Ian James Plummer: Disqualification
Ian James Plummer - Disqualified Directors - Isle of Man Supervision Commission
‘Newt Utopia wrong about Isle of Man Investment Business Order’, says local regulator
Dear Mr Marchant We read with interest Issue 93 of Offshore Alert (31 October 2004), in particular, the article on the Isle of Man Investment Business Order 2004 under "Newt Utopia". This article has a number of inaccuracies contained within
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.
Newt Utopia: October 31, 2004
The Isle of Man Financial Supervision Commission has announced approval of the Investment Business Order of 2004, which is an updated version of, and replaces, the Investment Business Order of 1991; EU Directive to Impact UK/Caribbean Trust Business; The U. S. Wakes Up - I think; St. Kitts and Nevis: Denzil Douglas is back; and US Elections - The gimlet eye.
Peter Michael Bond: Disqualification
Peter Michael Bond - Disqualified Directors - Isle of Man Financial Supervision Commission
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.
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
US taxpayer fined $5,000 per day for non-production of offshore trust records
A United States court has imposed a $5,000 fine on a taxpayer for every day that he fails to turn over records of his Bahamas trust to the IRS.If John F. Eulich, of Dallas, Texas, has not produced them by September 15, 2004 - 30 days after the start of the penalties - the fine will be increased to $10,000 per day.
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.
Spain seeks evidence in Florida for money laundering investigation
Article based on an application to collect evidence for a criminal investigation into alleged money laundering - pursuant to a request for judicial assistance from Spain - that was filed at federal court in the USA on June 30, 2004. Individuals and businesses mentioned in the request for assistance include Domingo Tarruella Dalmau, Roberto de Luca, Carlos Augusto Quintero Patino, Robert P. Gleusner, Brian Lennon, Ronald Reed, Manuel Lao Hernandez, Alicia Esther Franch, International Gaming Manufacturing, a.k.a. Leisure & Gaming Corporation; Forum Technology Ltd., Winner Group SA, J.L.M. Trading Corp., Hoboken Floramerica, Pacific Seafood Inc., Lakeview Flowers Inc., Surhtos Inc., Floramerica Inc., Big Plantain American Inc., L&G Corporation, Blazing Ltda, Enkor Business Corporation, Beauport Commercial, Atronic, Unidelca SA, Super Siete, Tuworld Inversora SA, Edsaco Ltd., Nova Atlantis SA, Consultoria International, Merrydown Ltd., Meadowside Management Ltd., Luis Flores, Barclays Bank, NationsBank International, Lloyds TSB Bank, ABN AMRO and Banco Ganadero.
Lancer Receiver sues financial institutions for over $17 m
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.
Insider Talking: June 30, 2004
In separate actions, the Cayman Islands Monetary Authority has announced its intention to revoke the Mutual Fund Administrator's license held by Signature Financial Group (Grand Cayman) Ltd., c/o P. O. Box 2494 GT, Grand Cayman, and that it has revoked the unrestricted Class 'B' Insurer's License held by Potomac Indemnity Company, effective April 6, 2004; Controversial newsletter publisher Pirate Investor LLC has obtained a subpoena against Yahoo! Inc. as part of its attempt to identify an anonymous Internet user who is suspected of a breach of copyright; The Isle of Man Financial Supervision Commission issued notices over April-June, 2004 urging the public to "exercise the greatest possible caution" when dealing with several businesses; The Office of the Comptroller of the Currency, which regulates national banks in the United States, has issued advisories several 'banks'; If anyone wants a blueprint of how not to attempt to transport more than $10,000 out of the United States without correctly filling out the proper Customs forms, they could do a lot worse than study the case of 23-year-old Bahamian national Antunya Shenique Rahming; A Costa Rica-based private bank that targeted expatriates - Corporación Elca, S.A., more commonly known as Banco Elca - has been closed down by local regulator Superintendencia General de Entidades Financieras; Evidence of corruption against Grenada's Prime Minister Keith Mitchell and former Director of Public Prosecutions and current "Special Prosecutor" Hugh Wildman while he was Director of Public Prosecutions was referred to in a Judgment delivered in the UK High Court on June 24, 2004 in a civil lawsuit that had been filed against former First International Bank of Grenada CEO Lawrence Victor Jones by his former fiancé, Kerry Cox; Apart from being home to many a fraudulently-operated offshore company, the South Pacific island of Niue is also one of the biggest producers of Internet pornography in the world; The Australian Securities and Investments Commission announced on June 11, 2004 that it had concluded its proceedings in the Supreme Court of New South Wales against Trans Pacific Insurance Corporation, a Cayman Islands-registered insurers, and Triton Underwriting Insurance Agency Pty Ltd.; and Under the Progressive Labour Party Government, Bermuda — for so long a model, small-country jurisdiction — is hurtling towards being as openly corrupt as any of the islands in the Caribbean that it has historically looked down on.
Argentina family sues Merrill Lynch (Cayman)
An Argentina-based family is suing Merrill Lynch's operation in the Cayman Islands and New York for $1.3 million, alleging mismanagement of funds held in a trust.
The beneficiaries of the Trust of Raquel Calles de Edelman claim that Merrill Lynch money managers in the Isle of Man lost that amount by altering the Trust's investment profile from "conservative" to "moderate to aggressive" without authorization.
Spain: Domingo Tarruella Dalmau (Florida)
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Spain into Domingo Tarruella Dalmau and others for alleged money laundering.
John Palmer: Disqualification
John Palmer - Disqualified Directors - Isle of Man Financial Supervision Commission
ABN AMRO, Inc. v. Capital International Limited et al: Complaint
Complaint in ABN AMRO, Inc. v. Capital International Limited and Eirles Four Limited at the U. S. District Court for the Northern District of Illinois.
Investors sue Lancer Group service providers for $570 m
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
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.
USA v. Gilbert A. Ziegler et al: Second Superseding Indictment
Second Superseding Indictment in USA vs. Gilbert Allen Ziegler, a.k.a. Van Arthur Brink; Rita Regale, a.k.a. Rita Brunges; Douglas Ferguson, Robert Skirving and Laurent Barnabe, a.k.a. Larry Barnabe, at the U. S. District Court for the District of Oregon.
Geoffrey Alfred Brew: Disqualification
Disqualified Directors - Geoffrey Alfred Brew - Isle of Man Financial Supervision Commission.
$3 m fraud judgment against associates of Charles Givens and David Tedder
A Florida court has awarded $2.97 million against three parties who were part of a scheme to defraud a now defunct financial adviser which was itself perpetrating a 'get rich quick' scam.The judgment was entered on April 2, 2003, the
West East Private Investments Limited
West East Private Investments Limited - Enforcement Actions - Isle of Man Financial Supervision Commission
Endovasc Ltd. Inc. v. JP Turner & Co. LLC et al: Second Amended Complaint
Second Amended Complaint in Endovasc Ltd. Inc. v. J.P. Turner & Co. LLC, KCM Group LLC, The Keshet Fund LP, Keshet LP, Nesher Ltd., Talbiya B. Investments Ltd., Balmore Funds SA, David Grin, LH Financial Services Corp., Laurus Master Fund Ltd., Laurus Capital Management LLC, Celeste Trust Reg, Patrick Power, John Clark, Abraham Grin, Talbiya Ltd., and Keshet Management Inc. at the U. S. District Court for the Southern District of New York.
Stone & Rolls Isle of Man Limited
Stone & Rolls Isle of Man Limited - Enforcement Actions - Isle of Man Financial Supervision Commission
Zeus Investments Limited
Zeus Investments Limited - Enforcement Actions - Isle of Man Financial Supervision Commission
Offshore investors accuse fund manager of swindling them
Investment vehicles registered in Bermuda, the Isle of Man and Delaware claim to have been cheated out of more than $9.5 million by the manager of an investment fund.The culprit was Sloane Robinson Investment (Cayman) Ltd., which was the General Partner and Manager of the S. R. Global International Fund L. P., according to a civil lawsuit.
Laravilla Enterprises Limited
Laravilla Enterprises Limited - Enforcement Actions - Isle of Man Financial Supervision Commission
Endovasc Ltd. Inc. v. JP Turner & Co. LLC et al: First Amended Complaint
First Amended Complaint in Endovasc Ltd. Inc. v. J.P. Turner & Co. LLC, KCM Group LLC, The Keshet Fund LP, Sichenzia Ross & Friedman LLP, Keshet LP, Nesher Ltd., Talbiya B. Investments Ltd., Balmore Funds SA, David Grin, LH Financial Services Corp., Laurus Master Fund Ltd., Laurus Capital Management LLC, Celeste Trust Reg, and Patrick Power at the U. S. District Court for the Southern District of New York.
Lawsuit filed against Caymanx Trust Company and affiliates
A civil complaint has been filed in the United States against several Isle of Man and Cayman Islands registered legal entities by a provider of pre paid cellular telephone services. It is part of a battle for control of Telemac
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.
Endovasc Ltd. Inc. v. JP Turner & Co. LLC et al: Complaint
Complaint in Endovasc Ltd. Inc. v. J.P. Turner & Co. LLC, KCM Group LLC, Kingdon Capital Management LLC, The Keshet Fund LP, Sichenzia Ross & Friedman LLP, Keshet LP, Nesher Ltd., Talbiya B. Investments Ltd., Balmore Funds SA, David Grin, LH Financial Services Corp., Laurus Master Fund Ltd., Laurus Capital Management LLC, Celeste Trust Reg, and Patrick Power at the U. S. District Court for the Southern District of New York.
Brek Energy – past allegations against CFO
OffshoreAlert has uncovered further information casting doubt on the legitimacy of Nasdaq-listed Brek Energy, whose dismal operating results caused the Bank of Bermuda to write off its entire $14.3 million investment.We have obtained details of allegations of impropriety against the firm's Chief Financial Officer in 1995 relating to a former employer.
Paul van der Merwe & Associates DCW Limited
Paul van der Merwe & Associates DCW Limited - Enforcement Actions - Isle of Man Financial Supervision Commission
Keith King firm fails in attempt to have former client jailed
A defunct company controlled by British businessman Keith Leslie King has failed in an attempt to have a former client imprisoned in the Isle of Man. City & International Securities Ltd. had petitioned the High Court of Justice to hold
US court approves application to serve summonses on VISA International for tax evasion investigation
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.
Regulatory Warnings: February 28, 2002
Recently-filed warnings from securities regulators around the world.
Keem Kalfon denies involvement in fraudulent letter
Conman Keem Kalfon is being falsely passed off as the chairman of The Sovereign Society investment group as part of a fund-raising effort for get-rich-quick schemes, OffshoreAlert can reveal.
Those responsible are also falsely claiming they control British-based investment trust Gresham House PLC, which has been one of the world's best-performing investment vehicles over the last ten years.
Insider Talking: January 31, 2002
Less than a month after they were taken down as a result of an OffshoreAlert investigation, references to Grenada-registered Euro Caribbean Bank have been reinstated on the web-site of the 'Stock Exchange' of the sham country known as the Dominion of Melchizedek; Caribbean Media Corporation, which operated the Caribbean News Agency, popularly known as CANA, has suspended operations; Another web-site that has shut down, albeit for different reasons, is that of Prosperitas Internationale Credit Union at www.prosperitasinternationale.com; Vanuatu-domiciled International Seminars Ltd., which organizes offshore seminars at which get-rich-quick schemes are promoted, is operating under a new name - Global Wealth Education Ltd.; John Bourbon resigned as Managing Director of the Cayman Islands Monetary Authority, effective January 16, 2002 - 18 months after taking up the position, citing "personal reasons"; An ex-SEC officer is critical of his former employer in a book he has written about how the stock markets and the Internet are used to commit fraud against the unsuspecting public; Clyde Hood, the 67-year-old retired electrician from Mattoon, Illinois who persuaded thousands of people from all around the world to collectively send him more than $12 million by offering a return of 5,000 per cent in 275 days, has been sentenced to serve 14 years in prison; A web-site has been set up to raise funds to defend Kenneth R. Weare, of Belize-based J&K Global Marketing, against an SEC lawsuit filed on April 10, 2001, even though the case has ended without the defendants or their legal representatives ever putting in an appearance; The Isle of Man government has granted an online gaming license to Action Online Entertainment (IOM) Limited, which is the fifth firm to receive such a license; Imperial Consolidated is blaming its lawyers for its loss of a libel lawsuit in New Zealand, in which the judge determined they had fabricated documents submitted as evidence and questioned the legitimacy of their investment products; and Justice Hugh Small, sitting at the Bahamas Supreme Court, issued an order on December 20, 2001 that the voluntary liquidation of Americas International Bank Corporation Ltd. be continued but under the supervision of the court.
Vixen Consultants Limited
Vixen Consultants
Limited - Enforcement Actions - Isle of Man Financial Supervision Commission
Saros Limited
Saros Limited -Â Enforcement Actions - Isle of Man Financial Supervision Commission
Antigua Gov’t tries to seize Eurofed Bank assets
In secret court hearings held in Antigua, the island's government has been trying to seize all or most of the $76 million of assets recovered so far in the liquidation of Eurofed Bank Ltd., we can reveal.The government is claiming the assets under its anti-money laundering laws on the grounds that they are the proceeds of criminal activity by former Ukraine Prime Minister Pavlo Lazarenko, 48.
First Nevisian group opens up in the Dominican Republic
The First Nevisian stockbroking and corporate services group, which is now known as The FN Group, has opened an office in the Dominican Republic, where it plans to relocate much of its business from Nevis.And the official line is still that Keith King "retired" from the group two years ago, even though he is listed as the administrative contact for its new Internet domain name of 'thefngroup.com', which was only created 12 months ago on June 20, 2000.
David James Coulter Cunningham: Disqualification
Disqualified Directors - David James Coulter Cunningham - Isle of Man Financial Supervision Commission.
Ken Dart lawsuit halted pending Isle of Man settlement
A civil racketeering lawsuit in which a Russian industrial firm was seeking $150 million against Cayman resident Ken Dart, Dart Management Inc. and two of its employees has been stayed pending a settlement.
Bainton Management Limited
Bainton Management Limited -Â Enforcement Actions - Isle of Man Financial Supervision Commission
Securities Commission of the Bahamas v. Alastair-Prescott Ltd. et al: Judgment
Judgment in Securities Commission of the Bahamas v. Alastair-Prescott Ltd. and 35 other defendant companies at Bahamas Supreme Court.
Head of MRM-subsidiary Valmet admits to being ‘economical with the truth’
The head of Isle of Man-based Valmet Group, which was recently purchased by Mutual Risk Management, has admitted being "economical with the truth" during a criminal trial in New York. Peter Bond is the chief witness in the trial of former penny stock promoter Robert E. Brennan, who is charged with 13 counts of bankruptcy fraud and money laundering.
Failed $200 million fund linked with Bahamas bank
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.
Break out the vodka: MRM buys Valmet Group
Mutual Risk Management is due to complete the purchase of Bermuda-registered financial services firm Valmet Group by January 2, 2001.
In acquiring Valmet, MRM is taking over an entity that has received much international publicity over the last few years due to its ties with Russia.
Mutual Risk to buy Valmet Group
Mutual Risk Management, whose share price has been in the doldrums for several months on the New York Stock Exchange (Ticker - 'MM'), is in the process of completing the purchase of the Valmet Group, a financial services group with operations in eight different locations.
