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Regulators freeze assets in $40 m ‘fraud’ case

May 31, 2000
As Bermuda struggles to cope with a recent influx of investment scam operators, one of the schemes heavily promoted on the island has had its assets frozen in the United States. The United States District Court for the Western District of Washington State issued a temporary restraining order on May 10 against several parties accused by the SEC of committing a $40 million fraud. Defendants in the lawsuit are John Wayne Zidar, John Wesley Matthews, Elizabeth Anne Phillips, Oakleaf International, Rosewood International and Meliorations Management Teem.

Yet another Grenada investment scam – Joi de Vie Ventures

May 31, 2000
OffshoreAlert has come across yet another investment scam being perpetrated in Grenada, this one involving a company called Joi de Vie Ventures Inc. The firm promises to pay depositors "100% profit per year" and informs them in promotional material that there is a "money-back guarantee".

Overseas Partners struggles to overcome loss of UPS premiums

May 31, 2000
Still suffering from the impact of losing its UPS shipper's risk account, Overseas Partners reported greatly reduced net income of $20.1 million or 16 cents per share for the quarter ended March 31 - 81 per cent less than the $105.5 million or 84 cents per share in the same quarter a year earlier.

Insider Talking: May 31, 2000

May 31, 2000
International Financial Privacy Association's '6,000 square foot' office building fails to materialize, fraudulently-operated World Investors' Stock Exchange shamelessly targets the elderly, Imperium Bank offers double-digit annual returns, Cayman Islands Court of Appeal upholds decision to remove Chris Johnson and Nick Freeland as liquidators of local Cash 4 Titles firms, Eugene Chusid's Digital Commerce Bank, John Bourbon and Valia Theodoraki appointed heads of Cayman Islands Monetary Authority and Cayman Islands Stock Exchange, respectively; Nigel Scott Grant - sorting out fact from fiction on his Curriculum Vitae.

Another Harris Organization client on his way to jail, stock fraud continues

May 31, 2000
Harris Organization client and business partner Brent Wagman has pleaded guilty to securities fraud and criminal contempt of court in Texas.Wagman, 42, is due to be sentenced on August 3 and faces up to five years in prison for masterminding a scheme that defrauded mainly elderly Americans out of approximately $30 million.

Business card belies former plumber’s bank directorship denials

May 31, 2000
Parties involved with Grenada-registered Meridian Investment Bank are still denying that former plumber Sheldon Mickelson and Burdett Streeter are directors of the bank, despite evidence to the contrary.The denials on behalf of Mickelson are particularly bizarre since he has recently been handing out business cards in the US that read 'Meridian Investment Bank Ltd., Sheldon Mickelson, Director'.

Regulators freeze assets of bank controlled by Terry Neal

May 31, 2000
A Nauru-registered bank that is operated out of Nevis by offshore provider and author Terry Neal is at the centre of a major stock fraud investigation in the United States and Canada.Investigators allege that Exchange Bank and Trust helped launder millions of dollars from illegal trading in US stocks through bank and brokerage accounts in Vancouver and Nevis-registered entities.

Stirling Cooke under investigation by Lloyd’s of London

May 31, 2000
Stirling Cooke has disclosed that its UK-based subsidiaries are being investigated by Lloyd's of London following the apparent insolvency of a Lloyd's syndicate known as the Alan R. Bird syndicate. The Bird syndicate is believed to have become insolvent following an arbitration ruling on December 9, 1999 that rescinded reinsurance contracts with Transamerica Occidental Life Insurance Co., primarily on the grounds that Stirling Cooke, in its capacity as broker, had orchestrated an "abnormally tight" reinsurance spiral.

Eugene Herbert threatens legal action over Nevis credit union fiasco

May 31, 2000
Nevis-based offshore provider Eugene Herbert is contemplating legal action against California-based attorney N. Scott Grant in relation to an entity called World Investors Credit Union LC.Herbert, who runs Nevis International Trust Company Ltd., said he was disturbed to learn in last month's Offshore Alert that he was being described in promotional material as Managing Director of WICU.

A look at the dubious GTrade ‘stock exchange’ and its principal, Andy Mann

May 31, 2000
Nevis-based Hanver Trust Company boss Robin Cotterell, who was arrested on May 23 for allegedly laundering the proceeds of securities fraud, is also the chairman of a dubious Internet stock exchange, Offshore Alert can reveal. Cotterell has set up several companies and provided a number of services to the 'exchange', which is known as GTrade, and his firm may have even partially operated it in Nevis without a licence.

Poland: Herbert Fiss

May 31, 2000
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Poland into Herbert Fiss and Florida International Marketing and Sales Corporation for alleged fraud.

USA: Chen Sun

May 18, 2000
Motion for issuance of a letter rogatory to Taiwan to collect evidence for a criminal investigation in the USA into Chen Sun, President of CIF Group International, for allegedly causing the production and distribution of more than six million counterfeit music CDs.

Poland: James Chrysler-Plymouth Jeep/Eagle

May 8, 2000
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Poland into the alleged importation of foreign cars and customs clearance based on allegedly forged documents.

United Kingdom: Stephen Anthony Trutch et al

May 8, 2000
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the United Kingdom into alleged fraud, money laundering and perjury concerning Stephen Anthony Trutch and Jeanne Mary Trutch.

Israel: Nathan Hanan et al

May 5, 2000
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Israel into Nathan Hanan and Ben Cohen for murder, extortion, narcotics trafficking and firearms offenses.

Latvia: Valdis

May 4, 2000
Application for the appointment of a Commissioner to collect evidence - pursuant to a request for judicial assistance from Latvia - for a criminal investigation into Valdis Company for suspected involvement in smuggling.

Grenada regulator Michael Creft is ‘apparently corrupt’, says FIBG auditor

April 30, 2000
Grenada's Registrar of Offshore Financial Services, Michael Creft, was described last year as being "apparently corrupt" by the first accountant who attempted to audit the books of the First International Bank of Grenada. In a letter to Prime Minister Keith Mitchell, Lauriston Wilson wrote that Creft's actions relating to FIBG were "suspect and lead to the inescapable conclusion that he is apparently corrupt".

Attorney Scott Grant accused of selling sham offshore credit union

April 30, 2000
Attorney Nigel Scott Grant has been reported to the California Bar Association by a client who claims to have been ripped off over the purchase of a Nevis-registered 'credit union'. California-based Johnson Richards & Co. is seeking to recover about $53,000 in legal fees and other costs allegedly paid to acquire a fully-functioning credit union from Grant and prepare for its operation.

Meridian Investment Bank run by former plumber

April 30, 2000
One of the banks linked with the First International Bank of Grenada group is co-owned and partly run by a former plumber and two former bankrupts, Offshore Alert can reveal. The ex-plumber is Florida resident Sheldon A. Mickelson, 40, who we have been told by two sources is one of the senior partners in Meridian Investment Bank, which is one of the many 'sub-banks' sponsored by FIBG. 

John Head accused of self-interest by ESG Re shareholder

April 30, 2000
One of the major shareholders of Bermuda-based ESG Re has accused the company's chairman, John Head III, of overpaying himself while simultaneously ruining the company through mismanagement. The criticism of Head came in a letter from private investment management firm SC Fundamental LLC to the ESG Re's Board of Directors.

Insider Talking: April 30, 2000

April 30, 2000
The low-down on Imperial Consolidated's City UK Ltd., Antigua-based Accord Insurance goes to ground; and Mezzanine Capital's Eric Chess Bronk, complaints to SEC about clampdown on broker activities.

Fidelity mutual fund group takes gamble on Stirling Cooke

April 30, 2000
Boston-based Fidelity Management & Research Corp. has taken a gamble on beleaguered Stirling Cooke Brown Holdings and acquired 8.5 per cent of the company's outstanding common stock. Fidelity's shareholding, which is disclosed in Stirling Cooke's recent Proxy Statement filing, makes it the second biggest shareholder in Stirling Cooke after Goldman Sachs.

U. S. regulator issues warning against Digital Commerce Bank

April 30, 2000
The Caribbean Bank of Commerce, which had its banking license revoked in Antigua last year, has been up to its old tricks again. On March 29, 2000, the US Office of the Comptroller of the Currency put out a warning about something calling itself Digital Commerce Bank Ltd., which is one of the names CBC now operates under.

Ukraine: Pavel Lazarenko et al

April 28, 2000
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Ukraine into Pavlo Ivanovych Lazarenko, a former Prime Minister; Myckola Ivanovych Agafonov, Petro Myckolayiovych Kirichenko and Igor Olexandrovych Polozhentsev for alleged fraud, embezzlement and corruption.

United Kingdom: Peter Paul Gellatly et al

April 28, 2000
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 Peter Paul Gellatly, David Robertson and David Tallant.

Mexico: American Airlines

April 26, 2000
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Mexico into alleged narcotics trafficking involving an American Airlines aircraft with the registration number of N-64AA.

Switzerland: Gerard Blohorn et al

April 26, 2000
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Switzerland into Gerard Blohorn, Michel Pichard, Jean Marie Degueldre, Bernard Bouloc, Robert Gauthier, Florence Amaudric du Chaffaut, Francois Blohorn, Louis Blohorn, Stephane Blohorn and Sybille Blohorn for possible fraud regarding the estate of the late Emile Andre Blohorn.

First International Bank of Grenada Ltd. et al v. David Marchant et al: Dismissal Order

April 19, 2000
Final Order of Dismissal in First International Bank of Grenada Ltd., of Grenada; International Depositors' Reinsurance Corporation Ltd., doing business as IDIC, of Nevis, and World Investors' Stock Exchange Ltd., of Grenada v. David Marchant and Offshore Business News & Research, Inc. at the U. S. District Court for the Southern District of Florida.

Denmark: Peter Dennis Jorgensen

April 18, 2000
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Denmark into Peter Dennis Jorgensen or attempted fraud.

Italy: Eurocopes Society

April 4, 2000
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Italy into the administrators of Eurocopes Society Coop. Arl for alleged bankruptcy fraud.

Superior National taken over by regulators, mystery over shredding machine

March 31, 2000
Superior National Insurance Group Inc., which recently settled its dispute with Bermuda-based Inter-Ocean Re over the non-payment of a $175 million claim, was taken over by regulators in California on March 3. "Financial examinations of Superior National undertaken by the Department revealed that the company was in hazardous financial condition and was severely under reserved," stated the Department of Insurance. 

STW Fixed Income Management expalins why it is leaving Bermuda

March 31, 2000
In announcing its decision to relocate from Bermuda, STW Fixed Income Management, which employs 18 people on the island and managed about $10 billion in assets, was highly critical of the PLP government. The company's CEO, American national William H. Williams, issued a news release in which he essentially accused the PLP government of not understanding the needs of international businesses and of implementing policies which he said would be "disastrous" to the economy. 

Stirling Cooke reports $8.8 million loss amid costs of litigation

March 31, 2000
The cost of being involved in so many lawsuits is taking its toll on Stirling Cooke Brown Holdings, with the company reporting a net loss of $8.8 million for the quarter ended December 31, 1999, compared with a profit of $3.9 million a year earlier.

Bear Stearns accused of preferential treatment over failed BVI fund

March 31, 2000
Bear Stearns has been accused of tipping off privileged clients so that they could cash out of the BVI-registered Manhattan Investment Fund before it collapsed in January with losses of about $450 million. It has also been claimed that the broker exceeded "generally accepted margin limitations" in extending credit to the fund, thus contributing to the size of its losses.

Insider Talking: March 31, 2000

March 31, 2000
AS&K denies it is merging with Truman Bodden & Co. (Cayman), Neville Grant, resigns as head of the Cayman Islands Monetary Authority, Montserrat revokes offshore banking license of Equity Bank and Trust Company Limited, Grenada's Ambassador to the United States, Denis G. Antoine, makes a fool of himself while defending Grenada's offshore financial sector, illegally-operated offshore 'bank' continues in business despite regulatory action, sham 'Monaco Bank of Trade' tries to lure Internet users by offering absurdly-high rates of return, Russian businessman Vladimir Momitko dismantles web-site in which he sought to breach the copyright of financial publishers.

Harris Organization associate deported from Panama

March 31, 2000
A fugitive American businessman who has been helping The Harris Organization run investment schemes through IBCs set up in the Bahamas and the BVI was deported this month from Panama to the US. Within days of his deportation, Brent A. Wagman was criminally indicted in Texas on charges of masterminding a scheme that defrauded mainly elderly victims of approximately $30 million.

Nevis-based offshore provider criminally indicted in Utah

March 31, 2000
Raymond David Finzer, Managing Director of the Nevis-based LIFE Offshore Group, has been criminally indicted in the United States on charges of mail fraud, wire fraud, money laundering and aiding and abetting. Finzer, 46, and co-defendants Ned Richard Hart, who was a client of Finzer's, and Christian G. Cooper were indicted on March 1 at the US District Court for the District of Utah (Central Division).

Bank of Bermuda (Cayman) officers fired over handling of client accounts

March 31, 2000
Three officers of the Bank of Bermuda (Cayman) have been fired following an internal investigation into the bank's handling of accounts controlled by allegedly crooked client Michael Gause. The Bank of Bermuda confirmed that it terminated the employment of Michael Day, Marc Vanmarsenille and David Spohr on December 8, 1999 following their suspensions a month earlier.

Spain: Margarita Vega Almenares et al

March 27, 2000
Application of the appointment of a Commissioner to collect evidence for a criminal investigation in Spain into Margarita Vega Almenares and Dalila Rivas Vegas for alleged aggravated battery.

France: Stephane Metereau

March 22, 2000
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in France into Stephane Metereau for allegedly murdering 14-year-old Eddy Ladrier.

Argentina: Roberto Fionna et al

March 21, 2000
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Argentina into Roberto Fionna and others.

Canada: Armour Pharmaceuticals

March 13, 2000
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Canada into Armour Pharmaceuticals regarding the distribution of HIV-infected blood.

Netherlands: Moenipersad Baidjnath Misier

March 8, 2000
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the Netherlands into Moenipersad Baidjnath Misier for alleged money laundering.

Mexico: Mario Villanueva Madrid

March 8, 2000
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Mexico into Mario Villanueva Madrid, former Governor of the State of Quintana Roo, Mexico, for allegedly laundering the proceeds of narcotics trafficking by a cartel headed by Amado Carillo Fuentes, a.k.a. "El Senor de los Cielos".