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LOM asks Bermuda court to rule on client confidentiality

January 11, 2006
A hearing is scheduled to take place at Bermuda Supreme Court on Friday to determine whether offshore stockbroker Lines Overseas Management Ltd. is allowed to release client records to the SEC in the United States. The expedited hearing was requested by the LOM group on January 9, 2006 in what appears to be a last-ditch attempt to avoid complying with SEC enforcement subpoenas that were served on it as long as 22 months ago concerning investigations into alleged securities fraud involving shares issued by Sedona Software Solutions Inc. and SHEP Technologies Inc., both of Vancouver, Canada, and HiEnergy Technologies Inc., of Irvine, California.

OffshoreAlert Awards: Best and Worst of 2005

January 4, 2006
It was the usual round of lies, broken promises, incompetence, and losses in 2005 in the murky world that OffshoreAlert forces itself to inhabit to investigate and expose financial crimes. As each year passes, it becomes increasingly obvious to us that illegal, immoral, unethical, and incompetent behavior in business are the norm, rather than the exception. OffshoreAlert has dumpster-dived through all the trash that we have found during the year, picked out the smelliest items, and used them as the basis for our ‘Best and Worst' awards.

Pension fund advised to write-off $125 m investment

January 4, 2006
A Japanese pension fund that invested 80% of its assets in a British litigation funding scam has been advised to write-off its $125 million investment. That was the recommendation of Hori Hiroshi Law Office, which the All Japan Liquor Merchants Association hired to look into the mess and advise how to proceed.

Insider Talking: January 4, 2006

January 4, 2006
OffshoreAlert has previously reported about the long-running battle between Taiwan and China for influence in the Caribbean in which impoverished countries receive sizeable financial assistance in return for officially recognizing - or refusing to recognize - Taiwan as a country, depending on who is offering the most attractive deal; The Central Bank of Belize issued a warning about United eXchange International Bank on December 1, 2005; Richard Fogerty and James Cleaver, as joint official liquidators of Bancredit Cayman Limited (in liquidation), have filed two civil lawsuits in the United States in an attempt to collect $2.34 million of allegedly unpaid loans that were issued to customers of the banks; Why did First International Bank of Grenada founder Gilbert Allen Ziegler change his name to Van Arthur Brink in June, 1998?[ Florida-based attorney Nigel Scott Grant and his son, Nicolas E. Grant-St. James, who previously established and, in at least one instance, operated sham credit unions in St. Kitts & Nevis, are back in business together, this time onshore; and Kenneth Krys and Christopher Stride, of RSM Cayman Islands, were appointed as Joint Provisional Liquidators of PFA Assurance Group, Ltd. on September 19, 2005 following an investigation by the Cayman Islands Monetary Authority.

LOM ordered to comply with SEC subpoenas by Jan. 17

January 3, 2006
Bermuda-based investment firm Lines Overseas Management Ltd. and its Managing Director, Scott Lines, have been given until January 17, 2006 to comply with four administrative subpoenas concerning securities fraud investigations by the SEC. The deadline for the provision of testimony and documents was set by U. S. District Court Judge Richard Roberts, sitting at the U. S. District Court for the District of Columbia, on December 30, 2005 when he turned down an application that was filed almost 12 months by LOM and Lines to stay a Magistrate Judge's ruling that it must comply with the subpoenas.

LOM denies it has destroyed evidence sought by SEC

December 30, 2005
Bermuda-based investment firm Lines Overseas Management Ltd. has denied that it destroyed evidence that is being sought by the SEC for a securities fraud investigation in the United States. LOM has also refuted a claim that the SEC served three administrative subpoenas on LOM's Chairman and President, 73-year-old Donald Lines, on November 10, 2005 while he was in the United States, apparently for an emergency heart operation.

SEC acts against offshore stock brokerage

December 29, 2005
A Turks & Caicos Islands-based stock brokerage firm and its principal officer are engaged in a legal battle with the Securities & Exchange Commission in the United States. The SEC is seeking an order enjoining Temple Securities Ltd. and its President, CEO and Director, David Clayton Knipe, from violating the Securities Act of 1933.

Hungary: Attila Kulcsar

December 22, 2005
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Hungary into Attila Kulcsar, Janos Meszaros, Dr. Erika Erzsebet Futo, El Abed Hasan, Mahmoud Abdo and Gyula Szeker for alleged embezzlement and money laundering.

Offshore banking fraudster dies of heart attack

December 12, 2005
The front-man for one of the most notorious offshore banking scams has died of a heart attack in Oregon before he could be tried on 147 counts of conspiracy, fraud and money laundering. Van Arthur Brink, formerly known as Gilbert Allen Ziegler, passed away on Saturday, December 10, 2005, U. S. authorities have confirmed to OffshoreAlert. He was 54.

Poland: Emil Giziewicz

December 12, 2005
Complaint for the Extradition of Emil Giziewicz from the USA to Poland to face allegations of securities fraud involving Kopex Plc.

Stephen Botes: Chapter 15 Petition (South Africa)

December 7, 2005
Chapter 15 Petition for Recognition of a Foreign Main Proceeding in South Africa by Anton Lohse, as the Foreign Representative of Stephen Anthony Botes, at the U. S. Bankruptcy Court for the Northern District of Texas.

Onshore-Offshore battle for control of failed hedge fund

December 5, 2005
A Cayman Islands judge has put back a key ruling in a battle for control of an offshore hedge fund that is part of a failed North American group whose losses are estimated at US$179 million.Justice Henderson, sitting at the Grand Court of the Cayman Islands, must decide whether to grant a petition to liquidate Philadelphia Alternative Asset Fund Limited by five investors who claim to have collectively invested $32 million in the Fund.

Derek Turner may face additional fraud charges

December 5, 2005
U. S. prosecutors may rescind the plea agreement of a former Bahamas resident and bring additional charges after he apparently lied about the extent of his criminal activity.Derek Turner, a New Zealand national, pleaded guilty to three counts of wire fraud concerning an investment scam at the U. S. District Court for the Eastern District of New York on August 9, 2005.

Norwegian ‘fraud victims’ seek evidence from NY attorney

December 5, 2005
Forty-six Norwegian parties are seeking evidence from a New York attorney as part of an attempt to recover millions of dollars allegedly defrauded from them in an investment scam.They filed a motion for the issuance of letters rogatory at the U. S. District Court for the Eastern District of New York, in Brooklyn, on November 18, 2005.

SEGOES liquidators seek stay of Florida lawsuit

December 5, 2005
The liquidators of an offshore broker have applied to stay a civil lawsuit that has been filed in the United States against the firm's former President.A hearing on the motion by the liquidators of Cayman Islands-based SEGOES Services Ltd. has been scheduled for December 8, 2005 at the U. S. Bankruptcy Court for the Southern District of Florida.

Stanford Group sued by alleged fraud victims

November 18, 2005
Antigua based Stanford International Bank Ltd. and a Miami affiliate are being sued in Florida by victims of an alleged investment scam known in Venezuela as ‘La Vuelta' (‘The Return').A civil complaint was filed at the U. S. District Court

British accountants charged with offshore scam

November 17, 2005
Two British nationals have been charged with defrauding clients of companies in the Bahamas and England in a high yield investment scam.Shinder Gangar, 44, and Alan White, 47, were each charged with two counts of conspiracy to defraud at Leicester

88% conviction rate for Operation ‘Bermuda Short’

November 4, 2005
U. S. federal prosecutors have secured convictions against 88% of the 56 people arrested three years ago in one of the biggest ever investigations into financial crime, known as Operation ‘Bermuda Short'.Forty five defendants pleaded guilty to securities fraud and

Cayman hedge fund Wood River Partners Offshore sued by SEC

November 4, 2005
A Cayman Islands registered hedge fund is being sued by the SEC, which claims it helped to perpetrate a multi million dollar fraud.Wood River Partners Offshore, Ltd. was named as a defendant in a civil lawsuit filed at the U.

Soccer star Romario defrauded of $5 m, say Polish investigators

November 4, 2005
Article based on an application for the appointment of a Commissioner to collect evidence for a criminal investigation into alleged investment fraud - pursuant to a request for judicial assistance from Poland - that was filed at federal court in the USA on October 20, 2005. Individuals and businesses mentioned in the request for assistance include Piotr Osuch, a.k.a. Peter von Hochburg, a.k.a. Peter von Hochberg; Ian Francis Burns, Michael Kupfer, Harlan Polk, a.k.a. Hap Polk; William Gerald Gamble, Peter Shackleton, Bernard Hardingham, John Townley, Jo Arpino, Erwin Jess, William Long, John Daniel Deuter, Jennifer de Zerne, Robert Dean, Thomas Waples, Luiz Ferreira de Moraes, Bob Dean, David Grow, Rodolfo Oeshlin, Sondej Janusz, Wojcik Janusz, Wieslaw Binek, Czeslaw Adamski, Michal Lewinski, Grzegorz Dziedkinski, Edward Rogowski, Edward Rutkowski, Roland Lambregts, Mobin Shater Ghassem, Noel Collett, Romario De Souza Faria, Jerzy Lejman, Stanislaw Swaczyj, Lin Shih Kuang, Chen Chen-Ming, Geoffrey Busch, Hans Peter Wildrath, Frederico Antunes, Koncern Agro-Fruct, Credex International Limited, Multi-Color Investment Limited, White Horse Trust, Gold Beach Foundation Inc., KB Securities, Farianex, Full-Oil, Sherwood Group PTY Ltd., Swiss Realinvest AG, Multidevelopment Inc., Asset Investment Group Limited, United Collectors, Ambel Group Inc., ITT Group Ltd., Sogevalor, ING Bank Slaski Spolka Akcyjna, GE Capital Bank Spolka Akcyjna, Bank Pekao Spolka Akcyjna, Raiffeisen Bank Polska Spolka Akcyjna, Pictet & Cie Banquiers, Citibank, Banco Bilbao Vizcaya Argentaria, BBVA Bancomer, Bank of Albuquerque, JPMorgan Chase Bank, and Dresdner Bank.

Operation ‘Bermuda Short’: Conviction Statistics

October 31, 2005
An analysis of Operation 'Bermuda Short', including which defendants were convicted or acquitted and length of sentences. These defendants were Serdar Kalaycioglu, Martin Chambers, Anthony Damato, Kevan Garner, Walter Dorow, Bruce Bertman, Michael Reiter, Geoffrey Gazda, James Cary Parrish, Jeffrey Senger, Melvin Levine, Jerry Poole, Charles Cini, Lawrence Gallo, Bruce Cowen, Daniel Charboneau, Thomas Steinbach, Gordon Novak, Harold Joliffe, Howard Kerbel, Greg Balk, Barry Berman, Vincent Barone, Dax Ross, David Rich, George Doumanis, Michael Puorro, Blair Valentine, Ray Hutchison, Frank Dickey Jr., Daniel Bender, Paul Lemmon, Bruce Biddick, John Purdy, Ronaldo Horvat, Mark Valentine, Joseph Huard Jr., Cris Sagnelli, Michael Vlahovic, Douglas Rasberry, Richard Greene, Tim Rice, Ashley Sosner, Andrew Proctor, Marshall Klein, Mario Turcotte, Sheldon Mickelson, Richard Carson, Dennis Epstein, Kenneth Liebscher, Michael Hepburn, Charles Arnold, Les Price, James Kelly, Justyn Feldman, Robert Wilder, and Paul deRome.

Poland: Piotr Osuch

October 20, 2005
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Poland into Piotr Osuch, a.k.a. Peter von Hochburg, for alleged investment fraud, check forgery, and using a false passport and driver's license to obtain financing for real estate transactions.

Cayman court enters default judgment against SEGOES director

October 19, 2005
A default judgment has been entered at the Grand Court of the Cayman Islands against one of the directors of failed offshore stock-broker SEGOES Services Ltd., according to the firm's liquidators.The judgment is against James Fontanetta “for his part in the failure to implement proper systems and controls and allowing assets of the Company to be misappropriated”, stated a press release issued by Kenneth Krys and Christopher Stride on October 13, 2005. “The amount of the judgment has not yet been quantified.

MTU, Ltd.

October 12, 2005
Public Notice by the Cayman Islands Monetary Authority that MTU, Ltd. has been placed into liquidation.

Ex-Grenada diplomat Viktor Kozeny indicted for second time in US

October 10, 2005
Bahamas resident and former Grenada diplomat Viktor Kozeny faces extradition to the United States after being criminally indicted for a second time in New York.Kozeny, 42, and co-defendants David Pinkerton, 44, who was in charge of American International Group's private equity group, and Frederic Bourke Jr., 59, a private investor, have been accused of participating in a scheme to bribe senior government officials in Azerbaijan from 1997 to 1999 so they could gain control of a state-owned oil company during privatization.

RenRe receives ‘Wells Notice’ from SEC

October 4, 2005
Renaissance Re announced on September 27 that it had received a “Wells Notice” from the staff of the U.S. Securities and Exchange Commission in connection with the SEC's ongoing investigation into the restatement of the firm's financial statements. “Under the

Cayman funds sued over Bayou Group fraud

October 4, 2005
Seven Cayman Islands-registered investment funds are being sued in the United States for $4 million regarding the collapse of the Connecticut-based Bayou Group due to massive fraud.Bayou Offshore Fund A Ltd., Bayou Offshore Fund B Ltd., Bayou Offshore Fund C Ltd., Bayou Offshore Fund D Ltd., Bayou Offshore Fund E Ltd., Bayou Offshore Fund F Ltd., and Bayou Offshore Master Fund Ltd. are all defendants in a civil lawsuit that was filed at the U. S. District Court for the District of Connecticut on September 2, 2005 by the Jewish Federation of Metropolitan Chicago, a not for profit organization based in Chicago, Illinois.

Offshore firms seek $452 m from Enron advisers

October 4, 2005
Firms in the Bahamas, Bermuda, the Cayman Islands and Delaware have filed an Enron-related civil lawsuit against JP Morgan and Citigroup in which they are seeking damages of $452 million.That is the amount they lost from loans they issued to Enron after being duped into believing that the Texas-based energy firm was solvent, according to a complaint that was filed at the U. S. District Court for the Southern District of Texas on August 26, 2005.

LOM hit by triple dose of bad news

October 4, 2005
Life just keeps getting worse for offshore financial services firm Lines Overseas Management Ltd., which is headquartered in Bermuda and also has offices in the Cayman Islands, the Bahamas, and England.In June, LOM became a defendant in another civil complaint in the United States, this one concerning a $140 million investment fraud for which LOM allegedly introduced investors and provided at least one account, despite regulatory warnings about the scheme and unsatisfied judgments against its masterminds, one of whom was already an undischarged bankrupt when LOM allegedly became involved.

IDIC et al: Warning

October 4, 2005
International Depositors' Reinsurance Corporation (IDIC), Caralfan Group Limited and Caralfan International Bank, Global Currency Trust, and World Wide Trust - Warning by Nevis Financial Services

Court freezes assets of former Imperial Consolidated CEO

September 27, 2005
The High Court in the United Kingdom has issued an order freezing the world wide assets of Bill Godley, a former CEO with the Imperial Consolidated Group. It was entered on July 28, 2005 following an application by Imperial's administrators,

SEC v. NJ Affordable Homes Corp. et al: Complaint

September 12, 2005
Securities fraud complaint filed by the U. S. Securities and Exchange Commission against NJ Affordable Homes Corp. and Wayne Puff at the U. S. District Court for the District of New Jersey.

SEGOES Services Ltd. (in Official Liquidation)

September 12, 2005
Press Release by RSM Cayman Islands - distributed by the Cayman Islands Monetary Authority - regarding the liquidation of SEGOES Services Ltd., f.k.a. SEGOES Securities Ltd.

Bayou Offshore Master Fund Ltd.: Section 304 Petition

September 9, 2005
Section 304 Petition for Assistance in Insolvency Proceedings in the Cayman Islands by Gordon MacRae and James Cleaver, as the Foreign Representatives of Bayou Offshore Master Fund Ltd., at the U. S. Bankruptcy Court for the District of Connecticut.

Newt Utopia: September 4, 2005

September 4, 2005
St. Kitts and Venezuela, another oil refinery story Venezuela is looking at a joint venture to develop a refinery in St. Kitts. The idea is to replace one state sponsored debacle, sugar, with another one - a refinery for asphalt,

Cayman firms sued over ‘excessive fees’

September 4, 2005
A public official in the United States has filed a complaint against two Cayman Islands companies for allegedly charging him excessive fees for complicated share transactions.Michael R. Peevey, president of energy regulator the California Public Utilities Commission and a resident