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Canada would not tolerate LOM behavior, says securities attorney

May 5, 2006
If a Canadian stock broker had provided the same type of allegedly sham services to the collapsed Canada based Portus Group of hedge funds as those provided by the Cayman Islands operation of Bermuda based investment firm Lines Overseas Management

Stirling Cooke claims expected to exceed $750 m, says Bankruptcy Trustee

May 5, 2006
Potential claims arising from the fraudulent activities of a Bermuda based insurance broker's British subsidiary may exceed $750 million, says the firm's U. S. Bankruptcy Trustee.It means that Stirling Cooke Brown Insurance Brokers Ltd. committed “one of the largest frauds

JPMorgan account targeted in Dieter Behring fraud

May 5, 2006
Switzerland has requested information about accounts at two United States based financial institutions as part of a criminal investigation into an alleged US$629 million fraud by hedge fund operator Dieter Behring and his Bahamas based Moore Park group of companies.

Released from prison, mafia fraudster sets up new securities scheme

May 5, 2006
A 68-year-old fraudster released from prison in the United States only 21 months ago for helping the New York mafia commit violently-enforced stock scams has picked up where he left off, OffshoreAlert can reveal.Mexico-based, U. S. national Joseph Andrew Mann, now using the name Joseph Andres Mann Piccione, is behind a web of shell companies in several countries, including England, Panama, and Dominica, as part of a new securities scheme that bears striking similarities to the fraud to which he pleaded guilty in the United States in 2004.

France seeks evidence from Delaware-domiciled Libertoi LLC

May 5, 2006
Article based on an application for the appointment of a Commissioner to collect evidence for a criminal investigation into alleged fraud - pursuant to a request for judicial assistance from France - that was filed at federal court in the USA on March 31, 2006. Individuals and businesses mentioned in the request for assistance include Marie-Josee Salvaire, Nicolas Zoonekynd, Libertoi LLC, Whale Trade France, New Import Club, and Cofipac.

Italy seeks evidence from South Carolina resident for criminal investigation

May 5, 2006
Article based on an application for the appointment of a Commissioner to collect evidence for a criminal investigation into alleged securities fraud and money laundering - pursuant to a request for judicial assistance from Italy - that was filed at federal court in the USA on March 29, 2006. Individuals mentioned in the request for assistance include Georges El Khoury and Robert Yoffie.

Ex-US prosecutor accused of tax evasion conspiracy

April 21, 2006
Offshore corporations in Anguilla, the Bahamas and St. Lucia, including one operating as a bank, have been implicated in an alleged conspiracy to defraud the United States Government of tax revenue.Details are contained in an indictment against four individuals, including one who is both a former U. S. Attorney and state court judge, that was brought at the U. S. District Court for the Western District of North Carolina on April 4, 2006 and unsealed on April 18.

Bermuda firm accused of $130 m securities fraud

April 14, 2006
A Bermuda-registered company helped to perpetrate a $130 million investment fraud, according to the United States Securities & Exchange Commission.Ultimate Holdings Ltd. and the firm's alleged controllers, Adnan M. Khashoggi, 70, a Saudi Arabian national; and Ramy Y. El-Batrawi, 44, a resident of Los Angeles, California, are defendants in a civil lawsuit that was filed by the SEC at the U. S. District Court for the Central District of California on April 13, 2006. Other defendants are Wayne Breedon, 54, a Canadian national residing in Aurora, Ontario who was once head of the stock loan department of Deutsche Bank Securities Limited, in Toronto; Richard J. Evangelista, 71, a resident of Florida who once headed the stock loan department of Native Nations Securities Inc.; GenesisIntermedia Inc. (“GENI”), a now-defunct, Delaware-registered, publicly-traded telemarketing company operating from Van Nuys, California; and Douglas E. Jacobson, 59, a resident of Los Angeles, California, a Certified Public Accountant in Florida and GENI's chief financial officer and secretary.

Switzerland: Dieter Behring et al (April 2006)

April 10, 2006
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Switzerland into Dieter Behring, Arthur Buck, Beat Bangerter, Jean Kampf, Peter Josef Weibel, Willy Wuthrich, Raymond Pousaz, and Anita Zweifel-Reidy for suspected fraud, embezzlement, forgery and money laundering.

Ex-Bahamas resident Derek Turner sentenced to 20 years in prison

April 6, 2006
Former Bahamas resident Derek Turner was sentenced to 20 years in prison on February 17 - six months after pleading guilty to three counts of wire fraud concerning a high-yield investment scam.Turner, a 56-year-old New Zealand national, was also ordered to pay restitution of $55 million at his sentencing at the U. S. District Court for the Eastern District of New York. He immediately filed a notice of appeal against the judgment to the U. S. Court of Appeals for the Second Circuit.

Local newspaper exposes offshore stock promoter David Rose

April 6, 2006
OffshoreAlert long ago exposed the fraudulent oil and gas-related securities offerings of Kentucky-based conman David Graham Rose, who raised a substantial amount of his millions of dollars at offshore seminars, including those organized by the now-defunct Global Prosperity Group, a.k.a. Institute of Global Prosperity.Now he has been exposed by his local newspaper, the Courier-Journal, in Louisville, Kentucky, which published more than a dozen, in-depth articles about Rose and his business empire over March 19 and 20, 2006.

Ex-FIBG promoter convicted of separate offshore bank scam

April 6, 2006
A United States national who once promoted the First International Bank of Grenada has been convicted of perpetrating a separate fraud through another offshore bank.Paul James Peiffer, of S. W. York Street, Beaverton, Oregon, was convicted of 25 counts of wire fraud, one count of making a false bankruptcy filing, and one count of false oaths on February 15, 2006 following a jury trial at the U. S. District Court for the District of Oregon.

Gary McDuff investigated yet again for an alleged investment scam

April 6, 2006
A United States national already under investigation in the United Kingdom for a fraud involving an offshore bank is being investigated in the U. S. for another apparent scam involving more than $10 million.The latest exploits of Gary Lynn McDuff, 51, of Deer Park, Texas, are outlined in a subpoena-enforcement action filed by the SEC at the U. S. District Court for the Northern District of Texas on March 10, 2006.

Bermuda Court of Appeal stymies U. S. securities fraud investigation

April 6, 2006
The former president of Bermuda-based investment firm Lines Overseas Management Ltd. appears to have won his battle to keep potentially incriminating telephone recordings out of the hands of the SEC in the United States.In a ruling on March 23, 2006, Bermuda Court of Appeal allowed Brian Lines' appeal against a decision by Bermuda Supreme Court that LOM must disclose “recordings, transcripts, summaries or excerpts” of telephone conversations made on Lines' extension while he worked for LOM. Justices Zacca, Nazareth, and Sir Murray Stuart-Smith also upheld the lower court's ruling that the SEC was not entitled to any “recordings, transcripts, summaries or excerpts of interviews undertaken” as part of an investigation into LOM by its local regulator, the Bermuda Monetary Authority. The court granted Lines an injunction restraining LOM and its subsidiary, LOM Securities (Bermuda) Ltd., from disclosing material regarding both of these matters to the SEC.

Italian fraud investigators seek interview of Dennis Herula

April 6, 2006
Article based on an application to collect evidence for a criminal investigation into alleged investment fraud - pursuant to a request for judicial assistance from Italy - that was filed at the U. S. District Court for the District of New Jersey on March 27, 2006. Individuals mentioned in the request for assistance include Georges El Khoury, Dennis Herula, and Farouk Khan.

Bahamas judge unfreezes fraud group’s assets, invites it to apply for damages

April 6, 2006
An attempt by the Attorney General of the Bahamas to confiscate the criminal proceeds of securities fraud firm Banakor Swisse S.A. spectacularly backfired last year after the group supplied the court with false information and the judge chose to believe the fraudsters over regulators and law enforcement agents. The AG obtained an order at Bahamas Supreme Court freezing the group's assets at The Royal Bank of Scotland (Bahamas) Ltd. on December 8, 2004 - just a few weeks after OffshoreAlert first exposed Banakor. However, after Banakor submitted affidavits that are replete with inaccurate and misleading information, Justice Jon Isaacs reversed his decision on June 13, 2005 and even awarded the crooks costs and invited them to apply for damages.

Architects of Wine liquidator sues Barclays Bank

April 6, 2006
Barclays Bank continued processing checks for an offshore-based wine investment group even after it learned of a regulatory warning in the U. S. and then then refused to co-operate with the group's liquidator after it collapsed amid allegations of fraud, it has been claimed.The allegations are contained in a civil complaint filed by Christopher Johnson, as liquidator of Cayman Islands-registered Architects of Wine Ltd., at the U. K. High Court of Justice, Queen's Bench Division, Commercial Court on March 9, 2006. AOWL is seeking to recover $1.3 million from sole defendant Barclays Bank, of London, England, alleging conversion.

France: Marie-Josee Salvaire et al

March 31, 2006
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in France into Marie-Josee Salvaire and Nicolas Zoonekynd for alleged fraud through an 'investment club', New Import Club.

John G. Pitman et al v. Seed International, Ltd. et al: Amended Complaint

March 30, 2006
Amended Complaint in John G. Pitman and Susan Pitman v. Seed International, Ltd., Ocean International Marketing, Ltd., Architects of Wine, Ltd., A.V.E. International, Kensington Corporation, Ltd., Paradigm Holdings Limited, OptiDisc International Limited, CD Fender, Churchill Associates, Ltd., Heros Global Marketing Services, Ltd., Paradigm Wine Services, Ltd., New Fine Wines International, Ltd., Paul Freeman, Robert John Middlemiss, Denver Andersson, David Wilcock, Phillip Beasley, Fred Hagelberg, Trevor Burroughs, Giles Cadman, Craig Garrett, Desmond Jackson, Anil Kohli, Jadon Schmidt, and Robin Loxton at the U. S. District Court for the District of New Jersey.

Italy: Georges El Khoury

March 29, 2006
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Italy into Georges El Khoury and others for alleged securities fraud and money laundering.

SEC v. Cobalt Multifamily Investors I, LLC et al: Complaint

March 27, 2006
Complaint in U. S. Securities and Exchange Commission v. Cobalt Multifamily Investors I, LLC, Cobalt Multifamily Co. I, LLC, Cobalt Capital Funding, LLC, Mark A. Shapiro, Irving J. Stitsky, and William B. Foster, as defendants, and Vail Mountain Trust, as relief defendant, at the U. S. District Court for the Southern District of New York.

Italy: Georges El Khoury et al

March 27, 2006
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Italy into Georges El Khoury and others for alleged investment fraud in the amount of $52 million. The evidence sought comprises an interview with Dennis Herula, "an inmate at the Federal Correctional Institution in Fort Dix, New Jersey", and Farouk Khan, "a resident or Hillsborough, New Jersey".

Switzerland: Khundkar Khalid Ahmed Houssain

March 23, 2006
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Switzerland into Khundkar Khalid Ahmed Houssain for alleged fraud.

Ex-Imperial Consolidated officer jailed for contempt of court

March 15, 2006
Former Imperial Consolidated Group money-raiser Robert Raven was today sentenced to four months in prison for contempt of court in the United Kingdom. Raven, a 45-year-old British national who was Imperial's International Sales & Marketing Director, received the punishment in a civil action at the High Court for refusing to co-operate with the administrators/liquidators of five Imperial companies in the U. K. and the Caribbean, in the hunt for defrauded assets.

Scott Lines deposition to take place by April 6

March 10, 2006
After nearly two years of avoiding it, offshore investment firm boss Scott Lines must finally submit himself to a deposition before the U. S. Securities & Exchange Commission by April 6, 2006. The good news for Lines, however, is that he will not have to travel to the United States, as the SEC had wanted, and face the risk of further civil or even criminal proceedings.

SEGOES liquidators run up $1.49 m deficit in first 8 months

March 6, 2006
The liquidators of fraudulently-operated offshore stock-broker SEGOES Services Ltd. ran up a $1.49 million deficit during their first eight months in charge of the company.That was the figure that leapt out of the Third Interim Report to Customers and Creditors, dated January 27, 2006, by liquidators Kenneth Krys and Christopher Stride.

SEC accuses LOM of misleading Bermuda court, MD wants deposition held outside US

March 6, 2006
Lines Overseas Management Ltd. has been accused of misleading Bermuda Supreme Court in an attempt to obstruct a securities fraud investigation by the United States Securities and Exchange Commission. The SEC claims that LOM withheld information from the Bermuda court when the firm recently asked for a declaration whether it was allowed, under local law, to comply with administrative subpoenas that the Commission served on the investment firm's Managing Director, Scott Lines, in the United States in April, 2004.

Emails show Citco knew of Lancer fraud long before collapse, says Receiver

March 6, 2006
Fund administrator Citco knew that Lancer Offshore was fraudulently valuing assets nearly two years before the fund collapsed but its sole concern was how to extricate itself from the $400 million insolvency, rather than warn investors and regulators. That is the most serious allegation contained in a civil lawsuit that was filed as long ago as January 14, 2005 at the U. S. District Court for the Southern District of Florida but kept sealed until February 21, 2006 due to concerns that its release may breach a court order prohibiting disclosure of certain information. It is supported by copies of extraordinary email exchanges between Citco's senior executives that were disclosed in discovery that Citco opposed.

LOM says it has started turning over client records to SEC

February 23, 2006
Bermuda-based investment firm Lines Overseas Management Ltd. claims to have started turning over client records to the United States Securities and Exchange Commission after losing yet another court ruling. In a filing at the U. S. District Court for the District of Columbia on February 21, 2006, LOM stated that it “has begun producing documents to the SEC” pursuant to four SEC administrative subpoenas that were served on its Managing Director, Scott Lines, as long ago as April, 2004.

USA v. Derek G. Turner: Judgment

February 17, 2006
Judgment in a Criminal Case in USA v. Derek Guise Turner at the U. S. District Court for the Eastern District of New York.

Godley Group investment broker arrested in Japan

February 16, 2006
Japanese police today arrested the Tokyo representative of a group headed by former Bahamas resident Bill Godley for allegedly helping to swindle a pension fund out of 80% of its assets. Fabio Takeshi Sunago, 44, was arrested along with Hideo Seki, 49, the former Secretary General of the All Japan Liquor Merchants Association, according to a report by the Kyodo News Agency.

Ex-Grenada Diplomat pleads guilty to fraud charges

February 10, 2006
An American who is suspected of bribing the Prime Minister of Grenada for appointing him to a diplomatic position has pleaded guilty to unrelated fraud charges in the United States.Eric Resteiner, 46, pleaded guilty to five counts of wire fraud and two counts of mail fraud at a change of plea hearing that was held at the U. S. District Court for the District of Massachusetts on February 8, 2006. He is due to be sentenced on May 8. Under a plea agreement, the remaining 53 counts, including 18 regarding money laundering, which carry the harshest penalties, will be dismissed.

Pandora Select Partners LP, et al v. Strategy International Insurance Group Inc., et al: Complaint

February 6, 2006
Complaint filed by Pandora Select Partners LP, Pandora Select Advisors, LP, JMG Capital Partners, LP, JMG Triton Offshore Fund, Ltd.,  Aviator Fund Management, LP, Aviator Overseas Fund II, Ltd., Aviator Master Fund, Ltd., Whitebox Hedged High Yield Advisors, LP, Whitebox Hedged High Yield Partners, LP, Whitebox Convertible Arbitrage Advisors, LLC, and Whitebox Convertible Arbitrage Partners, LP against Strategy International Insurance Group Inc., Strategy Real Estate Investments, Ltd., John Hamilton, Sandro Sordi, and Stephen Stonhill at the U. S. District Court for the Southern District of New York.

Offshore provider accused of laundering $1 billion

February 4, 2006
The head of a Bahamas-based investment firm has been arrested in the United States after being charged with laundering $1 billion in proceeds from narcotics trafficking and fraud. Canadian national Martin Tremblay, 43, allegedly laundered the funds through Dominion Investments Ltd., of which he is Managing Director.

Two more ex-Grenada offshore bankers convicted of fraud

February 4, 2006
The operators of yet another Grenada-licensed offshore bank have been convicted of fraud-related charges in the United States. Taansen Fairmont Sumeru, a.k.a. David Freeston, of Santa Barbara, California, and Jerome Harold Hall, a.k.a. JeRu Hall, of Fairfield, Iowa, were convicted jury of eight counts of securities fraud and nine counts of wire fraud at the U. S. District Court for the Central District of California on January 24, 2006. Sumeru was also convicted of conspiring to launder money and failing to file federal income tax returns for 1999 and 2000.

Offshore broker can turn over client records to SEC, rules Bermuda court

February 4, 2006
In a landmark ruling, Bermuda Supreme Court has determined that offshore investment firm Lines Overseas Management can disclose “confidential” client records and recordings of telephone conversations to the United States Securities and Exchange Commission. However, the SEC is not entitled to material that is subject to attorney-client privilege or concerns interviews with former LOM president Brian Lines that were conducted by the Bermuda Monetary Authority after the BMA had given assurances of confidentiality.

Lancer Offshore latest: Four new lawsuits, Michael Lauer held in contempt

February 4, 2006
The Receiver for the Lancer Offshore group has filed four new lawsuits against parties in Bermuda, the Bahamas, the United States, Monaco, and France in an attempt to recover $1.48 million. All of the actions were filed at the U. S. District Court for the Southern District of Florida on January 11, 2006 by Marty Steinberg, as court-appointed Receiver for Lancer Management Group LLC, Lancer Management Group II LLC, Lancer Offshore Inc., OmniFund Ltd., LSPV Inc., LSPV LLC, Alpha Omega Group Inc., and G.H. Associates LLC.

Germany seeks telephone records for time-share fraud investigation

February 4, 2006
Article based on an application for the appointment of a Commissioner to collect evidence for a criminal investigation into alleged fraud - pursuant to a request for judicial assistance from Germany - that was filed at federal court in the USA on January 11, 2006. Individuals and businesses mentioned in the request for assistance include Erwin Guthoff and Western Union.

Banakor Swisse raises money around firms that no longer exist

February 4, 2006
A scam by Bahamas-based Banakor Swisse is so low-budget that several shell firms it raises money around have been struck off for non-payment of their $350 annual government fee, OffshoreAlert can reveal. The fact that these sham entities are no longer legally in existence has not stopped Banakor Swisse from continuing to raise funds in their names by holding them out to the public as bona fide businesses.

SEC accuses LOM chairman Donald Lines of lying

January 25, 2006
Prominent offshore businessman Donald Lines has been branded a liar by the United States Securities and Exchange Commission. Lines, the 73-year-old Chairman and President of Bermuda-based investment firm Lines Overseas Management Limited, is adamant that he was not served with a securities-fraud related subpoena while he was in the U. S. in November, 2005 for emergency heart surgery. After the SEC first made the allegation in a filing at the U. S. District Court for the District of Columbia in late December, LOM denied it in a court filing of its own and Donald Lines, a former CEO of the Bank of Bermuda, even went so far as to take out a full-page advertisement in the Bermuda Sun newspaper in which he claimed: “I have never been served a subpoena by the SEC”, adding that: “There has been no contact from the SEC to even notify me that they ever intended to serve any subpoenas or that they, however incorrectly, believed they had served me.”

Offshore provider Martin Tremblay accused of laundering $1 b

January 23, 2006
The head of a Bahamas-based investment firm has been arrested in the United States after being charged with laundering $1 billion in proceeds from narcotics trafficking and fraud. Canadian national Martin Tremblay, 43, allegedly laundered the funds through Dominion Investments Ltd., of which he is Managing Director.