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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".

Panama: Sergey Osipov

March 2, 2000
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Panama into Sergey Osipov and others for allegedly arranging and facilitating international prostitution.

TAC International accused of $12 million fraud

February 29, 2000
Two men accused of running a Bahamas-based scheme that allegedly defrauded thousands of Americans out of more than $12 million were criminally indicted in North Carolina this month. Craig Southwood and Douglas R. Walker, who ran Bahamas-registered TAC International, have each been charged with 17 counts of federal conspiracy, mail fraud, wire fraud and money laundering.

Simon Samuels sets up yet another company doomed to failure

February 29, 2000
Simon J. Samuels, a former Bermuda resident who specializes in working for insurers with fake capital, has set up a new company in Nevada. He is a Director and Manager of R&W Management LLC, which was incorporated in Nevada on December 1, 1999.

Business as usual for New Utopia after settling SEC lawsuit

February 29, 2000
Ever wondered how you could commit fraud and effectively get away with it even when caught? The case of Lazarus Long, head of the New Utopia fake offshore jurisdiction project, shows how it can be done. Long (a.k.a. Howard Turney) took in $24,000 over 10 months from investors who bought into his dream of building a new offshore center on stilts on shallow coral reefs 100 miles off the coast of the Cayman Islands, according to the SEC. However, he paid no financial penalty and continues to operate his business.

Criminal indictment against Suisse Security Bank & Trust client

February 29, 2000
Bahamas-based Suisse Security Bank & Trust, whose dubious clients have been exposed in the last two editions of Offshore Alert, is the banker to yet another allegedly fraudulent investment scheme, we can disclose. Although not a defendant, the bank is mentioned in a criminal indictment filed at the United States District Court for the Eastern District of California against Larry W. Wilcoxson, David Baxter, C. William Gordin, Roxanne Albaugh and John R. Witzke.

Imperial Consolidated Group launches new offshore credit card

February 29, 2000
Bahamas-based Imperial Consolidated Securities, which has had several scrapes with regulators over the way it promotes its mutual funds, has launched a new offshore credit card with an aggressive promotional campaign that repeats claims that its funds guarantee returns of up to 18 per cent per year. "The Imperial Consolidated HINT MasterCard can be used like a regular credit card but the card offers superb advantages when used in conjunction with Imperial Consolidated mutual funds," states promotional literature.

More lawsuits following collapse of $500 million hedge fund

February 29, 2000
The barrage of litigation surrounding the collapse in January of BVI-registered Manhattan Investment Fund and the disappearance of nearly $500 million continued this month. Five lawsuits were filed at Bermuda Supreme Court during February to go along with the four that were filed at the same court the previous month and one in New York.

FIBG reports fictitious net income of $60 billion

February 29, 2000
The founding chairman of the First International Bank of Grenada has informed Grenada's chief offshore regulator, Michael Creft, that FIBG has made a net income of $60 billion in its first two years in business. The astonishing claim is made in a rambling, 26-page letter sent by Van A. Brink (a.k.a. Gilbert Allen Ziegler) to Creft on December 23, 1999 in an effort to assuage the regulator's concerns about the bank.

Nine charged with money laundering at Euro Bank

February 29, 2000
Cayman Islands police have brought charges against nine people as part of an investigation into the alleged laundering of $25 million through Euro Bank Corp. (in liquidation). Four of the accused are residents of the Cayman Islands - including three former officers of the bank, while the other five live in California.

Stirling Cooke lawsuit moved from New York to UK

February 29, 2000
Stirling Cooke's share price hit its highest level in several months following the decision of a New York judge to dismiss Odyssey Re's racketeering lawsuit against the company. Stirling Cooke's stock closed at $3.69 on February 29 - up by 47 per cent on the month. The major rise occurred after Judge Naomi Reice's decision on February 28 to dismiss Odyssey Re's lawsuit on the grounds that the United Kingdom was a more appropriate forum.

Denmark: Poul-Erik Dyrvig, et al

February 28, 2000
Order regarding application for the appointment of a Commissioner to collect evidence - pursuant to a request for judicial assistance from Denmark - for a criminal investigation into Poul-Erik Dyrvig, Lars Stenkjaer Rasmussen, Jesper Nilakantan, Jesper Frotlund, and Soren Lindkvist at the U. S. District Court for the Northern District of Alabama.

Germany: Unknown Persons

February 10, 2000
Application for the appointment of a Commissioner to collect evidence for a criminal investigation into unknown persons for fraud and falsification of documents.

United Kingdom: Bashru Oladipupo Oladiran et al

February 10, 2000
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the United Kingdom into Bashru Oladipupo Oladiran and Jairzinho Olusoji Williams for alleged fraud.

Germany: Silvio Andre Ziegler

February 10, 2000
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Germany into Silvio Andre Ziegler for alleged fraud.

United Kingdom: Ibrahim Karagozlu et al

February 10, 2000
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the United Kingdom involving Ibrahim Karagozlu and others.

Russia: Vladimir Aleksandrovich Trinev et al

February 9, 2000
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Russia into alleged fraud and abuse of power by three former directors of Rostselmash JSC, namely Vladimir Aleksandrovich Trinev, Sergey Pavlovich Beloglasov and Andrey Zakharovich Khata.

United Kingdom: Ibrahim Karagozlu

February 9, 2000
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the United Kingdom into Ibrahim Karagozlu and others for alleged narcotics trafficking and money laundering.

Poland: Krzysztof Iwanczuk

February 7, 2000
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Poland into Krzysztof Iwanczuk for alleged misappropriation to the detriment of Rolnicza Spoldzielnia Produkcyjna.

New offshore futures fund launched in the Bahamas

January 31, 2000
A new mutual fund that uses a proprietary, automated trading model to invest in futures has been established in the Bahamas. Flexus Futures Fund Ltd. was incorporated in the Bahamas on December 2, 1999 and was this month licensed as

Harris Organization moves closer to collapse

January 31, 2000
There are increasing indications that The Harris Organization financial services group of Panama is edging closer to collapse. Several of the group's clients have contacted Offshore Alert recently to complain that their requests to redeem all or part of their investments have been ignored.

Bahamian jailed for 20 years for $50 million fraud

January 31, 2000
Bahamian businessman George Wilson was this month sentenced to 20 years in prison by a Texas judge after previously being convicted of 18 offences relating to a $50 million dollar fraud.

Lawsuits fly in Bermuda following collapse of $500 m hedge fund

January 31, 2000
Four lawsuits were filed at Bermuda Supreme Court in the last week of January following the collapse of the Manhattan Investment Fund Ltd., which was registered in the British Virgin Islands, managed in New York City and administered and audited in Bermuda.

Cayman-based Ponzi scheme raised at least $45 million

January 31, 2000
At least $45 million from more than 500 investors went into a Cayman/US-based Ponzi scheme that is currently being liquidated, according to a report submitted to a US court as part of an SEC investigation. The net insolvency of the scheme, which revolved around a car title loan business called Cash 4 Titles, has not yet been determined since assets and liabilities are still being assessed.

Say it ain’t so: Martin Hoffman solicits reinsurance in Bermuda

January 31, 2000
Dubious businessman Martin Hoffman has been soliciting reinsurance in Bermuda recently as a representative of First American Insurance Co., operating from New York, OffshoreAlert can disclose. And he is also operating another New York-based company called Wilton International Corporation, which describes itself as "a managing general underwriter and program manager that underwrites and manages international facultative property and marine business".

Wellington Bank & Trust – same scam, different name

January 31, 2000
Offshore Alert has uncovered another highly dubious Grenada-registered bank that is owned by a former bankrupt. Wellington Bank & Trust, which was incorporated on July 27, 1998, is owned by John Edward Brinker Jr. and Gary Joel Bentz, who are both based in Ohio.