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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

Fraudsters receive leniency for undercover ‘Bermuda Short’ work

September 4, 2005
Two career criminals whose undercover work for the FBI was the mainstay of Operation ‘Bermuda Short' have been rewarded with light sentences for a securities fraud they committed nearly ten years ago.David William Jones, 44, received a one-year prison term, while Robert Schlien, 56, escaped prison altogether, receiving just five years of probation, during sentencing at the U. S. District Court for the Southern District of Florida on June 17, 2005. They must also jointly and severally pay restitution of $4,591,773. They had each previously pleaded guilty to one count of conspiracy to commit securities fraud concerning criminal activity that ended in February, 1996.

New estimate puts SEGOES insolvency at $15 m to $25 m

September 4, 2005
The latest estimate by the liquidators of offshore securities broker SEGOES Services Ltd. puts the firm's insolvency at between US$15 million and US$25 million.The figure was included in a civil lawsuit filed against former SEGOES directors and officers John Kaweske and James Fontanetta at the Grand Court of the Cayman Islands on August 17, 2005.

Austria seeks information from Bank of America for investment fraud investigation

September 4, 2005
Article based on an application to collect evidence for a criminal investigation into alleged investment fraud and money laundering - pursuant to a request for judicial assistance from Austria - that was filed at federal court in the USA on July 27, 2005. Individuals and businesses mentioned in the request for assistance include Walter Stumpfer, Wilhelm Bosl, Johann Dollinger, Dr. Bernard Bohler, VIP International TET-Forex Inc., VIP International Profit-Sharing Ltd., Very Innovativ Produkt Handels GmbH, Mercuria Holding & Management GmbH, VIP Management & Business GmbH, and Bank of America.

Investment fraudster receives 37-month prison term

August 25, 2005
One of the key figures in an offshore investment fraud has been sentenced to 37 months in prison and ordered to pay restitution of $124 million.Robert W. Boyd was sentenced at the U. S. District Court for the Middle District of Florida on August 22, 2005 for his role in the operation of Evergreen Security Ltd., an unlicensed investment fund that was incorporated in the British Virgin Islands but largely operated from the United States and the Bahamas.

SEGOES owner tried to breach asset freeze, say liquidators

August 12, 2005
The owner of a failed offshore securities broker that apparently defrauded clients out of millions of dollars has attempted to breach an asset freeze order, it has been claimed.Details of the allegation against John Kaweske Jr. are contained in the first interim report of the joint official liquidators of SEGOES Services Ltd. to customers and creditors, which is dated July 7, 2005 but only publicly released on August 3.

United Kingdom: Carnegie Fieldhouse et al (August 2005)

August 5, 2005
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the United Kingdom into the alleged laundering of the proceeds of investment fraud by Carnegie Fieldhouse and others.

SEC and class action law firms target RenaissanceRe

August 4, 2005
Bermudian Michael Cash, who resigned as on officer of RenaissanceRe after refusing to accept service of an SEC subpoena, will soon have a few more process servers at his door.Along with four other officers and the company itself, Cash has been named as a defendant in at least two class action complaints filed at the U. S. District Court for the Southern District of New York.

Five Bermuda parties sued over alleged $215 m Fund loss

August 4, 2005
Two Bermuda residents and three Bermuda companies are defendants in a lawsuit in which The Ohio Bureau of Workers' Compensation seeks to recover $215 million allegedly lost in an investment fraud.The Bermuda defendants in the action are MDL Active Duration Fund Ltd., and four of its alleged directors: C. Raymond Morrison, Oskar P. Lewnowski, Warwick Fiduciary Services Ltd., and Hamilton Fiduciary Services Ltd.

Court dismisses class action against Eaton Vance

August 4, 2005
A class action lawsuit against a Bermuda-registered investment firm and others has been dismissed in the United States.The complaint against Lloyd George Investment Management (Bermuda) Ltd., Lloyd George Investment Management (B.V.I.) Limited, Eaton Vance Corp., Eaton Vance Management, Boston Management and Research, Eaton Vance Inc., Eaton Vance Distributors Inc., Orbimed Advisors LLC; nine current or past trustees of 81 Eaton Vance funds, and 12 current or past officers and portfolio managers of the Funds was dismissed at the U. S. District Court for the Southern District of New York on July 29, 2005.

Second indictment against ex-FIBG director

August 3, 2005
A former director of the First International Bank of Grenada has been criminally indicted for a second time concerning another alleged offshore scam.The latest indictment against Robert Skirving was brought at the U. S. District Court for the District of Oregon on March 15, 2005 and amended on April 20, 2005.

Another fraud action brought against UK investment promoter Sendjer Shefket

August 3, 2005
British national Sendjer Shefket, who has been subject to an outstanding U. S. arrest warrant for two years concerning an alleged investment fraud, has been accused of perpetrating another alleged scam.Shefket is one of several parties in civil litigation that was initially filed at the U. S. District Court for the Western District of Washington on September 23, 2004.

Judge slams hedge fund fraudster for ‘abuse’ of court system

August 3, 2005
Investment fraudster Ian Renert has been severely criticized by a judge in the Bahamas, who accused him of “duplicity and dishonesty” and of abusing the legal system during four years of litigation.After defrauding investors in his offshore hedge funds, Renert then sought to mislead the judiciary in an effort to impede civil and criminal investigations into his activities by the Securities Commission of the Bahamas, the SEC in the United States and an unidentified U. S. law enforcement agency, stated Mr. Justice Lyons in a ruling on June 21, 2005.

Fraud group cleans up in Invaro liquidation

August 3, 2005
About 80 per cent of all assets realized in the first 12 months of the liquidation of British litigation funding firm Invaro Ltd. have gone to a Canadian shell entity controlled by serial fraudster Bill Godley. That was the statistic that jumped out of the first report to creditors and members by liquidators Tony Murphy, Robert Horton and Henry Shinners, of Smith & Williamson, on July 21, 2005.

Here we go again: Citco accused of distributing false NAVs

August 3, 2005
An offshore fund administrator in the Netherlands Antilles has been caught up in a second hedge fund scandal in less than two years.Citco Fund Services (Curacao) NV is a defendant in a civil lawsuit filed on June 9, 2005 by investors in Dobbins Offshore, which was registered in the British Virgin Islands. KPMG (Netherlands Antilles), as the Fund's auditor, is also a defendant. The plaintiffs include companies in the Cayman Islands, France, Luxembourg and Switzerland.

Austria: Walter Stumpfer et al

July 27, 2005
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Austria into alleged investment fraud and money laundering by Walter Stumpfer, Johann Dollinger, Wilhelm Bosl and Dr. Bernhard Bohler.

Prison sentence for another Grenada banker

July 26, 2005
Yet another principal of a fraudulently-operated, Grenada-licensed offshore bank has received a prison-term for fraud in the United States.Carl H. Lane, of Atlanta, Georgia, was sentenced to 30 months in prison and ordered to pay restitution of $1.058 million at the U. S. District Court for the Northern District of Georgia on June 29, 2005.

Regulator suspends Leadenhall Bank license

July 19, 2005
Leadenhall Bank & Trust Company Limited has had its bank and trust license suspended by the Central Bank of the Bahamas and gone into Receivership.The Central Bank did not go into details about the reasons for its actions in a public announcement yesterday but stated the measures were intended "to protect the interests of depositors".

Offshore bank and investment firm go into liquidation

July 5, 2005
An investment firm in the British Virgin Islands and a related offshore bank in Antigua have gone into liquidation with combined liabilities estimated at hundreds of millions of dollars.Alsace Lorraine Investment Services went into liquidation at the BVI High Court on January 28, 2005, with Glenn Harrigan and Simon Whicker, of KPMG in the BVI and Cayman, respectively, appointed joint liquidators. Eleven days later on February 8, 2005, Bank of Europe Limited was placed into liquidation by the High Court in Antigua & Barbuda, with Peter Queeley and Hugh Henry appointed joint liquidators. The Bank had previously gone into receivership on December 4, 2004. 

LOM President resigns, firm cites SEC investigation as reason

July 5, 2005
Brian Lines today became the first management casualty of the SEC's two ongoing securities fraud investigations into Bermuda-based Lines Overseas Management.LOM announced Lines had "retired" as "director, President and employee", effective July 1, 2005, even though he is just 42-years-old.

SEGOES liquidators still unsure about extent of insolvency

July 5, 2005
Liquidators of Cayman Islands-based securities broker SEGOES Services Ltd., formerly SEGOES Securities, are still unclear as to the extent of its insolvency.In a press release on June 6, 2005, nearly five weeks after they took control of the company, they stated they had identified total assets of US$13 million.

SEC obtains judgment against Hartcourt Companies

July 5, 2005
The U. S. District Court for the Central District of California has granted summary judgment in favor of the SEC and against a publicly-traded firm that was closely associated with a closed-end investment fund that was once listed on the Bermuda Stock Exchange.

British law firm rakes in fees for helping fraudster with Invaro scheme

July 5, 2005
A top British law firm helped a serial fraudster client - Bill Godley - set up an investment scheme that wiped out a Japanese pension fund, OffshoreAlert can reveal. Charles Russell solicitors drew up contracts, attended a planning meeting in Portugal, helped with an offshore bank account, and was even asked to help prepare a "due diligence" report to give credibility to the scheme, known as 'Invaro'. The law firm has received more than £2 million ($3.5 million) in legal fees from Godley-related parties, including a Bahamas IBC, said a source.

LOM announces ‘withdrawal’ from penny stock market

June 9, 2005
Due to a loss of clients and reputation amid a slew of widely-publicized fraud allegations, offshore broker Lines Overseas Management claims to be scaling back its activity in U. S. penny stocks. Effective June 30, 2005, LOM Holdings Limited says the group will "dramatically curtail client activity in the US bulletin board and pink sheet over the counter market".

SEGOES insolvency may exceed US$15 m

June 5, 2005
The amount of client funds misappropriated from offshore stock-broker SEGOES Services Ltd. may exceed US$15 million, according to the first interim report to creditors. That is how much was transferred from a group account "to a beneficiary as yet unidentified" on November 17, 2004, stated Kenneth Krys and Christopher Stride, whose status changed from joint provisional liquidators to joint liquidators on May 20 after it was determined the SEGOES group could not continue as a going concern and should be wound-up.

Insider Talking: June 5, 2005

June 5, 2005
Offshore investment firm Lines Overseas Management, which is headquartered in Bermuda and has offices in Cayman, the Bahamas and England, claims to have spent US$2.75 million over the last two years on legal fees concerning two securities fraud investigations into its activities by the Securities and Exchange Commission; The International Financial Services Authority in St. Vincent & the Grenadines has revoked these Class I banking licenses: Horizon International Bank Limited, on April 4, 2005; Transglobal Bank Limited, on April 13, 2005; and Triton Capital Bank Limited, on April 13, 2005; How times have changed. On May 26, 2005, something happened that would have been unthinkable when OffshoreAlert was launched in 1997: the Cayman Islands Government issued a press release lauding its co-operation with U. S. authorities in clamping down on financial crime and disclosing that Cayman Islands Chief Justice Anthony Smellie; and OffshoreAlert has unearthed yet another red-flag concerning GISBeX, a Costa Rica-based stock exchange that purports to specialize in securities offered under Regulation S of the Securities Exchange Act in the United States and operates from a web-site at www.gisbex.com.

Would-be offshore insurer has ties to convicted fraudster

June 5, 2005
A New York-based attorney with a conviction for securities fraud is an insider in a penny stock firm controlled by the principals of Bermuda-based Lines Overseas Management, OffshoreAlert can reveal. The involvement of Edward Marvin Grushko casts further suspicion on River Capital Group Inc., which is raising money from the public by claiming it intends to operate as a Bermuda insurer without disclosing that two licensing applications were turned down by the Insurance Admissions Committee of the Bermuda Monetary Authority last year and that no further application has been made since then.

Genesis Fund investigation leads to eight arrests

June 5, 2005
Five people in California and three others in Costa Rica were arrested in May for allegedly swindling hundreds of investors out of tens of millions of dollars from 1994 to 2002 in an offshore investment scam.The arrests followed an 83-count indictment - unsealed on May 13, 2005 - at the U. S. District Court for the Central District of California concerning an unlicensed investment fund known as the Genesis Fund.

UK seeks evidence in Texas for investigation into investment fraud

June 5, 2005
Article based on an application to collect evidence for a criminal investigation into alleged investment fraud - pursuant to a request for judicial assistance from the United Kingdom - that was filed at federal court in the USA on April 28, 2005. Individuals and businesses mentioned in the request for assistance include Kevin Dooley, Trevor Prider, Dooley & Co., CFC Finance Ltd., JPMorgan Chase, Chase Manhattan Bank, Citco Banking Corporation, Golconda Partners Ltd., Woodborough Corporation Ltd., Ken Wiseman II, Wiseman Hedge Fund, Barclays Bank, Fiserv Correspondent Services Inc., JD Horwood, Imhoff Clearing Corporation, Imhoff Clearing Corporation, National Westminster Bank, First National Bank, Crystal Cathedral, Somerset Auctions Inc., Steven Thomas Antiques, Nelson Storage, Irvine Regional Hospital and Medical Center, The Inside Story, Abe Corporation, RAD Industries Inc., Majestic Marble & Granite, and US Remodelers Inc.

Globe-X Management Ltd.: Section 304 Petition (Bahamas)

June 3, 2005
Section 304 Petition for Assistance in Insolvency Proceedings in the Bahamas by Clifford Johnson and Wayne Aranha, as the Foreign Representatives of Globe-X Management Limited and Globe-X Canadiana Limited, at the U. S. Bankruptcy Court for the Southern District of New York.

LOM on periphery of another SEC investigation

May 22, 2005
Bermuda based stock broker Lines Overseas Management has been caught up in yet another securities fraud investigation being carried out by the Securities & Exchange Commission in the United States.LOM was named as a relief defendant in a civil complaint

Law Investments Limited

May 19, 2005
Law Investments Limited -  Enforcement Actions - Isle of Man Financial Supervision Commission

U.S. Bank NA v. Eel River Investment Company et al: Second Amended Complaint

May 18, 2005
Second Amendment Complaint in U.S. Bank N.A. v. Eel River Investment Company, Veril L. Olsen, Michael D. Ross, John E. Breazile, Michael Sullivan, Sterne Agee & Leech Inc., Eel River Acquisition Corporation, Ross Williamson & Loitz PLLC, Sendjer Shefket, of England; Target International Funds Ltd., of England, and Eel River Lumber Products LLC at the U. S. District Court for the Western District of Washington.

SEGOES Services Ltd.

May 17, 2005
Notice by Cayman Islands Monetary Authority that SEGOES Services Ltd., f.k.a. SEGOES Securities Ltd., has gone into liquidation.

Imperial victims obtain judgment against financial adviser

May 14, 2005
Husband-and-wife investors in the fraudulently-operated Imperial Consolidated Group have won a judgment for their full loss of £500,000 (US$924,769) against an independent financial adviser. The IFA, Caroline Ockwell & Co., was found to have been negligent in recommending an unregulated offshore investment fund offering a 15 per cent annual return to retired British farming couple Edward Arthur Seymour and Pauline Mary Seymour. However, Ockwell is only liable for one-third of the judgment after it secured a judgment for two-thirds of the award against financial services firm Zurich IFA Limited, whose Isle of Man office recommended the investment product to Ockwell.

SEGOES owner accuses former officers and stock promoter of fraud

May 12, 2005
The principal owner of a failed offshore stock broker known as SEGOES has filed a suspicious activity report against two of its former officers and a penny stock promoter.John Kaweske, a U. S. national with Caymanian status, supplied information to