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Swiss asset manager accused of fraud and money laundering

Article based on an application to collect evidence for a criminal investigation into alleged money laundering - pursuant to a request for judicial assistance from Switzerland - that was filed at federal court in the USA on February 20, 2003. Individuals and businesses mentioned in the request for assistance inlcude Claudio Boscaro, Santo Maesano, MTB Bank, HBO-Casa Cambiaria SA, OPM Trust and Consult, and Symphonia Suisse.

Principals of Bahamas bank accused of hiding assets

The principals of Bahamas-based Suisse Security Bank & Trust have allegedly put more than $31 million of client funds in jeopardy due to their "interference and obstruction" with its provisional liquidation.This includes $5.5 million in cash that was transferred out of an account at Barclays Bank in Nassau in April, 2001 after the bank was closed down by regulators, according to investigators.

Bank Crozier boss arrested and released without charge in Spain

Peter Johansson, head of the Bank Crozier group, which has offshore bank licenses in Grenada and St. Lucia, was arrested and released in Spain in June after a complaint was made to local police by clients unable to redeem their funds.Johansson told OffshoreAlert he was arrested at Barcelona airport on Friday, June 20 and released on Sunday, June 22 after two nights in custody. His passport was initially confiscated but soon returned, said Johansson.

Czech Republic: Jan Vanhara et al

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the Czech Republic into Jan Vanhara, Tomas Adametz and Ludvik Coupek for alleged fraud while representing FND Credit Union.

Bank Crozier boss arrested and released in Spain

Peter Johansson, head of the Bank Crozier group, which has offshore bank licenses in Grenada and St. Lucia, has been arrested and released in Spain after a complaint was made to local police by clients unable to redeem their funds.

Pavlo Lazarenko released from prison pending trial

Former Ukraine Prime Minister Pavlo Ivanovich Lazarenko, who allegedly secretly controlled an offshore bank called Eurofed, has been released from prison in California. After more than two years in custody pending trial on 53 counts of money laundering, fraud and transportation of stolen property, Lazarenko was allowed out on "conditional release" in an order dated June 11, 2003 at the United States District Court for the Northern District of California. 

Marc Harris denied bail, pleads not guilty

Offshore businessman Marc M. Harris, watched by his mother and represented by a public defender, was denied bail today in Miami, where he pleaded not guilty to 13 counts of money laundering."It's clear to me that the government has established by a preponderance of the evidence that he is a risk of flight," said Magistrate Judge William Turnoff.

Poland: Syxtus Gaal (New Hampshire)

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Poland into Syxtus Gaal for alleged fraud against several Polish banks.

Poland: Syxtus Gaal (Delaware)

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Poland into Syxtus Gaal for alleged credit card fraud.

Sharon Haugh sues Schroders (Bermuda) – again

An American businesswoman who last year sued Schroders' U.S. and Bermuda operations for alleged age discrimination after being fired at 56 has filed a new, unrelated lawsuit against her former employer.In her latest action, Sharon Haugh has accused Schroders PLC,

Antigua-based banker loses application to unfreeze assets

Offshore banker William W. Cooper, who has so far avoided extradition to his native United States to face money laundering charges, has failed in a bid to have his assets unfrozen. Cooper's assets have been frozen since October 17, 2000

Grenada ignores recommendation to close down ‘unlicensed’ bank

A local bank in Grenada whose core business is providing services to the island's offshore sector does not even have a valid license, according to the Eastern Caribbean Central Bank. But Capital Bank International is still operational because an ECCB recommendation to close it down has been ignored by Grenada's Minister of Finance, Anthony Boatswain.

Sterling International Bank sued in Canada

A 'paper' company registered on the Caribbean island of Nevis has filed a lawsuit in Canada against an insolvent offshore 'shell' bank in an effort to recover $1.08 million that it claims to have deposited. Nevis-domiciled Kachina Inc., formerly Praxis Inc., is seeking a judgment for $1,088,588 against Sterling International Bank Inc., which, according to the complaint, was licensed in Nauru on November 28, 1994 and went into provisional liquidation on September 27, 2000.

Bank Crozier proposes reconstruction plan in Grenada

Grenada's oldest offshore bank, Bank Crozier Ltd., will this week submit a reconstruction plan to the local regulator in an attempt to stave off liquidation.Peter Johansson, the bank's CEO, told OffshoreAlert that $2.6 million of new capital has been pledged

Costa Rica: Luis Enrique Villalobos Camacho et al

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Costa Rica into Osvaldo Villalobos Camacho, Luis Enrique Villalobos Camacho and Freddy Villalobos Camacho for allegedly laundering the proceeds of narcotics trafficking by Bertrand Henri St-Onge, Sandra Kerwin St-Onge, Luc St-Onge, Richard Rivers and Norman Denault.

Bank of Montreal accused of breaching asset freeze order

The Bank of Montreal has been summoned to attend a hearing before the British Columbia Securities Commission on May 21 to answer an allegation that it breached an asset freeze order. The allegation concerns accounts controlled by Exchange Bank and Trust,

Antigua-based offshore banker fails to have assets unfrozen

Offshore banker William W. Cooper, who has so far avoided extradition to his native United States to face fraud and money laundering charges, has failed in a bid to have his assets unfrozen.Cooper's assets have been frozen since October 17,

Netherlands: Mid-Western Group

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the Netherlands into Mid-Western Group for alleged fraud.

Lincoln Fraser and Jared Brook: Bankruptcy

Press Release by petitioning creditor Deighton International regarding bankruptcy orders against Lincoln Fraser and Jared Brook over debts associated with the Midland Grand Hotel in Morecambe, England.

Nauru bank lawsuit on verge of dismissal due to lack of funds

A Nauru-licensed offshore 'bank' whose principal representative lives in Florida has filed a civil lawsuit in the United States regarding a bizarre loan deal turned sour.However, the action is on the verge of being thrown out on the grounds that United Bank and Trust has not met a statutory filing requirement, apparently because it has no funds, according to court documents.

Superseding indictment filed against Terry Neal

Offshore financial services provider and asset protection book author Terry L. Neal has been criminally indicted on tax-related offenses in the United States for the second time in three months.A 13-count superseding indictment was filed on April 23, 2003 against Neal, of St. Kitts and Oregon; and three associates, Lee. E. Morgan, of Oregon; James Fontano, of Nevada; and Aaron Young, of Oregon.

Grenada revokes licenses of bank and insurers

The Grenada International Financial Services Authority has revoked the licenses of one offshore bank and four offshore insurers and issued warnings against three other companies that have no licenses.The companies whose licenses have been revoked, as reported by the Associated Press, are: Allied General Bank Ltd., Acclaim General Insurance Co. Ltd., Caribbean American Professional & Casualty Insurance Co. Ltd., Inter-American Professional & Casualty Insurance Co. Ltd., United Assurance Co. Ltd. and Insurance Financial Risk Inc.

Offshore bank owner Ferdinand Hoischen arrested in Germany

An offshore banker and an associate have been arrested in Germany on charges of perpetrating an $82 million fraud against approximately 7,000 investors, most of whom are believed to be German nationals.Ferdinand Hoischen, 53, of Vetlanda, Sweden, and Jonny Franke, 49, of Pirna, Germany, were arrested on Monday, March 31, 2003, according to a source who is familiar with the investigation.

Forfeiture complaint filed against Euro Bank account

The United States government has filed a forfeiture complaint against an offshore bank account that it claims contains some of the proceeds of an advance fee fraud that cheated more than 400 people out of at least $60 million.The action was filed on February 23, 2003 at the U. S. District Court for the Northern District of Florida against a bank account in the name of Nevis-registered Rosie Capital LLC at Euro Bank Corp. (in liquidation), of the Cayman Islands.

Citibank (Bahamas) sued over distribution of dead client’s assets

Citibank (Bahamas) Ltd. is being sued in New York by three Italian nationals who claim they have been cheated out of more than $1 million.The dispute relates to the Estate of Carlo Palazzi, a client of Citibank's New York and Bahamas operations who died on May 13, 2000.Silvio Villa, Michelina Capasso and Pierangela Melis, all of Rome, Italy, claim that Palazzi made them his beneficiaries in a hospital bedside telephone call to Citibank just four days before he died.

Clifford Pitt investigators target offshore bank accounts

The FBI has obtained a civil seizure warrant for accounts held at the Global Bank of Commerce in Antigua that were used in an alleged $20 million scam.The warrant was issued on March 13, 2003 by the U. S. District Court for the District of Colorado and is part of a criminal investigation that involves St. Vincent-based businessman Clifford Pitt.

India: M. Gopalakrishnan

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in India into alleged bank fraud by M. Gopalakrishnan, an Executive director of Indian Bank, in Chennai, India; VR Chidambaram, R. Kumaraswamy, G. Balakrishnan and V. Rajkumar.

Ex-Bermuda hotelier James Dwyer criminally indicted in the US

James Michael Dwyer, who until last year owned the White Sands Hotel, in Paget, Bermuda, was criminally indicted for alleged bank fraud on March 4, 2003 in his native New Jersey Dwyer, 61, has pleaded not guilty to the one count against him, which alleges that he lied when applying for a $16 million construction loan. He was released from custody on March 5 after satisfying the $250,000 bond requirement.

Offshore bankers plead guilty to fraud

A dentist and his accomplice who defrauded $1.2 million from clients of their Grenada-licensed offshore shell bank that was capitalized with just $300 have entered into plea agreements in the United States. Dr. Noel E. H. Tait and Douglas E. Castle each pleaded guilty to one count of wire fraud at the U. S. District Court for the Eastern District of Pennsylvania on March 14 and March 27, 2003, respectively.

New Cash 4 Titles lawsuits filed against Bahamas firms

The Receiver of the Cash 4 Titles Ponzi scheme, which is estimated to have caused losses to investors of more than $300 million, has filed a lawsuit in the United States against three Bahamas-based firms. Leadenhall Bank and Trust Ltd., Axxess International Ltd. and Axxess International (Bahamas) Ltd. are defendants in an action filed at the U. S. District Court for the Northern District of Illinois on November 27, 2002.

John Deuss firms sue Brek Energy and related parties

Eight days before it was due to make a minimum payment of $350,000 towards its 2002 purchase of an ecommerce company, a group controlled by Bermuda-based oil magnate John Deuss has sued the seller. Transworld Payment Solutions NV and First Curacao International Bank NV, which owns Bermuda Commercial Bank, filed a civil complaint at Bermuda Supreme Court on February 21, 2003.

Banc Caribe owner criticizes regulators

A part owner of the latest offshore bank to be closed down in Dominica has accused regulators of acting on incorrect information supplied by disgruntled management who had been fired only days before. "The government has made a dirty deal with the old management," said Ferdinand Hoischen, a German lawyer who beneficially owns Banc Caribe with Jonas Persson, of Sweden. "This is very political."

Two more Grenada offshore bankers charged with fraud

Two principals of a Grenada-licensed offshore bank whose directors included a former Governor-General, an ex-Prime Minister and two Justices of the Peace have been criminally charged in the United States. Noel E. H. Tait, a former staff dentist with the Department of Corrections in Washington D. C., and Douglas E. Castle were each charged with one count of wire fraud on January 30, 2003 at the U. S. District Court for the Eastern District of Pennsylvania.

Czech Republic: Ivan Racek et al

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the Czech Republic into Ivan Racek and Jan Racek for alleged fraud.

Imperium Bank Ltd.: Section 304 Petition

Section 304 Petition for Assistance in Insolvency Proceedings in Grenada by Marcus Wide, as the Foreign Representative of Imperium Bank Ltd., at the U. S. Bankruptcy Court for the Southern District of New York.

Omnicorp Bank principals start new scheme

Following the collapse of their insolvent financial group in St. Vincent & the Grenadines amid suspicions of fraud, the principals of Omnicorp Bank and its affiliates are starting a new investment scheme based in Cyprus. The management is the same as Omnicorp's and includes Canadians Nelson Bayford, Lloyd Merrifield and Gary L. Moore, the latter of whom settled an SEC stock fraud lawsuit in 2000 by agreeing to disgorge $24,175.

SEC case against Kenneth Lagonia dismissed

An SEC lawsuit alleging fraud against Kenneth Lagonia, once listed as a director of DIAK Bank, which is licensed in Grenada but apparently based in St. Vincent, has been dismissed at the U. S. District Court for the Southern District of New York.

Client accuses European Federal Union Bank of fraud

A current scam being carried out in the name of European Federal Union Bank may be a successor to a similar fraud perpetrated by the British Bank of Trade & Commerce, a.k.a. British Bank of Commerce. The principals of both businesses are Costa Rica-based John W. Haas and Andover Garcia, according to a representative of clients claiming to have been defrauded of approximately $130,000 by EFUB.

KPMG (TCI) sued by Atlas Financial Group clients

A civil complaint has been filed in the United States against failed Turks & Caicos Islands-based Atlas Financial Group, its auditor, KPMG, and several current or former officers. Among the defendants are the Managing Director of KPMG (TCI), Gary Brough, 40, who is British; and the accounting firm's former Director of Corporate Finance,Robert Gass, 38, who is Canadian. AFG founders Wayne Turner and his son, Scott Turner, who are both Canadian nationals, are also defendants.

United Kingdom: Kevin Dooley et al (Washington)

Application for the appointment of a Commissioner to collect evidence from Asia, Europe and Americas Bank - pursuant to a request for judicial assistance from the United Kingdom - for a criminal investigation into "a high Yield investment scheme in which 8 investors made investments after having been promised up to 1200% return on their 9 funds, only to see the funds disappear without any return".

Sham business that plagiarized Bayshore Bank web-site goes off-line after OffshoreAlert inquiry

The web-site of a sham bank purporting to be based in the Cayman Islands was taken down in December within 24 hours of OffshoreAlert emailing questions to the operators asking about their business.Citi Finance Corporation had set up a web-site at www.citifinancecorp.com whose design and content had clearly been plagiarized from an unrelated, bona fide bank, Bayshore Bank & Trust, of Barbados.

US indicts Jerome Schneider and Eric Witmeyer

Offshore promoter Jerome Schneider and his alleged business partner, Eric J. Witmeyer, are expected to be arraigned next week after they were criminally indicted in the United States.Although they were indicted on December 19, 2002, neither was required to put in a court appearance by year-end, which prosecutors said was due to the difficulties of the Holiday season.

Security Trust Insurance Limited

Advisory Warning against Security Trust Insurance Limited by the British Virgin Islands Financial Services Commission.

IMT promotes ‘High Yield investments’ at Dominica’s airport

Peddlers of "High Yield Investments" normally solicit business in hushed tones at churches and private offices, so dubious are their products.Not so International Management & Trust Services Inc., which has the words emblazoned in large, upper case letters on a