Panama

Offshore firms sued by Canadian receiver

July 5, 2005

Offshore companies in Belize and Panama were used by a group of fraudsters as part of a Canada-based scheme to commit fraud and money laundering, it has been alleged.Details are contained in a civil complaint filed on April 15, 2005 - and amended on June 7, 2005 - at the U. S. District Court for the Central District of California by A. Farber & Partners Inc., of Ontario, Canada, in its capacity as Canadian court-appointed Interim Receiver over the assets of Salim Damji, Strategic Trading Systems Instant White, a.k.a. STS Instant White, a.k.a. Strategic Trade Systems, a.k.a. STS Inc., JEM Holdings, a division of 1289629 Ontario Inc., Izmo Investments Inc., Shaffin Damji and Hanif Damji.

SEGOES liquidators still unsure about extent of insolvency

July 5, 2005

Liquidators of Cayman Islands-based securities broker SEGOES Services Ltd., formerly SEGOES Securities, are still unclear as to the extent of its insolvency.In a press release on June 6, 2005, nearly five weeks after they took control of the company, they stated they had identified total assets of US$13 million.

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!

LOM on periphery of another SEC investigation

May 22, 2005

Bermuda based stock broker Lines Overseas Management has been caught up in yet another securities fraud investigation being carried out by the Securities & Exchange Commission in the United States.LOM was named as a relief defendant in a civil complaint

Insider Talking: April 30, 2005

April 30, 2005

The biggest creditor in the bankruptcy of Christopher Davy, who was once a senior officer of the tax evasion group The Harris Organization, is none other than the IRS; the dubious liquidation of Imperial Consolidated spin-off Invaro Ltd.; and Canadian Timothy Ryan Babuin receives an eight-year prison sentence for a telemarketing scam against mainly elderly people that ended up causing huge losses for the Bank of Bermuda and Bermuda-based credit card processor First Atlantic Commerce.

Newt Utopia: March 31, 2005

March 31, 2005

Around the Caribbean Offshore Financial Centers BahamasSpring break is in full season and the primary assets are walking around on two legs hibernating from school and snow. Spring break is now probably the largest single revenue event for the Bahamas

Latin America Round-Up: March 31, 2005

March 31, 2005

CHILE Pinochet Had 125 Bank Accounts A further investigation by a U. S. Senate Subcommittee into former dictator Augusto Pinochet's riches revealed this month that he held 125 bank accounts in the U. S., and not a few as previously

Insider Talking: March 31, 2005

March 31, 2005

Three former senior officers of The Harris Organization, which defrauded clients out of tens of millions of dollars before collapsing in 2002, are back in business in Panama. Lawrence George Gandolfi, 65, a.k.a. Larry Gandolfi Christopher Glover Davy, 60, and

Peru: Alfredo Novoa Pena et al

March 2, 2005

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Peru into Alfredo Novoa Pena, Renato Corzo de la Fuente and others for alleged fraud.

Latin America Round-Up: February 28, 2005

February 28, 2005

CHILE: Pinochet Says He Wants to Pay; COLOMBIA: Corruption Costs; INTERNATIONAL: An Evil Eye Opens Up Again; Banking Blues; and MEXICO: Salinas Again.

Bahamas court makes substantial costs award against extortionist computer programmer

February 28, 2005

Computer programmer Christopher John Donnachie has been ordered to pay legal costs of $808,653 to a Bahamas banking group from which he tried to extort money. The costs against Donnachie, a British national believed to be residing in the Turks & Caicos Islands, and his Panamanian-registered firm, Pandon Technology S. A., were awarded by Bahamas Supreme Court on December 1, 2004.

Panama seeks medical records from hospital in Miami for criminal investigation

February 28, 2005

Article based on an application to collect evidence for a criminal investigation into alleged theft and forgery - pursuant to a request for judicial assistance from Panama - that was filed at federal court in the USA on January 31, 2005. Individuals and businesses mentioned in the request for assistance include Teresita Crucet de Ferrer, Richard Guim Crocet, Frances Crucet, Mercy Hospital, and Crucet Development Group.

Jailed penny stock fraudster secretly behind Costa Rica-based Reg-S exchange

February 28, 2005

A notorious penny stock swindler currently in prison for fraud is secretly behind a Costa Rica-based Internet 'stock exchange', OffshoreAlert can disclose. Harold Bailey Gallison Jr., a 47-year-old U. S. national, controls the Global Internet Stock Brokerage Exchange, trading as GISBeX, through nominees, including his 74-year-old mother.

Judgment for $4.6 m against Global Prosperity founder

January 31, 2005

A fugitive international fraudster now living in Panama tried to impress potential victims by carrying around a "brown bag of cash" to buy a yacht and other expensive items, according to a court judgment. David Struckman, co-founder of the now-defunct Global Prosperity Group, obtained the money by emptying multiple ATMs of all their cash, it was claimed. Details of Struckman's purported spending habits were disclosed during proceedings at the U. S. District Court for the District of Oklahoma. Struckman was held in default for failing to comply with court rules and, on November 10, 2004, the court issued a judgment for $4.65 million against him and two of his firms, Pinnacle Quest International Inc., of Panama, and Synergy Productions International Inc., of Missouri, which he formed after abandoning GPG.

Insider Talking: January 31, 2005

January 31, 2005

Search the Internet for 'Caledonian Offshore Ltd.' and you will receive a plethora of hits for web-sites containing allegations that the firm engages in wholesale illegal activity, specifically that it takes money from residents of third-world countries on the false promise that they will be offered jobs in the offshore oil industry; Tthere is still no sign of the US Postal Service taking any action against another up-front-cash-for-non-existent-jobs fraudster - Rommy Kriplani, a few years after OffshoreAlert handed them more than enough evidence to bring a prosecution for mail fraud; Ten months after the closure of Canada-based OFC Publications Inc., which published Offshore Finance Canada and Offshore Finance USA magazines, another publisher of news about offshore financial centers and issues that affect them has closed down; The Financial Services Authority in the United Kingdom has refused an application for 'permission to carry on regulated activities' by Target Asset Management Limited, whose links with accused fraudster Sendjer Shefket were first revealed by OffshoreAlert on June 30, 2003; The Office of the Public Prosecutor of the Second Circuit in Panama has allowed a request from former employees of the now-defunct Harris Organization to freeze US$800,000 of its assets on the grounds that they were fired illegally, according to a report in El Panama America newspaper on December 27, 2004; Bermuda hotelier and former Minister of Tourism David Dodwell has settled litigation with a former business partner that lasted more than 12 years, spanned courts in three countries and was notable for its acrimony; British solicitor Mark Agombar, who was banned as a company director for six years in the United Kingdom last year for his part in a timeshare scam, was named as a defendant in a civil complaint filed by Johnston International Limited at the Turks & Caicos Islands Supreme Court on April 30, 2004; and The Securities Commission of the Bahamas announced on November 16, 2004 that it was "monitoring" a criminal investigation in Switzerland into suspected investment fraud and money laundering by Dieter Behring and "assessing any possible connections Mr. Behring may have with existing licensees or registrants of the Commission.

Panama: Teresita Crucet de Ferrer

January 31, 2005

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Panama into Teresita Crucet de Ferrer for allegedly swindling Richard Guim Crucet out of his interest in Crucet Development Group following the death of his mother, Frances Crucet.

Antigua & Barbuda: Lester Bird et al

January 14, 2005

Application for the appointment of a Commissioner to collect evidence - pursuant to a request for judicial assistance from Antigua & Barbuda - for a criminal investigation into Lester Bryant Bird, Asot A. Michael, John E. St. Luce, Robin Yearwood, and Bruce Rappaport for suspected corruption and fraud.

Latin America Round-Up: December 31, 2004

December 31, 2004

ARGENTINA: He Came Back for Christmas; BRAZIL: Banking Scandal; CHILE: "Pinochecks" Pay Back; COLOMBIA: Rodríguez Orejuela Faces Charges in the U. S.; ECUADOR: Money from Colombia?; GUATEMALA: No Visa for Military Men; LATIN AMERICA: More Corruption is expected in 2005; and PANAMA: Fraudulent Loans.

Peru: Marco Antonio Cardenas Minaya et al

December 10, 2004

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Peru f Marco Antonio Cardenas Minaya, Juan Vidaurre Beltran, Ocean Services SAC, Naviera Ocean SAC, Ocean Lines SAC and Pesquera Ocean Fish SAC for alleged narcotics trafficking and money laundering.

Peru: Jaime Fernando Bellido Romero et al

December 8, 2004

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Peru into Jaime Fernando Bellido Romero and Jose Fernando Bellido de Lama for alleged money laundering, specifically concealing real and personal properties owned by Jose Enrique Crousillat Lopez Torres and Jose Francisco Crousillat Carreno.

Fidelity Bank and Trust International Ltd. et al v. Christopher J. Donnachie, et al: Certificate of Taxation

December 1, 2004

Certificate of Taxation in Fidelity Bank and Trust International Limited and British American Card Company Limited v. Christopher J. Donnachie and Pandon Technology, SA at Bahamas Supreme Court.

Latin America Round-Up: November 30, 2004

November 30, 2004

ARGENTINAIs he coming back? There is a lot of talk in Argentina about whether former president Carlos Menem is about to return from Chile or not. Former Senator Héctor María Maya, now one of his lawyers, announced recently that he

USA v. Thomas E. McMurrain: Extradition Affidavit

November 4, 2004

Affidavit in support of request for extradition from Panama in USA v. Thomas E. McMurrain at the U. S. District Court for the Northern District of Georgia.

United Kingdom: Shinder Gangar et al (Texas)

November 2, 2004

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)

October 4, 2004

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.

Latin America Round-Up: September 30, 2004

September 30, 2004

CHILETracing the General's secret money The Chilean authorities assigned a special Judge, Sergio Muñoz, to investigate the alleged illegal money linked to former dictator Augusto Pinochet. Judge Muñoz has taken control of $6 million that was held in trusteeship in

Panama seeks evidence in Delaware for investigation into counterfeit IDs

September 30, 2004

Article based on an application to collect evidence for a criminal investigation into counterfeiting - pursuant to a request for judicial assistance from Panama - that was filed at federal court in the USA on August 30, 2004. Individuals and businesses mentioned in the request for assistance include Oscar Dario Alvarado Gonzalez, Agustín Enrique Jaramillo Munoz, Belkis Anayansi Zaldivar Robinson, a.k.a. Belkis de Lee; Silcox Plastics, Silcox Plastics International Inc., Imaging Technology Corporation, UNISYS World Trade Inc., Data Card, Panamanian Board of Election, Alberto Morales, Hector Martinez, and Alexis Martinez.

Colombia: Sandra Lucrecia Daniels Guzman et al

September 22, 2004

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Colombia into Sandra Lucrecia Daniels Guzman, Pedro Antonio Lopez Soto, Jose Salvador Jimenez Ornero and Daniel Saldana Gonzalez for suspected involvement in the murder of Senator Marta Catalina Daniels Guzman, Carlos German Lozano Acosta and Ana Maria Medina Zambrano.

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

Panama requests information from Miami-based credit union for fraud inquiry

August 31, 2004

Article based on an application to collect evidence for a criminal investigation into alleged fraud - pursuant to a request for judicial assistance from Panama - that was filed at federal court in the USA on August 6, 2004. Individuals and businesses mentioned in the request for assistance include Zuhey Janett Ceballos Amaya, Victor Ceballos Miranda, Dade County Federal Credit Union, and Banco Uno.

Panama: Oscar Gonzalez

August 30, 2004

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Panama into Oscar Gonzalez and others for alleged involvement in a scheme to produce and sell counterfeit election identification cards.

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.

Panama: Zuhey Janett Ceballos Amaya

August 6, 2004

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Panama into Zuhey Janett Ceballos Amaya for alleged fraud.

Saddam’s Laundry: How western money managers ran the offshore network that bankrolled Iraq’s war machine

July 31, 2004

Switzerland, Liechtenstein, Panama and the Bahamas were key elements in the offshore shell company and money-laundering schemes that bankrolled Saddam Hussein for more than 20 years.And Saddam used the same offshore money launderers as Osama bin Laden. His offshore network hid the money skimmed from government oil sales and collected in kickbacks. It was used to pay for Saddam's secret agents and security forces, reward domestic and foreign friends, and buy arms during international embargos. 

Insider Talking: July 31, 2004

July 31, 2004

How absurd has the criminal case in Texas involving Bahamas resident Yank Barry become?; A recent land-mark opinion by the United States Supreme Court that effectively determined federal sentencing guidelines were unconstitutional has formed the basis of an appeal by jailed former offshore services provider Marc Harris against his sentence of 17 years in prison and a financial penalty of $26 million for fraud, money laundering and tax evasion; The Central Bank of Belize has warned that an entity calling itself 'Development & Holding Bank of Belize' is not licensed; In July, the Bermuda Monetary Authority also issued warnings about suspect or bogus companies claiming to have ties to the jurisdiction; The United States FBI is establishing an office in the Bahamas, reported the Nassau Guardian; On July 19, 2004, a United States podiatrist admitted to using an offshore bank and credit card account to launder money and evade New York City state and federal taxes on more than $300,000 in income, according to a press release from the office of Manhattan District Attorney Robert Morgenthau, which prosecuted the case at the state Supreme Court; Germain Bourgeois, the former investment manager of the University of Montreal Pension Plan, is suspected of receiving payments in return for "convincing" three parties to invest "hundreds of millions of dollars" in the Lancer Offshore group of funds; and A civil lawsuit has been filed at the Turks & Caicos Islands Supreme Court against a solicitor who was recently disqualified from serving as a company director in the U. K. by the Department of Trade & Industry for his part in a timeshare scam.

Spain seeks evidence in Florida for money laundering investigation

July 31, 2004

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.

Panama investigates counterfeit ID card ring

July 24, 2004

Panama has requested evidence in the United States as part of a criminal investigation into the alleged sale of counterfeit national identification cards. The cards, which, inter alia, allow holders to vote, were being sold for $250 each if they

Global Prosperity co-founder pleads guilty to tax conspiracy

July 17, 2004

Daniel Andersen has become the latest member of the Global Prosperity Group - which specialized in investment and tax fraud - to be convicted in the United States.Andersen, of Leominster, Massachusetts, and Oxnard, California, pleaded guilty to one count of conspiracy to defraud the United States at the U. S. District Court for the Western District of Washington on July 15, 2004.

US court issues $1.1 m forfeiture order against Panamanian bank account

June 30, 2004

A court has issued an order allowing the United States Government to seize up to $1.1 million in a Panamanian bank account that is believed to be the proceeds of insider trading by Panama residents. The target is an account at Banco Uno S. A., in Panama City, Panama, in the name of "Yan Abecassis and/or Atlantic 1 Corp., and all related funds".

Spain: Domingo Tarruella Dalmau (Florida)

June 30, 2004

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.

Belarus: GD Zheltko

June 15, 2004

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Belarus into GD Zheitko for alleged embezzlement of funds by abusing his authority while serving as Director General of the State Unitary Foreign Trade Enterprise 'Belvneshpromservice'.  

Panama requests evidence in Florida for criminal investigation into Tempus Bank

May 31, 2004

A criminal investigation is being conduced in Panama into an alleged fraud committed by Tempus Bank. Details are contained in an application for the appointment of a Commissioner to collect evidence pursuant to a request for judicial assistance from Panama

Panama seeks evidence from fraud suspect Diana Lay in Miami Beach, Florida

May 31, 2004

A Panamanian citizen living in the United States is being criminally investigated for her alleged involvement in the issuance of allegedly fraudulent maritime licenses to sailors by the Maritime Authority of Panama. Details are contained in an application for the

USA v. Marc M. Harris: Criminal Judgment

May 24, 2004

Judgment in a Criminal Case in USA v. Marc M. Harris at the U. S. District Court for the Southern District of Florida.

Marc Harris sentenced to 17 years in prison

May 21, 2004

Former offshore financial services provider Marc Harris was sentenced today to 17 years in prison in the United States.Harris, 39, was also fined $20.32 million, and ordered to pay restitution of $6.58 million by Judge James Cohn, sitting at the

Panama: Diana Lay

May 14, 2004

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Panama of fraudulent licenses allegedly granted by theMaritime Authority of Panama by Panamanian citizen Diana Lay, a.k.a. Diana Cecilia Escalante Chen.

Marc Harris facing up to 19.5 years in prison

May 8, 2004

The United States Probation Service has recommended that former offshore provider Marc Harris be sentenced to between 15.66 and 19.58 years in prison.The recommendation is contained in a Pre Sentence Investigation report that will be read by U. S. federal

Ukraine: Fleming LLC

May 4, 2004

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Ukraine into Aleksandr Mikhailovich Rastegaev, Vladislav Anatoliyevich Streletskiy, NF Dolinina, VA Koltygin, GM Opryshko, LO Kulibanych, LM Maltsev, SV Gotvyansky and VA Gudramovych for alleged money laundering.

Panama investigates US-based Tenneco Automotive Operating Company

April 30, 2004

Article based on an application to collect evidence for a criminal investigation into alleged fraud - pursuant to a request for judicial assistance from Panama - that was filed at the U. S. District Court for the Northern District of Illinois on April 23, 2004. Individuals and businesses mentioned in the request for assistance include Tenneco Automotive Operating Company, Saleh  Alneswan, Industrias Metalicas Asociadas, Harris Bank, and Banco Bilbao Vizcaya Argentaria.

Panama: Industrias Metalicas Asociadas SA

April 23, 2004

Application for the appointment of a Commissioner to collect evidence for a criminal investigation into allegations that a business called Industrias Metalicas Asociadas SA was a victim of fraud.