Belgium: Robert John Hart
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Belgium into Robert John Hart for alleged fraud and money laundering.
Latin America Round-Up: October 31, 2002
ARGENTINA The bankers' parade Michael Smith, of HSBC, declared before judge Claudio BonadÃo that bribes were somewhat customary in Argentina. Smith—a British citizen who has been only months in the South American country—was testifying in a new case of alleged
Insider Talking: October 31, 2002
In the wake of action taken by Swiss authorities against the Zurich based Sovereign Finance Group, which is being investigated for money laundering involving Russia and the Caribbean, regulators in St. Vincent & the Grenadines are taking action against Sovereign
Panama regulators warn against unlicensed ‘Tulip Fund’
The Panamanian Securities Commission has issued an alert against an unlicensed mutual fund with links to The Harris Organization financial services group.In an advisory dated October 25, 2002, La Comisión Nacional de Valores warned that Tulip Universal Project S. A., d.b.a. the Tulip Fund, has no license in Panama to market securities.
Unlicensed Genesis Fund collapses amid fraud allegations
An ordinary IBC in Nevis that operates as an unlicensed mutual fund has collapsed owing an estimated $50 million to approximately 1,100 shareholders.Approximately $100 million is believed to have gone into The Genesis Fund Ltd. but about half of it was repaid as interest payments, according to a client's representative.
Glade W. James v. Richard Day et al: Complaint
Complaint in Glade W. James, individually and as Trustee; Kirt W. James, Intrepid International Ltd., HJS Financial Services, Inc., Shibewalt Management, Inc., Intrepid International SA, Oasis Entertainment, LLC, Oasis Entertainment's Fourth Movie Project, Oasis Entertainment Corp, and Glenneyre Capital Corp. v. Richard Day, American Registrar & Transfer Co., Greg Harry, Jeff Harry, Jenna Harry, William S. Stocker, J. Dan Sifford, Jr., Karl E. Rodriguez, Karl E. Rodriguez Ltd., JeffJena Ltd., Anneius Equity Management, Inc., Polyandrous Trading Group Ltd., Exim International Inc., Glenneyre Equity Group Ltd., Dana Leasing, Inc., Patagonia Development SA, Patagonia Commercial SA, Quicksilver Development SA, Marshall Worldwide Ltd., Titan Capital SA, B&V Union Technologies Inc., Jozette Jamie Lee, Pam Fernley, Gaynell T. Harry, The Leeward Family Trust, The Albright Living Trust, Laurencio Jaen, Leopoldo Kennion, Teodoro F. Franco, Nixia Aurora Zerna, Kevin Harrington, Tim Harrington, Reliant Interactive Media Corp., Union Bank of California, Union Securities Ltd., Dominic Busto, Madison Stock Transfer, Inc., Michael Ajzenman, Bank of Montreal, Deborah Caldwell, Equitrade Securities Inc., Don Carrig, Stephen H. Roebuck, Kim Carroll, Canaccord Capital Corp., Brad Scharfe, John Skinner, MJK Clearing Services, Royal Bank of Canada, West America Securities, Banco de Costa Rica, Yorkton Securities, Tar Financial Group Inc., Cal Meese, Tarja Mordo, Morgan Stanley Dean Witter & Co., Richard Frank, Emily Ysais, Global Securities, Steve Regoci, Dundee Securities, John Horword, ED&P Investments AG, Erwin Haas, MFC Merchant Bank SA, Marta Pardo, Michael Smith, Golden Capital Securities, Ltd., Mellon Securities Trust Corp., Swiss American Securities, Lines Overseas Management, Trevo Kidd, Cardinal Capital Management Inc., Chris Dorst, Bank August Roth AG, Credit Lyonnais (Schweiz) AG, Bank Sal. Oppenheim jr. & Cie. (Schweiz) Ltd., Public Securities, and Michael Bascetta at the U. S. District Court for the District of Utah.
Tulip Fund: Investment Brochure
Promotional Brochure for the Tulip Fund, a short-lived, unlicensed investment fund in Panama - October 12, 2002
Latin America Round Up: September 30, 2002
ARGENTINAMenem off the hook, for the moment Judge Julio Speroni concluded there is not enough evidence to indict former President Carlos Menem in the case of the illegal arms sale to Croatia and Ecuador. Judge Speroni added, though, that Menem
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
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.
Three convicted drug dealers own preferred shares in The Harris Organization
New evidence obtained by OffshoreAlert shows that THREE convicted drug dealers are beneficial owners of the British Virgin Islands-registered parent of The Harris Organization financial services group. The traffickers all own preferred shares, which purport to pay annual interest of 10% in the case of Wallace Stull and James Somerville, and 7% for Lawrence Boulanger.
Harris Organization Clients
Selected Clients of The Harris Organization - August 31, 2002
‘Marc Harris stole my mother’s savings’, says son
Letter to the Editor of OffshoreAlert from the son of an alleged victim of Marc Harris.
Ecuador: Filanbanco Corporation
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Ecuador into Roberto Isaias Dassun, Daniel Eduardo Rodriguez Galarza and others regarding suspected fraud and corruption involving Filanbanco SA.
Marc Harris account ‘dormant since 1998’, says Georgia Pacific Securities
Letter to the Editor concerning Marc M. Harris from attorney Lee Tupper, of Tupper Jonsson & Yeadon, representing Georgia Pacific Securities.
‘Retract or face punitive damages’, demands Richmark Capital’s attorney
Letter to the Editor of OffshoreAlert regarding Marc Harris from attorney Steve Clemons, of Leggett & Clemons, representing Richmark Capital.
ALERT: Debt-ridden Harris Organization begins operating under a new name
Banks, brokers and other companies are advised that offshore financial services provider Marc Harris is now operating under the new name of 'Mitchell Astor Gilbert Trust Co.'
Latin America Round-Up: July 31, 2002
COSTA RICA: List of 15 alleged recipients of bribes causes outrage; ECUADOR: Finance Ministry's officials to be arrested; Arms trafficking and Corruption; EL SALVADOR: Investigation of a state company's sale; HONDURAS: INTERFINSA's founder arrested; Another "black list"; MEXICO: US Banker falls in Mexican crackdown; Mexicans take over cocaine business; NICARAGUA: Tangled money; PANAMA: Panama investigates illegal money linked to Nicaragua; PARAGUAY: Bancosur's executives convicted; and URUGUAY: Rohms' dealings in Uruguay; The downfall of "Uruguay's owners"; Banking system in bad shape.
Luis Enrique Villalobos claims annual returns of 75% for 25 years, denies impropriety
A 62-year-old Costa Rican businessman who enters into "private loan arrangements" with individuals who are promised annual returns of up to 39.3 per cent has refuted allegations of impropriety.Luis Enrique Villalobos Camacho told OffshoreAlert that he is able to pay such returns because he earns about 75 per cent per year from "buying and selling items such as property, cars and boats".
Insider Talking: July 31, 2002
Hendrik Rienstra, 73, the principal of sham Panama-registered insurer New England International Surety Co. Inc., has died.; OffshoreAlert has uncovered three new names associated with the business activities of crooked financial services provider Marc M. Harris, who has moved his operations to Nicaragua after running up massive debts in Panama, leading to an application from a creditor to wind up his company and an eviction notice issued by his commercial landlord; Police in the UK have charged a fourth person, Francois M. Verkaeren, with conspiracy to commit fraud in connection with an investigation into the business practices of Merrion Reinsurance Company, which is located in Dublin, Ireland; The Royal Canadian Mounted Police has announced that two residents of the Turks & Caicos Islands - Michael Witt, 45, and his partner, Tina Grenier, 41 - have been arrested and charged with various narcotics, money laundering and possession of crime offenses and their US$1 million property restrained in an operation codenamed 'Oilsheik'; and Local newspapers in the Bahamas have suddenly become excited over a criminal indictment that was issued in the United States as long ago as June 15, 1999.
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.
Programmer put ‘time-bomb’ in ex-employer’s computer system
A programmer who caused his former employer's computer system to crash in the Cayman Islands shortly after resigning and then demanded money to fix it has lost a court judgment.Christopher John Donnachie "unlawfully placed a blocking device" in software used by British American Card Company Ltd., ruled Bahamas Supreme Court Justice Hugh Small on June 5, 2002.
‘Marc Harris defrauded my disabled son’, says Texas mother
Letter to the Editor of OffshoreAlert from Sandra Snouffer claiming that Marc Harris defrauded her disabled son.
Police raid offices of ‘The Brothers’
Police investigating money laundering and drug trafficking have raided the offices of a Costa Rica-based money exchange operated by Luis Enrique Villalobos.The action has led to financial uncertainty for hundreds of foreigners who have collectively invested millions of dollars in a long-running high yield investment scheme operated by Villalobos and his brother, Oswaldo, who are known locally as 'The Brothers'.
Latin America Round-Up: June 30, 2002
ARGENTINA: BGN fiasco unfolds; COLOMBIA: Perception of corruption increases; ECUADOR: Failure in international bid; GUATEMALA: New regulations in Guatemala; "Twin banks" investigated since 1996; MEXICO: The honeymoon is over in Mexico; NICARAGUA: $2 million lost in Nicaragua; The high life of a president; …And Taiwan wants its money back; and PANAMA: Welcome to Panama.
Insider Talking: June 30, 2002
The Harris Organization financial services group has been evicted from its offices in Panama City for non-payment of rent; The revocation of the banking license of Baltic Bank Ltd. earlier this year by the Offshore Finance Authority of St. Vincent and the Grenadines has been stayed by Justice Brian Alleyne, sitting in the local High Court, according to a source familiar with the action; The battle for control of $6.5 million of frozen assets of a now-defunct, Dominica-based Ponzi scheme known as Stock Generation is dragging on through the United States District Court for the District of Massachusetts; Grenada Prime Minister Keith Mitchell and several other members of his Cabinet have received an award of $200,000, plus legal costs of $10,000, after winning a libel action brought against local journalist Stanley Charles, businessman and radio talk show producer Eddie Frederick and Grenada Broadcasting Network; The Central Bank of Belize has issued warnings about two entities that may be incorrectly holding themselves out to be licensed financial institutions: Trinity Savings Bank and Goldman & Stein; A Bermuda resident has accused the island's biggest law firm, Conyers, Dill & Pearman, of charging exorbitant fees for taking two trustees off her will, reported The Royal Gazette newspaper; A new date of July 15, 2002 has been set for the resumed hearing in the Bahamas of the appeal brought by the directors of Suisse Security Bank & Trust Ltd. against the decision of the Central Bank revoking SSBT's licence; and The lack of concern shown by the operators of the Financial Times web-site for the financial well-being of its visitors continues.
Fidelity Bank and Trust International Ltd. et al v. Christopher Donnachie, et al: Judgment
Judgment in Fidelity Bank and Trust International Limited and British American Card Company Limited v. Christopher Donnachie and Pandon Technology, SA at Bahamas Supreme Court.
Latin America Round Up: May 31, 2002
Corruption in Argentina Since it was founded in 1999, the Argentinean Anti Corruption Office has handled 1,784 cases that generated 489 complaints but none of them has produced a sentence. The last index by Transparency International — which classifies countries
Insider Talking: May 31, 2002
OffshoreAlert has received a letter from an Arizona based client of Grenada licensed Cornerstone International Savings and Investment Bank, which was taken over by the Grenada authorities on April 25, 2002 - AFTER the bank's principals had already disappeared without
AvantGuard Bank goes into liquidation in Grenada
Grenada licensed AvantGuard Bank and Trust Ltd. has gone into voluntary liquidation following a review of its operations by accounting firm PricewaterhouseCoopers, acting on behalf of Grenada's Ministry of Finance. Pierre Gauthier, a spokesman for the bank, told OffshoreAlert on
Latin America Round-Up: April 30, 2002
ARGENTINA: Former minister Domingo Cavallo indicted, Argentinean justice investigates the "Banco Extrader" case; COLOMBIA: Most wanted thief, Wilson de Jesús Yepes Ardila, is arrested; COSTA RICA: Costa Rica elects Abel Pacheco as its new President; PANAMA: Panama becomes more transparent; Panama-based business operators Yardena Mizrahi Herbroni and her brother Eliahu Mizrahi convicted in New York; PERU: BBVA debacle has a Latin American connection; VENEZUELA: Chaos reigns.
Keem Kalfon sets up web-site to defend himself against Jew haters
As more evidence emerges casting doubt on the business affairs of alleged investment fraudster Keem Kalfon, he has set up a web-site where he denounces his critics as "Jew haters" and "cowards".Kalfon set up the site at www.keemkalfon.com in April after OffshoreAlert began reporting about his involvement in alleged investment fraud.
Insider Talking: April 30, 2002
Business associated with Imperial Consolidated founders Lincoln Fraser and Jared Brook applies for permission to use a property on an old Royal Air Force base in England to store and test military equipment, Offshore Finance Authority of St. Vincent & the Grenadines revokes licenses of nine offshore banks, BVI Financial Secretary L. Allen Wheatley suspended from his duties after being arrested and charged with conspiracy to defraud, Bahamas International Securities Exchange reports net loss of $2.24 million for the 11 monthsended June 30, 2001, criminal action against Yank Barry drags on in Texas, British businessman Sean Quinn charged with US$3 million fraud in Barbados, former FIBG principals fail to comply with subpoeans, and the ego of Marc Harris apparently knows no bounds.
Clients complain about RK Grace & Co. and John Kaweske
A complaint against Florida-based RK Grace and Co. and its principal, John D. Kaweske, has been made to the National Association of Securities Dealers by clients of its now-defunct Panama arm.
OffshoreAlert understands that at least two separate clients of the Panamanian operation claim they cannot redeem investments totaling in excess of $250,000.
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: March 31, 2002
Recently-filed warnings from securities regulators around the world.
Latin America Round-Up: March 31, 2002
COLOMBIA: News of a kidnapping; GUATEMALA: A tale of embezzlement; HONDURAS: Funny transactions in Honduras; A law against money laundering; NICARAGUA: New charges against Interbank executives; PANAMA: New dirty links between Peru and Panama; Portillo tarnished by accusations; URUGUAY: BCCI's death throes; and REGIONAL: Waves from Washington; Latin America EXTRA.
Insider Talking: March 31, 2002
Subpoenas have been sent out to several former officers of the First International Bank of Grenada, including Rita Regale, Robert Skirving and Van Brink, to appear for examination in Grenada as part of the liquidation process being carried out by PricewaterhouseCoopers; Yet another Grenada offshore bank has gone out of business amid allegations of fraud against its clients; The Bank of Bermuda has estimated that its remaining potential liability to outstanding litigation relating to the Cayman-based Cash 4 Titles Ponzi scheme, excluding the $67.5 million settlement of a class action lawsuit in the United States, is no greater than $20 million; A civil complaint alleging 'dumpster diving' against international debt recovery firm Interclaim that was reported in last month's edition of OffshoreAlert has been dropped; The incredibly slow - yet inevitable - collapse of The Harris Organization financial services group of Panama appears to be closer than ever; and Bermuda-based stockbroker Carol Green has been ordered by a local court to repay $143,536 of debt run up with her former employer Lines Overseas Management.
Regulatory Warnings: February 28, 2002
Recently-filed warnings from securities regulators around the world.
Latin America Round-Up: February 28, 2002
COLOMBIA: New "super code" against corruption; GUATEMALA: No removal from "black list"; HONDURAS: Rich in Police corruption; HONDURAS & BOLIVIA: New Anti-Money Laundering laws debated; MEXICO: "Yellow light"; Something fishy in Banco Atlántico; PANAMA: New scandal; PERU: Switzerland offers to repatriate $110 million; and REGIONAL: Enron in Latin America.
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Insider Talking: February 28, 2002
The scam committed by Morrison Cross Financial Investments, which fleeced investors while operating as a stock broker in Panama without a license, has entered a new phase; Justice Ephraim Georges, sitting in the Antigua High Court, has apparently recused himself from legal hearings relating to the liquidation of Eurofed Bank after an objection by attorneys acting for former Ukrainian Prime Minister Pavlo Lazarenko, who considered that the judge's partiality was compromised by his son being employed by PricewaterhouseCoopers, which is liquidating the bank; On February 12, 2002, a Dallas County Grand Jury in Texas returned 24 indictments against Cameron O. Bailey relating to the sale of unregistered securities, namely Certificates of Deposit issued by Cambridge International Bank & Trust, of Grenada, and promissory notes issued by Omne Srl; As Julien Giraud waits in custody in Florida for the start of his trial on money laundering charges, his wife Lyn has been writing letters of outrage to the local press in their native Dominica, protesting at the arrest of her husband in Puerto Rico last November while he was traveling with Dominica's Finance Minister, Ambrose George; OffshoreAlert has previously reported on stock scams and other frauds perpetrated by firms linked with Bermuda Stock Exchange-listed Mezzanine Capital; and Complaints are starting to be made publicly by people who have either bought shares from, or have been approached about buying shares by, Goodman Hart Associates, Morgan Paris & Company and/or St. James & Company, who have been promoting two stocks particularly heavily: AdRentaCar Inc. and Spantel Communications Inc.
Regulatory Warnings: December 31, 2001
Recently-filed warnings from securities regulators around the world.
Insider Talking: December 31, 2001
Anglo American Bank has had its banking license reinstated by the Grenada International Financial Services Authority; Nevis-based offshore provider Robin Cotterell recently established an insurance company called Old Pacific Insurance Ltd.; Former Lines Overseas Management (Cayman) salesman Scott Oliver has popped up in Costa Rica as President of 'Somerset, Tighe and Campbell', which describes itself as a firm of "professional investment advisors" at its web-site at www.offshorecostarica.com;Â Inter Caribbean Business Management/Global Dominion Group in Nevis, which has been accused by at least one client of not redeeming her investment, has left Nevis and also closed down its web-sites; and Vladislav Popovic, the director of Richard & Partners, which is accounting firm Pannell Kerr Forster's representative in Montenegro, has confirmed that his firm has never carried out any auditing work for Montenegro-licensed Goldstar Commercial Bank AD, as claimed by the bank's principal, Gerardo Rodriguez Reynante, who is based in Uruguay.
Unlicensed offshore ‘credit unions’ offer high yield products to members
A United States firm has been forming IBCs in Panama and selling them to North Americans at a huge mark-up on the basis that they are "financial institutions", OffshoreAlert can reveal.At least five of the IBCs are currently offering investment products and services from web-sites hosted in Montana or the Bahamas even though none holds a license.
Reorganization continues at scandal-plagued Imperial Consolidated
Michael Gilbert, who was severely criticized by a New Zealand judge in a recent court ruling (see separate story), is part of a reorganization that involves the Imperial Consolidated Group and companies with the prefix 'Alpha'.The firm that he is a director of changed its name from Imperial Consolidated (New Zealand) Ltd. to Alpha Equities Asia-Pacific (NZ) Ltd. on November 29, 2001.
Panama regulator takes over Banco DISA
Panama's Superintendency of Banks and the National Securities Commission have taken control of Banco DISA and DISA Securities, respectively, reported The Panama News (www.thepanamanews.com). DISA Securities is the holding company that owns the shares of Banco DISA, with businessman and
Client seeks liquidation of Marc Harris firm, claims he is owed $1 million
A client of financial services provider Marc Harris has confirmed to OffshoreAlert that he is taking legal action in Panama in an attempt to recover an investment of approximately $1 million.An article was published in La Prensa newspaper in November
Latin America Round-Up: October 31, 2001
September 11 side effects on already slowing regional economy The attacks on the United States on September 11th will have profound economic effects, further slowing a world economy already growing at its lowest rate in a decade and speeding up
Insider Talking: October 31, 2001
More has become known about the re branding of the First Nevisian Group, which is now known as The FN Group, and the partial move from Nevis to the Dominican Republic, where its "strategic partner" is H. E. Partners, which
New England International Surety boss Hendrik Rienstra arrested
The 72 year old principal of a Panama domiciled company that allegedly provided sham insurance for investment scams has been arrested in Belgium, where he is based.Hendrik Rienstra, of New England International Surety Co. Inc., was among six people arrested