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Lawsuit filed against Meridian Investment Bank

May 31, 2002
A civil complaint has been filed in the United States against a now defunct Grenada licensed offshore bank and its principals by a client seeking the recovery of $6 million. In an action brought at the Circuit Court for the

Spain: Juan Carlos Escruceria Gutierrez

May 23, 2002
Application for the appointment of a Commissioner to collect evidence - pursuant to a request for judicial assistance from Spain - for a criminal investigation into Juan Carlos Escruceria Gutierrez and Margarita Villegas Restrepo for suspected narcotics trafficking and money laundering.

Germany: Jafaru Damulak

May 20, 2002
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Germany into Jafaru Damulak for suspected fraud.

Three offshore bankers plead guilty to money laundering

May 15, 2002
Dominica-based offshore bankers Julien Giraud, Brian Boeger and Rodolfo Requena have all pleaded guilty to money laundering offenses at Federal Court in Miami, Florida.Giraud and Boeger were both involved with Overseas Development Bank and Trust, while Requena is the former CEO of British Trade and Commerce Bank (in Receivership).

Imperial Consolidated Group’s offshore liabilities estimated at $170 m

May 12, 2002
The Imperial Consolidated Group has offshore liabilities of approximately $170 million and has so far been unable to provide evidence to regulators that it has any substantial assets, OffshoreAlert can reveal. Imperial has not even been able to produce any books, let alone assets, according to a source who is familiar with the current investigation into the group by Grenada's Ministry of Finance.

USA v. Alvin Irwin Moss et al: Criminal Indictment

May 8, 2002
Indictment filed by USA against Alvin Irwin Moss, Frederick John Collier, Avraham Zohar, a.k.a. Avy Zohar; Richard Titterington, Geoffrey L. Feldman, Sherrie-Lee Doreen Cave, Peter James O'Sullivan, Rosalind Rose, Wayne Budd, Thomas Montgomery Bayer, Robert Murray Bohn, Stacy Layne Beavers, Beverly Ann Moss, Jeffery Allen Moss, Larry Charles Moss, Michael Joseph Harkin and Michael Elliot Cole at the U. S. District Court for the Western District of Tennessee.

Change of Plea Hearing for Rodolfo Requena

April 30, 2002
A change of plea hearing has been set for May 9 for Rodolfo A. Requena, the former Chairman and President of Dominica-based British Trade and Commerce Bank who is charged with money laundering.Requena, 51, previously pleaded not guilty to one count of money laundering and one count of conspiracy to commit money laundering at the U. S. District Court for the Southern District of Florida.

Northern Rock pulls out of Bahamas after just 17 months

April 30, 2002
Northern Rock PLC, which is the ninth largest publicly-listed bank in the United Kingdom, is pulling out of the Bahamas after just 17 months on the island.A spokesman for the company told OffshoreAlert: "I can confirm that with effect from 2 April 2002, Northern Rock (Bahamas) Ltd ceased to accept additional deposits or open new accounts.

Client claims that Keywest Swiss Investment Bank will not redeem funds

April 30, 2002
OffshoreAlert has received a complaint that a client of Barbados-based Keywest Swiss Investment Bank is unable to redeem approximately $200,000 placed with the bank.Keywest Swiss Investment Bank Inc. was licensed in Barbados on January 25, 1995 under the Offshore Banking Act, according to the Central Bank of Barbados.The Central Bank stated that KSIB's directors of record are Garet O. Finlayson, Barbara Y. Hepburn,  Harold R. Longley, Robert L Morris and Cecil A. B. Smith.

Former Grenada banker sentenced to more than 17 years in prison

April 30, 2002
Former offshore banker Kenneth Payne has been sentenced to 17 years and seven months in prison after pleading guilty to five counts of mail fraud and one count of money laundering in the United States.Payne, who helped to operate the now defunct 21st Century Banking Group, in Grenada, was sentenced on April 12, 2002 at the United States District Court for the District of Southern Indiana.

Grenada regulators take administrative control of Imperium Bank

April 30, 2002
The future of the Imperial Consolidated Group has been thrown into doubt after regulators in Grenada took administrative control of its offshore bank. Imperium Bank cannot make any financial disbursements without the consent of PricewaterhouseCoopers, which is conducting a 15-day review of its books at the behest of the government.

Former offshore banker David Rowe files for bankruptcy

April 30, 2002
Former offshore banker David Frank Rowe has filed for bankruptcy in the United States citing liabilities of $33.1 million and cash assets of just ten dollars. His biggest liability is listed as $30 million relating to a breach of contract claim by the now-defunct, Grenada-based Cambridge International Bank and Trust, of which he was a principal.

AvantGuard spokesman discusses possible liquidation

April 30, 2002
A spokesman for AvantGuard Bank and Trust has said it may go into liquidation whatever the outcome of recent action taken against it by regulators in Grenada.The administrative functions of AvantGuard Bank were taken over for an initial 15-day period by the Grenada Ministry of Finance at the end of April in a clampdown that saw similar action taken against Imperium Bank and CornerStone International Savings and Investment Bank.

Grenada acts against three offshore banks

April 27, 2002
Grenada's Minister of Finance, Anthony Boatswain, has publicly announced that a review is being carried out of three offshore banks: Imperium Bank, AvantGuard Bank and CornerStone International Savings and Investment Bank.

USA: Tim Ray Sacora et al

April 26, 2002
Application for the issuance of Letters Rogatory by the USA regarding evidence in Costa Rica that is required for a criminal investigation into Tim Ray Sacora, Michael Wolf, Gibraltar Bank of Commerce, Banco Solidario de Costa Rica, Florida Secured Funding, and Senior Marketing Consultants Inc. for suspected fraud and money laundering.

Czech Republic: Richard Dzukey et al

April 24, 2002
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the Czech Republic into Richard Dzukey, Martin Mankos and Karel Hofmann for alleged fraud.

United Kingdom: Mohinder Singh Basra et al(2)

April 11, 2002
Application for the appointment of a Commissioner to collect evidence for a criminal investigation into Mohinder Singh Basra and Javaid Akhtar Chaudhary regarding the alleged laundering of the proceeds of narcotics trafficking.

United Kingdom: Mohinder Singh Basra et al

April 11, 2002
Application for the appointment of a Commissioner for to collect evidence for a money laundering investigation in the UK into Mohinder Singh Basra and Javaid Akhtar Chaudhary.

Poland: Griffin Trading Company

April 8, 2002
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Poland into whether a check drawn on a Bank One account held by Charles Schwab and made payable to Griffin Trading Company was fraudulently negotiated and, if so, by whom.

Brazil: Jose Samuel Benzecry

April 8, 2002
Application for the appointment of a Commissioner to collect evidence for a criminal investigation into Marcos Marcelino De Oliveira, Jose Samuel Benzecry,Ourvoida Serruya Benzecry, Leonardo Dias Mendonca and others for suspected money laundering, smuggling, foreign currency evasion, and tax evasion.

Arms dealer obtains asset freeze order against Imperial Consolidated Group

March 31, 2002
A Spanish court has issued an order that allows an international arms dealer and a related firm to freeze $8.5 million of assets belonging to the Imperial Consolidated Group. The order was issued on March 8, 2002 by the Court of the First Instance, in Marbella against Imperial Consolidated Inc., of Delaware; Imperium Bank, of Grenada; and Consolidated Mining Corporation Inc., of the Bahamas.

Bank of Bermuda counts cost of Canadian telemarketing scam

March 31, 2002
A telemarketing scam has caused a potential gross loss of approximately $5.3 million for the Bank of Bermuda, which provided credit card processing services to the crooks believing their business to be clean. The liability was incurred when victims of the scam began doing charge-backs, leaving the bank, as card processor, ultimately responsible for losses.

Creditor forces Mariner International Bank into Receivership

March 31, 2002
A Receiver has been appointed for St. Vincent & the Grenadines-licensed Mariner International Bank Ltd. following a court application from a creditor claiming to be owed US$818,379. The local High Court appointed chartered accountant Linton A. Lewis as Receiver of MIB on March 15, 2002. Lewis is a former head of the Offshore Finance Authority in St. Vincent.

Former BTCB CEO arrested in US & charged with money laundering

March 31, 2002
A Venezuelan businessman who was CEO of Dominica-based British Trade and Commerce Bank before it was forced into Receivership has been charged with money laundering in the United States. Rodolfo A. Requena, 51, was arrested on November 13, 2001 after a sealed complaint was filed against him eight days earlier at the United States District Court for the Southern District of Florida, in Miami.

Hamilton Bank’s ‘unsafe banking practices’

March 31, 2002
Recently-unsealed court documents have thrown up allegations of money laundering and "unsafe banking practices" that led to the forced closure in January of Miami-based Hamilton Bank, which provided correspondent services to many offshore banks. This activity included receiving deposits of approximately $1.9 billion per year via courier from Latin American countries without conducting any checks as to its legitimacy, it has been alleged.

Steps taken to recover SSBT assets in United States

March 31, 2002
The Provisional Liquidator of Bahamas-based Suisse Security Bank and Trust has taken steps to recover approximately $13 million of the bank's assets held in the United States. Raymond Winder filed a petition at the United States Bankruptcy Court for the Southern District of New York on February 22, 2002.

Bank of Bermuda cuts back in Cayman

March 31, 2002
The Bank of Bermuda has announced plans to drastically cut back on its operations in the Cayman Islands. The bank is moving much of its Cayman business to its headquarters in Bermuda and intends to slash its workforce in Cayman from 50 to approximately eight people.

Bank of Bermuda announces Cayman cut-backs

March 22, 2002
The Bank of Bermuda today announced plans to drastically cut back on its operations in the Cayman Islands. The bank is moving much of its Cayman business to its headquarters in Bermuda and intends to slash its workforce in Cayman from 50 to approximately eight people.

Slovak Republic: Henry Pregmar

March 1, 2002
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the Slovak Republic into Henry Pregmar for alleged check forgery.

Claims of fraud against offshore ‘banc’

February 28, 2002
It has been brought to OffshoreAlert's attention that funds are being solicited from the public in the name of Bancommerce Ltd., whose literature creates the impression that it is licensed in St. Lucia. A client of this business, who claims it has defrauded him of $20,000 through a product called an "Instruction of Invoice", is currently taking steps to try to recover his money.

Updates on cases against Giraud, Boeger, Downes, Butson and Nano

February 28, 2002
Following the convictions of William Abraczinskas and Malcolm West for money laundering only three months after their arrest, five more offshore bankers who were indicted in the same month must wait to see how the cases against them develop. Julien Giraud, of Dominica; Brian Boeger, of the United States; Richard F. Downes and Pamela Butson, who live in Spain; and Thierry Nano, formerly of St. Vincent & The Grenadines, all still have cases pending.

State of Montana consultant found guilty of money laundering

February 28, 2002
A banking consultant whose firm is under contract with the Montana Department of Commerce to vet applicants for its Foreign Capital Depository Program has been convicted of money laundering. William Joseph Abraczinskas, 38, was found guilty of one count of money laundering and one count of conspiracy to commit money laundering at the U. S. District Court for the Southern District of Florida, in Miami, on February 13.

Liechtenstein: Christos N. Lialioutis et al

February 15, 2002
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Liechtenstein into Christos N. Lialioutis and Harald Buhler for alleged fraud.

Grenada-licensed VistaBank accused of fraud

January 31, 2002
Grenada-licensed VistaBank Ltd. and its President, Carl H. Lane, have been named as defendants in three separate lawsuits field recently in the United States. In two of the actions, the plaintiffs have alleged fraud against the bank, while the other complaint accuses Lane of ignoring an order to stop operating the bank from Atlanta, Georgia without a license.

Verlin Swartzendruber (a.k.a. Joseph Severin) discusses high returns in Grenada

December 31, 2001
Verlin D. Swartzendruber, 58, has joined the growing band of Americans who have obtained Grenada passports under second names and started raising funds from the island with the lure of high returns. Under his new name of Joseph Severin, Swartzendruber runs Grenada-registered Preferred Trust and Management Ltd, which raises money through continuous stock offering in various companies it manages.

First Cayman Bank loot used to pay off fraud judgment, claim liquidators

December 31, 2001
Part of the estimated $5.5 million allegedly looted from the First Cayman Bank/Gulf Union Bank group in 1997 went to satisfy a $1.75 million fraud judgment in the United States, according to the liquidators.The fraud had been committed by Sheikh Abdus Shimmy Qureshi and his now defunct Florida firm Escue Management Inc., it was alleged.

Grenada-Montenegro banker plays down links to Melchizedek

December 31, 2001
A principal of two offshore banks has told OffshoreAlert that he no longer has anything to do with the Dominion of Melchizedek, despite his name appearing on literature associated with the fake nation.Peter Drakoulakos, who heads Euro Credit Bank A.D., of Montenegro, and Euro Caribbean Bank Ltd., of Grenada, was once listed as the South American "Ambassador" for Melchizedek on its web-site.

First Swedish Savings under investigation

December 31, 2001
First Swedish Savings, formerly known as First Baltic Savings, is being investigated by the Swedish Financial Supervisory Authority (Finansinspektionen).First Swedish maintains identical web-sites at www.firstswedish.com and www.firstbaltic.com where, inter alia, it promotes an "offshore hedge fund" called Athena Growth Fund, which, apparently, is "a registered trademark and dba of (sic) Direct Trading Partners (Nevis) LLC".

John Mathewson lawsuit moved from Illinois to Texas

December 31, 2001
A civil lawsuit filed by Leon Denning against his former Cayman Islands-based banker, John Mathewson, has been moved from Denning's home state of Illinois to Texas, where Mathewson resides.

Austria requests evidence in Florida for New Bank-related criminal investigation

December 31, 2001
New Bank Ltd., which was operated in St. Vincent by the Nano family, has featured in a criminal investigation in Austria, according to documents filed in a Florida court.Details of the matter are contained in an application to collect evidence - pursuant to a request for judicial assistance from Austria - that was filed at the United States District Court for the Southern District of Florida on November 14, 2000.

Unlicensed offshore ‘credit unions’ offer high yield products to members

December 31, 2001
A United States firm has been forming IBCs in Panama and selling them to North Americans at a huge mark-up on the basis that they are "financial institutions", OffshoreAlert can reveal.At least five of the IBCs are currently offering investment products and services from web-sites hosted in Montana or the Bahamas even though none holds a license.