Banks & Trusts

Caribbean’s Loyal Bank settles FATCA-related money laundering charge in U.S., agrees to pay $2M fine

December 30, 2024

Saint Vincent and the Grenadines-based Loyal Bank has entered into a Deferred Prosecution Agreement with the U.S. Department of Justice to settle a criminal charge of conspiring to launder the proceeds of fraud involving failure to comply with the Foreign Account Tax Compliance Act.

Meritus Trust Company Ltd.: Company Report (Bermuda)

December 30, 2024

Company Report for Meritus Trust Company Limited, obtained from the Bermuda Registrar of Companies on December 30th, 2024.

Meritus Trust Company Ltd.: $600K Fine (Bermuda)

December 30, 2024

Public Notice by the Bermuda Monetary Authority that it has imposed a fine of $600,000 on Meritus Trust Company Limited for regulatory breaches.

U.S. courts authorize IRS to issue ‘John Doe’ summonses to identify Trident Trust Group clients suspected of U.S. tax evasion

December 24, 2024

United States federal courts in New York and South Dakota have entered orders authorizing the IRS to serve 'John Doe' summonses on 14 entities in an attempt to identify clients of corporate services provider Trident Trust Group who are suspected of evading U.S. taxes, while a third court in Georgia has yet to rule on a similar petition.

JPMorgan Chase Bank N.A. v. Grupo Alazan C.A. et al: Complaint (‘$17.2M Fraud’)

December 23, 2024

Complaint for Interpleader to "determine whether Grupo Alazan or Rojas Chirinos is entitled to certain funds that are presently being held and restrained in JPMorgan bank accounts that are owned or controlled by Rojas Chirinos" in JPMorgan Chase Bank N.A. v. Grupo Alazan C.A. and Pedro Andres Rojas Chirinos, both of Venezuela, at the Circuit Court of the Eleventh Judicial Circuit, in and for Miami-Dade County, Florida, USA.

USA v. FedEx et al: Order Granting Petition to Serve ‘John Doe’ Summonses (‘Tax Evasion Investigation Into Clients of Trident Trust Group’)

December 23, 2024

Order Granting Ex Parte Petition by the IRS for Leave to Serve 'John Doe' Summonses on FedEx Corporation, DHL Express (USA), Inc., United Parcel Service, Inc., the Federal Reserve Bank of New York, The Clearing House Payments Company LLC, HSBC Bank USA, National Association, The Bank of New York Mellon Corporation, Wells Fargo Bank, National Association, Citibank, National Association, UBS AG, Bank of America, National Association, Deutsche Bank Trust Company Americas, and Nevis Services Limited as part of an investigation into suspected tax evasion by clients of Trident Trust Group, filed at the U.S. District Court for the Southern District of New York.

USA v. Loyal Bank Ltd.: Deferred Prosecution Agreement ($2M Fine)

December 20, 2024

Deferred Prosecution Agreement in USA v. Loyal Bank Ltd. (in Liquidation), of Saint Vincent and the Grenadines, at the U.S. District Court for the Eastern District of New York.

Aabar Investments PJS Ltd. et al v. Amicorp B.V.I. Ltd. et al: Claim Form (‘Knowing Participation in $7.65B 1MDB Fraud’)

December 20, 2024

Claim Form alleging the respondents "knowingly participated" in an alleged $7.65 billion fraud committed by their clients against "a now-insolvent Malaysian sovereign wealth fund" known as 1MDB in Angela Barkhouse and Toni Skukla, as Joint Liquidators of Aabar Investments PJS Limited, SRC International (Malaysia) Limited, and Brazen Sky Limited v. Amicorp B.V.I. Limited, of the British Virgin Islands; Amicorp Management Limited, of the British Virgin Islands; Artemas Wealth Management (Barbados) Ltd., formerly known as Amergeris Wealth Management (Barbados) Ltd., of Barbados; Amicorp Fund Services N.V., of Curaçao; Amicorp Singapore PTE. Ltd., of Singapore; Amicorp Hong Kong Limited, of Hong Kong; Amicorp Limited, of Hong Kong; Amicorp Bank and Trust Limited, of Barbados, and Antonius Rudolphus Wilhelmus Knipping, a.k.a. Toine Knipping, of Dubai, United Arab Emirates, at the British Virgin Islands High Court.

Chris Tuohy v. JPMorgan Chase Bank NA et al: Discovery Application (England)

December 20, 2024

Application by Chris Tuohy to take discovery from JPMorgan Chase Bank, N.A., Morgan Stanley Private Wealth Management, a division of Morgan Stanley Smith Barney LLC, and Citizens Bank N.A. for use in legal proceedings in England "against Akhilesh Shailendra Tripathi and others" for "breaches of duty relating to his management of Signifier Medical Technologies Ltd.", filed at the U.S. District Court for the Southern District of New York.

USA v. FedEx et al: Petition to Serve ‘John Doe’ Summonses (‘Tax Evasion Investigation Into Clients of Trident Trust Group’)

December 17, 2024

Ex Parte Petition by the IRS for Leave to Serve 'John Doe' Summonses on FedEx Corporation, DHL Express (USA), Inc., United Parcel Service, Inc., the Federal Reserve Bank of New York, The Clearing House Payments Company LLC, HSBC Bank USA, National Association, The Bank of New York Mellon Corporation, Wells Fargo Bank, National Association, Citibank, National Association, UBS AG, Bank of America, National Association, Deutsche Bank Trust Company Americas, and Nevis Services Limited as part of an investigation into suspected tax evasion by clients of Trident Trust Group, filed at the U.S. District Court for the Southern District of New York.

IRS files ‘John Doe summons’ petitions to identify Trident Trust Group clients suspected of U.S. tax evasion

December 17, 2024

In an attempt to identify clients of international corporate services provider Trident Trust Group who are suspected of evading U.S. taxes, the IRS has applied to federal courts in New York, Georgia, and South Dakota for permission to serve 'John Doe Summonses' on courier services, financial institutions, correspondent banks, and Trident Trust Group itself.

Ricardo Salinas Pliego et al v. Aleksei Skachkov et al: Discovery Application (England)

December 10, 2024

Application by Ricardo Benjamin Salinas Pliego, described as "a Mexican businessman and the founder and chairman of Grupo Salinas, a multi-billion dollar conglomerate operating across various industries, including the banking, media, and retail sectors", and Corporación RBS S.A. de C.V., of Mexico, to take discovery from Aleksei Skachkov, a.k.a. Alexi Skachov, a.k.a. Alexi Skachkov, a.k.a. Alexey Skachkov, a.k.a. Thomas Mellon, a.k.a. Thomas Astor-Mellon; Wells Fargo Bank, N.A., and Discover Bank, Inc. "for use in a proceeding captioned Ricardo Benjamin Salinas Pliego & Another v Astor Asset Management 3 Limited & Others (case no: CL-2024-000450), currently pending in the High Court of Justice, King’s Bench Division, Business and Property Courts of England and Wales Commercial Court, which involves the theft of hundreds of millions of dollars through an international web of shell companies, bank accounts, and false identities", filed at the U.S. District Court for the Northern District of Georgia.

Probis Financial Services PTY Ltd. v. City Credit Investment Bank Ltd.: Grounds of Judgment (Contested Appointment of Liquidator)

December 10, 2024

Grounds of Judgment appointing Luke Furler as liquidator in Probis Financial Services PTY Limited, of Australia, described as a company in voluntary administration that "carried on business as a financial and insurance service provider" v. City Credit Investment Bank Limited, of Labuan, at the High Court in Sabah and Sarawak at the Federal Territory of Labuan, Malaysia.

Bruna de Souza Haber et al v. Bank of America, N.A. et al: Discovery Application (Brazil)

December 10, 2024

Application by Bruna de Souza Haber, A.H., by her parent Paula Seabra Parisot Guterres, and J.H., by his parent, Paula Seabra Parisot Guterres, to take discovery from Bank of America, N.A., The Bank of New York Mellon, BNP Paribas USA, Citibank N.A., The Clearing House Payments Company LLC, Deutsche Bank AG, the Federal Reserve Bank of New York, HSBC Bank (USA) NA, JPMorgan Chase Bank N.A., Standard Chartered Bank, and Wells Fargo Bank, N.A. "for use in a disputed probate proceeding currently pending in São Paulo, Brazil, for the estate of Roger Clement Haber", who was "a prosperous and prominent figure in Brazil", filed at the U.S. District Court for the Southern District of New York.

China CITIC Bank International Ltd.: HK$4M Fine (Hong Kong)

December 6, 2024

Public Notice by the Hong Kong Monetary Authority that it has imposed a fine of HK$4 million on China CITIC Bank International Limited for regulatory breaches.

Transworld Payment Solutions U.K. Ltd. v. First Curacao International Bank N.V. et al: Plaintiff’s Amended Reply (‘Dishonest Assistance to VAT Fraud’)

December 4, 2024

Plaintiff's Amended Reply to Defendants' Amended Defenses in Transworld Payment Solutions U.K. Limited, of London, England, and Stephen Hunt, as Liquidator of Transworld Payment Solutions U.K. Limited v. First Curacao International Bank N.V., of Curaçao, and Johannes Christiaan Martinus Augustinus Maria Deuss, a.k.a. John Deuss, a citizen of the Netherlands residing in Bermuda, at the High Court of Justice of England and Wales.

Republic of Türkiye v. Bank of America et al: Discovery Application (Turkey)

December 3, 2024

Application by the Republic of Türkiye to take discovery from the Bank of America, N.A. and Wells Fargo Bank, N.A. for use in "an ongoing criminal prosecution of Cevdet Turkyolu, Hasan Sayin, Ybrahym Sayin, Muhammet Erhan Koseoylu, and Ferhat Aktay" for suspected money laundering, filed at the U.S. District Court for the Southern District of New York.

Michael Wyse v. Metropolitan Commercial Bank: Complaint (‘Voyager Digital Crypto Fraud’)

November 27, 2024

Complaint in Michael Wyse, as the Plan Administrator of Voyager Digital Holdings, Inc. v. Metropolitan Commercial Bank at the U.S. District Court for the Southern District of New York.

Silicon Valley Bank (Cayman Islands) v. FDIC: Complaint (‘Failure to Cover Foreign Depositors’)

November 22, 2024

Complaint for Declaratory Judgment, Violation of Due Process Rights, Review of Final Agency Action, Estoppel, Unjust Enrichment, and Violation of Due Process in Niall Ledwidge, Michael Pearson, and Andrew Childe, as Joint Official Liquidators of Silicon Valley Bank (in Official Liquidation) and Silicon Valley Bank, of the Cayman Islands v. Federal Deposit Insurance Corporation and Martin J. Gruenberg at the U.S. District Court for the Northern District of California.

Petronas Azerbaijan (Shah Deniz) Sàrl et al v. Bank of America et al: Discovery Application (Luxembourg & Spain)

November 22, 2024

Application by Petronas Azerbaijan (Shah Deniz) Sàrl and Petronas South Caucasus Sàrl, both of Luxembourg, to take discovery from Bank of America Corporation, Wells Fargo & Company, BankUnited, Inc., TD Group US Holdings LLC, The Clearing House Payments Company, L.L.C., CF Taurus (US) LLC, and Pacific Strategies & Assessments Americas LLC "in aid of certain foreign civil and private criminal proceedings that Petitioners intend to file in Luxembourg and Spain relating to a rogue arbitration proceeding commenced in Spain against the Malaysian government" in which an award for $14.9 billion was entered, filed at the U.S. District Court for the District of Delaware.

Petronas Azerbaijan (Shah Deniz) Sàrl et al v. Barclays Bank Plc et al: Discovery Application (Luxembourg & Spain)

November 21, 2024

Application by Petronas Azerbaijan (Shah Deniz) Sàrl and Petronas South Caucasus Sàrl, both of Luxembourg, to take discovery from A. Elizabeth Korchin, Fiona Hill-Samuel, William H. Weisman, described as "all former employees of Therium Group", which is a litigation funder, and Barclays Bank Plc "in aid of certain foreign civil and private criminal proceedings that Petitioners intend to file in Luxembourg and Spain relating to a rogue arbitration proceeding commenced in Spain against the Malaysian government" in which an award for $14.9 billion was entered, filed at the U.S. District Court for the Southern District of New York.

Banco BTG Pactual S.A. v. Kabat, Schertzer, De La Torre, Taraboulos & Co. et al: Discovery Application (Brazil)

November 20, 2024

Application by Banco BTG Pactual S.A. to take discovery from Kabat, Schertzer, De La Torre, Taraboulos & Co. and Gilberto Giberti for use in legal proceedings in Brazil in which Banco BTG Pactual is seeking BRL$186 million against João Arantes Neto, Ricardo Borges Arantes, and Maria Eliana de Aquino Borges Arantes, filed at the U.S. District Court for the Southern District of Florida.

Metropolitan Municipality of Lima v. Brookfield Infrastructure Partners L.P. et al: Discovery Application (Peru)

November 18, 2024

Application by the Metropolitan Municipality of Lima from Brookfield Infrastructure Partners L.P., Brookfield Asset Management Ltd., Brookfield Corporation, Cahill Gordon & Reindel LLP, KPMG LLP, The Bank of Nova Scotia, Scotia Capital (USA) Inc., Scotia Holdings (USA) LLC, Arup Latin America S.A., Arup Americas, Inc., Citibank, N.A., Wells Fargo, N.A., JPMorgan Chase & Co., The Clearing House Payments Company L.L.C., and The Federal Reserve Bank of New York for use in legal proceedings in Peru "concerning a corrupt toll road project in Lima, Peru" involving Brazilian firm Odebrecht S.A., filed at the U.S. District Court for the Southern District of New York.

Transworld Payment Solutions U.K. Ltd. v. First Curacao International Bank N.V. et al: John Deuss’ Amended Defense (‘Dishonest Assistance to VAT Fraud’)

November 13, 2024

Amended Defense of John Deuss in Transworld Payment Solutions U.K. Limited, of London, England, and Stephen Hunt, as Liquidator of Transworld Payment Solutions U.K. Limited v. First Curacao International Bank N.V., of Curaçao, and Johannes Christiaan Martinus Augustinus Maria Deuss, a.k.a. John Deuss, a citizen of the Netherlands residing in Bermuda, at the High Court of Justice of England and Wales.

Transworld Payment Solutions U.K. Ltd. v. First Curacao International Bank N.V. et al: FCIB’s Amended Defense (‘Dishonest Assistance to VAT Fraud’)

November 13, 2024

Amended Defense of First Curacao International Bank N.V. in Transworld Payment Solutions U.K. Limited, of London, England, and Stephen Hunt, as Liquidator of Transworld Payment Solutions U.K. Limited v. First Curacao International Bank N.V., of Curaçao, and Johannes Christiaan Martinus Augustinus Maria Deuss, a.k.a. John Deuss, a citizen of the Netherlands residing in Bermuda, at the High Court of Justice of England and Wales.

Clifton Bay Investments LLC v. Jean Chalopin et al: Complaint (‘$11.5M Fraudulent Transfer’)

November 8, 2024

Complaint "to recover damages caused by Defendants’ aiding and abetting in breaches of fiduciary duties and corporate waste and to recover fraudulent transfers" in Clifton Bay Investments LLC, f.k.a. Alameda Research Ventures LLC v. Farmington State Corporation, d.b.a. Farmington State Bank, d.b.a. Geniome Bank, f.k.a. Moonstone Bank; FBH Corporation, and Jean Chalopin, who resides in the Bahamas, at the U.S. Bankruptcy Court for the District of Delaware.

Butterfield Bank (Cayman) Ltd. v. Douglas Orr: Complaint (‘$14.5K Unpaid Credit Card’)

October 31, 2024

Complaint in Butterfield Bank (Cayman) Limited v. Douglas William Orr, an Australian lawyer "currently employed in the United Kingdom with Addleshaw Goddard", at the Summary Court of the Cayman Islands

Hong Kong-based French businessman Damien Dernoncourt sues Credit Suisse for ‘spying on me during CEO’s affair with my wife’

October 29, 2024

Hong Kong-based French businessman Damien Dernoncourt is suing Swiss bank Credit Suisse for $15 million in the United States for allegedly hacking into his emails and spying on him at the direction of the bank's then-CEO, Tidjane Thiam, who was allegedly having an affair with Dernoncourt's then-wife, fellow banker Marie-Soazic Geffroy.

Glacial Capital LLC et al v. Banco de la Provincia de Buenos Aires: Complaint (‘$160M Bonds Default’)

October 28, 2024

Complaint "for declaratory relief against Banco Provincia ... to resolve questions of actual controversy involving the relationship between the Province of Buenos Aires' wholly owned bank, Banco Provincia, and the Province, and in particular, for a determination that Banco Provincia is the alter ego of the Province" in Glacial Capital LLC and TRSE Holdings LLC, both of Delaware, USA v. Banco de la Provincia de Buenos Aires, of Argentina, at the U.S. District Court for the Southern District of New York.

James Tiessen v. Toronto-Dominion Bank et al: Class Action Complaint (‘Fraud’)

October 22, 2024

Class Action Complaint in James Tiessen v. Toronto-Dominion Bank, of Canada; Bharat B. Masrani, Leovigildo Salom, Kelvin Vi Luan Tran, and Riaz E. Ahmed at the U.S. District Court for the Southern District of New York.

Nottingham Forest-owner Evangelos Marinakis seeks evidence in U.S. for ‘smear campaign’ lawsuit in England

October 21, 2024

Greek businessman Evangelos Marinakis, who owns English Premier League soccer club Nottingham Forest, has applied to take discovery in the United States for use in a defamation lawsuit in London in which he has accused the chair of another soccer club - Irini Karipidis - and others of orchestrating a "smear campaign" against him.

Evangelos Marinakis v. Citibank N.A. et al: Discovery Application (England)

October 21, 2024

Application by Evangelos Marinakis, a citizen of Greece described as "a successful businessman who is particularly well-known since 2017 for his involvement in and ownership of Nottingham Forest Football Club", to take discovery from Citibank, N.A., The Bank of New York Mellon, Bank of America, N.A., Barclays Bank PLC, BNP Paribas USA, Commerzbank AG, New York Branch, Deutsche Bank Trust Co. Americas, HSBC Bank USA, N.A., JPMorgan Chase Bank, N.A., Société Générale, New York Branch, Standard Chartered Bank USA, UBS AG, Wells Fargo Bank, N.A., and The Clearing House Payments Company L.L.C. for use in legal proceedings in England against Irini Karipidis, of Greece; Amani Swiss (Cyprus) Limited, of Cyprus; Ari Harow, of Israel, and Sheyaan Consulting Limited, of Israel, alleging a "smear campaign", filed at the U.S. District Court for the Southern District of New York.

Dubai Islamic Bank clients who invested $315M seek to wind up Cayman’s Rasmala Trade Finance Fund

October 18, 2024

Alleging regulatory breaches, at least $100 million of losses, "lack of transparency", "mismanagement", and the "need for independent investigation", a British bank ultimately representing clients of United Arab Emirates-based Dubai Islamic Bank who invested $315 million has applied to wind up Rasmala Trade Finance Fund in the Cayman Islands.

Labuan’s City Credit Investment Bank liquidator seeks U.S. bank records for investigation into ‘$1B Ponzi scheme’

October 17, 2024

The liquidator of Labuan-based City Credit Investment Bank Ltd. has applied to take discovery from several banks in the United States for his investigation into a suspected $1.1 billion "global fraud" against 17,000 victims, most of whom are in Taiwan.

City Credit Investment Bank Ltd. v. Citibank, N.A. et al: Discovery Application (Malaysia)

October 17, 2024

Application by Luke Furler, as the liquidator of Malaysia-based City Credit Investment Bank Ltd., to take discovery from Citibank, N.A., Bank of America, N.A., Deutsche Bank, AG, Deutsche Bank Trust Company Americas, New York, JPMorgan Chase Bank, N.A., Bank of New York Mellon Corp., Chase Manhattan Bank New York, and Credit Lyonnais New York for use in legal proceedings in Malaysia regarding a "global fraud" in which "an estimated 17,000 individuals" are "owed approximately 1.1 Billion U.S. Dollars", filed at the U.S. District Court for the Southern District of New York.

Zedra Trust Company (Guernsey) Ltd. et al: £105K Fines & Disqualification (Guernsey)

October 14, 2024

Public Statement by the Guernsey Financial Services Commission that it has imposed fines of £90,000 and £15,000 on Zedra Trust Company (Guernsey) Limited and Colin Andrew Borman, respectively, and, additionally, a two-year disqualification on the latter for regulatory breaches.

Cayman bank NCB applies to wind up U.S.-based Dennis Klemming firm that received ‘$1.5M due to banking error’

October 8, 2024

Cayman Islands bank NCB has applied to wind up a company whose sole director is U.S.-based, Swedish businessman Dennis Klemming over an alleged debt of $668,371 that allegedly remains outstanding after the firm received a "mistaken payment" of $1.5 million due to a "banking error".

NCB (Cayman) Ltd. v. International Investment Capital Ltd.: Winding Up Petition (‘$668K Debt’)

October 4, 2024

Winding Up Petition in NCB (Cayman) Limited v. International Investment Capital Ltd., whose sole director is U.S.-based Swedish national Dennis Klemming, at the Grand Court of the Cayman Islands.

Serbia: Miloš Pavlović et al (‘Fraud’)

October 4, 2024

Application for the appointment of a Commissioner to collect evidence from T.D. Bank, N.A. regarding any business records involving Montachem International, Inc. - pursuant to a request for judicial assistance from Serbia - for a criminal investigation into Miloš Pavlović and his firm Foxprom d.o.o. Beograd for suspected fraud.

Bahamas bank accuses Chilean businessman Álvaro Saieh of transferring assets to avoid ‘$27M debt’

October 4, 2024

In a discovery application filed at federal court in New York, the Bahamas branch of Brazil-based Itaú Unibanco has accused Chilean businessman Álvaro Saieh of transferring assets to family members to avoid paying his debts, including $27 million allegedly owed to the bank.

Itaú Unibanco S.A. (Bahamas) v. Alpha Lion House LLC et al: Discovery Application (Chile)

October 3, 2024

Application by Itaú Unibanco S.A. - Nassau Branch, of the Bahamas, to take discovery from Alpha Lion House LLC, Lion House Trust, Avlaj Real Estate LLC, and Maria Catalina Saieh Guzman for use in legal proceedings filed by the petitioner in Chile regarding an "outstanding debt" of $27 million allegedly owed by Great Art Inc. and guaranteed by Alvaro Jose Saieh Bendeck, filed at the U.S. District for the Southern District of New York.

Charles Brown et al v. Butterfield Bank: Complaint (‘Fraudulent Land Transactions’)

October 3, 2024

Writ of Summons and Statement of Claim in Charles N.L. Brown and Glenwood G. Brown, for the Ancestors and Beneficiaries of the late John Augustus Alexander Virgil v. The Bank of N.T. Butterfield & Son Ltd. at Bermuda Supreme Court.

International Global Bank NV v. ItalBank International Inc.: First Amended Complaint (‘$4.3M Blocked Funds’)

October 2, 2024

First Amended Complaint regarding "blocked funds" totaling $4,359,746 allegedly "related to Venezuela" in International Global Bank NV, of Curaçao v. ItalBank International Inc., of Puerto Rico, at the U.S. District Court for the District of Puerto Rico.

Vistra (BVI) Ltd.: $219K Fine (British Virgin Islands)

September 30, 2024

Enforcement Action by the British Virgin Islands Financial Services Commission imposing a fine of $219,000 on Vistra (BVI) Limited for contraventions of the Anti-Money Laundering Regulations and Anti-Money Laundering Terrorist Financing Code of Practice, 2008.

Vistra Trust (BVI) Ltd.: $57.5K Fine (British Virgin Islands)

September 30, 2024

Enforcement Action by the British Virgin Islands Financial Services Commission imposing a fine of $57,500 on Vistra Trust (BVI) Limited for contraventions of the Anti-Money Laundering Terrorist Financing Code of Practice, 2008.

Agustina Habib et al v. UBS AG et al: Discovery Application (Argentina)

September 30, 2024

Application by Agustina Habib, Madelaine Habib, and Tomas Habib to take discovery from UBS AG, JPMorgan Chase & Co., BankFlorida, Bank of America, Julius Baer Group, Zurcher Kantonalbank, Morgan Stanley Investment Banking, Morgan Stanley Wealth Management, and Royal Bank of Canada regarding any accounts "under the names of Hector Hugo Habib, Gustavo Carlos Habib, or Marta Carolina Habib" for use in legal proceedings in Argentina in which "declared heirs" allege they "wrongfully received less than their share of the Deceased’s estate" as a result of fraud, filed at the U.S. District Court for the Southern District of Florida.

Allfunds Bank S.A. v. Rasmala Trade Finance Fund: Winding Up Petition (‘Mismanagement’)

September 25, 2024

Winding Up Petition in Allfunds Bank S.A., of London, England, on behalf of Dubai Islamic Bank, of the United Arab Emirates v. Rasmala Trade Finance Fund, of the Cayman Islands, at the Grand Court of the Cayman Islands.

Swiss-based investor prepares to sue in Cayman over ‘$2.3M owed by Reza Ali’s Prosiris investment funds’

September 24, 2024

Swiss-based investor Karin Reza, who claims she is unable to redeem over $2.3 million in investment funds operated by New York-based fund manager Reza Ali and suspects fraud, has applied to take discovery from Ali, his Prosiris group, and JPMorgan at federal court in the United States for a contemplated lawsuit in the Cayman Islands, where the funds are domiciled.

Karin Reza v. JPMorgan Chase & Co. et al: Discovery Application (Cayman Islands)

September 24, 2024

Application by Karin Ingrid Reza to take discovery from JPMorgan Chase & Co., J.P. Morgan Chase N.A., J.P. Morgan Securities LLC, as successor to J.P. Morgan Clearing Corp.; Prosiris GP LLC, Prosiris Capital Management LP, and Reza Ali "for use in contemplated Cayman Islands court proceedings" for "recoupment of an investment or for investment–related fraud", filed at the U.S. District Court for the Southern District of New York.

Transworld Payment Solutions U.K. Ltd. v. First Curacao International Bank N.V. et al: Third Amended Complaint (‘Dishonest Assistance to VAT Fraud’)

September 17, 2024

Third Amended Particulars of Claim in Transworld Payment Solutions U.K. Limited, of London, England, and Stephen Hunt, as Liquidator of Transworld Payment Solutions U.K. Limited v. First Curacao International Bank N.V., of Curaçao, and Johannes Christiaan Martinus Augustinus Maria Deuss, a.k.a. John Deuss, a citizen of the Netherlands residing in Bermuda, at the High Court of Justice of England and Wales.