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Everest Re buys secretive Bermuda reinsurer AFC Re

December 31, 2000
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

December 31, 2000
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

December 31, 2000
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.

Italy: Giuseppe Cipolla

December 29, 2000
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Italy into Giuseppe Cipolla for alleged fraud regarding the bankruptcies of Oleificio Borelli SpA and Gruppo Borelli SpA.

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.

Hungary: Istvan Csepregi

December 18, 2000
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Hungary into Istvan Csepregi for alleged fraud.

Offshore firms sued after family trust was alleged defrauded

November 30, 2000
Some of the biggest names in offshore finance have been named as defendants in a civil lawsuit filed in the United States by investors who claim to have been defrauded of $5 million. Defendants are Matheson Trustees (BVI) Limited, Matheson Trust Company (BVI) Limited, Bank of Bermuda, Credit Suisse, of Switzerland; UBS, of Switzerland; and KPMG, of the British Virgin Islands.

Martin Hoffman Interview: Part Three

November 30, 2000
InsideBermuda continues this month with the third installment of our in-depth interview with New York-based businessman Martin Hoffman, who has attracted his fair share of publicity since he entered the insurance industry in the 1960s and has been an active participant in the Bermuda market.

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.

Losses mount at Stirling Cooke

November 30, 2000
Faced with mounting legal bills and no longer earning brokerage commissions and underwriting fees by spinning premiums around in a circle, Stirling Cooke has reported another heavy quarterly loss. The company lost $2.6 million or 27 cents per share for the quarter ended September 30, almost identical to the corresponding period of 1999.

Barbados and Anguilla firms and Barbados attorney defendants in $323 m fraud lawsuit

November 30, 2000
Companies based in Barbados and Anguilla and a Barbados attorney are at the center of an investigation in the U.S. into an alleged $323 million insurance fraud. The investigation was launched after the liquidation on January 21, 1998 of Pennsylvania-based medical malpractice insurer PIC Insurance Group Inc., formerly known as Physicians Insurance Group.

Default judgment entered against Bank of Bermuda in Cash 4 Titles lawsuit

November 30, 2000
A default judgment has been entered against the Bank of Bermuda in a racketeering lawsuit filed by the Receiver of the alleged $300 million Ponzi scheme known as Cash 4 Titles. The judgment was entered against the Bank of Bermuda Ltd. and the Bank of Bermuda (Cayman) Ltd. on November 20, 2000 at the U. S. District Court for the Northern District of Illinois.

BVI and Bahamas funds used in alleged $70 million fraud aimed at Latin Americans

November 30, 2000
Two offshore funds allegedly involved in a $70 million scheme to defraud investors who mainly resided in Latin America have been put into receivership following court action in the United States. Bahamas-registered United World Capital Fund Limited and BVI-registered United World Capital Limited consented to the receivership after being named as defendants in an SEC lawsuit filed in Texas.

Isle of Man AG thanked by SEC for tracing bankrupt’s offshore assets

November 30, 2000
The Isle of Man Attorney General has been publicly thanked by the US Securities & Exchange Commission for helping to track down the offshore assets of a massively bankrupt businessman. The praise came after a New York court issued an injunction preventing the transfer of ownership of a Florida gaming cruise ship apparently controlled by a bankrupt businessman through three offshore trusts.

Default judgment against BVI firm in $6.2 million fraud case

November 30, 2000
A default judgment has been entered against British Virgin Islands-registered Hedley Finance Ltd. and its administrator, Christian Dante, for involvement in a $6.2 million investment fraud. They participated in a fraud which raised $6.2 million through the sale of bogus prime bank notes to investors who were promised returns of between 20 and 100 per cent every ten international banking days.

Offshore criminal activity continues unabated in Grenada

November 30, 2000
Regulators in Grenada are continuing to allow banks belonging to the First International Bank of Grenada group to operate on the island despite FIBG's massive insolvency, we can reveal. The National Commercial Bank of St. Vincent, which is government-owned, is also continuing to provide banking services despite having its UK assets frozen recently over the FIBG fiasco.

How to take over a NASDAQ-listed firm using ‘toxic convertibles’

November 30, 2000
A lawsuit filed in the United States against a Bahamas-based mutual fund offers a fascinating insight into how stock promoters can wrest control of a publicly-traded firm through alleged stock manipulation. Louisiana-based National Affiliated Corporation claims that it was a victim of a method of stock manipulation known in the industry as a 'death spiral' or 'toxic convertibles'.

Robin Cotterell acquitted of money laundering

November 30, 2000
Nevis-based offshore provider Robin Cotterell has been acquitted of criminal money laundering charges following a jury trial at the U. S. District Court for the Southern District of New York. After a trial that lasted eight days, British-born Cotterell was unanimously acquitted on November 29, 2000 on one count of money laundering and one count of conspiracy to commit money laundering.

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.

Poland: Leszek Tadeusz Gago

November 30, 2000
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Poland into Leszek Tadeusz Gago for alleged fraud.

Credit Bancorp et al v. Aristocrat Endeavor Fund Ltd. et al: Complaint

November 28, 2000
Complaint in Carl Loewenson Jr., as Receiver for Credit Bancorp et al v. Aristocrat Endeavor Fund Ltd., Aristocrat Capital Advisors, Ltd., Aristocrat Corporate Finance, Ltd., Jeffrey Allen Weston, James Shadlaus, Patrick Albert Meredith, David Elias Sherman, and Robert William Newman at the U. S. District Court for the District of Nevada.

Italy: Antonio Sciacca

November 20, 2000
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Italy into Antonio Sciacca for the alleged murder of Jimmy Yu, attempted robbery and criminal possession of a weapon.

Spain: Raul Elizondo Chapas

November 17, 2000
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Spain into Raul Elizondo Chapas for alleged narcotics trafficking.

Italy: Marino Carpino

November 15, 2000
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Italy into Marino Carpino for attempted fraud.

Austria: New Bank Ltd.

November 14, 2000
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Austria into "unknown" representatives of New Bank Ltd. and others who are suspected of aggravated fraud regarding of ZUG Insurance Holdings Ltd.

Switzerland: Lydia Albertina Sturm

November 14, 2000
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Switzerland into alleged fraud by Lydia Albertina Sturm while working as an investment adviser for UBS AG.

Regulators issue Cease and Desist Order against Wellington Bank

October 31, 2000
The Indiana Securities Division has issued a Cease and Desist Order against Grenada-registered Wellington Bank & Trust Ltd., which is a sub-bank of the First International Bank of Grenada. Also named in the Order were Nevada-registered Wellington Capital Holdings Limited Inc., Ohio-registered CastleRock Consulting LLC and Ohio residents John E. Brinker Jr. and Gary J. Bentz.

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.

SEC takes action against Robert Moore, founder of sham jurisdiction

October 31, 2000
The SEC has taken legal action in Hawaii against yet another 'founder' of a fake country who solicited investments over the Internet. Robert F. Moore, who lives in Honolulu, held himself out to be the 'Head of State' of The Kingdom of Enenkio and attempted to raise money in its name, according to an SEC complaint filed on October 5.

Platinum Indemnity faces financial collapse, moves to segregate assets

October 31, 2000
Bermuda-based rent-a-captive Platinum Indemnity Ltd., which is part of the Powerscourt Group, is facing financial collapse after a reinsurer refused to pay weather-related claims. The firm has admitted that it faces "dire circumstances and imminent ruin of its business" in a recent court filing in New York, where it is being sued by Connecticut-based General Star Indemnity Co.

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.

Who let the dogs out? Dubious investments of Hawthorne-Sterling fund group

October 31, 2000
Research into publicly-quoted firms linked with Hawthorne-Sterling's mutual funds has revealed an astonishing pattern of alleged stock manipulation, bankruptcies and ties to convicted criminals. There is overwhelming evidence that the companies exist largely so that insiders can benefit at the expense of unsophisticated investors who are sucked in by hype.

Court battle looms for control of Hawthorne-Sterling fund group

October 31, 2000
A crucial hearing in the battle for control of the Hawthorne-Sterling group of mutual funds is due to take place at Bahamas Supreme Court on November 1. Florida-based Ian L. Renert wants the court to remove accountant Clifford Culmer as Receiver of 36 companies within Renert's group and be allowed to relocate them to Nevis.

David Gilliland pleads guilty to investment fraud, turns on his co-defendants

October 31, 2000
A guilty plea has been entered by one of the defendants in an alleged $95 million investment fraud in which funds were allegedly laundered through the Bank of Bermuda in the name of an Antiguan 'paper' bank. Benjamin David Gilliland, of Memphis, Tennessee, pleaded guilty on August 22, 2000 to one count each of conspiracy to commit wire and securities fraud and conspiracy to commit money laundering.

Grenada licenses new FIBG and blocks FBI investigation into fraud

October 31, 2000
Grenada Prime Minister Keith Mitchell is being lined up as a potential defendant in a civil fraud lawsuit following the collapse of the First International Bank of Grenada. Depositors have vowed to take action against Mitchell after his government announced that it had granted a license to a new bank called First International Bank of Grenada 2000 Ltd.

The Attorney General: Judicial Assistance Application

October 19, 2000
In the Matter of the Criminal Justice International Cooperation (Bermuda) Act 1994, and In the Matter of a letter of request dated 6th April, 2000 of the Central Authority of the United States of America. - Bermuda Supreme Court

Canada: Project Offline

October 6, 2000
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Canada - codenamed 'Project Offline' - into allegations of illegal gambling and bookmaking against a Canadian citizen.

Luxembourg: Ulrich Kelnhofer et al

October 4, 2000
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Luxembourg into Ulrich Kelnhofer, Jean-Marie Georgenthum, Renzo Vittorio Zaccuti, Vuceta Radovic, Peter Weber, Franz August Mader, Herta-Eva Gentzel and Jacques Lamit for alleged fraud.

Terry Neal settles SEC lawsuit for $2.5 million

September 30, 2000
Nevis-based offshore financial services provider and author Terry Neal has been ordered to disgorge $2.3 million in "ill-gotten gains" and pay a $200,000 penalty to settle a civil fraud lawsuit in the United States. Neal, who is an American citizen, has also been barred from serving as an officer or director of a public company in the United States.

Martin Hoffman discusses his sometimes controversial past

September 30, 2000
American businessman Martin Hoffman has attracted his fair share of publicity in his long career in the insurance industry, which began in the 1960s and has covered markets in the United States, the UK, Bermuda and around the world. Over the next few editions, Inside Bermuda will serialize a comprehensive interview that we conducted with Hoffman in which he addresses several controversial incidents that he has been linked with, including the collapse of US firms Kenilworth Insurance and Cadillac Insurance and the operations of Barbados-based Towers International Re/Knightsbridge International Re. Since December of 1994, Hoffman has been the President of New York-based Eton Management Corporation, which is engaged in a broad range of insurance and reinsurance activities, including the management of an International Marine and Property Program. Prior to founding Eton Management, he ran MIH Consultants, which provided consulting, administrative, software development and processing for small and medium-sized insurance companies and agents. Early in his career, Hoffman was hired to head the Reinsurance Audit Staff at Norman Reitman & Company, an international insurance accounting firm specializing in reinsurance and CIGNA British Companies and Bermuda Reinsurers. After he left Norman Reitman & Company, Hoffman was retained by a London brokerage firm where he was responsible for all accounting activities related to the brokerage firm's business underwritten by production sources in the United States on behalf of Lloyd's of London.

Bank of Bermuda sued again over alleged $300 million Ponzi scheme, two arrested

September 30, 2000
The Bank of Bermuda has been sued again over its involvement in the alleged $300 million Cash 4 Titles Ponzi scheme that operated in the United States, the Cayman Islands and the Bahamas. Barely a month after the bank was served with a class action lawsuit in Federal Court in Miami that was filed on behalf of victims, a second action was filed in Illinois on September 19, 2000.

Accused fraudster Michael Richmond used name of First Bermuda Securities when raising funds

September 30, 2000
A businessman - Michael Richmond - criminally indicted in the U.S. for an alleged $8.5 million investment fraud lied about a relationship with First Bermuda Securities when raising funds, claim investigators. Richmond allegedly told potential depositors of his Nauru-registered Royal Meridian International Bank that their accounts would be managed by FBS or Deacon Capital Corporation.

US Grand Jury investigates ‘offshore bank’;

September 30, 2000
A Grand Jury investigation is currently underway in California into the activities of two people linked with a bank held out to be based in the Turks & Caicos Islands.

Bermuda resident penalized by SEC

September 30, 2000
Bermuda resident Susan McKenna Grant has been ordered by a US court to disgorge $135,204 and pay $264,796 in refunds and interest following a lawsuit filed by the Securities and Exchange Commission. Grant, who lives at Harbour Road, Paget, was one of three former executives of NASDAQ-listed Alias Research Inc. who were ordered to pay total penalties of $2.4 million on July 24, 2000.