PILL is ‘dishonest organization’, claims client
Letter to the Editor of OffshoreAlert from Bill Anderson, a disgruntled client of Prosper International League Ltd., a.k.a. PILL.
Former Harris clients may change plea
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.
Bahamas-registered TAC International in $11 million judgment
TAC International Ltd., which was registered in the Bahamas, and two of its principals have been ordered to disgorge $10.9 million and fined $770,000 in the United States.Default judgments were entered against TAC International, Douglas R. Walker and Craig Southwood at the US District Court for the Western District of North Carolina on January 31, 2001.
Stock Generation case goes to US Appeals Court
An appeals court has overturned a US District Court judge's decision to unfreeze millions of dollars of frozen assets of a Dominica-based Internet gaming firm known as Stock Generation.In a decision on February 5, 2001, the Court of Appeals ordered that a preliminary injunction and asset freeze against the Stock Generation group will remain in effect until further order.
Victims sue Melvin Ford and The Forum
A civil lawsuit has been filed in the United States by victims of a failed Antigua-based investment scheme known as 'The Forum'.The lawsuit was filed at the US District Court for the Southern District of Texas on January 24, 2001 by 64 individual plaintiffs.
Fidelity Low-Priced Fund becomes big investor in Stirling Cooke
A mutual fund that has accumulated a ten per cent stake in financially distressed Stirling Cooke Brown Holdings has one of the best reputations in its peer group.
The Fidelity Low-Priced Stock Fund (Ticker: FLPSX) returned 25.74 per cent over the 12 months ended February 23, 2001, greatly outperforming the S&P500, which lost 7.37 per cent.
Lines Overseas Management sued by Rubin Investment Group
Bermuda-based investment firm Lines Overseas Management has been named as one of several defendants in a civil lawsuit filed in California relating to an alleged $5 million stock fraud.The lawsuit was filed by Los Angeles resident Dan Rubin, d.b.a. Rubin Investment Group, on December 26, 2000 at the United States District Court for the Central District of California.
Insider Talking: 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.
Imperial Consolidated files lawsuit against OBNR, seeks injunction
Imperial Consolidated PLC has followed in the footsteps of The Harris Organization and the First International Bank of Grenada and filed a libel lawsuit against OBNR and its principal, David Marchant.
While the previous two lawsuits were filed at federal court in Miami, Imperial Consolidated filed its complaint at state court, specifically the Circuit Court of the Eleventh Judicial Circuit for Miami-Dade County, Florida, on February 21, 2001.
Regulators take action against Caruba International
The latest Pyramid scheme run by 28-year-old Damon Westmoreland, called Caruba International, seems to be headed the way of his last, which was shut down by regulators in the United States.Caruba International, which claims to be operated "entirely in Aruba" but appears to be run from Florida and California, has been subject to two enforcement actions in the US.
Irvin BonCamper enters defense in New York lawsuit
St. Kitts & Nevis-based offshore provider M. Irvin BonCamper has entered an eleventh-hour defense to a civil complaint filed in New York just as a default judgment was about to be entered against him.
Bahamas firm settles SEC lawsuit
Bahamas-registered St. Barth Ltd. and H. D. Inc., which was registered in New Jersey, have agreed to be penalized in the amount of US$1.7 million to settle a civil lawsuit filed in the US by the SEC.
Grenada bank with dignitaries as directors implicated in fraud
AÂ bank whose directors include an ex-Prime Minister, a former Governor-General and two Justices of the Peace has become Grenada's latest offshore financial institution to be implicated in fraud. A promoter and 'Honorary Director' of Windsor International Bank & Trust, Douglas E. Castle, is being sued in the United States for allegedly defrauding a client of $244,636.
Morris Wilner et al v. Steven Madden et al: Consolidated Amended Class Action Complaint
Consolidated Amended Class Action Complaint In Morris Wilner et al v. Steven Madden, Rhonda J. Brown, and Arvind Dharia at the U. S. District Court for the Eastern District of New York.
Imperial Consolidated Plc v. David Marchant et al: Order Denying Preliminary Injunction
Order Denying Plaintiff's Motion for Temporary Restraining Order and Preliminary Injunction in Imperial Consolidated Plc, of the United Kingdom v. Offshore Business News and Research Inc. and David Marchant at the Circuit Court of the 11th Judicial Circuit, in and for Miami-Dade County, Florida.
Imperial Consolidated Plc vs. David Marchant et al: Libel Complaint
Complaint alleging defamation and Motion for Preliminary Injunction in Imperial Consolidated Plc, of the United Kingdom vs. David Marchant and Offshore Business News & Research Inc. at the Circuit Court of the Eleventh Judicial Circuit, in and for Miami-Dade County, Florida.
USA v. Daniel Leveto et al: Criminal Indictment
Indictment in USA v. Daniel Leveto and Donald Turner, a.k.a. Don Wood, at the U. S. District Court for the Western District of Pennsylvania.
Belize: Dan Michael
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Belize into Dan Michael for allegedly failing to report his interest in foreign accounts.
Italy: Giuseppe Lucchi
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Italy into Giuseppe Lucchi for alleged money laundering.
Imperial Consolidated threatens to sue OBNR
A Miami-based attorney representing the British-based Imperial Consolidated financial services group sent a letter to Offshore Business News & Research on February 7, 2001 stating that a lawsuit will be filed against OBNR and its principal, David Marchant, on Thursday, February 15, 2001 unless we retract "a plethora of libelous and slanderous statements" allegedly made against the group.
USA v. Corey Spencer Sniderman: Exhibit and Witness List
U. S. Government Exhibit in a criminal case of 'USA vs. Corey Spencer Sniderman' at the U. S. District Court for the Southern District of Florida, specifically a letter from Toronto Police Service in February, 2001 stating that, at that time, Sniderman was a "wanted fugitive in Toronto" at that time.
‘Retract or be sued,’ demands Imperial Consolidated
Letter from lawyer Richard Goldstein, on behalf of the fraudulently-operated Imperial Consolidated Group, threatening to sue OffshoreAlert for defamation.
Poland: Alfred Poser
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Poland into Alfred Poser for alleged fraud and perjury.
BCCI v. Bank of America et al: Judicial Assistance
Bank of Credit and Commerce International (in liquidation) v. Bank of America National Trust and Savings Association, BankAmerica International, and BankAmerica Corporation at the Grand Court of the Cayman Islands.
Cayman-based SEGOES acts to protect its reputation
Cayman-based on-line brokerage firm SEGOES Ltd. acted quickly this month after OffshoreAlert tipped it off to apparent misuse of its name over the Internet. Omnicorp Bank Inc., of St. Vincent; and Business Builders LLC, of California, all made apparently false claims on their web-sites about a relationship with SEGOES.
Lawsuit pits ‘Unity-States’ against United States
The battle between the US authorities and a group of suspected fraudsters allegedly led by American John Wayne Zidar, whose scheme was heavily promoted in Bermuda, becomes more bizarre by the month.On November 30, 2000, an action was filed in the US District Court for the Central District of California on behalf of something calling itself the 'Unity-States' against several parties, including the United States, the FBI, the SEC, the US Marshals Service, judges in the US and Western Samoa, the Western Samoan Attorney General, several banks and others, including Zidar himself.
Suisse Security Bank & Trust has $4.5M frozen & seized
Bahamas-based Suisse Security Bank & Trust is fighting two lawsuits in the United States which have resulted in $1.47 million of its assets being seized and another $3 million frozen. The bank is currently waiting for the outcome of an appeal against a default judgment in Florida in 1998 which will determine whether the seized $1.47 million has been lost forever.
Insider Talking: January 31, 2001
David Voth unable to name auditor of The Forex Fund, Dennis Sutton charged with fraud and forgery in the Bahamas, fraudulent GTrade 'stock exchange' becomes active again after months of inactivity, conman Joseph Becker sets up his own European Community in cyberspace, FIBG-related barrister Lawrence Jones stops practicing law in England.
CBS News’ ’48 Hours’ exposes Global Prosperity
A group that has held highly dubious offshore seminars in Bermuda, the Bahamas and other offshore centers was exposed by CBS News' television program '48 Hours' on January 25.
The program, which included an interview with OffshoreAlert's publisher, David Marchant, focused on the activities of the Global Prosperity Group, now known as the Institute of Global Prosperity.
David Finzer trial scheduled for May
A four-week jury trial to hear multiple allegations of fraud and money laundering against Nevis-based offshore provider Raymond David Finzer is scheduled to start on May 7, 2001 in the United States.
Details of $50 m lawsuit re. Cambridge International Bank
In one of the latest lawsuits to be filed as part of the on-going Grenada banking scandal, creditors of Cambridge International Bank & Trust claim to have been defrauded of $50 million.Cambridge, which began life as a sub-bank of the First International Bank of Grenada, offered annual interest rates of up to 51 per cent per annum, according to the complaint.
Irvin BonCamper moves closer to a default judgment
Several St. Kitts-based offshore providers and IBCs are on the verge of having default judgments entered against them for fraud in a civil lawsuit filed in New York.
APAM settles lawsuit prior to AFC Re sale
Florida-based Atlantic Portfolio & Analytics Management settled a lawsuit in the United States prior to selling Bermuda-registered AFC Re in December, 2000 to avoid "further litigation costs".
Switzerland: Jurg Weiss
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Switzerland into Jurg Weiss for alleged embezzlement.
Offshore Alert editor to be featured on CBS News’ 48 Hours
CBS News' television program '48 Hours', which is hosted by Dan Rather and averages approximately 11 million viewers per show, has filmed Offshore Alert's editor, David Marchant, for a television program on Cybercrime that is due to be aired on the evening of Thursday, January 25, 2001.
Italy: Giuseppe Conigliaro
Application for the appointment of a Commissioner for a criminal investigation in Italy into Giuseppe Conigliaro for alleged heroin trafficking.
FBI Agent Gerard Forrester: Letter Supporting Suisse Security Bank & Trust
Letter to Bahamas Central Bank Governor Julian Francis from FBI Agent Gerard Forrester in support of fraudulently-operated Bahamas-based Suisse Security Bank & Trust Ltd., dated January 12, 2001 - two days before Forrester retired from the FBI.
Leon Brener v. Malcolm Alan Novack et al: Complaint
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.
Netherlands: Fay Lee Russell
Order regarding application for the appointment of a Commissioner to collect evidence - pursuant to a request for judicial assistance from the Netherlands - for a criminal investigation into Fay Lee Russell and others.
The Attorney General: Judicial Assistance Application(1)
In the Matter of the Criminal Justice (International Co-operation) (Bermuda) Act 1994, and In the Matter of a letter of request for assistance from the U. S. Department of Justice, Washington D.C. in the United States of America. - Bermuda Supreme Court
Terry Neal lawsuit concludes with settlement by last defendant
The civil fraud lawsuit filed by the SEC against Nevis-based offshore provider Terry Neal and five others ended on December 15 when the last defendant settled.
Michael T. Baer was ordered by the U. S. District Court for the District of Oregon to disgorge $1.4 million in "ill-gotten gains" and barred from serving as an officer or director of a public company. The disgorgement was waived and no civil penalty was imposed "based on his demonstrated financial condition".
FIBG client Teddy Wayne Solomon sentenced to 24 years in prison
A client of the First International Bank of Grenada, Teddy Wayne Solomon, has been sentenced to 293 months in prison after a jury in Texas found him guilty on multiple charges of fraud and swindling.
Solomon was also fined $150,000 and ordered to pay restitution of $2.4 million when he was sentenced on October 20, 2000 at the US District Court for the Northern District of Texas.
Galanis, Ernst & Young (Bahamas) sued for alleged investment fraud
Ernst & Young (Bahamas), its former Managing Partner, Philip Galanis; and a current partner, Paul Clarke, are being sued in the United States for their role in an alleged $9.95 million investment fraud.
The complaint, which was filed on November 30, 2000 at the U. S. District Court for the District of Arizona, relates to the same events that led to Galanis being fired from Ernst & Young in 1997.
Michael Berger awaits sentence after pleading guilty to securities fraud
Hedge fund manager Michael Berger, who lost approximately $400 million of investor money in the BVI-registered Manhattan Investment Fund, is due to be sentenced on March 16, 2001 after pleading guilty to one charge of securities fraud.
Insider Talking: 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.
Robin Cotterell: ‘US investigators wanted me to give up my clients’
Nevis-based offshore provider Robin Cotterell claims that US investigators asked him to disclose confidential information on his firm's clients in return for leniency on money laundering charges.
Details of a failed attempt to persuade Cotterell to break Nevis' confidentiality laws are contained in a statement issued on his behalf following his acquittal on November 28, 2000.
BVI-domiciled Kading Companies SA agrees to SEC Cease and Desist Order
A British Virgin Islands-domiciled company and its President have agreed to a Cease and Desist Order and a civil penalty following an administrative proceeding brought by the SEC.
Kading Companies S.A. and Kevin H. Kading, 42, were among four Respondents accused of acting as broker-dealers in the United States without being registered by the SEC. The other Respondents were Utah-registered Joning Corp. (f.k.a. Global Stock Exchange Corp.), which was 55 per cent-owned by Kading Corp; and John O. Jones Jr., 54, Joning's President.
Everest Re buys secretive Bermuda reinsurer AFC Re
One of the most secretive commercial reinsurers in Bermuda has been sold after three years in business, about two-thirds of which it appears to have been up for sale.
AFC Re, which was capitalized at $100 million when it formed in October, 1997, was bought for $17 million in cash by Everest Re (Bermuda) in a deal that was announced on December 22, 2000.
ACE sues CIGNA for $170 million, alleges accounting and tax errors
ACE Ltd. filed a civil complaint against CIGNA on December 11, 2000 alleging breach of contract stemming from its $3.45 billion acquisition of CIGNA's property and casualty business in July, 1999.
ACE is seeking compensatory damages of $218 million, comprising $170 million in alleged over-valuation of the acquired business and $48 million under a Tax Sharing Agreement. ACE is also asking for a declaration that it is not liable to CIGNA for any additional tax liabilities.
Director of DIAK Bank is defendant in SEC lawsuit
A director of Grenada-registered DIAK Bank is currently fighting a civil lawsuit in which he is accused of participating in an investment fraud relating to a previous venture, we can disclose.
Kenneth Lagonia was one of several defendants in a lawsuit filed by the Securities & Exchange Commission on April 14, 1998 at the US District Court for the Southern District of New York.
