Guernsey

Insider Talking: December 7, 2006

December 7, 2006

Nearly six years after being forced into Receivership and then provisional liquidation, Suisse Security Bank & Trust Limited has finally gone into official liquidation in the Bahamas; MBNA America Bank NA obtained an order of garnishment at the Circuit Court for the 11th Judicial Circuit, Miami-Dade County, Florida on October 30, 2006 that allows it to garnish assets up to $44,143, plus costs of $198, at Eastern Financial Bank that are beneficially owned by St. Kitts-based financial services provider M. Irvin BonCamper; The Swedish Financial Services Authority, known as Finansinspektionen, has issued a public warning about Charterhouse Trust Credit Union, which was exposed by OffshoreAlert as long ago as May 31, 2002; An order to compulsorily wind-up International Alliance Insurance Limited was entered at the Royal Court of Guernsey on April 4, 2006, with Anthony Christian Pickford and James Robert Toynton, of Chandlers Limited, appointed joint liquidators; and The U. S. SEC announced on November 28, 2006 that the U. S. District Court for the Southern District of New York entered a preliminary injunction on November 14, 2006 barring Ian Scott from pursuing litigation in the Federation of St. Kitts and Nevis.

U. S. indicts offshore gaming operators

May 18, 2006

A 13 month old criminal indictment against two individuals and two corporations involved in offshore gaming has been unsealed in the United States. Defendants William Paul Scott, 65 Jessica Pauline Davis Dyett, 35 Soulbury Ltd., a “bearer share” corporation formed

Insider Talking: April 6, 2006

April 6, 2006

Nicolas Eugene Grant St. James charged with cannabis possession in UK, a look at the record of criminal-friendly judge Jon Isaacs in the Bahamas, liquidator of Suisse Security Bank and Trust charges creditors extra if they want to receive his creditors' reports, long after denying it, Marcus Queree acknowledge's fraudster Robert Raven's involvement in the group of companies known as 'Sidera'; and a look at CFTC Chairman Reuben Jeffery III's role in one of the biggest insurance frauds in history.

John G. Pitman et al v. Seed International, Ltd. et al: Amended Complaint

March 30, 2006

Amended Complaint in John G. Pitman and Susan Pitman v. Seed International, Ltd., Ocean International Marketing, Ltd., Architects of Wine, Ltd., A.V.E. International, Kensington Corporation, Ltd., Paradigm Holdings Limited, OptiDisc International Limited, CD Fender, Churchill Associates, Ltd., Heros Global Marketing Services, Ltd., Paradigm Wine Services, Ltd., New Fine Wines International, Ltd., Paul Freeman, Robert John Middlemiss, Denver Andersson, David Wilcock, Phillip Beasley, Fred Hagelberg, Trevor Burroughs, Giles Cadman, Craig Garrett, Desmond Jackson, Anil Kohli, Jadon Schmidt, and Robin Loxton at the U. S. District Court for the District of New Jersey.

Czech Republic: Alexandr Nestera et al

March 30, 2006

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the Czech Republic into Alexandr Nestera, Jakub Dolezal, Svetlana Klimova, Milos Luka and Zdenek Jezek for alleged fraud.

Russia: VN Daginov (Florida)

March 6, 2006

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Russia into Vitali Nicolaevich Daginov for alleged theft from Kalmneft JSC, Glencoe International AG and Briarwise International Ltd.

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.

Belarus: Belarusian Steel Works

August 6, 2005

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Belarus into corruption, bribery and fraud involving Belarusian Steel Works, including an alleged bribe by SP Klemantovich to VV Fillippov while the latter was Director General of the Belarusian Steel Works.

Here we go again: Citco accused of distributing false NAVs

August 3, 2005

An offshore fund administrator in the Netherlands Antilles has been caught up in a second hedge fund scandal in less than two years.Citco Fund Services (Curacao) NV is a defendant in a civil lawsuit filed on June 9, 2005 by investors in Dobbins Offshore, which was registered in the British Virgin Islands. KPMG (Netherlands Antilles), as the Fund's auditor, is also a defendant. The plaintiffs include companies in the Cayman Islands, France, Luxembourg and Switzerland.

US Gov’t applies to seize funds at Julius Baer (Guernsey)

January 31, 2005

The United States Government has applied to seize funds held at Bank Julius Baer in Guernsey that are believed to be the proceeds of health care fraud. A forfeiture application was filed at the U. S. District Court for the Northern District of Texas on December 10, 2004 against approximately $3.4 million of funds held in an account in the name of AsiaTrust Limited as Trustee of The Cyreal Trust (formerly known as The Big Train Irrevocable Trust) located at Bank Julius Baer & Company (Guernsey), and four associated investment portfolio accounts.

Ex-Imperial Consolidated officer sued for $120 m

January 10, 2005

A British national who was arrested on Christmas Eve as part of an investment fraud investigation has now had a civil lawsuit filed against him in which $120 million is being sought on behalf of alleged victims. The action was filed at the U. K. High Court on January 5, 2005 by the liquidators/administrators of five corporate members of the Imperial Consolidated Group, which operated in England and offshore centers before collapsing in 2002 owing approximately US$400 million.

Lithuania: JSC Sidabrine Menke

December 30, 2004

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Lithuania into fraud involving Jonas Disleris and JSC Sidabrine Menke.

Utah church-goers claim scam after being offered returns of 100% per month

November 30, 2004

Church-goers in Utah are among investors who claim they were defrauded out of $2.5 million after being promised "guaranteed minimum" returns of 100 per cent per month.The "promised" returns should have come to more than $300 million in a 12-month period, according to a civil lawsuit that was filed at the U. S. District Court for the District of Utah on November 15, 2004.

John G. Pitman et al v. Seed International, Ltd. et al: Complaint

November 19, 2004

Complaint in John G. Pitman and Susan Pitman v. Seed International, Ltd., Ocean International Marketing, Ltd., Architects of Wine, Ltd., A.V.E. International, Disney Limited, Kensington Corporation, Ltd., Paradigm Holdings Limited, OptiDisc International Limited, Churchill Associates, Ltd., Heros Global Marketing Services, Ltd., Paradigm Wine Services, Ltd., New Fine Wines International, Ltd., Paul Freeman, Robert John Middlemiss, Denver Andersson, David Wilcock, Phillip Beasley, Fred Hagelberg, Trevor Burroughs, Giles Cadman, Craig Garrett, Desmond Jackson, Anil Kohli, and Robin Loxton at the U. S. District Court for the District of New Jersey.

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.

Lancer Receiver sues financial institutions for over $17 m

July 31, 2004

The Receiver of the Lancer Offshore group has filed a lawsuit against 26 financial institutions and other firms in an attempt to recover more than $17 million of allegedly fraudulent transfers.Defendants include companies from Bahrain, Bermuda, Canada, the Cayman Islands, Guernsey, the Isle of Man, Luxembourg, Monaco, Switzerland, the United Kingdom, and the United States.

Judgment against LOM and RBC appears to be defective

July 17, 2004

A $6.4 million default judgment in the United States against offshore investment firm Lines Overseas Management Ltd. and an offshore brokerage arm of the Royal Bank of Canada appears to be legally defective.Research by OffshoreAlert indicates that the summonses against LOM and RBC Dominion Securities were served improperly in December, 2001, meaning that the judgment, that was entered on July 1, 2004, should be dismissed if challenged.

Indosuez Eastern Europe Fixed Income Fund Ltd.: Section 304 Petition

July 6, 2004

Section 304 Petition for Assistance in Insolvency Proceedings in the British Virgin Islands by Stephen Akers and Terry Carson, as the Foreign Representatives of Indosuez Eastern Europe Fixed Income Fund Ltd., Clariden Eastern Europe Debt Fund, Ltd., and Safra Eastern Europe Fixed Income Fund, Ltd., at the U. S. Bankruptcy Court for the Southern District of New York.

Freeze order against offshore accounts tied to former Ukraine PM Pavlo Lazarenko

May 31, 2004

A United States court has issued an order freezing offshore bank accounts associated with former Ukraine Prime Minister Pavlo Lazarenko which are believed to contain approximately $273 million. A restraining order was granted by the U. S. District Court for

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.

Investors sue Lancer Group service providers for $570 m

March 18, 2004

Eighty-six investors from 19 countries who claim to have invested more than $570 million in the Lancer Offshore Group have filed a lawsuit against its directors, administrator, auditor and prime broker. The three biggest claimants are all based in Montreal, Canada: Fondation Lucie et Andre Chagnon, a charity with a claim for $100 million; Bombardier Inc., the world's biggest train maker and third largest civil aircraft manufacturer whose pension fund has a claim for $68 million; and the University of Montreal's pension fund, with a claim for $67 million.

Citco slammed by Lancer Group Receiver

January 31, 2004

An offshore fund administrator has been accused of "impeding" the investigation in the United States into the $600 million collapse of the Lancer group of hedge funds. Citco Fund Services (U.S.A.) Inc. has refused to turn over records concerning BVI-registered Lancer Offshore Inc. and The OmniFund Ltd., which its Netherlands Antilles affiliate administered.

Insider Talking: December 31, 2002

December 31, 2002

UK-based Capital City Finance Limited, which was formed on August 20, 2001 as a spin-off from the Imperial Consolidated Group, is three and a half months overdue with the filing of its annual return with Companies House for England and Wales; If clients of St. Vincent-licensed Omnicorp Bank needed further evidence that they are being taken to the cleaners by the bank's management, there has been plenty of it recently; Investment fraudster Tracy Calvin Dunlap, Jr. was sentenced to 27 years in federal prison on December 19, 2002 at the United States District Court for the Middle District of North Carolina.; Steve Saemmler Klein, who operates a dubious Belize-based offshore group known as Grupo CAT, has apparently gone missing; and Alyn Richard Waage, 56, of Canada, and James Michael Webb, 40, of California, were extradited on December 19, 2002 from Costa Rica to Sacramento, California to face numerous federal charges relating to the Tri-West Investment Club, an Internet-based investment fraud scheme that allegedly netted more that $60 million.

Terry Dowdell pleads guilty to fraud

December 31, 2002

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.

United Kingdom: Neil Edward Walker et al

September 30, 2002

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.

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.

LOM (Holdings) Limited: Information Memorandum

July 19, 2001

Information Memorandum for LOM (Holdings) Limited, filed with the Bermuda Stock Exchange.

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.

OECD backs off publishing an offshore ‘hit list’

April 30, 2000

The much-vaunted publication of a tax haven 'hit list' by the Organisation for Economic Co-operation and Development has been put off for at least a year. The OECD had planned to name those territories deemed to engage in "harmful tax practices" in June of this year, after which the 29 OECD member countries would seek to punish those on the list by introducing "defensive measures".

TCI Police asked to investigate alleged stock fraud against Asian investors

July 31, 1999

Police in the Turks & Caicos Islands are to be asked to investigate a company that was allegedly used to defraud mainly Asian investors, according to a recent report in the South China Morning Post in Hong Kong."Peddlers of worthless shares in the Grand Financial Fund, Equity Mutual Trust and Mercantile Securities now appear to be working from the Turks and Caicos Islands," stated the newspaper in an article published on July 12, 1999.

Interclaim (Bermuda) freezes $200 m of assets controlled by callous white-collar criminals

March 31, 1999

Debt recovery firm Interclaim (Bermuda) Limited made international headlines recently after a series of daring legal manoeuvres in several countries against the type of heartless criminals who have become accustomed to getting away with their crimes.The company, which operates from Dublin, Ireland, has successfully frozen in the region of US$200 million of assets linked with Blair Down, a Canadian businessman who created his wealth by ripping off the elderly.

Edwards Report on Crown Dependencies urges assistance with tax evasion investigations

October 31, 1998

If offshore practitioners in UK Overseas Territories are looking for an indication as to what they can expect in the forthcoming Government white paper on their review, they could do a lot worse than study the recently published report by

Mexico acts to curb offshore money transfers

March 24, 1997

The Mexican government has amended the country's tax laws to try to curb the massive outflow of capital being lost to the world's tax havens.