Panama

Panama regulator takes over Banco DISA

November 30, 2001

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

November 30, 2001

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

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

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

October 31, 2001

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

Latin America Round Up: September 30, 2001

September 30, 2001

Bin Laden in Latin America Without doubt, the terrorist attacks against New York and Washington, and Osama bin Laden the prime suspect in the strike have monopolized the world's attention this month. And it was reported that the trail of

Securities fraud lawsuit filed against Tri-West Investment Club

September 30, 2001

A securities fraud civil lawsuit has been filed in the United States against an investment firm that used addresses in the Bahamas and Belize while raising money in an alleged high yield investment scam. The action was filed by the SEC against Tri-West Investment Club, Alyn Richard Waage and Haarlem Universal Corp. at the U. S. District Court for the Northern District of California on September 6, 2001.

Latin America Round-Up: August 31, 2001

August 31, 2001

ARGENTINA: A report in Argentina points at money laundering; BOLIVIA: New interim President in Bolivia; CHILE: Trouble in the skies; PERU: More repercussions in Fujimori-Montesinos case; and PANAMA: Going bananas in Panama.

Insider Talking: August 31, 2001

August 31, 2001

Rampart Securities, a Canadian stock brokerage which is said to be owed at least US$2 million by Atlas Securities of the Turks & Caicos Islands, has had its "membership rights and privileges" suspended by the Investment Dealers Association of Canada; Regulators in St. Vincent have revoked the Class I international banking license of Maxi Bank Inc.; A Canadian crook who goes by the name of 'Sir Daniel Kingsley Lear' has been involved in a bizarre tax fraud trial in Manitoba, Canada; Four more people have been sentenced for their involvement in a $64 million fraud carried out in the names of Hammersmith Trust, Microfund and Luxor Capital Markets; Bahamas-based Oceanic Bank and Trust Limited has opened a marketing office in London, England; and La Comisión Nacional de Valores in Panama has launched investigations into the activities of Morrison Cross Financial Investment Ltd. and Britex International Ltd.

Latin America Round-Up: July 31, 2001

July 31, 2001

COLOMBIA: Secondary mortgage firm; COSTA RICA: Brotherly love; MEXICO: "Towelgate"; PANAMA: Ocean Disgrace I; PERU: Montesinos saga continues; and REGIONAL: Black market peso brokers; US bank downsizes in Latin America.

Insider Talking: July 31, 2001

July 31, 2001

The long-awaited criminal trial of Bahamas resident Yank Barry in Texas on charges that he bribed a prison governor to secure a lucrative contract for his soy-based food firm called VitaPro is due to start on August 7, 2001 following previous delays; A look at OffshoreBanc.com; Kevin Mann, Registrar of Mutual Funds in the British Virgin Islands, has issued a Cease and Desist Order against Ian Renert's so-called Equivest Premier Holdings (BVI) Inc., which has been holding itself out to be an offshore mutual fund manager; Evergreen Security - details about creditors and how much they are owed; The 'New Utopia' farce continues; Bahamian Hubert Bowe is still trotting out press releases at www.alexandersworld.net claiming that he is about to "break ground" on a major development called Alexander's World; The last remains of FIBG's sham insurer, IDIC, disappeared recently when its web-site at www.idic-ec.org went off-line; The purchase of about 10 million shares in Manchester United PLC for some GBP28 million (US$40 million) by BVI-registered The Cuban Expression Company Ltd. - pushing its overall stake up to 6.77 per cent - caused quite a stir among business and soccer reporters in England; Further misrepresentation by The Harris Organization of Panama; and Paul de Weerd leaves his position as Superintendent of the Turks & Caicos Financial Services Commission.

Third sham bank linked with The Harris Organization

July 31, 2001

The Harris Organization financial services group has set up yet another Internet bank that is being operated without a license.Operating from a web-site at www.ginvestmentgroup.com, G Investment Group claims that it is "a diversified financial services company providing clients a broad range of international structures involving financial, asset protection and investment opportunities".

PILL offers clients ‘no ID credit cards’ – 100% approved!

July 31, 2001

The Bahamas-based multi-level marketing group Prosper International League Ltd., known as PILL, has promised to review the wording of a new marketing initiative after OffshoreAlert pointed out apparent inaccuracies and misrepresentations.

Marc Harris clients imprisoned for tax evasion

June 30, 2001

Marc Harris clients Tony Vigna and his son, Joseph, have been sentenced to prison terms of 24 months and 18 months, respectively, at the U. S. District Court for the Southern District of Florida after previously pleading guilty to tax evasion.

Sham insurer run by Harris Organization sued by victims

June 30, 2001

A sham insurer operated by The Harris Organization financial services group of Panama is being sued by creditors of Lifeblood Biomedical Inc., which is in bankruptcy in the United States.Threshold Insurance Services Ltd. has been accused of providing "fictitious insurance coverage" for about $10 million of Promissory Notes issued by Lifeblood Medical, which itself was a sham firm.

Latin America Round-Up: June 30, 2001

June 30, 2001

ARGENTINA: Trouble in Aerolineas Argentinas; ARGENTINA & BRAZIL: Brazil and Argentina to renegotiate Mercosur Tariff Policy; PANAMA: New controversy in Panama's Maritime Authority; PERU: Alejandro Toledo wins election; REGIONAL: Andean community improves position in South Florida; VENEZUELA: Court ruling causes alarm for journalists.

Liechtenstein: Juan Carlos Saavedra Molina et al

June 14, 2001

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Liechtenstein into Juan Carlos Saavedra Molina and others for the alleged laundering of the proceeds of narcotics trafficking.

Clients of Marc Harris imprisoned in Florida

June 13, 2001

Marc Harris clients Tony Vigna and his son, Joseph, have been sentenced to prison terms of 24 months and 18 months, respectively, at the US District Court for the Southern District of Florida after previously pleading guilty to tax evasion.

Latin America Round Up: May 31, 2001

May 31, 2001

Panama is on a new "black list" Getting genuine and trustworthy information vital if one wants to make smart investing decisions is going to be harder from now on in Panama. Eight journalists have been convicted of criminal libel in

Latin America Round Up: April 30, 2001

April 30, 2001

Argentina Finally, Argentinean Central Bank boss Pedro Pou was replaced on Wednesday, April 25th, by Roque Maccarrone, former President at Banco de la Nación and Banco Río. The move followed a parliamentarian investigation that found irregularities in the way Pou

Panama-based businessmen & firms charged with money laundering

March 31, 2001

Two Panamanian residents and two Panama-registered companies have been criminally indicted in the United States with laundering the proceeds of drug trafficking by Colombians. They were charged with money laundering and conspiracy to commit money laundering at the United States District Court for the Eastern District of New York on September 15, 2000.

Panamanian regulators act against Marc Harris

March 31, 2001

The Panama Securities Commission has turned down an investment advisor application by Harris Investment Advisory Inc., which is part of The Harris Organization group. A Commission spokesman said the application was rejected primarily because of "the number of  complaints we have received from Harris clients alleging all sorts of dubious practices".

Norway: Christian August Mohr

March 2, 2001

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Norway into Christian August Mohr and Carmelo Salvatore Firetto for alleged investment fraud.

Former Harris clients may change plea

February 28, 2001

Former Marc Harris clients Tony Vigna and his son, Joseph, appear to be about to change their plea on money laundering and other criminal charges from not guilty to guilty in Miami.What is described on the court docket sheet as a 'Change of Plea Hearing' has been set for March 2, 2001 before Judge Daniel Hurley at the US District Court for the Southern District of Florida.

Insider Talking: February 28, 2001

February 28, 2001

Offshore regulators act against banks named in U. S. Senate's 'Correspondent Banking: A Gateway to Money Laundering' report, Marc Harris denounces attempt to strip him of Panamanian citizenship, David Voth comes up with a novel excuse as to why he can't make investment pay-outs, complaints about Morrison Cross Financial Investments start coming in, details of relatively-recent lawsuits involving Jerome Schneider and/or related entities, U. S. court approves settlement plan between Heartland Financial Services and investors who received "false profits", Pittsburgh travel agent Roy Davis Jr. becomes latest victim of John Mathewson's co-operation with US authorities, sset freeze order issued against Midpoint Trading Corporation, Euro Bank Corp. 'Preliminary Inquiry' hearing starts in Cayman Islands.

Leon Brener v. Malcolm Alan Novack et al: Complaint

January 11, 2001

Complaint in Leon Brener v. Malcolm Alan Novack, Marilyn Novack, Watermark (International) Holdings Ltd., Buckingham Holdings International Ltd., Pembroke Trading Company Ltd., and Gabelle Holdings Ltd. at the U. S. District Court for the Southern District of Florida.

Insider Talking: December 31, 2000

December 31, 2000

During the course of 2000, Offshore Alert received many telephone calls and e-mails from clients of The Harris Organization financial services group in Panama who claimed to have been defrauded of various amounts of money; After Tony Vigna was recently deported from Panama to face criminal charges in Miami, further details emerged of a fake British passport that was obtained for him by The Harris Organization when he fled the US before being indicted; Standard Hellier Bank and Allianz Trade Reinsurance web-sites become inactive after investigation by Offshore Alert; We have been told by the Grenada Supreme Court that between 10 and 15 civil lawsuits have now been filed against the First International Bank of Grenada group; The default judgment entered against the Bank of Bermuda in favor of the Receiver of the Cash 4 Titles alleged Ponzi scheme at a US federal court on November 20, 2000 was set aside ten days later; Clyde DHood, the small-town electrician in Illinois who persuaded thousands of suckers all over the world to mail him millions of dollars just by promising high returns, remains in jail after his bail application was turned down; Canadian crook Jordan Bionda seems to subscribe to the philosophy that 'the best form of defense is attack'; and Americans are regarded virtually all over the world as being parochial in that they tend not to travel abroad, generally know little about other countries or world affairs and, rather insultingly to the rest of the world's population, give themselves titles such as 'World Champions' when they win a national championship, be it in basketball, baseball, American football or whatever.

TCI regulator: Harris Organization investment trust not registered here

December 31, 2000

Offshore Alert has uncovered another dubious investment fund being promoted by The Harris Organization financial services group of Panama. The objective of the Washington Pacific Investment Fund is "to achieve a rate of return of 100% per annum" by investing in "mortgage backed securities and liens", according to a prospectus.

Imperial’s HINT MasterCard terminated by Bahamas bank

December 21, 2000

The Bahamas-based HINT MasterCard credit card program that was offered by the Imperial Consolidated Group has been terminated by the issuing bank, Leadenhall Bank & Trust, and the data processor, Axxess International, which are both based in the Bahamas. In other news, Brent Wagman has been sentenced to five years in prison in Texas and fined $19.7 million for investment fraud.

Insider Talking: November 30, 2000

November 30, 2000

In an attempt to more accurately gauge the expectations of investors when they go offshore, we decided not to close last month's Internet poll on offshore investing but to keep it going indefinitely; Approximately 1,911 investors have filed claims totaling US$189.3 million, according to the latest report by the Receiver of the Cash 4 Titles alleged Ponzi scheme, which operated largely out of the United States, the Cayman Islands and the Bahamas; Controversial businessman Yank Barry, who hails from Montreal in Canada, has been given his passport back by Judge Lynn Hughes sitting at the U. S. District Court for the Southern District of Texas, where Barry is awaiting trial on eight counts of bribery, fraud and money laundering; The Panama Supreme Court has still not ruled on a dispute between The Harris Organization and La Comisión Nacional de Valores (National Securities Commission), which ordered the suspension of the financial services group's operations for operating without a license; The State of Washington Department of Financial Institutions Securities Division has issued a Cease and Desist Order against Grenada-registered Joie De Vie Ventures Inc., which Offshore Alert exposed earlier this year, and Arthur Kilner, d.ba. Kilner Enterprises Ltd.; and We recently contacted Bill Wallace, of Pannell Kerr Forster, in Nassau, to ask how his accounting firm was able to perform a competent audit of several Bahamas and Grenada-registered mutual funds operated by the Imperial Consolidated Group when the BVI-registered companies upon which the funds' solvency entirely depends do not appear to be audited.

Offshore shareholders face huge losses after First Ecom share price collapses

November 30, 2000

A publicly-traded company whose principal shareholders include the Bank of Bermuda and Lines Overseas Management is well on the way to becoming an e-commerce flop. The share price of First Ecom.com Inc. hit an all-time low of $1.063 on NASDAQ on November 30, 2000 just nine months after a trading high of $34 on the over-the-counter market.

Two more Harris Organization clients deported to US to face criminal charges

November 30, 2000

Two more clients of The Harris Organization have been arrested in Panama and deported to their native United States to face trial on criminal charges. Anthony Vigna, 68, and his son, Joseph, 35, were arrested on November 9, 2000 as they left their homes in Panama and immediately flown to Miami, where they are being held in custody.

Regulators take action against Tri-West Investment Club

October 31, 2000

Regulators in Texas have issued a Cease and Desist Order against Tri-West Investment Club, which appears to have been operated from the US but also maintained an address in the Bahamas. In an Order issued by the Texas State Securities Board on July 10, 2000, the principal address for the club is listed as East Bay Shopping Center, East Bay Street, Suite A-216, Nassau, the Bahamas.

Marc Harris gets temporary reprieve after being closed down

October 31, 2000

After months of ignoring blatant illegalities, Panamanian regulators finally acted against The Harris Organization financial services group this month and suspended its business operations. However, an Order by La Comisión Nacional de Valores (National Securities Commission) was itself suspended by the Panamanian Supreme Court following an application by The Harris Organization.

Panama suspends operations of The Harris Organization

October 17, 2000

La Prensa newspaper in Panama reported today that La Comisión Nacional de Valores, which is the Panamanian equivalent of the SEC in the United States, has suspended the business operations of The Harris Organization financial services group, which is headquartered in Panama but has its main entities incorporated in the British Virgin Islands and Nevis.

Internet poll shows that Grenada is considered worst ‘real’ offshore center

September 30, 2000

Grenada has finished a close second to the fake jurisdiction of Melchizedek in an Internet poll to determine the worst offshore jurisdiction. In answer to the question 'Which of these offshore centers would you least trust with your money?', Melchizedek came top with 30 per cent of votes cast, while Grenada followed with 21 per cent.

Marc Harris charged with criminal fraud in Panama, reports newspaper

September 30, 2000

Marc M. Harris, head of The Harris Organization financial services group, has been criminally charged with investment fraud in Panama, according to La Prensa newspaper.Current Harris Organization officer Ilka M. Barria and former employees Alan McAloon, Kenneth Taylor and Christine Ledezma have also apparently been charged.

Harris Organization-controlled motel put into receivership

August 31, 2000

A Florida motel controlled by The Harris Organization has been put into receivership after the Panama-based financial services group defaulted on an $11,820 per month mortgage. A receiver for Neptune's Hideaway Motel Inc., in Key Largo, was appointed by the 16th Judicial Court for Monroe County on June 20, 2000 after an application on June 6 by creditor LRJ Realty Inc.

Le Club Privé bites the dust

August 31, 2000

A Russian businessman who ran the crooked Caribbean Bank of Commerce in Antigua has been accused of running a massive investment scam over the Internet. New Jersey-based Eugene G. Chusid, who already has two pending criminal actions against him relating to CBC, may yet face a third after the SEC closed down a fraud known as Le Club Privé.

Jeeves Group named in UK Gov’t report on failed timeshare group

August 31, 2000

The Jeeves Group, which operates out of Liechtenstein and St. Vincent, has been named in a UK government investigation into an alleged scam involving more than GBP7 million. The group represented two St. Vincent-registered companies that were part of an organization involved in the fraudulent sale of shares and timeshare holidays to the public, according to the Department of Trade & Industry.

Insider Talking: August 31, 2000

August 31, 2000

Granger Brewster Whitelaw, the founding CEO of one of Bermuda's first e-commerce companies, EOCnet.com, pleads guilty to a criminal misdemeanor in New York, arrest warrant issued for Canadian chartered accountant Steven Brown following fraud investigation in the Turks & Caicos Islands, Panama Attorney General Jose Antonio Sossa orders arrests of four journalists, liquidators of Bermuda-based Telecheck group complete liquidation, Imperial Consolidated (Bahamas) boss Bill Godley receives compensation of $65,000 per month.

Eugene Chusid: ‘Mr. Get Rich Quick’

August 31, 2000

A look at the sordid business career of Eugene Chusid, one of the architects of an investment scam known as Le Club Privé.

Offshore Financial Centers capitulate to international pressure

July 31, 2000

The governments of offshore financial centers have moved with unprecedented haste in changing their regulatory and supervisory systems in order to be removed from international 'hit lists'.Rather than attempt to group together and negotiate with foreign agencies from a position of strength, many governments have capitulated to international pressure and rushed through emergency legislation.

Insider Talking: July 31, 2000

July 31, 2000

Robin Cotterell released on bail pending trial on money laundering charge, SG Hambros and Coutts settle Bahamas lawsuit, casino web-site's links to the Bahamas, where Internet gaming is prohibited; Canadian regulators issues warning about Cayman International Holdings, First International Bank of Grenada fraudsters open a new bank, investors in Versailles finance group apply to liquidate BVI firm Trading Partners, Harris Organization has Nov. 24 deadline to obtain investment manager's license in Panama, Imperial Consolidated Securities SA offers "High-Yield Investment Facility", Cayman Islands passes Electronic Transactions Bill and Computer Misuse Bill.

Panama: Manuel E. Fernandez

July 6, 2000

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Panama into Manuel Fernandez and Armando Antonio Ciniglio Manzoo for alleged fraud.

German police investigate Marc Harris

June 30, 2000

The Panamanian authorities have received yet another request for assistance from a foreign agency investigating alleged crimes involving The Harris Organization financial services group. La Prensa, which is the main newspaper in Panama, reported in June that Interpol in Wiesbaden, Germany, had submitted a written request for help to their counterparts in Panama on March, 8, 2000. According to La Prensa, the Germans are investigating an alleged fraud committed in Germany and Switzerland and allegedly involving Heinz Richard, 52, someone called 'Hintermeier' and a company named Victus Commerz AG.

Another Harris Organization client on his way to jail, stock fraud continues

May 31, 2000

Harris Organization client and business partner Brent Wagman has pleaded guilty to securities fraud and criminal contempt of court in Texas.Wagman, 42, is due to be sentenced on August 3 and faces up to five years in prison for masterminding a scheme that defrauded mainly elderly Americans out of approximately $30 million.

USA: Chen Sun

May 18, 2000

Motion for issuance of a letter rogatory to Taiwan to collect evidence for a criminal investigation in the USA into Chen Sun, President of CIF Group International, for allegedly causing the production and distribution of more than six million counterfeit music CDs.

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".

Harris Organization associate deported from Panama

March 31, 2000

A fugitive American businessman who has been helping The Harris Organization run investment schemes through IBCs set up in the Bahamas and the BVI was deported this month from Panama to the US. Within days of his deportation, Brent A. Wagman was criminally indicted in Texas on charges of masterminding a scheme that defrauded mainly elderly victims of approximately $30 million.