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Jerry Nims and his 3D technology claim another victim

April 30, 2001
The curse of American businessman Jerry Nims and his 3-D camera technology, whose many failures over two decades have cost Bermuda-based investors millions of dollars, has claimed another victim. NimsTec North America Inc. filed for voluntary bankruptcy at the United States Bankruptcy Court for the District of Georgia on November 6, 2000.

Clarendon America/Eton Management involved in premiums dispute lawsuit

April 30, 2001
Clarendon America Insurance Company is suing two US Virgin Islands-based brokers for $2.92 million of premiums that were allegedly sent to a firm controlled by Martin Hoffman, instead of to Clarendon. The lawsuit was filed against Marshall & Sterling of St. Thomas Inc, d.b.a. Theodore Tunick & Co., and Marshall & Sterling of St. Croix Inc. at the US District Court for the District of Delaware on July 14, 2000 before being transferred to Federal Court in US Virgin Islands on April 10, 2001.

Mathewson claims Cayman politician asked for pay-off

April 30, 2001
Former banker John Mathewson claims that a member of the Cayman Islands government once asked him for a pay-off of $250,000, plus shares in an offshore bank that Mathewson controlled. Mathewson, who owned and managed the now defunct Cayman-registered Guardian Bank & Trust, made the allegation on the first of three days of United States Senate hearings into money laundering.

United Nations body acts against latest scam run by former FIBG group officer

April 30, 2001
A new scheme run by former First International Bank of Grenada group officer Doug Ferguson has been denounced as a fraud by a representative of an organization within the United Nations. Ferguson has distributed promotional brochures in an attempt to raise "donations" for a "Foundation" to purportedly fund the G77 Chamber of Commerce & Industry of Developing Countries.

Eric Resteiner charged with defrauding Christian Scientists

April 30, 2001
Former Bahamas resident Eric Resteiner has been accused of defrauding at least 50 people of $22 million in a civil lawsuit filed at the United States by the Securities & Exchange Commission. Many of the alleged victims were members of the Christian Science Church, according to a lawsuit filed at the US District Court for the District of Massachusetts on April 16, 2001.

Robin Cotterell client subject to arrest warrant

April 30, 2001
A client of Nevis-based offshore provider Robin Cotterell is still on the run from US authorities nearly 12 months after being criminally indicted on racketeering charges along with members of the New York mafia. Joseph Andrew Mann, known as 'Andy Mann', was one of 120 defendants in securities fraud and RICO actions filed on June 14, 2000 at the United States District Court for the Southern District of New York.

Elderly electrician pleads guilty to Omega investment fraud

April 30, 2001
Clyde Hood, the 66-year-old electrician who persuaded gullible investors to send him millions of dollars by promising 5,000 per cent returns, has pleaded guilty to fraud-related charges in the United States. Hood pleaded guilty on April 10, 2001 to one count each of conspiracy to commit fraud, conspiracy to commit money laundering and filing a false tax return.

Cambridge International Bank officers charged with fraud

April 30, 2001
Six weeks after they were arrested in the United States, former Grenada bankers David Frank Rowe, 52, and Gerard Michael Burns, 52, were criminally indicted in San Jose, California on April 11. Rowe and Burns are being held in custody pending the outcome of their case, while a third indictee, Waylon McMullen, 54, is subject to an arrest warrant but has not been apprehended.

Elfindepan, Southern Financial Group and Calvin Dunlap held in contempt of court

April 30, 2001
Costa Rica-registered Elfindepan S. A., which, inter alia, provides debit card services to Nevis-based Liberty International Bank & Trust, has been held in civil contempt of court in the United States. Co-defendants Southern Financial Group and Tracy Calvin Dunlap Jr. were also held in contempt of court in a ruling issued on March 15, 2001 at the U. S. District Court for the Middle District of North Carolina.

Sterling International Bank fails to unfreeze assets

April 30, 2001
An offshore bank has failed to unfreeze US$540,000 of its assets that were frozen at the Bank of Montreal in Vancouver by the British Columbia Securities Commission as part of a stock fraud investigation. The provisional liquidator of Nauru-registered Sterling International Bank Inc., Graham R. Whiteside, had applied for the funds to be released so that he could proceed with the liquidation of the bank.

Regulators and offshore creditors act against SunState FX

April 30, 2001
Regulators in the United States have acted to close down a Florida-based investment firm weeks after two lawsuits were filed by offshore corporations alleging they were victims of fraud. The SEC and the Commodity Futures Trading Commission filed separate lawsuits against SunState FX Inc. at the U. S. District Court for the Southern District of Florida on April 18, 2001.

Attorney Jeffrey Matz and others found guilty of $64 million investment fraud

April 30, 2001
Six people have been convicted of criminal offenses relating to a $64 million investment scam that involved several offshore jurisdictions, including Antigua, Bermuda and the Bahamas. The convictions on April 13, 2001 followed a six-week jury trial at the U. S. District Court for the Northern District of Florida that focused on investment programs known as Hammersmith Trust, Microfund and Luxor Capital Markets.

USA v. Corey Spencer Sniderman: Docket in Fraud Case

April 30, 2001
Court Docket in the case of 'USA vs. Corey Spencer Sniderman' in which Sniderman, a Canadian national, was convicted of defrauding the FBI at the U. S. District Court for the Southern District of Florida.

Czech Republic: Jan Langsadl et al

April 30, 2001
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the Czech Republic into Jan Langsadl, Isidoros Busuttil and Shirley Lee Busuttil for alleged embezzlement regarding a limited liability company called Global Journey.

United Kingdom: Paul Lowe

April 25, 2001
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the United Kingdom into Paul Lowe for alleged narcotics trafficking.

Ukraine: Ukrainian Food Enterprise Ltd.

April 20, 2001
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Ukraine into Ukrainian Food Enterprise Ltd. for alleged tax fraud.

United Kingdom: Robert Swire et al

April 20, 2001
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the United Kingdom into Robert Swire and Robert Leung for alleged tax evasion regarding Memsolve Limited.

Suspicious trading patterns of MRM stock

April 19, 2001
News of Mutual Risk Management's infusion of $112.5 million from a consortium of XL Capital Ltd, First Union Capital Partners, High Ridge Capital and Century Capital Partners II seems to have leaked out yesterday before the deal was officially announced, judging by trading patterns on the New York Stock Exchange.

Venezuela: Antonio Jose Nagen Abraham

April 17, 2001
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Venezuela into the kidnapping of Antonio Jose Nagen Abraham in 1999.

SEC v. Eric Resteiner et al: Complaint

April 16, 2001
Complaint in U. S. Securities and Exchange Commission v. Eric Edward Resteiner, Voldemar A. VonStrasdas, Miles M. Harbur, Charles G. Dyer, Resource F, LLC, and Bunker Hill Aviation, LLC at the U. S. District Court for the District of Massachusetts.

Pakistan: Admiral Masur ul Haq

April 13, 2001
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Pakistan into alleged corruption by Admiral Masur ul Haq when he was Chief of Naval Staff of the Pakistan Navy.

Spain: Lesvia Ugueth Pinilla Peralta (2001)

April 12, 2001
Application for the appointment of a Commissioner for a criminal investigation in Spain into Lesvia Ugueth Pinilla Peralta for alleged fraud and extortion.

Belgium: Melchior Wathelet

April 10, 2001
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Belgium into Melchior Wathelet for suspected forgery and bribery.

United Kingdom: Juanita Kwamina Hector

April 2, 2001
Application for the appointment of a Commissioner to collect evidence for a criminal prosecution in the United Kingdom of Juanita Kwamina Hector for suspected credit card fraud. This application was denied by United States District Judge Ursula Ungaro-Benages because proper procedures were not followed. This document includes a copy of a letter from the U. S. Department of Justice admonishing attorney Stephen Fidler for failure to follow basic procedures.

SEC files lawsuit against Wellington Bank & Trust

March 31, 2001
Thirteen months after being exposed by OffshoreAlert as a scam, the SEC filed a civil lawsuit against Grenada-registered Wellington Bank & Trust, its principals and affiliates. The lawsuit was filed at the United States District Court for the Southern District of Indiana on February 27, 2001.

Head of MRM-subsidiary Valmet admits to being ‘economical with the truth’

March 31, 2001
The head of Isle of Man-based Valmet Group, which was recently purchased by Mutual Risk Management, has admitted being "economical with the truth" during a criminal trial in New York. Peter Bond is the chief witness in the trial of former penny stock promoter Robert E. Brennan, who is charged with 13 counts of bankruptcy fraud and money laundering.

Suisse Security Bank & Trust fights for its license

March 31, 2001
Bahamas-based Suisse Security Bank & Trust filed an application at the Bahamas Supreme Court on March 29, 2001 to reverse what it has called "a purported out-of-court appointed receivership". The Respondents in the lawsuit are Julian Francis, who is the Governor of the Central Bank of the Bahamas; the Attorney-General of the Bahamas and SSBT's Receiver, accountant Raymond Winder.

Petitition to wind up Sentinel Insurance

March 31, 2001
A petition to wind-up Bermuda-based Sentinel Insurance Company was filed by regulators at Bermuda Supreme Court on March 14 and is scheduled to be heard on April 6. The action follows concerns over the solvency of the insurer, as reported in last month's edition of InsideBermuda.

Stirling Cooke reports record quarterly loss

March 31, 2001
Fourteen days after its share price collapsed to a record low of 56 cents on NASDAQ, Stirling Cooke Brown Holdings reported a record quarterly net loss of $21.2 million.

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.

Interclaim sues US law firm in row over settlement with Canadian crook Blair Down

March 31, 2001
International asset recovery firm Interclaim is suing its former law firm for allegedly cutting it out of a settlement deal with a crook who made tens of millions of dollars by ripping off the elderly. Interclaim Holdings Ltd. and Interclaim Recovery Ltd. filed a lawsuit against Ness Motley Loadholt Richardson & Poole at the US District Court for the Northern District of Illinois on December 4, 2000.

Raids on Jerome Schneider and Global Prosperity, charges against Anderson’s Ark

March 31, 2001
Jerome Schneider, who has made a living by selling offshore bank charters in lightly-regulated jurisdictions to private individuals and by writing offshore books, had his office raided by the IRS on February 26. The raid on the office of Schneider's Wilshire Publishing Company in California was one of three high profile actions taken against offshore promoters within five days of each other in the United States.

Insider Talking: March 31, 2001

March 31, 2001
Former Bermuda insurance boss John McGarrity resurfaces in the Bahamas, Turks & Caicos Islands regulators issue warning about Petro Funds, Bahamas resident Yank Barry goes on trial in Texas, default judgment entered in U. S. against American International Bank (in receivership), Bahamas union boss negotiates for employees of Suisse Security Bank & Trust, a private letter from FIBG principal Van Brink hints at corrupt payments to influential individuals in Grenada.

Failed $200 million fund linked with Bahamas bank

March 31, 2001
An offshore mutual fund that has collapsed amid debts of $200 million and allegations of massive fraud had close links with Bahamas-based Surety Bank & Trust, OffshoreAlert can reveal. SBT's relationship with British Virgin Islands-registered Evergreen Security Ltd. appears to be the reason why the bank chose voluntary liquidation late last year over being sold as a going concern.

Grenada bankers arrested in US on suspicion of investment fraud

March 31, 2001
Two businessmen who helped run Grenada-registered Cambridge International Bank & Trust were arrested in the United States on February 28 and are being held in custody. David Frank Rowe, 52, and Gerard Michael Burns have been accused of fraud at the US District Court for the Northern District of California.

Poor results for Clarendon Insurance Group

March 31, 2001
Hannover Re has announced what it described as "disappointing" results for fiscal 2000 for the New York-based Clarendon Insurance Group, which it bought in February, 1999. Although Clarendon's gross premium income increased by 15 per cent to $1.7 billion, the firm's after-tax profit "fell markedly from $33.8 million to $1 million", according to a press release dated March 8.

Cash 4 Titles businessman pleads guilty to fraud

March 31, 2001
American businessman Michael Gause has pleaded guilty to securities fraud, conspiracy to commit fraud,  and money laundering charges in relation to the Ponzi scheme known as Cash 4 Titles. Gause changed his plea to guilty to six counts on January 3, 2001 and is due to be sentenced on May 4. He faces up to 20 years in prison and a fine of twice the amount lost in the scam.

Italy: IGNOTI

March 29, 2001
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Italy into the alleged sexual exploitation of minors and the sale of pornography over the Internet.

Poland: Sulik Auto, Inc. et al

March 22, 2001
Application for the appointment of a Commissioner to collect evidence from Sulik Auto, Inc., Progressive Auto, and Merek Piepryzyk - pursuant to a request for judicial assistance from Poland - for a criminal investigation in Poland into alleged tax fraud.

Trinidad & Tobago: Maurice Chin Aleong

March 16, 2001
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Trinidad & Tobago for Judicial Assistance into an allegedly fraudulent request to transfer US$373,000 from an account controlled by the Ministry of Education Secondary Modernization Programme at the Central Bank of Trinidad and Tobago to an account in the name of Resource Pioneer in Education (RESPECT) at Wells Fargo Bank in Reno, Nevada.

Italy: Nicola Nocerino

March 15, 2001
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Italy into Nicola Nocerino for suspected involvement in organized crime.

Monaco: William Fogwell et al

March 13, 2001
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Monaco into William Fogwell, Shelley Fogwell and Guillaume Losada y Padilla for alleged fraud regarding the Hobbs Melville Group.

Two Grenada bankers arrested in US

March 10, 2001
David Frank Rowe and Gerard Michael Burns, who are or have been principals of Grenada-registered Cambridge International Bank & Trust, have been arrested in the United States and are being held without bail.

Pakistan: Admiral Mansur ul Haq

March 9, 2001
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Pakistan into Admiral Mansur ul Haq for alleged corruption.

Harris Organization clients plead guilty to tax evasion

March 8, 2001
Harris Organization clients Tony and Joseph Vigna have each pleaded guilty to three criminal counts relating to tax evasion at the U. S. District Court for the Southern District of Florida, in Miami, in an attempt to minimize their sentence, which is due to be handed down on May 25, 2001.