30, 1998

January 30, 1998
OffshoreAlert's unblemished track record when it comes to publishing exposes, despite letters threatening litigation; human cloning group touts Cayman and Bahamas as potential domiciles, who is disgrunted ex-Bank of Butterfield employee who criticized recently-retired chairman Sir David Gibbons?, Richard Black and Mike Cascio look to form new Bermuda insurance facility, possible bribery in the Turks and Caicos Islands, Cayman Islands Monetary Authority MD Neville Grant accepts no responsibility for collapse of First Cayman Bank, Global Private Banking magazine causes mirth by describing closure of FCB as an example of regulators "acting tough on miscreants", Cayman-based Oxford Advisors opens up office in Bermuda, 18 luxury homes in Bermuda sold for a total of $72 m in 1997, and what effect, if any, will the death of Charles Collis have on Bermuda Fire and Marine Insurance litigation? 

Bahamas accounts used to pay share ramp bribes

January 30, 1998
Bank accounts in the Bahamas was used to bribe brokers who were paid to ramp up the share prices of small companies by promoting them to their unsuspecting clients.Details of the scheme emerged this month after two men pleaded guilty to various offences in the US, including conspiracy, wire fraud, commercial bribery and securities fraud.Leonard Ruge, a 40-year-old Canadian living in Florida, and Theodore Heitzman, 51, of California, each face up to five years in prison and a maximum fine of $250,000.

Russian banks banned from the Bahamas, says Central Bank Governor

December 30, 1997
Reports by a newspaper in The Bahamas that a Russian bank has been approved for a bank licence are inaccurate, said the governor of the Central Bank of the Bahamas, Julian Francis.The Punch newspaper had reported that the Alpha Bank had been given permission to set up in the Bahamas.But Francis said there had been no change in the Central Bank's position that Russian banks will not generally be allowed into the Bahamas because of difficulties in adequately regulating them.

Insider Talking: December 30, 1997

December 30, 1997
Former 'Acting CEO' of the Cayman Islands Stock Exchange applies to head Bahamas International Stock Exchange, Bermuda Government wants a Bermudian, not British, Governor' Cayman judge rebukes attorney F. Lee Bailey, First Cayman Bank liquidators may want to look at two properties in Florida that belong to the Quraeshi family, further evidence emerges of Cayman Islands Government incompetence in collapse of First Cayman Bank, the hypocrisy of Bermuda's Home Affairs Minister Quinton Edness, Euro Bank Corp. receives Class 'A' banking license in Cayman.

Caribbean hotels insurer goes into run-off

December 30, 1997
The Caribbean Hotel Association Insurance Company Ltd., which hit financial trouble soon after it started, has stopped writing new business after just two and a half years in business. The news comes after many member countries of the Caribbean Hotel Association, for whom the company was specifically set up to insure, failed to put their money where their mouths were and buy insurance from CHAIC.

USA v. Lorne Banks et al: Criminal Indictment

December 5, 1997
Indictment in USA v. Lorne Banks, Michael Bell, Howard Bidloff, Kevin Bregman, Russell Bronson, Charles Courville, Howard Dick, Walter Fantin, Michael Hamley, Joe Kelley, Thomas Laquer, a.k.a. Wayne Arnold, a.k.a. Wayne Donaldson; Steve Millgram, a.k.a. Steve Louis; Gordon Orwin, a.k.a. Gordon Thomas; Marshall Alexander (Sandy) Reid, Martin Seagal, Marvin Simon, Walter Smolarek, a.k.a. Bob Winters, a.k.a. Walter Shaw; Victor Tomasicchio, a.k.a. Victor Thomas; Brian Wilson, John Doe #1, a.k.a. Andrew Barrington; John Doe #2, a.k.a. Bill Crandall; John Doe #3, a.k.a. Gordon Sinclair; and John Doe #4, a.k.a. Andrew Noble, at the U. S. District Court for the Western District of New York.

Battle for right to take BaTelCo private

November 30, 1997
An announcement is expected any day now on the winning bid for the lucrative contract to privatise the Bahamas Telecommunications Corporation.The thirteen original bidders for the BaTelCo contract down was whittled down to four earlier this month.

Bahamas stock offerings cancelled by regulators

October 31, 1997
Regulators in the Bahamas acted this month to prevent two public offerings from going ahead due to regulatory breaches by the companies selling the shares.Perhaps the most embarrassing postponement involved Caribbean Health & Fitness Ltd., the major developers of Gold's Gym in the Caribbean.

Werner Rey loses extradition appeal in the Bahamas

October 31, 1997
The Bahamas Court of Appeal this month upheld a lower court's decision to extradite businessman Werner Rey to face embezzlement charges involving millions of dollars in his native Switzerland.

Canadian kidnapped in the Bahamas

October 31, 1997
A 31-year-old Bahamian businessman has been charged with 25 offences following the kidnapping and robbery of five Canadian men in Nassau on October 13.

Gulf Union’s bank license suspended in the Bahamas

October 7, 1997
The Bahamian authorities have suspended the banking licence of the Gulf Union Bank (Bahamas) Ltd. following problems at the bank's financially troubled parent and sister companies in the Cayman Islands.Regulators are investigating allegations that suspiciously large amounts of money have flowed from the Bahamas bank to its Cayman affiliates and possibly on to foreign entities over the last few months.