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Panama regulator takes over Banco DISA

November 30, 2001
Panama's Superintendency of Banks and the National Securities Commission have taken control of Banco DISA and DISA Securities, respectively, reported The Panama News (www.thepanamanews.com). DISA Securities is the holding company that owns the shares of Banco DISA, with businessman and

Mohamad Harajchi sues Bahamas Prime Minister for libel

November 30, 2001
Suisse Security Bank and Trust chairman Mohamad Harajchi and the bank's CEO, Christopher Lunn, filed a civil complaint against Bahamas Prime Minister Hubert Ingraham in October, alleging that Ingraham defamed them in a public speech that he gave in Nassau.

Overseas Development Bank & Trust facing liquidation

November 30, 2001
An application may be made to wind up Dominica based Overseas Development Bank & Trust in the first week of December if it does not honor a demand for payment from a creditor, we have been told.Attorney Michael Bruney told

St. Vincent: Money Talks and Nano Walks

November 30, 2001
A claim by St Vincent &the Grenadines that it is serious about combating financial crime was dealt a blow on November 22 when it allowed suspected money launderer Thierry Nano to avoid an arrest warrant.Nano flew from the island on

Scott Turner hits out ahead of meeting of Atlas Securities creditors

November 30, 2001
Canadian businessman Scott Turner, who is subject to an arrest warrant in the Turks & Caicos Islands for suspected fraud, has issued a letter attacking other members of his failed stockbroker Atlas Securities Inc.Nowhere in the five page letter, which

Four offshore bankers arrested, two more on the run

November 30, 2001
Four offshore bankers were arrested by United States law enforcement agencies in November and charged with money laundering.Two more have also been charged with money laundering but are still at large after warrants were issued but not executed.Those arrested were

Americas International Bank is insolvent, used to launder fraud proceeds, says liquidator

November 30, 2001
Bahamas-based Americas International Bank Corporation Ltd. is insolvent and was used primarily as "a vehicle to launder funds" received from investment fraud, according to its liquidator.Accountant Clifford Culmer painted a bleak picture of the bank's activities in an affidavit filed with the Bahamas Supreme Court on November 19, 2001.

Italy: Marco Bourelly et al

November 29, 2001
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Italy into Marco Bourelly and Fausto de Berardinis for alleged bank fraud.

Restructuring at Imperial Consolidated, libel lawsuit dismissed

October 31, 2001
The Imperial Consolidated Group has changed its corporate structure for the second time in nine months.Changes include its British-based holding firm, Imperial Consolidated PLC, re-registering from public to private status three days before its year-end of September 30, 2001.

Terry Neal’s bank named as a relief defendant in stock fraud lawsuits

October 31, 2001
A Nauru-licensed bank that is operated from Nevis was used to launder most of the more than $30 million in profits from a fraudulent stock trading ring, it has been alleged.Exchange Bank and Trust, which is operated by Terry Neal's Nevis American Trust Co., has been named as a relief defendant in three of four related lawsuits filed by the SEC in the United States.

Courts approve Cash 4 Titles-Bank of Bermuda settlement

October 31, 2001
 The settlement between the Bank of Bermuda and victims of the Cayman-based Ponzi scheme known as Cash 4 Titles has received approval of the United States courts."On Friday 12 October 2001, the court gave final approval to the settlement of the Illinois and Florida Cash 4 Titles litigation," stated the Bank in a press release.

Americas International Bank goes into liquidation

October 31, 2001
Americas International Bank Corporation Ltd. has become the latest Bahamas-based private bank to stop operating.AIBC's shareholders passed a special resolution on October 11, 2001 that the bank, which was licensed on September 23, 1994, should go into voluntary liquidation.

Americas International Bank closes for business

October 15, 2001
Americas International Bank Corporation Ltd. has become the latest Bahamas-based private bank to stop operating.AIBC passed a special resolution on October 13, 2001 that the bank should go into voluntary liquidation.

Insider Talking: September 30, 2001

September 30, 2001
How concerned is the Financial Times newspaper about being used to facilitate fraud? Not enough to stop publishing bogus valuations for the Cayman Islands domiciled Aristocrat Endeavor Fund. The FT is continuing to accept and publish sham Net Asset Values

Contempt action against former Grenada banker Gary Bentz

September 30, 2001
The SEC is seeking to have a former principal of a Grenada based offshore bank held in contempt of court in the United States for allegedly breaching an asset freeze order.Gary Joel Bentz, who helped run Wellington Bank and Trust,

Meridian Investment Bank has license revoked in Grenada

September 30, 2001
Meridian Investment Bank, whose principals include a plumber and an officer with the Canadian Space Agency, has become the latest bank in Grenada to have its license revoked amid allegations of fraud.MIB's banking license was revoked effective September 4, 2001

Unlicensed Internet bank offered for sale by AFM Services Group

September 30, 2001
St. Kitts and Nevis-based offshore provider Irvin Boncamper is trying to sell an Internet "bank" for US$3.2 million by incorrectly claiming that it is licensed, we can disclose.Boncamper sent out a mass email on August 3, 2001 in the name of his firm, AFM Trust and Corporate Services Ltd., inviting offers for something known as "Internet Bank and Trust".

Hansa Bank and Trust sued by client

September 30, 2001
Anguilla-based Hansa Bank and Trust is being sued in Canada by a client who claims to have been defrauded of CDN$11.9 million (US$7.5 million). The action was filed by Vancouver resident Robert Edwards at the Supreme Court of British Columbia on July 12, 2001.

Liquidated banks sue Cayman Gov’t over US$2.5 million ‘mistake’

September 30, 2001
Two Cayman banks that were closed down by regulators due to money laundering concerns have filed lawsuits against the government seeking the return of a mysterious US$2.5 million payment in 1997. The litigation relates to the unusual circumstances in which Euro Bank Corporation, then a Class 'B' bank, obtained a rarely-awarded Class 'A' banking license on October 8, 1997.

Fraud charges brought in Merrion Re investigation

August 31, 2001
Three people linked with an Irish-based reinsurer which Grenada-registered Windsor International Bank and Trust claimed was guaranteeing its high yield investments have been charged with conspiracy to defraud.Darren Louis Thomas, Leslie Gerald Hursey and David Graham Da Costa, of Merrion Reinsurance, were charged on July 19, 2001 at the City of London Magistrates Court, in England.

Antigua Government refutes claims about Eurofed Bank liquidation

August 31, 2001
Last month's lead article about the fight for the assets of Eurofed Bank prompted a representative of the Antigua government to send a letter of complaint to OffshoreAlert.Wrenford Ferrance, Antigua's Director of the Office of National Drug Control and Money Laundering Policy, has denied that the liquidation of Eurofed is being carried out in secret, as we have been told.

Aristocrat Endeavor Fund emerges as key component of First International Bank of Grenada fraud

August 31, 2001
A Cayman-registered mutual fund whose shares were once listed on the Bermuda Stock Exchange has emerged as a centerpiece of the massive fraud committed by the First International Bank of Grenada.Shares in the Aristocrat Endeavor Fund comprised $17.25 million of FIBG's bogus initial capital of $32.75 million in 1997, according to a new report by the bank's liquidator, Marcus Wide.

Germany: Derk Kogelheide

August 23, 2001
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Germany into an alleged fraud perpetrated by an unknown person against Derk Kogelheide.

FIBG founder viewed porn while fleecing investors

August 5, 2001
First International Bank of Grenada founder Van Brink appears to have spent much of his time viewing pornography over the Internet while clients were being fleeced, according to investigators. An analysis of a hard-drive taken from a computer used by Brink in Grenada showed that "about 80 per cent" of the settings on his Internet browser were pointed at porn sites, OffshoreAlert was told.

Suisse Security Bank & Trust loses court decision over license

July 31, 2001
Suisse Security Bank and Trust has failed to have the suspension and revocation of its license overturned on the grounds that the Central Bank of the Bahamas acted unconstitutionally.At issue was whether Section 14 (1)(f) of the Bank and Trust Companies Regulations Act 2000 contravened Article 27 of the Bahamas Constitution.

Grenada-based Rahab Trust sues over gold mine deal

July 31, 2001
A company whose banking license was recently revoked in Grenada is embroiled in litigation in the United States over a deal to finance a Montana gold mine that turned sour.Rahab Trust and Management Company filed a civil lawsuit in the U. S. District Court for the District of Montana on August 23, 2000 and it is still ongoing.

Miami expenses of Cayman officers helped seal Bank of Bermuda’s fate

July 31, 2001
Expense accounts and management reports handed over in discovery weighed heavily against the Bank of Bermuda (Cayman) in its fight to avoid United States jurisdiction in the Cash 4 Titles litigation.In one report, the Bank's management stated: "Miami continues to grow in importance as a location with potential business and we are now working with a number of relationships with a Miami presence."

Prison sentences for Hammersmith Trust pair

July 31, 2001
Lengthy prison terms have been handed down to the first two defendants to be sentenced in a $64 million fraud some funds were laundered through the Bank of Bermuda in the name of an Antiguan 'paper' bank.William H. West, of Niceville, Florida was the first to be sentenced, receiving 136 months in prison and ordered to pay restitution of $25 million at a hearing on July 19, 2001.

Antigua Gov’t tries to seize Eurofed Bank assets

July 31, 2001
In secret court hearings held in Antigua, the island's government has been trying to seize all or most of the $76 million of assets recovered so far in the liquidation of Eurofed Bank Ltd., we can reveal.The government is claiming the assets under its anti-money laundering laws on the grounds that they are the proceeds of criminal activity by former Ukraine Prime Minister Pavlo Lazarenko, 48.

Daniel Danker sent to prison for investment fraud

July 31, 2001
One of the principals of a now defunct Grenada-registered bank has been sentenced to five years and 11 months in prison in the United States.Daniel G. Danker, 53, was also fined $50,000 and ordered to pay restitution of more than $20 million at the U. S. District Court for the Southern District of Indiana on July 15, 2001.

Third sham bank linked with The Harris Organization

July 31, 2001
The Harris Organization financial services group has set up yet another Internet bank that is being operated without a license.Operating from a web-site at www.ginvestmentgroup.com, G Investment Group claims that it is "a diversified financial services company providing clients a broad range of international structures involving financial, asset protection and investment opportunities".

Florida court grants judicial assistance to Liechtenstein for money laundering investigations

July 31, 2001
Article based on two applications to collect evidence for separate criminal investigations into suspected money laundering - pursuant to requests for judicial assistance from Liechtenstein - that were filed at federal courts in the USA on June 14, 2001 and June 15, 2001. Individuals and businesses mentioned in the requests for assistance include Jorge Hugo Reyes Torres, Herbert Batliner, Helmuth Otto Wilhelm Eduard Stanisch, Enrico Clerici, Dresdner Bank (Switzerland) AG, Peter Niermann, Verwaltungs-und Privat Bank AG, Pablo Escobar, Juan Carlos Saavedra Molina, Eugen von Hoffen, Eugen Heeb, Maria Sanclemente, Angela Maria Narvaez, Rosa Elvira Muñoz, Nestor Gomez Mejia, Intercompany Management AG, Barex Shipping, Conus Shipping, Nomentana, Calcul Business Consulting, Cashcom Investments, Con Moto Stiftung, Brenner Stiftung, Ancestry Foundation, FSK Foundation, Von Langenburg Stiftung, Agnat Stiftung, Valauris AG, Langdon Shipping Ltd., Standex Shipping Ltd., Zundorf Unternehmens AG, LGT Bank, Citibank, National Financial Services Corp., and Pershing Securities Ltd.

Caribbean Bank of Commerce boss sent to prison

July 31, 2001
Eugene Chusid, who has recently been implicated in an investment scam known as Le Club Privé, has been imprisoned for 37 months for another fraud involving the Caribbean Bank of Commerce, of Antigua.Chusid was also fined $250,000 and ordered to pay restitution of $360,000 when he was sentenced at the US District Court for the Southern District of New York on July 17, 2001.

PILL offers clients ‘no ID credit cards’ – 100% approved!

July 31, 2001
The Bahamas-based multi-level marketing group Prosper International League Ltd., known as PILL, has promised to review the wording of a new marketing initiative after OffshoreAlert pointed out apparent inaccuracies and misrepresentations.

Bank of Bermuda settles Cash 4 Titles litigation

July 9, 2001
The Bank of Bermuda has settled two lawsuits filed on behalf of victims of the Cash 4 Titles Ponzi scheme, whose losses have been estimated at up to $300 million.The settlement requires the bank to pay up to 50 per cent of "actual losses" suffered by participants in the Cash 4 Titles scheme, according to a press release issued on July 9, 2001 by the Bank of Bermuda.

Incriminating FIBG documents

July 4, 2001
In the public interest, we have posted two new documents on our web-site about the First International Bank of Grenada, which can be downloaded from www.offshorebusiness.com/fibgpage.htm.   Both documents are emails that were sent last year, one from FIBG founder Van Brink to Tai Hastey on March 28, 2001 and the other from British barrister Lawrence Jones to Brink on June 8, 2000.

Meridian Investment Bank principal accused of fraud

June 30, 2001
A civil fraud lawsuit has been filed in Florida against a former plumber who is a principal of Grenada-registered Meridian Investment Bank. Sheldon Mickelson was named as a defendant in a lawsuit filed at the Seventeenth Judicial Circuit of Florida for Broward County on June 12, 2001. Plaintiffs Atul Bisaria and Deventra Sharma claim that Mickelson and two co-defendants, Mario C. Turcotte and Arthur Godin, defrauded them in a land deal.

British Trade & Commerce Bank sued in Tennessee

June 30, 2001
Dominica-based British Trade and Commerce Ltd., which went into receivership earlier this year, has been named as a defendant in a lawsuit filed in the United States.The lawsuit was filed by Global 3000 LLP, a Delaware Limited Partnership, and Herbert Beck at the U. S. District Court for the Eastern District of Tennessee on June 14, 2001.

Judgment entered against client of Terry Neal’s Exchange Bank and Trust

June 30, 2001
A client of Exchange Bank and Trust, which is operated illegally in Nevis by Terry Neal-controlled Nevis American Trust Company, has lost a stock fraud lawsuit filed by the SEC in the United States.Judgments were entered against Stephen C. Sayre, Independent Financial Reports Inc. and Silver Screen Industries Inc. at the US District Court for the Central District of California on May 24, 2001.