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Insider Talking: January 12, 2009

January 12, 2009
A hedge fund group that has long been on OffshoreAlert's watch list amended its registration of securities totaling $459 million with the US Securities and Exchange Commission on January 8, 2009 to include updated performance and other financial information. For

Nevis trust company turns over client records to the IRS

January 12, 2009
Nevis-licensed Guardian Trust Company Ltd. has provided records to the United States Internal Revenue Service for use in an investigation into alleged tax evasion by some of its clients who reside in Tennessee.

Landsbanki Islands hf.: Chapter 15 Petition

December 9, 2008
Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Iceland by Kristinn Bjarnason, as the Foreign Representative of Landsbanki Islands hf., at the U. S. Bankruptcy Court for the Southern District of New York.

Stanford Financial Group embroiled in two trademark disputes

December 8, 2008
The Stanford Group, which is headed by R. Allen Stanford and whose financial companies include an offshore bank in Antigua, has become involved in two trademark disputes at federal court in San Francisco, one as a defendant in an action

Kaupthing Bank hf.: Chapter 15 Petition

November 30, 2008
Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Iceland by Olafur Gardarsson, as the Foreign Representative of Kaupthing Bank hf., at the U. S. Bankruptcy Court for the Southern District of New York.

Glitnir banki hf.: Chapter 15 Petition (Iceland)

November 26, 2008
Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Iceland by Steinunn Guobjartsdottir, as the Foreign Representative of Glitnir banki hf., at the U. S. Bankruptcy Court for the Southern District of New York.

United Kingdom: ‘Lord’ Hugh Rodley

November 20, 2008
Letters rogatory application made by Judge Zeidman, sitting at The Crown Court at Snaresbrook, England, on behalf of accused fraudster 'Lord' Hugh Rodley. There is nothing in the court records to indicate that this application was granted and it appears to have been procedurally flawed.  

Bahamas court authorizes payments to Leadenhall Bank cardholders

November 10, 2008
After more than five years of waiting patiently while the parties responsible for their woes argued in court, holders of credit cards issued by Bahamas-based Leadenhall Bank & Trust may soon be getting a portion of their security deposits back.

Depositor took $6 m out of AIDT one month before liquidation, says liquidator

November 10, 2008
A Costa Rica-based company associated with accused securities fraudster Jonathan Curshen transferred $6 million from a Colorado-based offshore bank to Liechtenstein just 33 days before the bank went into liquidation.That was, perhaps, the most startling fact contained in documentation that recently became publicly-available as part of the liquidation of American Intercapital Depository & Trust, which was closed down last November after its local regulator considered the bank "hopelessly insolvent" and its management untrustworthy.

Spain seeks evidence from Wachovia Bank for fraud investigation

October 7, 2008
Article based on an application for the appointment of a Commissioner to collect evidence for a criminal investigation into alleged bank fraud - pursuant to a request for judicial assistance from Spain - that was filed at federal court in the USA on August 29, 2008. Individuals and businesses mentioned in the request for assistance include Roberto Maxi Banos Morras, Gloria Turza Martinez, Wachovia Bank, and Cell Investment Corporation.

Romania seeks evidence in US for fraud investigation

October 7, 2008
Article based on Dan application for the appointment of a Commissioner to collect evidence for a criminal investigation into alleged bankruptcy fraud, money laundering and embezzlement - pursuant to a request for judicial assistance from Romania - that was filed at federal court on September 3, 2008. Individuals and businesses mentioned in the request for assistance include Jose Enrique de Alvare Berenguer, Gabriela Violeta Dinica, Alina Georgiana Toma, Anne-Marie Teodorescu, Teodorescu Tudora, Development & Financial Services, Inc., Olga Halikia, Spyros Vlassopoulos, American Express Bank, SC Prismatown SA, SC Salonul Auto Victoria SA, SC Dafiaq Imobiliar SRL, SC Dafiaq Comercial SRL, SC Dafiaq International SRL, SC Imobiliar Invest Expert SRL, Florida Shipping Lines Ltd., and Landmark International LLC.

Paraguay seeks evidence from banks in Florida and Alabama for fraud inquiry

October 7, 2008
Article based on an application for the appointment of a Commissioner to collect evidence for a criminal investigation into alleged fraud and breach of trust - pursuant to a request for judicial assistance from Paraguay - that was filed at federal court in the USA on September 8, 2008. Individuals and businesses mentioned in the request for assistance include Enrique Arbo Encina, Horacio Sosa, Banco de la Nacion Argentina, Regions Bank, Zulema Ciriaca Estefania Sellitti Ibanez, and Humberto Ciriaco Sellitti Ibanez.

Real estate developer sues offshore bankers for ‘hundreds of millions of dollars’ over failed tax planning scheme

September 17, 2008
A billionaire real estate developer who pleaded guilty last year to willfully filing a false tax return in the United States has filed a civil complaint against his offshore bankers and tax planners in which he claims he was unknowingly drawn into illegal activity.Igor Olenicoff's attorney, William J. King, of Horizon Law Group LLP, in California, told OffshoreAlert that the civil action against UBS AG, Neue Bank, and others in Switzerland, Liechtenstein, Denmark, Florida and Texas involved much more than the limited criminal activity that his client previously admitted and said the allegations contained in the civil complaint were "not inconsistent" with his plea agreement in the criminal case, which required Olenicoff to accept full responsibility for his actions.

Tax attorney Denis Kleinfeld drops Wikileaks-related lawsuit

September 8, 2008
Florida-based tax attorney Denis Kleinfeld has dropped a civil complaint against the unknown operators of the whistle-blower's web-site Wikileaks in which he alleged he was the victim of an extortion attempt.Kleinfeld's action against the "true owner and operator" of www.wikileaks.org and the similarly anonymous owners of two email addresses, Julius.baer99@yahoo.com and raymondbaer@yahoo.com, was dismissed without prejudice at the U. S. District Court for the Southern District of Florida on June 24, 2008 for failure to serve the defendants.

US seeks evidence at Banca Privada D’Andorra for fraud investigation

September 8, 2008
Article based on a motion for the issuance of a letter rogatory for evidence in Andorra that the United States Government needs for a criminal investigation into alleged fraud that was filed at federal court in the USA on August 26, 2008. Individuals and businesses mentioned in the letter rogatory include Francis Villas, Davide D'Angelantonio, a.k.a. Mike Lanzi; Sandro D'Angelantonio, Dario Dari, Amanda Giovannoni, Maurizio Mantovani, Sandro Parisi, Joseph Francis Pulli, Scandinavian Title Company, Banca Privada D'Andorra SA, JPMorgan Chase, and Citibank.

Costa Rica seeks evidence from Commerce Bank for investigation into bank fraud

September 8, 2008
Article based on an application for the appointment of a Commissioner to collect evidence for a criminal investigation into alleged bank fraud - pursuant to a request for judicial assistance from Costa Rica - that was filed at federal court in the USA on August 27, 2008. Individuals and businesses mentioned in the request for assistance include Maria Isabel Leiton Hernandez, Karol Barrientos Flores, Banco Nacional de Costa Rica, Commerce Bank, Stefano Piroli, and Iris Hasing Cheng.

Costa Rica seeks evidence from Banco Santander for investigation into tax evasion

September 8, 2008
Article based on an application for the appointment of a Commissioner to collect evidence for a criminal investigation into alleged tax evasion - pursuant to a request for judicial assistance from Costa Rica - that was filed at federal court in the USA on August 27, 2008. Individuals and businesses mentioned in the request for assistance include Formularios Standard Costa Rica, SA, Formularios Standard Nicaragua, SA, Luis Felipe Martinez Marroquin, Manuel Escribano Calleja, Manuel Roberto Verdesia Solano, Alberto Boza Hernandez, and Banco Santander International.

Spain: Roberto Maxi Banos Morras

August 29, 2008
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Spain into Cell Investment Corporation for alleged fraud to the detriment of Roberto Maxi Banos Morras. Research by OffshoreAlert showed that officers of Cell Investment Corporation have included Oscar Colmenares and Jacqueline Hernandez.

Costa Rica: Mary Isabel Leiton Hernandez et al

August 27, 2008
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Costa Rica into Mary Isabel Leiton Hernandez and Karol Barrientos Flores for alleged fraud against Banco Nacional de Costa Rica.

The United States continues to mop up Grenada’s offshore mess

August 4, 2008
Verlin D. Swartzendruber, 66, became the latest person suspected of perpetrating an investment fraud through a Grenada-domiciled company to appear before a federal judge in the United States. Swartzendruber, a.k.a. Joseph Severin, was arrested in Texas on June 26, 2008 - 19 months after a warrant for his arrest was issued at the U. S. District Court for the District of North Dakota.

SEC investigates Stanford International Bank, issues subpoenas to former employees

August 4, 2008
For the second time in 19 years, an offshore bank controlled by Allen Stanford is being investigated by regulators. In the late 1980s, his Montserrat-licensed Guardian International Bank voluntarily surrendered its license, rather than have it forcibly revoked by the local authorities as part of a general clampdown against approximately 300 banks licensed in the jurisdiction.

Pakistan national tells of ‘hell’ as an expatriate banker in Dubai

August 4, 2008
A less-than-flattering account of life as a foreigner in one of the world's fastest-growing markets - Dubai - has been given in a complaint filed in the United States by an expatriate banker. Dubai is severely criticized as a place to live and work in a civil complaint filed by Rafatul Islam Usmani Imtiaz Ahmed, a Pakistani national residing in Dubai, at the U. S. District Court for the Southern District of Florida on June 2, 2008.

Cyprus: Chryso Tsokkou

July 30, 2008
Application for the appointment of a Commissioner to collect evidence for a criminal investigation into five unauthorized payments made from Chryso Tsokkou's personal bank account at Marfin Popular Bank through an on-line banking system called Laiki E-Bank.

United Kingdom: Nigel John Hudson

July 21, 2008
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the United Kingdom into alleged money laundering by Nigel John Hudson.

Spain: Elba Barrios

July 10, 2008
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Spain into an alleged attempted fraud to the detriment of Elba Barrios.

One former Grenada ‘banker’ gets 11 years, another is declared mentally incompetent

July 2, 2008
A mortgage broker in Wisconsin and a dentist in Nebraska have become the latest perpetrators of Grenada-based offshore financial scams to be dealt with by the U. S. legal system.First, Daniel Thomas TePoel, 57, a resident of Barnes, Wisconsin, was sentenced to 136 months in prison and ordered to pay $775,000 in restitution at the U. S. District Court for the Western District of Wisconsin on June 4, 2008 - less than three months after a jury found him guilty of one count of conspiracy to commit fraud, four counts of mail fraud, two counts of wire fraud, and one count of filing a false statement.

Antigua & Barbuda: Lester Bird et al – Supplemental Request (2008)

June 19, 2008
Motion for Modification of Court Order and to Supplement Commissioner Appointment regarding a request from Antigua & Barbuda for judicial assistance for a criminal investigation into Lester Bird, Asot Michael, Josette Michael, Bruce Rappaport, Sir Ronald Sanders and others for suspected involvement in fraud, corruption, and money laundering.

Panama requests Transatlantic Bank records for fraud inquiry

June 5, 2008
Article based on an application to collect evidence for a criminal investigation into alleged fraud - pursuant to a request for judicial assistance from Panama - that was filed at federal court in the USA on May 23, 2008. Individuals and businesses mentioned in the request for assistance include Lew Rodin, Emporium Designs Inc., Euro Show Panama SA, Giuseppe Ali Cheaitelli Saheli, and Transatlantic Bank.

Bank records sought for corruption investigation into former Guatemala president

June 5, 2008
Article based on an application to collect evidence for a criminal investigation into alleged corruption by former Guatemala president Alfonso Antonio Portillo Cabrera - pursuant to two requests for judicial assistance from Guatemala - that was filed at federal court in the USA on May 23, 2008. Individuals and businesses mentioned in the request for assistance include Alfonso Antonio Portillo Cabrera, Eduardo Arevalo Lacs, Enrique Rios Sosa, Sergio Hugo Cardenas Sagastume, Maria Eugenia Padua Gonzalez, Otilia Portillo Padua, Juan Jose de Leon Piñeda, Jose Armando Llort Quiteño, Credito Hipotecario Nacional de Guatemala Bank, Salomon Abraham Molina Giron, Corporacion Financiera Americana, Confia International Corp., Corporacion Electronica de Guatemala, Banco Bilbao Vizcaya Argentina, Audi Bank, Bank UBS Luxembourg NLU, Excell Life International, The International Bank of Miami, The Oxxy Bank Ltd., Oxxy Financial Corp., The Transcom Bank Ltd., Hamilton Bank, Riggs Bank, Bibliotecas  residenciales Para La Paz, and Mario Rolando Torres Marroquin.

Two more convictions in Harris Organization tax evasion investigation

June 5, 2008
The ongoing criminal investigation by the United States Internal Revenue Service into the long-defunct Harris Organization financial services group of Panama and its clients has resulted in two more convictions at the U. S. District Court for the Southern District of Florida.

Ex-UBS private banker to plead guilty to helping US billionaire evade taxes

June 5, 2008
A former UBS private banker is set to admit his involvement in helping a billionaire United States real estate developer evade taxes on income earned on approximately $200 million of assets allegedly concealed in bank accounts in Switzerland and Liechtenstein using shell companies in the British Virgin Islands, Denmark, Gibraltar, Panama, and the United Kingdom.

Poland: Bank Pekao

June 3, 2008
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Poland into alleged credit card fraud by Classic Firma Wielobranzowa to the detriment of Bank Pekao.

Germany: Hans-Alfons Bauer

May 23, 2008
Complaint for the arrest of Hans-Alfons Bauer and extradition from the USA to Germany to face charges of fraud and forgery.

Costa Rica: Bernardo Chaves Requenes

May 23, 2008
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Costa Rica into Bernardo Chaves Requenes for alleged fraud to the detriment of Rafter and Rafter SA.

Spain: Benito Gallego Valladares

April 11, 2008
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Spain into Benito Gallego Valladares and Mustapha El Abboubi for alleged money laundering and narcotics trafficking.

Guatemala seeks US bank records for corruption investigation

April 1, 2008
Article based on an application to collect evidence for a criminal investigation into alleged corruption - pursuant to a request for judicial assistance from Guatemala - that was filed at the U. S. District Court for the Southern District of Florida on February 27, 2008. Individuals and businesses mentioned in the request for assistance include House of Change Forex, Felix Gutierrez Solano, Melba Angelina Fiallos Guillen, Edwin Alfredo Virula Galicia, Jorge Camilo Bosco Frech Sevilla, Hector Santiago Rodriguez Flores, Claudia Lorena Galvez Estrada, The International Bank of Miami, Zions Bank, Security Bank NA, Mission National Bank, Sterling Bank, Invercredit Financial Corp., Equity Enterprises Financial Corp., Equity Enterprises Corp., Inversiones y Comercio Inc., Forex S.A., a.k.a. Casa de Cambio Forex S.A.; Forexsa of Florida Inc.