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Auditor resigns from Axiom Legal Financing Fund’s biggest borrower

January 9, 2013
The auditor of a British law firm that owes Axiom Legal Financing Fund approximately £50 million has resigned, citing problems obtaining sufficient information to perform its task. OffshoreAlert has uncovered evidence calling into question the auditor's independence.

Weavering Fund liquidators sue auditors Ernst & Young

December 7, 2012
The Irish and Cayman Islands operations of Ernst & Young are being sued by the liquidators of Weavering Macro Fixed Income Fund Limited, which collapsed in 2009 and has an estimated insolvency of more than US$500 million.

Axiom fraud leaves offshore providers exposed to massive claims for damages

November 19, 2012
Offshore providers in the Cayman Islands, Isle of Man, and Switzerland face huge liabilities after allowing insiders to loot Axiom Legal Financing Fund of tens of millions of pounds. Those most at risk from being sued by Axiom's eventual liquidators appear to be DMS Group, JP Funds Group, BDO Cayman, and Ogier, all in the Cayman Islands; Turnstone Group, in the Isle of Man; and Portland Financial Management, of Switzerland.

USA v. David Almog et al: First Superseding Indictment

June 14, 2012
First Superseding Indictment in USA v. California-based tax preparers David Almog, David Kalai, and Nadav Kalai who allegedly established and maintained "secret" accounts for clients at Bank Hapoalim and Leumi Bank.

Victims of Cayman Islands investment fraud receive 57% initial distribution

June 11, 2012
Investors who were defrauded out of approximately US$19 million by four Cayman Islands-based hedge funds known as the Grand Island Funds received an initial dividend of 57 cents in the dollar last month from the liquidators, with the prospect of up to six cents more as a final dividend. The first distribution was made possible after the liquidators received US$7 million from the Funds' former service providers, directors and other insiders to settle disputes.

Rye Select Broad Market Insurance Portfolio LDC v. Ernst & Young Ltd. et al: Writ of Summons

December 9, 2011
Writ of Summons in Rye Select Broad Market Insurance Portfolio LDC v. Ernst & Young Ltd. (Cayman Islands), Ernst & Young Ltd. (Bermuda), Ernst & Young BBC Limited, Ernst & Young Caribbean Limited, Ernst & Young International Ltd., Ernst & Young, Ernst & Young Services Limited, and Ernst & Young Americas LLC (Delaware) at the Grand Court of the Cayman Islands.

Grand Island Master Fund et al v. KPMG

April 1, 2011
Writ of Summons by Grand Island Master Fund Limited, Grand Island Income Fund, Grand Island Commodity Trading Fund and Grand Island Commodity Trading Fund II against KPMG that was filed at the Grand Court of the Cayman Islands on April 1, 2011.

Offshore accountant Irvin BonCamper charged with fraud in Texas

March 24, 2011
St. Kitts & Nevis based accountant Malchus Irvin BonCamper, who has featured in several OffshoreAlert articles over the last 10 years concerning his involvement in illegal activity, is in custody in Texas after being criminally indicted on multiple counts of

KPMG (Cayman) sued for unspecified damages in new Madoff-related lawsuit

January 4, 2011
KPMG (Cayman Islands) is among the defendants in a new Bernard Madoff related lawsuit.The Tremont Insurance Plaintiffs' Litigation Trust filed a complaint against KPMG LLP, KPMG (Cayman Islands), KPMG International Cooperative, Bank of New York Mellon and SHL Capital Ltd.

$150,000 judgment against Bahamas accountant Philip Galanis

January 4, 2011
A final default judgment for $150,000 has been entered against Bahamas based accountant Philip Galanis at federal court in West Palm Beach regarding a personal guarantee that he provided for real estate construction loans that are in default.The judgment was

Eisner (Cayman) sued over alleged $40 m fund fraud

August 26, 2010
Cayman Islands domiciled hedge fund auditor Eisner (Cayman) Ltd. is being sued for negligence by an investor that claims to have been defrauded of $40 million.Eisner (Cayman), with an address of Sagicor House, North Church Street, George Town, Grand Cayman,

KPMG (Cayman) dismissed from Madoff-related lawsuit

May 12, 2010
KPMG (Cayman) and its Delaware domiciled affiliate KPMG LLP have been dismissed from a civil complaint brought by seven offshore and onshore hedge funds that lost $116 million in Bernard Madoff's Ponzi scheme.Their motion for dismissal from the case of

McGladrey & Pullen (Cayman) sued for $1.5B by hedge fund investors

January 12, 2010
The Bankruptcy Trustee of two hedge fund groups that allegedly lost $1.5 billion due to fraud is suing auditor McGladrey & Pullen (Cayman) and related parties.Ronald R. Peterson, as Chapter 7 Bankruptcy Trustee for Lancelot Investors Fund LP, Lancelot Investors

Insider Talking: March 11, 2009

March 11, 2009
PricewaterhouseCoopers LLP and PricewaterhouseCoopers (Bermuda) have paid the State of New Jersey $5.85 million to resolve allegations of fraud and accounting improprieties at Tyco International Ltd., according to a press release issued by New Jersey's Attorney General, Anne Milgram, on

Trade and Commerce Bank liquidator sues Arthur Andersen over audits

October 25, 2006
A civil complaint has been filed in the Cayman Islands against Arthur Andersen LLP for alleged negligence concerning audits of a failed Cayman Islands-licensed bank.The action has been filed at the Grand Court of the Cayman Islands by Christopher Johnson, as liquidator of Trade and Commerce Bank, which went into liquidation in August, 2002.

Cayman liquidators sue Parmalat bankers & auditors

November 28, 2005
The liquidators of three offshore firms have filed two civil lawsuits in the U. S. in which they are seeking nearly $1 billion from the main banker and auditors of the Parmalat food and milk processing group.They have alleged a

ESG Re sues former auditor (again)

March 31, 2005
Bermuda registered ESG Re is now pursuing a professional negligence claim against its former auditor, Deloitte and Touche, in Ireland after a United States court rejected jurisdiction.Defendants in a new action filed at the High Court (Commercial Division) in Dublin

Beacon Hill liquidators sue managers, administrator and auditor

March 31, 2005
The liquidators of an offshore hedge fund that collapsed owing approximately $300 million have filed a civil complaint in New York against its former controllers, auditor and administrator.The complaint was filed by Theo Bullmore and Philip Stenger, as joint official

Offshore firms sue BDO Seidman for $170 m over collapsed ES Bankest

May 31, 2004
Three offshore firms have filed a civil complaint against accounting firm BDO Seidman in an attempt to recover $170 million of losses from a collapsed factoring scheme.The complaint, whose sole cause of action is professional negligence, was filed at the

PwC (Bermuda) sued again over Tyco audit

April 30, 2004
A new lawsuit has been filed against PricewaterhouseCoopers (Bermuda) in connection with its auditing of scandal-plagued Tyco International Ltd., which is also registered on the island.The action was filed by Paul Manko and Shelley Evans, derivatively and on behalf of Tyco, at the Superior Court for Suffolk County, Massachusetts on February 12, 2004.

Arthur Andersen (Bermuda) sued for audit of telecommunications group

March 31, 2004
Arthur Andersen (Bermuda) is being sued for damages over its work for a Bermuda registered telecommunications group which filed for bankruptcy in 2002.The Andersen group earned "millions of dollars in fees" from FLAG Telecom, including $1.35 million in 2000 alone,

Insider Talking: November 30, 2003

November 30, 2003
Deloitte & Touche has offered $32 million to settle a class action lawsuit filed on behalf of shareholders of the British Virgin Islands registered Manhattan Investment Fund who bought shares between October, 1995 and January, 2000. D&T's Bermuda office audited