Newt Utopia: Newt Utopia: Latest Developments in Dominica, Bermuda and China
Dominica; Bermuda; and China - there're coming.
United Kingdom: Shinder Gangar et al (Texas)
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the United Kingdom into Shinder Gangar and others for alleged investment fraud.
United Kingdom: Shinder Gangar et al (Florida)
Application for the appointment of a Commissioner to collect evidence for a criminal investigation into alleged investment fraud and money laundering by Shinder Gangar and others.
Russia: Vladimir Menshikh
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Russia into Vladimir Valeryevich Menshikh for alleged fraud.
Another credit card processor subpoenaed by the IRS as part of investigation into offshore tax evasion
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
Newt Utopia: And Justice For All … Caribbean Style
A look at the pros and cons of the Caribbean Court of Justice.
IRS receives permission to serve subpoena on First Data Corp.
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.
Banc Caribe Ltd.: Section 304 Petition
Section 304 Petition for Assistance in Insolvency Proceedings in Dominica by Marcus Wide, as the Foreign Representative of Banc Caribe Ltd., at the U. S. Bankruptcy Court for the Southern District of Florida.
Newt Utopia: Around the Caribbean
The Bahamas, St. Kitts &Â Nevis, Dominica, Grenada, FATF/OECD, ECCBÂ Nations, Offshore Gaming, and Newt's right - again.
House painter turned trader indicted in Oregon for forex scam
A house painter who held himself out to be an international currency trader and funneled the public's money through offshore accounts has been criminally indicted in the United States. Russell Warren Brent Cline, of Oregon, faces 39 counts of mail
Newt Utopia: Around the offshore world
A look at the Comoros Islands, specifically the Anjouan Offshore Finance Authority; Bermuda, Nevis, Dominica, and Nauru.
Banc Caribe and former principals lose key U. S. court rulings
A now-defunct offshore bank and two of its former principals have lost key court rulings in a fight for control of more than $5 million with the Receiver of a Ponzi scheme group known as Cash 4 Titles.
Newt Utopia: March 31, 2004
Around the Caribbean Antigua is completely and totally Birdless 90% plus of those eligible to vote queued up in the rain to cast their ballot. People stood in lines for hours to make their mark and boy did they. It
Newt Utopia: A refinery for Dominica – I think not!
Fiscal Alchemy: Dominica and a Refinery - NOT!
Newt Utopia: Flu fraud, gaming and some nice quotes …
Flu fraud?; Gaming; and Some nice notes.
Banc Caribe investigation turns to Florida
Article based on an application to collect evidence - pursuant to a request for judicial assistance from Germany - that was granted at the U. S. District Court for the Northern District of Alabama on November 26, 2003. Individuals and businesses mentioned in the request for assistance include SouthTrust Bank, Ferdinand Hoischen, Jonny Franke, Banc Caribe Ltd., AIF Bank & Trust Ltd., American Investment & Finance Corp., American Investment & Finance Service Corp., Orion Technology & Commerce Corporation, Orion Technology, Handelsgesellschaft GmbH, and Pershing Securities Ltd.
IRS accesses records of Florida card processor
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.
Germany: Ferdinand Hoischen et al
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Germany into Ferdinand Hoischen and Jonny Franke for suspected fraud and money laundering.
Forex ‘trader’ sues bankrupt firm for commissions on alleged profits
An offshore company which collapsed with massive losses amid allegations of fraud is being sued by a purported forex trader who claims he is owed commissions for making it a profit.Igor Toshchakov, of Los Angeles, California, filed a lawsuit against Orion International LLC, of Western Samoa, and its President, Russell B. Cline, at the U. S. District Court for the Central District of California on August 14, 2003.
Newt Utopia: Dominica’s oil and gas monster
Dominica appears to be embarking on another improbable monster project; an oil and gas refinery. The improbable monster project prior to this was an aluminum smelter; an improbability because Dominica lacks the power infrastructure to supply such a thing.
‘Banc Caribe action has no adverse effect on our bank’, says NCB
Letter to the Editor of OffshoreAlert from National Commercial Bank of Dominica Regarding Banc Caribe.
Nevis firms sue alleged investment fraudsters
Four Nevis-registered firms who were members of a sham offshore credit union have filed a lawsuit alleging they were defrauded of approximately $3.7 million in a bogus foreign currency trading scheme.
Diamond Investment Group LLC, Index Management Systems LLC, Austin Enterprises LLC and Bonita Holdings LLC filed an action at the U. S. District Court for the District of Oregon on July 11, 2003.
US court freezes assets of Dominica Gov’t-controlled bank
Nearly $5 million belonging to the government-controlled National Commercial Bank of Dominica has been frozen in the United States after an offshore bank client was found to be in contempt of court.The U. S. District Court for the Northern District of Illinois froze $4,793,472 at NCB's correspondent account at the Bank of America in Miami, Florida on July 9, 2003.
CFTC sues forex firm whose ‘head’ trader’ was a house painter
A federal judge in Oregon has frozen the assets of several parties accused of operating an alleged foreign currency trading scam headed by former house painter Russell Cline and with ties to the Caribbean island of Dominica.
Investor sues house painter-turned-forex trader
A collapsed offshore forex fund whose head trader was a house painter is being sued by an investor that claims to have lost $4.817 million.The investor, Nevis-registered Worldwide Financial Services LLC, claims the fund, known as Orion International, was operated as a Ponzi scheme.
Offshore bank owner Ferdinand Hoischen arrested in Germany
An offshore banker and an associate have been arrested in Germany on charges of perpetrating an $82 million fraud against approximately 7,000 investors, most of whom are believed to be German nationals.Ferdinand Hoischen, 53, of Vetlanda, Sweden, and Jonny Franke, 49, of Pirna, Germany, were arrested on Monday, March 31, 2003, according to a source who is familiar with the investigation.
Forfeiture complaint filed against Euro Bank account
The United States government has filed a forfeiture complaint against an offshore bank account that it claims contains some of the proceeds of an advance fee fraud that cheated more than 400 people out of at least $60 million.The action was filed on February 23, 2003 at the U. S. District Court for the Northern District of Florida against a bank account in the name of Nevis-registered Rosie Capital LLC at Euro Bank Corp. (in liquidation), of the Cayman Islands.
Estate of cancer victim sues asset protection firm
Asset protection firm Merrill Scott & Associates (in Receivership) helped a U. S.-based doctor hide millions of dollars from his creditors, including a woman dying from cancer, it has been alleged.
MSA set up offshore structures for Dr. Thomas Shelton Powers in several offshore centers, including the Bahamas, Belize, British Virgin Islands, Cayman Islands, Dominica, Nevis and Panama, according to a complaint filed at the U. S. District Court for the Southern District of Texas on December 24, 2002.
Newt Utopia: Domicile Round-Up
Cayman Islands;Â Dominica; Antigua and Barbuda; St. Kitts & Nevis; and United States currency is being redesigned - again!!!
Insider Talking: February 28, 2003
Christopher Stone, ex-Managing Director of now-defunct, Dominica-based Investors Bank and Trust Ltd. was released from custody in Belgium in February on bail of 125,000 Euros, said a source; A default judgment for $130 million was entered against Bahamas-registered Vavasseur Corp. at the U. S. District Court for the Western District of Virginia on February 21, 2003 for its part in an international Ponzi scheme; Grenada Supreme Court issued a $125 million judgment against Van Arthur Brink, a.k.a. Gilbert Allen Ziegler, former head of the First International Bank of Grenada; Allen Wheatley, former Financial Secretary of the British Virgin Islands, was sentenced to serve five months in prison on February 17 after being found guilty of corruption charges; Cayman Islands-based businessman Kenneth Dart has acquired a 5.7 per cent stake in financially crippled, Bermuda-based insurance firm Mutual Risk Management; British trader Sean Alexander Quinn, 36, was released from prison in Barbados on December 5, 2002 after pleading guilty to an amended charge of money laundering; Receivers for the fraudulently-operated asset planning group Merrill Scott & Associates have found $1.03 million of assets in the Cayman Islands; The Bahamas Ministry of Finance expects to receive a report on the status of the financially-troubled Bahamas International Securities Exchange in the first week of March, 2003; The number of companies incorporating in the Cayman Islands has steadily decreased over the last three years, according to a report by Cayman Net News based on information provided by the Registry General; Florida-based Briton Edward Myles Chism Jr., 63, was taken into custody in Florida on February 7, 2003 - one day after being criminally indicted on three counts of tax evasion at federal court in Miami; Bermuda may be about to lose its grip at the top of the offshore world; and The Irish Minister for Justice has applied to Ireland's High Court for an order directing the Cayman Islands branch of Ansbacher International to pay US$3.1 million to cover the costs of a long-running inquiry into corruption and tax evasion.
Banc Caribe owner criticizes regulators
A part owner of the latest offshore bank to be closed down in Dominica has accused regulators of acting on incorrect information supplied by disgruntled management who had been fired only days before.
"The government has made a dirty deal with the old management," said Ferdinand Hoischen, a German lawyer who beneficially owns Banc Caribe with Jonas Persson, of Sweden. "This is very political."
Terry Dowdell pleads guilty to fraud
A business associate of the now-closed Overseas Development Bank & Trust Ltd., of Dominica, has pleaded guilty to 20 felony charges, including securities fraud, money laundering and wire fraud.The charges relate to a multi-million dollar fraudulent trading program that Terry L. Dowdell operated through his Bahamas-registered firm, Vavasseur Corporation, starting in 1998.
Newt Utopia: November 30, 2002
Dominica Dominica and her citizens are still languishing. The new International Financial Center has opened and by all accounts it is a beautiful building. The idea behind the International Financial Center was to ramp up Dominica's offshore financial services sector
IMT promotes ‘High Yield investments’ at Dominica’s airport
Peddlers of "High Yield Investments" normally solicit business in hushed tones at churches and private offices, so dubious are their products.Not so International Management & Trust Services Inc., which has the words emblazoned in large, upper case letters on a
Newt Utopia: October 31, 2002
Diamonds have been a symbol of status, power and wealth for as long as history has records. One of the most famous, the Koh i Noor or Mountain of Light, came from the historical diamond mines of the Kollur gorge
Former offshore banker David Taylor arrested in UK fraud investigation
The former General Manager of Overseas Development Bank & Trust, of Dominica, and three accountants in the United Kingdom have been arrested as a part of an investment fraud investigation.David Taylor was arrested and granted police bail in Leicestershire, England, in October, along with Shinder Singh Gangar, Alan White and Ian Collins.
Unlicensed fund ‘Orion International’ collapses
In a collapse that is strikingly similar to The Genesis Fund, a Dominica-based group also purporting to trade foreign currency has informed its clients that virtually all of their funds have been lost.Russell Cline, "Head of Trading" of Orion International, posted a letter on its web-site at www.orionfx.com in August, 2002 stating that "in excess of 90%" of pooled money had gone.
Newt Utopia: September 30, 2002
Dominica is a beautiful island nation between Guadeloupe and Martinique with about 65,000 residents. Its major attraction is also its major obstacle to development. That is the rugged terrain of the island. It has surface volcanic activity evident at Boiling
Insider Talking: September 30, 2002
The Imperial Consolidated fraud has taken a further turn for the bizarre with the distribution in September of several press releases, masquerading as news stories, by a newly incorporated British company called Matrix International (Management) Ltd., whose commercial address is
Richard Downes sentenced to 33 months in prison
Richard F. Downes, a former director of Dominica licensed Overseas Development Bank & Trust, has been sentenced to 33 months in prison for conspiracy to commit money laundering. Downes has also been ordered to pay restitution of $48,339 and he
United Kingdom: Neil Edward Walker et al
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the United Kingdom into Neil Edward Walker, James George Thomas Brooman, Ian David Cale, Irnraan Abid Karim, Barrie John Connor, Timothy Theobald, David Hodgson, Simon Morley, Craig Mark Ireland and Iftekhar Ahmed for alleged tax fraud.
USA v. Richard F. Downes: Criminal Judgment
Judgment in a Criminal Case in USA v. Richard F. Downes at the U. S. District Court for the Southern District of Florida.
USA v. Richard F. Downes: US Response to Defendant’s Factual Objection
United States' Response to Defendant's Factual Objection and Motions for Downward Departure in USA v. Richard F. Downes at the U. S. District Court for the Southern District of Florida.
USA v. Richard F. Downes: Objection to Presentence Report
Defendant's Objection to Presentence Report and Motion for Downward Departure in USA v. Richard F. Downes at the U. S. District Court for the Southern District of Florida.
Insider Talking: August 31, 2002
European Federal Union Bank Ltd. falsely claims to be based in Antigua; Barbados Central Bank revokes license of Keywest Swiss Investment Bank Inc.; DIAK Bank's Clifford Pitt fails in an attempt to quash a subpoena duces tecum; John Wayne Zidar is gound guilty of fraud and money laundering; US federal court approves IRS motion to serve John Doe summons on MasterCard International for investigation into tax evasion using offshore credit cards; Offshore bankers Julien Giraud and Brian Boeger have each been sentenced to 37 months in prison in the United States; and an auction of property belonging to Imperial Consolidated is due to take place in England.
Dominica regulators take over Investors Bank and Trust
Investors Bank and Trust Ltd., formerly known as Overseas Development Bank and Trust Ltd., has been taken over by regulators in its home jurisdiction of Dominica.PricewaterhouseCoopers was appointed controller of the bank on August 20, 2002 because IBT was "insolvent" and "unable to meet its obligations", according to Prime Minister Pierre Charles.
USA v. Brian Boeger: Criminal Judgment
Judgment in a Criminal Case in USA v. Brian Boeger at the U. S. District Court for the Southern District of Florida.
Former offshore bankers Giraud and Boeger received 37-month prison terms
Former offshore bankers Julien Giraud and Brian Boeger have each been sentenced to 37 months in prison in the United States.Giraud was also fined $7,500 and they were both ordered to jointly and severally pay $194,000 in restitution.
USA v. Julien Giraud: Criminal Judgment
Judgment in a Criminal Case in USA v. Julien Giraud at the U. S. District Court for the Southern District of Florida.
Former BTCB boss gets 30 months in prison, another banker admits laundering
Rodolfo Requena, the former Chairman/President of now-defunct British Trade and Commerce Bank, of Dominica, has been sentenced to 30 months in prison for money laundering.Requena, 51, was sentenced on July 17, 2002 at the United States District Court for the Southern District of Florida, in Miami. He also received two years of supervised release.Â