Cyprus

US Gov’t seeks civil penalties of $162 m against Bank of Cyprus

November 11, 2007

The United States Government is seeking civil penalties of at least $162 million against Bank of Cyprus Plc for allegedly knowingly laundering the proceeds of securities fraud through branches in Cyprus and England.The bank faces five counts of money laundering

USA vs. Bank of Cyprus Plc: Complaint

October 15, 2007

Complaint in USA vs. Bank of Cyprus Plc at the U. S. District Court for the Southern District of New York.

Two Bermuda P&I Clubs sued in separate US actions

May 16, 2007

Two Bermuda based protection and indemnity clubs have been named as defendants in unrelated civil complaint that were filed recently in the United States.In the first action, Constantin Chirita is suing The United Kingdom Steam Ship Assurance Association (Bermuda) Ltd.,

United Kingdom: Gordon O’Donnell

May 1, 2007

Application for the appointment of a Commissioner for a criminal investigation in the United Kingdom into an alleged fraud perpetrated by Nicholas Westin against Gordon O'Donnell.

Poland: Media Trust

April 16, 2007

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Poland into alleged money laundering involving Poalim Trust Services Ltd., Media Trust SpA and Prokom Investment SpA.

Alan M. Grayson et al v. Charles Cathcart et al: Complaint

February 28, 2007

Go Daddy records sought by gambling investigators in Israel

November 9, 2006

Investigators in Israel are seeking the records of Domains by Proxy as part of a criminal investigation into an Internet gaming group that targets Hebrew speakers.Details are contained in an application for the appointment of a Commissioner to collect evidence

Bank of Cyprus sued for $40 m regarding services to alleged fraudster

November 9, 2006

The Bank of Cyprus is being sued for $40 million in damages concerning services it provided to an accused fraudster.A civil complaint was filed against the bank at the U. S. District Court for the Southern District of New York

Israel: Elad Natanzon

October 31, 2006

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Israel into Elad Natanzon and Ronen Buchholts for allegedly operating an illegal on-line gaming business.

$13.7 m award against perpetrators of offshore reinsurance scam

October 5, 2006

A $13.7 million damages award has been entered in a civil action in the United States against defendants from the United Kingdom, the Bahamas and Cyprus who committed a massive health insurance fraud using sham offshore reinsurers.

Joseph P. LaSala, et al v. Bank of Cyprus: Amended Complaint

September 25, 2006

Amended Complaint in Joseph P. LaSala and Fred S. Zeidman, as Co-Trustees of the AremisSoft Corporation Liquidating Trust, v. Bank of Cyprus at the U. S. District Court for the Southern District of New York.

Joseph P. LaSala, et al v. Bank of Cyprus: Complaint

September 1, 2006

Complaint in Joseph P. LaSala and Fred S. Zeidman, as Co-Trustees of the AremisSoft Corporation Liquidating Trust, v. Bank of Cyprus at the U. S. District Court for the Southern District of New York.

Newt Utopia: Bolivia, Cyprus, Russia & Singapore

June 7, 2006

Bolivia, Russia, Cyprus, Singapore, and Comment.

Cyprus seeks evidence in Delaware for investigation into credit card fraud

June 7, 2006

Article based on an application to collect evidence for a criminal investigation into alleged fraud and forgery - pursuant to a request for judicial assistance from Cyprus - that was filed at federal court in the USA on May 9, 2006. Individuals and businesses mentioned in the request for assistance include Action Rental Services Ltd., Washington Mutual Bank, Bank Atlantic FSB, Bank of America, Nicolas Marangos, Stateline Enterprises Ltd., Giorgos Panayiotou, Mainline Enterprises Ltd., Chris Kiltsikis, Romont Enterprises Ltd., Christos Tzavella, Whitelaw Enterprises Ltd., Nicolas Mazarekis, Yiannakis Aravis, and Nikola Marangou.

Cyprus: Action Rental Services

May 9, 2006

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Cyprus into Nicolas Marangos, Yiannakis Aravis and others for suspected fraud.

Connelly Management Inc., et al v. Ferguson Marketing Group Inc., et al: Judgment Order

March 15, 2006

Judgment Order, Findings of Fact & Conclusions of Law in Connelly Management Inc., Connelly Management Employee Welfare Benefit Plan, James B. Connelly, individually and as a participant under the Connelly Management Employee Welfare Benefit Plan, v. Ferguson Marketing Group Inc., Euan David McNicoll, John Fowler Anderson, Marsh Investment Corporation, McSooner, Inc., Marketrends Financial Services Ltd., Marketrends Insurance, Ltd., Michael Arthur Reeve, Saint John Management Services, Ltd., and Michael Reeve & Associates at the U. S. District Court for the District of South Carolina.

Hungary seeks evidence in Delaware for investigation into alleged $44 m fraud

January 4, 2006

Article based on an application for the appointment of a Commissioner to collect evidence for a criminal investigation into alleged fraud - pursuant to a request for judicial assistance from Hungary - that was filed at federal court in the USA on December 22, 2005. Individuals and businesses mentioned in the request for assistance include Attila Kulcsar, Tibor Endre Rejto, El Abed Hasan, Mahmoud Abdo, Miklos Bitvai, Dr. Gabor Garamszegi, Dr. Erika Erzsebet Futo, Janos Meszaros, Eva Toth, Katalin Balassa, Hajnalka Pinizsi, Gyula Szeker, Pacific Traders Company LLC, Britton Interinvest Ltd., Atlantic Business Finance Ltd., Canadian Merchant Trading Inc., Megastar Trading Co., Feldman Management BV, Britalia Intenvesi Ltd., Glendale Inter-Management SA, Inter Capital Projects Ltd., Lobagola Investment Inc., Intercorp Holdings LLC, First Capital Invest LLC, Globe International Investment, American-Hungarian Fashionhouse Inc., The Montrade Establishment Ltd., Balmoral Group LLC, Ashmore Investments LLC, Geometax Holdings Ltd., K&H Equities Reszvenytarsasag, K&H Befektetesi Reszvenytarsasag, and JPMorgan Chase.

Hungary: Attila Kulcsar

December 22, 2005

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Hungary into Attila Kulcsar, Janos Meszaros, Dr. Erika Erzsebet Futo, El Abed Hasan, Mahmoud Abdo and Gyula Szeker for alleged embezzlement and money laundering.

Norwegian ‘fraud victims’ seek evidence from NY attorney

December 5, 2005

Forty-six Norwegian parties are seeking evidence from a New York attorney as part of an attempt to recover millions of dollars allegedly defrauded from them in an investment scam.They filed a motion for the issuance of letters rogatory at the U. S. District Court for the Eastern District of New York, in Brooklyn, on November 18, 2005.

WCN/GAN Partners Ltd. vs. Charles Cathcart, et al: First Amended Complaint

November 21, 2005

First Amended Complaint in WCN/GAN Partners Ltd. vs. Charles Cathcart, Yuri Debevc, Bancroft Ventures Limited, Bryan Jeeves, and The Jeeves Group of Companies at the U. S. District Court for the District of Wyoming.

Court dismisses offshore insurance fraud indictment

November 4, 2005

A United States federal judge has dismissed a criminal indictment against all eight defendants who were accused of using several offshore reinsurers to commit a $45 million fraud.All 54 counts of conspiracy, fraud and money laundering against Michael Arthur Reeve,

Judge Lynn Hughes dismisses offshore insurance fraud indictment

November 4, 2005

A United States federal judge has dismissed a criminal indictment against all eight defendants who were accused of using several offshore reinsurers to commit a $45 million fraud.All 54 counts of conspiracy, fraud and money laundering against Michael Arthur Reeve,

PayPal records targeted by IRS in offshore tax evasion investigation

October 26, 2005

The IRS has asked a U. S. federal court for permission to serve a “John Doe” summons on Internet money transfer firm PayPal Inc. as part of a clampdown on tax evasion using offshore credit and debit cards.“The records requested in the summons will identify the holders of bank accounts at, or payment cards issued by banks in, the listed jurisdictions, information which is not otherwise readily available to the Internal Revenue Service,” stated the IRS in its petition.

Russia: CM Tekhno

August 25, 2005

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Russia into CM Tekhno for suspected fraud.

Missing in Action: Halliburton’s disappearing offshore subsidiaries

June 5, 2005

In the space of four or five years, Halliburton, the international oil services and construction conglomerate that is under attack for overcharging and underperforming in Iraq, has gone from reporting approximately 70 to 80 offshore subsidiaries in its annual SEC filing to just two, both in the Cayman Islands.Offshore networks had become a central part of Halliburton's management and financial strategy. When current United States Vice President Dick Cheney was CEO of Halliburton from 1995 to 2000, the company's offshore subsidiaries increased from nine to 44. By the year 2001, that had nearly doubled. Now most of them have gone missing!

Russia: Rybak Komchatki

May 17, 2005

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Russia into the alleged embezzlement of the proceeds of the sale of a ship named Rybak Komchatki which were allegedly transferred to a company domiciled in Oregon called SV Financial, which was owned by Victor Kaganov and managed by Oregon dentist Anna Shimanovsky and her husband, Roman Shimanovsky, according to the request for assistance.

Documents show PwC and Deloitte & Touche knew of Yukos transfer pricing

April 30, 2005

As a Russian court prepares to issue a verdict in the tax evasion trial of Russian mogul Mikhail Khodorkovsky, documents show that his Menatep holding company and Yukos Oil shorted Russia of billions of dollars in taxes by using shell companies for transfer pricing.They also allegedly cheated minority shareholders. A U.S. lawsuit is charging that Yukos auditor PricewaterhouseCoopers knew of the false invoicing scheme and failed in its duty to report it. Documents obtained by OffshoreAlert, but not cited in the suit, indicate that PwC knew of Yukos' offshore marketing structure, called "Jurby Lake," which used Menatep shell companies in Switzerland, Liberia and Dublin to sell Yukos oil.

SEC v. Z-Par Holdings Inc. et al: Complaint

April 14, 2005

Complaint in U. S. Securities and Exchange Commission v. Z-Par Holdings Inc., Z-Par Investment Fund II, Larry Michael Parrish, and Michael Edward Zimmerman, as defendants, and Edward Akopian and Capital Ban Corp., as relief defendants, at the U. S. District Court for the District of Maryland.

Italy: Francesco Ambrosio et al

April 14, 2005

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Italy into Francesco Ambrosio, David Zilberstein and others for alleged bankruptcy fraud and money laundering regarding the bankruptcy of an Italian company called Italgrani and its subsidiaries.

Kestrel Stock Trading Co. Ltd. v. Daventree Trustees Ltd. et al: Originating Summons (HPH Settlement)

February 4, 2005

Originating Summons in Kestrel Stock Trading Co. Limited v. Daventree Trustees Limited, of Cyprus; Daventree Resources Limited, of Belize; Tomas Sevcik, of Czech Republic; Christina Sarris, of Cyprus; Polakis Sarris, of Cyprus; Boris Vostry, of Belize; Santiago Gomez, of Belize; Juraj Siroky, of Slovak Republic; HPH Protektor Limited, of Liechtenstein; Harms Holdings Co. Limited, of Cyprus, and Deneb Shipping Limited, of Cyprus, at the Grand Court of the Cayman Islands.

Italy seeks evidence from Delaware-domiciled Willow Aviation Inc.

January 31, 2005

Article based on an application for the appointment of a Commissioner to collect evidence for a criminal investigation into alleged racketeering and money laundering - pursuant to a request for judicial assistance from Italy - that was filed at federal court in the USA on December 30, 2004. Individuals and businesses mentioned in the request for assistance are Anemolo-Cellamare, Ivan Babic, Stanko Subotic, Willow Aviation Inc., Jack Prewitt & Associates Inc., and Sdrecko Kestner.

Italy: Anemolo-Cellamare Family et al

December 30, 2004

Case 1:04mc234 - Request from Italy for Judicial Assistance in Criminal Matters in the Matter of Anemolo-Cellamare, et al - U. S. District Court for the District of Delaware - December 30, 2004

United Kingdom: Michael Voudouri et al

December 22, 2004

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the United Kingdom for alleged tax evasion and money laundering by Michael Voudouri and others.

Russia: Alexander Ivanovich Tugushev

November 24, 2004

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Russia into Alexander Ivanovich Tugushev, who is suspected of paying US$3.7 million in bribes to government officials in return for commercial fishing licenses.

Another credit card processor subpoenaed by the IRS as part of investigation into offshore tax evasion

September 9, 2004

Total Systems Services Inc. has become the latest third party credit card processor to be ordered to turn over client records to the IRS as part of its offshore tax evasion investigation. An order allowing the IRS to serve a

IRS receives permission to serve subpoena on First Data Corp.

August 12, 2004

The world's largest processor of credit card payments has been ordered by a United States court to assist the IRS in its investigation into tax evasion using offshore accounts.First Data Corp. must turn over information about transactions by holders of American Express, Visa and MasterCard credit cards that were issued by or on behalf of certain offshore financial institutions.

USA v. Funds on Deposit at Bank Julius Baer & Co. et al: Complaint

May 14, 2004

Complaint in USA v. All Funds on Deposit at Bank Julius Baer & Company, Ltd., Credit Suisse (Guernsey) Limited, and Eurofed Bank Limited in the names of Pavlo Lazarenko, Pavel Lazarenko, Samante Limited, and Alexander Milchenko at the U. S. District Court for the District of Columbia.

Russia: Genadiy Dmitrievich Khort

April 1, 2004

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Russia into Genadiy Dmitrievich Khort for allegedly misappropriating funds belonging to Northern River Shipping Company.

U.S. to seek extradition of two British nationals in alleged offshore reinsurance scam

March 31, 2004

Several offshore reinsurers have been implicated in an alleged $45 million health insurance scam in the United States. The reinsurers, formed in Aruba, Belgium, the Cook Islands, Cyprus, and Ireland, have allegedly failed to pay claims to small businesses and

Latvia: Carrion Venture LLC

March 26, 2004

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Latvia into alleged smuggling and customs fraud involving Carrion Venture LLC, with an address in Delaware.

USA v. Michael Arthur Reeve et al: Criminal Indictment

March 25, 2004

Criminal Indictment in USA vs. Michael Arthur Reeve, John Anthony Claro, Jack H.M. Ferguson, Milton Doke Wilkinson, Gary I. Hoskie, James Arthur Glidewell, and Euan David McNicoll at the U. S. District Court for the Southern District of Texas.

Greece: Dimitrios Manolatos

January 27, 2004

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Greece into Dimitrios Manolatos for alleged narcotics trafficking while serving as the Captain of the Avra D cargo ship.

Newt Utopia: November 30, 2003

November 30, 2003

Independence - St. Kitts and Nevis Nevis is moving slowly towards independence. There are many issues governing that decision, but the mood of the people is neither jubilant or angry but, rather, reflects a studied approach to their situation. A

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.

France: Jean-Pierre Ablard

October 10, 2003

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in France into Jean-Pierre Ablard for alleged distribution of child pornography.

Ukraine: Pavel Lazarenko et al (2003)

April 23, 2003

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Ukraine into Pavlo Ivanovych Lazarenko, Mykola Ivanovych Agafonov, Petro Mykolayovych Kyrychenko and Igor Oleksandrovych Polozhentsev for alleged embezzlement.

Omnicorp Bank principals start new scheme

January 31, 2003

Following the collapse of their insolvent financial group in St. Vincent & the Grenadines amid suspicions of fraud, the principals of Omnicorp Bank and its affiliates are starting a new investment scheme based in Cyprus. The management is the same as Omnicorp's and includes Canadians Nelson Bayford, Lloyd Merrifield and Gary L. Moore, the latter of whom settled an SEC stock fraud lawsuit in 2000 by agreeing to disgorge $24,175.

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.

Liechtenstein: Juan Carlos Saavedra Molina et al

June 14, 2001

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Liechtenstein into Juan Carlos Saavedra Molina and others for the alleged laundering of the proceeds of narcotics trafficking.

Leon Brener v. Malcolm Alan Novack et al: Complaint

January 11, 2001

Complaint in Leon Brener v. Malcolm Alan Novack, Marilyn Novack, Watermark (International) Holdings Ltd., Buckingham Holdings International Ltd., Pembroke Trading Company Ltd., and Gabelle Holdings Ltd. at the U. S. District Court for the Southern District of Florida.