St. Lucia

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Bancroft Life & Casualty sues former management for causing ‘staggering financial losses’

July 6, 2010
An offshore insurer licensed in St. Lucia and administered from the United States claims that "staggering financial losses" suffered as a result of alleged fraud and other misdeeds by its former management company, counsel and accountants have threatened the viability of the company. Bancroft Life & Casualty ICC Ltd., which is controlled by Philip Sigel and Bradley Barros, who live in Miami and Delaware, respectively, filed a complaint at the U. S. District Court for the Western District of Pennsylvania on May 21, 2010 against Intercontinental Management Ltd., d.b.a. Intercontinental Captive Management Company Ltd. ("ICMC"), which is domiciled in the U. S. Virgin Islands and administered in Greensburg, Pennsylvania; a second company called Intercontinental Management Company Ltd. ("Intercontinental") which is domiciled in Pennsylvania and apparently operated from the same address in Greensburg, PA; The Roberts and Patton Law Firm, based in Ligonier, Pennsylvania; John R. Patton, described as "a general partner in Roberts & Patton", although he "is not licensed to practice law in Pennsylvania", and "an owner and officer of" ICMC and Intercontinental; George Thomas Roberts, described as "a general partner in Roberts & Patton" and "an owner and principal of ICMC, Intercontinental and a reinsurance company called the Captive Line Slip which is incorporated in the United States Virgin Islands"; Nigel Bailey, described as a resident of the U. S. Virgin Islands who is "an owner and principal of ICMC, Intercontinental and the Captive Line Slip" and who was "Bancroft's 'local manager' for St. Lucia"; Cunningham Hughan & Company, Inc., described as an accounting firm based in Carnegie, Pennsylvania; and Thomas Hughan, CPA.

British American Insurance Company Ltd.: Chapter 15 Petition

October 9, 2009
Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the Bahamas by Juan Lopez, a.k.a. John Lopez, as the Foreign Representative of British American Insurance Company Limited, at the U. S. Bankruptcy Court for the Southern District of Florida.

Insider Talking: October 5, 2009

October 5, 2009
A High Court judge in St. Lucia has quashed a dubious decision by the Government of St. Lucia to protect a Government Minister, Keith Mondesir, after he was apparently caught trying to avoid customs duty on household items that he

St. Lucia requests evidence from Florida auto dealerships for tax evasion investigation

May 14, 2007
Article based on an application for the appointment of a Commissioner to collect evidence for a criminal investigation into alleged tax evasion - pursuant to a request for judicial assistance from St. Lucia - that was filed at federal court in the USA on April 17, 2007. Individuals and businesses mentioned in the request for assistance include Richard Frederick, Lucas Frederick, Joseph Denis Auguste, Lexus of Kendall, Al Hendrickson Toyota, Kendall Toyota, Doral Freight Inc., and Caribtrans Inc.

Offshore firms laundered proceeds of alleged $1 b Ponzi scheme, claim plaintiffs

May 14, 2007
Several offshore-based parties have been named as defendants in two new civil lawsuits that were filed recently by alleged victims of what they claim was a $1 billion Ponzi scheme. They include legal entities and individuals based in Gibraltar, Hong Kong, the Isle of Man, Liechtenstein, St. Lucia, St. Kitts, St. Vincent & the Grenadines, and the United Kingdom.

St. Lucia: Richard Frederick et al

April 17, 2007
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in St. Lucia into Richard Frederick, Lucas Frederick and Joseph Denis Auguste for fraud and tax evasion regarding the importation of motor vehicles.

Insider Talking: November 9, 2006

November 9, 2006
The cold reality of life behind bars has persuaded former offshore banker Paul Morgan Jones to start turning over his assets to the Receiver of Cash 4 Titles, which perpetrated one of the biggest Ponzi schemes in history, operating from

Offshore bankers told to pay-up or go to prison

August 18, 2006
Two former offshore bankers have been ordered to appear before a United States federal court in Illinois on August 31, 2006 to explain how they intend to pay a financial penalty of $7.2 million.If David Pollock and Paul Jones fail to show up, warrants for their arrest will be issued for contempt of court, stated U. S. District Judge Ronald A. Guzman in a judgment on August 3. Both are U. S. citizens, with Pollock currently residing in St. Lucia and Jones, a former bank examiner for the state of Ohio, living in Cape Coral, Florida, according to court records.

Ex-US prosecutor accused of tax evasion conspiracy

April 21, 2006
Offshore corporations in Anguilla, the Bahamas and St. Lucia, including one operating as a bank, have been implicated in an alleged conspiracy to defraud the United States Government of tax revenue.Details are contained in an indictment against four individuals, including one who is both a former U. S. Attorney and state court judge, that was brought at the U. S. District Court for the Western District of North Carolina on April 4, 2006 and unsealed on April 18.

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.

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!

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.

Legal battle for Terry Neal group’s gold and silver

January 31, 2004
A legal battle is taking place in Oregon for possession of gold and silver bars and coins that were seized during a raid on the offices of companies associated with offshore provider Terry Neal. The United States Government is seeking to take permanent possession of the property, worth approximately $225,000 at current prices.

IRS accesses records of Florida card processor

December 21, 2003
A Florida-based firm which processes card transaction payments has been ordered to turn over its records to the IRS as part of an investigation into offshore tax evasion using MasterCard, VISA and American Express. An order issued on September 11, 2003 at the U. S. District Court for the Southern District of Florida allows the IRS to serve a "John Doe" summons on Credomatic of Florida Inc., of Brickell Avenue, Miami.

Winding-Up petitions filed against five offshore banks

July 22, 2003
Petitions to wind-up five offshore banks are due to be heard at Grenada High Court on Thursday, July 24, 2003.The banks are Bank Crozier Ltd., DIAK Bank Ltd., Anglo American Bank Ltd., Wellington Bank & Trust Ltd., and Cornerstone International Saving & Investment Bank Ltd.

Bank Crozier boss arrested and released without charge in Spain

June 30, 2003
Peter Johansson, head of the Bank Crozier group, which has offshore bank licenses in Grenada and St. Lucia, was arrested and released in Spain in June after a complaint was made to local police by clients unable to redeem their funds.Johansson told OffshoreAlert he was arrested at Barcelona airport on Friday, June 20 and released on Sunday, June 22 after two nights in custody. His passport was initially confiscated but soon returned, said Johansson.

Bank Crozier boss arrested and released in Spain

June 26, 2003
Peter Johansson, head of the Bank Crozier group, which has offshore bank licenses in Grenada and St. Lucia, has been arrested and released in Spain after a complaint was made to local police by clients unable to redeem their funds.

Bank Crozier proposes reconstruction plan in Grenada

May 22, 2003
Grenada's oldest offshore bank, Bank Crozier Ltd., will this week submit a reconstruction plan to the local regulator in an attempt to stave off liquidation.Peter Johansson, the bank's CEO, told OffshoreAlert that $2.6 million of new capital has been pledged

Newt Utopia: November 30, 2002

November 30, 2002
Dominica Dominica and her citizens are still languishing. The new International Financial Center has opened and by all accounts it is a beautiful building. The idea behind the International Financial Center was to ramp up Dominica's offshore financial services sector

Luis Enrique Villalobos claims annual returns of 75% for 25 years, denies impropriety

July 31, 2002
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".

Police raid offices of ‘The Brothers’

July 6, 2002
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'.

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.

Claims of fraud against offshore ‘banc’

February 28, 2002
It has been brought to OffshoreAlert's attention that funds are being solicited from the public in the name of Bancommerce Ltd., whose literature creates the impression that it is licensed in St. Lucia. A client of this business, who claims it has defrauded him of $20,000 through a product called an "Instruction of Invoice", is currently taking steps to try to recover his money.

Bank Crozier licensed in St. Lucia, plans to move HQ from Grenada

December 31, 2000
Grenada's oldest offshore bank, Bank Crozier, is moving its headquarters to St. Lucia, where it has become the first bank to be licensed under the International Banks Act 1999. The Swedish-owned bank, which began operations in Grenada in 1997, expects to complete the move in the New Year.

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".

Caribbean hotels insurer goes into run-off

December 30, 1997
The Caribbean Hotel Association Insurance Company Ltd., which hit financial trouble soon after it started, has stopped writing new business after just two and a half years in business. The news comes after many member countries of the Caribbean Hotel Association, for whom the company was specifically set up to insure, failed to put their money where their mouths were and buy insurance from CHAIC.