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State of Florida v. John McGarrity et al: Criminal Indictment

October 5, 1998
Criminal Indictment alleging racketeering and securities fraud in State of Florida v. John McGarrity James T. Staples, Joseph Monaco, James Deas, Francis Clarkson, John McGarrity, John Manion, Jeff Mann, Rich Mann, David Trotter, Steven Schaefer, Jeno Koch, and Julie Gilvary at Florida Supreme Court.

Reports implicate Stirling Cooke in fraudulent insurance schemes

August 31, 1998
Two reports into Stirling Cooke Brown that were compiled two years ago by a London firm of insurance investigators on behalf of a client gives an interesting insight into the history of the Bermuda-based insurance broker, particularly allegations that the company was involved in a reinsurance spiral. The alleged spiral that we have been told has dragged Stirling Cooke and the Clarendon group into arbitrations in London at least partly involves North American Fidelity & Guarantee and Stockholm Re (Bermuda).

Mark Hardy’s bankruptcy annulled in the UK

July 31, 1998
The bankruptcy of former Bermuda-based businessman Mark Hardy has been annulled in London, OffshoreAlert can reveal. Creditors of seven failed Hardy companies, including Forum, Focus and Aneco, which were all based in Bermuda, agreed to the annulment three months ago in return for Hardy signing over various assets and debt recovery rights relating to his failed business empire.

UK offshore tax initiative: The truth finally comes out after months of misinformation

June 30, 1998
The unfolding saga of moves by the UK to force its Overseas Territories to recognize fiscal offences in its mutual legal assistance laws is extraordinary in that it reveals the lengths that politicians, civil servants and businessmen will apparently go to lie or mislead the public when they think it is in their best interests to do so.It also underscores the importance of newsletters like Offshore Alert, which was launched in February, 1997 to provide clients with an independent and accurate source of information in a sometimes overly secretive offshore world where the truth is often difficult to find.

Shorex 98 focuses on Europe, the Internet and offshore financial services

June 30, 1998
Shorex 98, which is probably the biggest offshore exhibition and conference around, takes place at the Business Design Centre in London on October 20-22.Labeled ‘The International Money Show', the event's organizers expect to attract over 100 exhibitors and 6,000 visitors from around the globe.

The colourful world of the promoters of The Harris Organization

May 31, 1998
One wrote a book describing Albania as a "fairy tale land" and promised he could show investors "how to double your capital at no risk", another sells seemingly dodgy insurance brokerage licences to the gullible, promising they are available within 72 hours to people with no qualifications or even a formal education who will be able to access the Lloyd's of London market; and another has written a book on prostitution showing where "balding, fat guys like your author" can find "Thai virgins".

Insider Talking: April 30, 1998

April 30, 1998
David Walsh, the former head of Bre X Minerals, tried to close a bank account in the Bahamas and take out his entire deposit of $25.3 million two weeks after an audit revealed concluded that the supposedly rich Busang gold

FCO letter presents gloomy picture for offshore finance centres

April 30, 1998
Further details obtained by Offshore Alert about the UK government's new proposals for regulations in its Overseas Territories confirm that what is being planned represents an offshore financial centre's worst nightmare. And there is growing evidence that independent offshore centres like the Bahamas and Antigua are also facing international pressure to conform to new standards.

Stirling Cooke accountant Brian Hynes has conviction for fraud

April 30, 1998
An accountant who participated in one of the world's best-known insurance frauds is currently working for Bermuda-based insurance group Stirling Cooke Brown Holdings as a financial accountant, we can disclose. Brian J. Hynes, former managing director of Carlos Miro-owned Anglo-American International Reinsurance Co., is employed by Stirling Cooke at its London office.

BCCI liquidator wins High Court judgment

March 31, 1998
The liquidator of the Bank of Credit & Commerce International has won a High Court judgment in London for £17 million ($28 million) against former employees and relatives of a loans officer at the bank, which was closed in 1991. Two million pounds of the total, representing the value of four residential properties and a unit on an industrial estate in London, will be available immediately to the liquidator, Deloitte & Touche, reported the Financial Times newspaper.

Cayman-UK tax initiative debate

December 30, 1997
Excerpts of a discussion at a meeting on December 3, 1997 of the Finance Committee of the Cayman Islands Legislative Assembly in which opposition members raised the delicate matter of whether the UK government had asked Cayman to begin recognizing fiscal offences in its mutual legal assistance laws. When Offshore Alert first confirmed the existence of a tax initiative in July, the Cayman government accused us of reporting lies. But, as you might be able to discern from the dialogue, there clearly were discussions on the subject, although it appears that the issue has temporarily gone away.

Legal victory for Mentor liquidators against Ambassador Insurance

December 30, 1997
In a ruling that has implications for all schemes of arrangement in Bermuda, the liquidators of Mentor Insurance have won an important victory in the highest court of Bermuda's legal system - the Privy Council in London.The Privy Council ruled this month in Mentor's favour in a case against Ambassador Insurance Company by determining that the courts have no jurisdiction to extend the deadline for the submissions of appeals against claims previously rejected by the scheme administrator and also for the filing of the original claims.
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Stirling Cooke – What you won’t find in its prospectus

November 30, 1997
Investors contemplating taking part in the $50 million IPO of Bermuda-based insurance broker/risk manager Stirling Cooke Brown Holdings Limited, which is 24 per cent owned by Goldman Sachs, may be interested in a few details they will not find in the company's share prospectus. Perhaps the most noteworthy is the involvement of its subsidiary Raydon Underwriting Management in one of the world's largest insurance frauds. Raydon, which shares offices with Stirling Cooke at Victoria Hall, Hamilton, had the dubious distinction of managing reinsurer North American Fidelity & Guarantee.

Shorex 97 offshore conference

October 31, 1997
Shorex 97, one of the major offshore financial services exhibitions, takes place on December 2-4 at the Business Design Centre in London. Running alongside it will be a conference entitled Offshore 2000.

UK reviews status of tax free citizens

August 28, 1997
British citizens living in Dependent Territories must wait and see whether a review of global British taxation affects their tax-free status.A high level spokesperson for the UK Treasury Department, who did not want to be named, said that "reviews of areas of tax avoidance" are currently underway at the Inland Revenue Service.

Cayman tax initiative – latest

August 28, 1997
Despite overwhelming evidence to the contrary, the UK and Cayman Islands governments are still denying the existence of an initiative from London requesting that Cayman begin co-operating with tax investigations carried out by G7 countries, as was reported last month by Offshore Alert.The ‘does it or doesn't it exist' debate has reached almost farcical proportions, largely as a result of the Foreign & Commonwealth Office in London refusing to discuss the subject in any depth and the Cayman government refusing to discuss the subject at all.

OffshoreAlert’s ‘misconceptions’ about Cayman tax co-operation

August 19, 1997
Letter to OffshoreAlert's editor from Nev Johnson, Press Officer, Foreign and Commonwealth Office trying to coorect "erroneous" rumours about the Cayman Islands being forced to co-operate with tax investigations. It later transpired that the "rumours" were accurate.

UK tax initiative in Cayman

July 30, 1997
Does it exist or doesn't it? That was the question being asked in the Cayman Islands this month after widespread reports that the Foreign and Commonwealth Office in London sent a directive to Governor John Owen instructing Cayman to pass legislation opening up bank accounts for tax investigations carried out by the world's major countries.

Bank of Butterfield takes on dubious business

June 26, 1997
Butterfield Securities Ltd., a subsidiary of the Bermuda-based Bank of N. T. Butterfield & Son, has replaced London firm Teather & Greenwold as the stock-broking advisors to Mackie International, the Belfast-based textile engineering company, following Mackie's decision to suspend its shares in April when the company said it may have to restate its accounts, reported the Financial Times.

Douglas Leese v. Lady Granchester et al: Complaint & Other Filings

June 19, 1997
Complaint and Other Filings in Douglas Leese v. Lady Granchester, James Suenson-Taylor, John Moores, John D. Nettleton, Leonard Wailing Van Geest, Network Security Management Limited, James J. Rapp, a.k.a. Daniel Peel; Christopher More, Commercial Data Services Limited, Winter Information Network Corp., Action Autoline Inc., d.b.a. Action Research Group; Brown and Associates Inc., Robert Brown, Alistair Brown, and Bermuda Research Services Limited at the U. S. District Court for the Southern District of Florida.

United Kingdom: Robert Bolden et al

March 25, 1997
Application for the appointment of a Commissioner - pursuant to a request for judicial assistance from the United Kingdom - to collect evidence for a criminal investigation into Robert Allen Bolden and Jeanette Dean for suspected narcotics trafficking and money laundering.

United Kingdom: Gerhard Martens et al

March 25, 1996
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the United Kingdom into an alleged advance fee fraud by Gerhard Martens and others.

Mello Hollis resigns from Bermuda Fire legal case

October 12, 1995
Law firm Mello Hollis Jones & Martin resigned from the investigation into Bermuda Fire & Marine Insurance because of "professional disagreements" with a British law firm also involved in the case, we have been told.Its decision to resign - only a few weeks after MHJ&M partner Saul Froomkin had interviewed Bermuda's Fire's top directors - had nothing to do with concerns about the high profile nature of a case that affects some of the most powerful members of the community, according to sources.

Glaxo closes Bermuda investment office following losses

July 7, 1994
British pharmaceuticals giant Glaxo, which has taken heavy losses in the bond markets in recent months, is closing down its Bermuda investment arm with the loss of ten jobs.The decision follows a sweeping reorganization of Glaxo's board of directors announced a week ago.

Mark Hardy declared bankrupt

June 10, 1993
Businessman Mark Hardy, the former chairman of insolvent Focus Insurance, was today adjudged bankrupt by an English court.

Mark Hardy goes into bankruptcy in the UK

June 10, 1993
Focus Insurance chief Mark Hardy was yesterday adjudged bankrupt by an English court.However Mr Hardy, who has long claimed he would not receive justice until a suit for negligence started against him in Bermuda by Focus liquidators was brought before an English judge, warned last night that his legal battle was "far from over".

Mark Hardy tries to set aside $19.7 m judgment

May 6, 1993
Focus Insurance chief Mark Hardy has begun a legal action in the UK seeking to set aside a $19.7 million summary judgement handed down against him in the Bermuda Supreme Court.

Walton Insurance run-off moved from Bermuda to UK

April 27, 1993
The run off of Walton Insurance Ltd, a Bermuda-based carrier formerly owned by Phillips Petroleum, is to be transferred to the UK in a cost-cutting move that will lead to the loss of 11 jobs.Announcing the relocation, president Tim Spafford said that a further six jobs will also be axed with the closing of an affiliated Bermuda company, Insurance and Reinsurance Services Ltd — a company that specialised in claims audit services.

Bermuda arrest warrant issued for Mark Hardy

December 23, 1992
Bermuda's Chief Justice Sir James Astwood has ordered the arrest of former Focus Insurance chairman Mark Hardy for disobeying the Supreme Court's orders.Sir James said that he was holding UK-based Mark Gregory Hardy in contempt of court for violating injunctions issued in July 1991 and February 1992 freezing his personal assets worldwide. He ruled yesterday that Mr Hardy be arrested and brought before him on January 8 "to show cause why I should not commit him to prison".

United Kingdom: Parkfield Group Plc (‘Securities Fraud’)

November 18, 1992
Application for the appointment of a Commissioner to collect evidence from Maljack Productions, Inc. and Union Bank - pursuant to a request for judicial assistance from the United Kingdom - for a criminal investigation into suspected securities fraud involving Parkfield Group Plc.

USA v. Kenneth Rijock et al: Criminal Indictment

May 10, 1990
Criminal Indictment in USA v. Kenneth Walton Rijock, Herberto Julian Rodriguez, Michael Clinton Gruener, and Christine Marie Dickinson at the U. S. District Court for the Northern District of Florida.