Investment

SHOWING:

7451 to 7500 of 8721 results
  

Sort By:

Search

Filter By:

Topics

show more show less

Jurisdictions

show more show less

Allegations

show more show less

Events

SEGOES goes into provisional liquidation amid allegations of fraud

April 30, 2005
Offshore stock-broker SEGOES Services Ltd. has gone out of business amid a police investigation in Cayman and concerns that clients have been defrauded of millions of dollars.The firm, formerly known as SEGOES Securities Ltd., went into provisional liquidation by order of the Grand Court of the Cayman Islands on April 29 following a petition the same day by two clients in British Columbia, Canada with a claim totaling US$400,000.

Michael Lauer’s ‘girlfriends’ and ‘shills’ among defendants in new Lancer lawsuit

April 30, 2005
Former hedge fund boss Michael Lauer's "girlfriends" and stock "valuation shills" are among the defendants in the latest lawsuit filed in Miami by the Receiver of the Lancer Offshore group. "Lauer would often use the Girlfriends to assist him in violating his duties to the Funds by placing valuable assets, including aircraft and cash, in their names in an effort to prevent investors and/or the SEC from seizing such assets," stated the complaint.

Philippines seek extradition of alleged fraudsters from USA

April 30, 2005
Article based on a complaint to extradite Ronald Bautista Geronimo and Jinky Geronimo from the USA to the Philippines to stand trial for alleged fraud, filed at the U. S. District Court for the Eastern District of California on March 30, 2005.

Caledonian Bank staff targeted by Architects of Wine liquidator

April 30, 2005
Four current or former employees of Cayman Islands-based Caledonian Bank and Trust Limited are potential targets for legal action concerning the failure of a wine-based investment scheme.First, however, liquidator Christopher Johnson needs to raise money to fund any litigation and he intends to seek court permission to sell 285,717 bottles of wine - valued at €1,856,055 (US$2.4 million) - that are stored in a warehouse in Switzerland.

River Capital reports another loss

April 30, 2005
A penny stock firm controlled by the senior officers of Bermuda-based investment firm Lines Overseas Management reported a net loss of $778,928 for the 12 months ended December 31, 2004, according to its recent 10K filing with the SEC, increasing its deficit to $1.08 million.However, River Capital Group Inc.'s share price soared during the year, hitting a high of $6.50 on the Pink Sheets market, despite the firm having no full-time employees, no revenue and, some would say, no future.

United Kingdom: Kevin Dooley et al (Texas)

April 28, 2005
Application for the appointment of a Commissioner to collect evidence - pursuant to a request for judicial assistance from the United Kingdom - for a criminal investigation into "Kevin Dooley (now deceased), Trevor Prider and others for their involvement in and management of a massive investment fraud scheme resulting in the loss of millions of dollars to original investors".

Bill Godley arrested in England

April 20, 2005
British police today arrested Bill Godley and took him away for questioning about the collapsed investment group known as Imperial Consolidated, of which he is a former CEO. Godley, a 57-year-old South African national who is believed to reside in Portugal and South Africa, was picked up by officers in London in the early afternoon, local time.

LOM inquiry causes newsletter writer to flee U. S., says SEC

April 15, 2005
A newsletter writer has "fled" the United States to avoid being questioned by the SEC about alleged securities fraud by offshore investment firm Lines Overseas Management, it has been claimed.The allegation was among new details that were released by the SEC in a filing on March 31, 2005 at the U. S. District Court for the District of Columbia, where the Commission is seeking to enforce four subpoenas served on LOM and its Managing Director, Scott Lines, last year concerning two separate investigations into the trading of shares issued by Sedona Software Solutions Inc. and SHEP Technologies Inc., both of Vancouver, Canada, and HiEnergy Technologies Inc., of Irvine, California.

SEC v. Z-Par Holdings Inc. et al: TRO Motion

April 14, 2005
Motion for Temporary Restraining Order in U. S. Securities and Exchange Commission v. Z-Par Holdings Inc., Z-Par Investment Fund II, Larry Michael Parrish, and Michael Edward Zimmerman, as defendants, and Edward Akopian and Capital Ban Corp., as relief defendants, at the U. S. District Court for the District of Maryland.

SEC v. Z-Par Holdings Inc. et al: Complaint

April 14, 2005
Complaint in U. S. Securities and Exchange Commission v. Z-Par Holdings Inc., Z-Par Investment Fund II, Larry Michael Parrish, and Michael Edward Zimmerman, as defendants, and Edward Akopian and Capital Ban Corp., as relief defendants, at the U. S. District Court for the District of Maryland.

Alejandro Burillo v. Chuck Blazer et al: Complaint

April 4, 2005
Complaint in Alejandro Burillo v. Chuck Blazer, a.k.a. Charles Gordon Blazer, and Multisport Games Development, Inc. at the U. S. District Court for the Southern District of New York.

SEC v. Agora, Inc., et al: SEC’s Trial Brief

April 4, 2005
SEC's Closing Argument and Trial Brief in a securities fraud complaint against Agora, Inc., Pirate Investor, LLC and Frank Porter Stansberry at the U. S. District Court for the District of Maryland.

Judge recommends contempt sanctions against ex-Lancer boss

March 31, 2005
Former Lancer Offshore boss Michael Lauer may soon be incarcerated and fined for breaching court orders freezing his assets and requiring his co operation with the SEC's investigation into his affairs.In a report dated March 22, 2005, U. S. Magistrate

Insider Talking: March 31, 2005

March 31, 2005
Three former senior officers of The Harris Organization, which defrauded clients out of tens of millions of dollars before collapsing in 2002, are back in business in Panama. Lawrence George Gandolfi, 65, a.k.a. Larry Gandolfi Christopher Glover Davy, 60, and

Beacon Hill liquidators sue managers, administrator and auditor

March 31, 2005
The liquidators of an offshore hedge fund that collapsed owing approximately $300 million have filed a civil complaint in New York against its former controllers, auditor and administrator.The complaint was filed by Theo Bullmore and Philip Stenger, as joint official

River Capital Group auditor resigns

March 31, 2005
The auditor of River Capital Group Inc., which appears to be controlled by investment firm Lines Overseas Management and is associated with ex-Aon (Bermuda) boss Robin Spencer-Arscott, has resigned.No explanation for the resignation of Fort Lauderdale, Florida-based Sweeney, Gates & Co. was given in an SEC filing on March 3, 2005 other than to state there were no accounting disagreements.

SEC v. Pension Fund of America L.C. et al: Complaint

March 29, 2005
Complaint alleging securities fraud in U. S. Securities and Exchange Commission v. Pension Fund of America L.C., of Florida; PFA Assurance Group Ltd., of the Cayman Islands; PFA International Ltd., of the Cayman Islands; Claren TPA LLC, of Florida; Luis M. Cornide, of Florida, and Robert de la Riva, of Florida, at the U. S. District Court for the Southern District of Florida.

SEC v. Pension Fund of America L.C. et al: TRO Motion

March 29, 2005
Emergency Ex Parte Motion for Temporary Order Freezing Assets in U. S. Securities and Exchange Commission v. Pension Fund of America L.C., of Florida; PFA Assurance Group Ltd., of the Cayman Islands; PFA International Ltd., of the Cayman Islands; Claren TPA LLC, Luis M. Cornide, and Robert de la Riva, all of Florida, at the U. S. District Court for the Southern District of Florida.

Bartlett Richards et al v. Andrew J. Zahn et al: Settlement Agreement

March 28, 2005
Settlement Agreement in Bartlett Richards, James Donigan, George Rezny, James Klouda, Shirley Wong, Robert Petry, Richard Almandi, Eugene Huske, Steven Schweitzer, Rod Kenley, Joseph Klouda, Robert Hayes, John Slevin, Jr., John Slevin, James Bencivenga, Charles Neumann, The Gasparini Family Trust, Innovative Technology Partners II, LP, Sandy Shores Investment Co., LLC, Robert Haveman, The Elsa D. Prince Living Trust, Ron Piasecki, Jim Menz, Antonio Vigneri and Linda Vigneri v. Andrew Joseph Zahn, Mark Polinsky, Allen Sutker, Edward Gourley, Craig Guttman, Michael Seedman, and Rick Mills at the U. S. District Court for the Northern District of Illinois.

Millenium Business Services, SL: Public Warning

March 21, 2005
Public Warning by Spain's Comisión Nacional del Mercado de Valores against Millenium Business Services, S.L., whose participants were identified as Richard Sinclair Pope, Alexander Giles Martin, Harrington Advisory Services SL, and Richmond Royce Advisory Services SL.

Evergreen Security recovers $3.7 m from Bahamas bank

March 17, 2005
Failed hedge fund Evergreen Security has recovered $3.7 million from Bahamas-based Surety Bank & Trust Ltd. (in liquidation). The recovery represents funds that were allegedly stolen by Thomas Spencer and Robert Boyd, who were founders of Evergreen and shareholders of the bank.

BCSC finds no evidence for cease-trade order against Lines Overseas Management

March 8, 2005
For the second time in 57 days, a British Columbia Securities Commission panel has ruled not to ban offshore investment firm Lines Overseas Management from the local market. In a decision on March 4, 2005, the panel determined that, although it was still concerned about LOM's activities, its staff had not met their burden of providing sufficient evidence to justify an order prohibiting LOM, affiliated firms and its senior officers from trading on behalf of undisclosed beneficial owners. However, the panel left open a window of opportunity for its staff by concluding that: "If the Executive Director wishes to pursue the matter, the necessary evidence should be gathered and a notice of hearing issued."

Cayman hedge fund accused of securities violations

February 28, 2005
A Cayman Islands-registered hedge fund is being sued in the United States by a publicly-listed firm for alleged violations of the Securities Exchange Act. Tilson Offshore Fund Ltd., which is 'based' at Walkers SPV Ltd., Grand Cayman, and several affiliates have been accused of making false filings with the SEC as part of a scheme to profit from the proposed buy-out of TROY Group Inc., whose shares are quoted on the pink sheets, by one of TROY's minority shareholders, Dirk Inc.

SEC subpoenas RenaissanceRe

February 28, 2005
RenaissanceRe Holdings Ltd. announced on February 28 that it had received a subpoena from the Securities and Exchange Commission in connection with an industry-wide investigation into non-traditional insurance products.

Bermuda hedge fund manager sued for $1 m

February 28, 2005
A New York-based risk management consultant is seeking more than $1 million in a lawsuit against a Bermuda-based hedge fund manager and its affiliates. Emcor Securities Inc., which is registered with the SEC as a Broker/Dealer and is a member of the National Association of Securities Dealers, filed its lawsuit at New York State Supreme Court, for the County of New York on December 22, 2004.

SEC sues Bahamas investment fund

February 28, 2005
The SEC has accused a Bahamas-based hedge fund and related parties of defrauding investors of approximately $37 million. Details are contained in a civil lawsuit filed by the Commission at the U. S. District Court for the Southern District of New York on February 16, 2005.

Jailed penny stock fraudster secretly behind Costa Rica-based Reg-S exchange

February 28, 2005
A notorious penny stock swindler currently in prison for fraud is secretly behind a Costa Rica-based Internet 'stock exchange', OffshoreAlert can disclose. Harold Bailey Gallison Jr., a 47-year-old U. S. national, controls the Global Internet Stock Brokerage Exchange, trading as GISBeX, through nominees, including his 74-year-old mother.

GISBeX: Listed Issuers

February 28, 2005
GISBeX: Listed Issuers, their management and service providers (past and present) - February 28, 2005

Lancer Offshore Receiver sues parties from nine countries

February 22, 2005
Civil complaints have been brought against parties from nine countries, including former Sotheby's Chairman Alfred Taubman, in an attempt by the Receiver for the failed Lancer Offshore group of hedge funds to recover allegedly fraudulent transfers. Among the defendants in two actions filed at the U. S. District Court for the District of Florida this month are companies from Bermuda, Canada, Isle of Man, Netherlands Antilles, Jersey, Kuwait, Switzerland, the United States and the United Kingdom.

Judgment for $4.6 m against Global Prosperity founder

January 31, 2005
A fugitive international fraudster now living in Panama tried to impress potential victims by carrying around a "brown bag of cash" to buy a yacht and other expensive items, according to a court judgment. David Struckman, co-founder of the now-defunct Global Prosperity Group, obtained the money by emptying multiple ATMs of all their cash, it was claimed. Details of Struckman's purported spending habits were disclosed during proceedings at the U. S. District Court for the District of Oklahoma. Struckman was held in default for failing to comply with court rules and, on November 10, 2004, the court issued a judgment for $4.65 million against him and two of his firms, Pinnacle Quest International Inc., of Panama, and Synergy Productions International Inc., of Missouri, which he formed after abandoning GPG.

LOM seeks stay of order that they comply with SEC subpoenas

January 31, 2005
Bermuda-based investment firm Lines Overseas Management and its Managing Director, Scott Lines, have applied for a stay - pending an appeal - of a court order requiring them to turn over information to the SEC for use in two investigations into alleged securities fraud. In a joint motion to the U. S. District Court for the District of Maryland, LOM and Lines, claim that, until a final order is rendered, they "cannot lawfully be required to comply" with four SEC subpoenas and, therefore, the effect of a January 7, 2005 ruling by Magistrate Judge Alan Kay ordering them to comply should be stayed until it becomes final.

Eric Resteiner may be close to plea agreement with US prosecutors

January 31, 2005
Former Bahamas resident and Grenada diplomat Eric Resteiner is considering entering into a plea agreement with federal prosecutors in Boston, where he has been indicted for alleged investment fraud. Details of a possible deal were contained in a joint filing by the U. S. Attorney's Office and Resteiner's counsel at the U. S. District Court for the District of Massachusetts on December 2, 2004.

1999 BF&M fraud settlement enters its final phase

January 31, 2005
The last phase of the 1999 settlement between the liquidators of Bermuda Fire & Marine Insurance Limited and BF&M Ltd., which was fraudulently spun off from it, has begun. Part of the $60 million agreement to settle litigation at Bermuda Supreme Court included Bermuda Fire & Marine receiving options to buy shares in BF&M.

Retiree swindled in BVI ‘hedge fund’ scam, claims lawsuit

January 31, 2005
A 68-year-old United States resident is suing a British Virgin Islands-registered hedge fund that he claims swindled him out of $432,245.The action against Runnymede Master Fund was filed at the U. S. District Court for the Central District of California on December 14, 2004 by Paul G. McManigal and two of his retirement accounts.

Bahamas judge throws out Imperial Consolidated-related lawsuits, slams local law firm

January 26, 2005
Three civil lawsuits filed at Bahamas Supreme Court against Ansbacher (Bahamas) Limited by investors in the fraudulently-operated Imperial Consolidated Group - which perpetrated a $400 million investment fraud in the United Kingdom and various offshore financial centers - have been thrown out in farcical circumstances. In a written judgment dated November 15, 2004, Justice Hugh Small was scathing about the competency of the law firm of Collie & Collie, representing all of the plaintiff investors who, OffshoreAlert understands, collectively paid it at least $80,000 in legal fees.

Lancer Offshore Receiver sues Citco group

January 24, 2005
Another lawsuit has been filed against the Citco Group concerning its administration of the Lancer group of hedge funds, which collapsed in 2003 with a net insolvency estimated at hundreds of millions of dollars. The latest complaint was filed at the U. S. District Court for the Southern District of Florida on January 11, 2005 by Marty Steinberg, as court-appointed receiver of Lancer Offshore Inc., and The OmniFund Ltd., both of the British Virgin Islands.

LOM wins victory in British Columbia but faces new hearing

January 13, 2005
The British Columbia Securities Commission yesterday dismissed an application for cease trade orders and other sanctions against offshore investment firm Lines Overseas Management Ltd. and its senior officers. However, it was a hollow victory for the respondents since the Commission panel immediately ordered a new hearing to determine whether to ban LOM from the local market for different reasons.

Ex-Imperial Consolidated officer sued for $120 m

January 10, 2005
A British national who was arrested on Christmas Eve as part of an investment fraud investigation has now had a civil lawsuit filed against him in which $120 million is being sought on behalf of alleged victims. The action was filed at the U. K. High Court on January 5, 2005 by the liquidators/administrators of five corporate members of the Imperial Consolidated Group, which operated in England and offshore centers before collapsing in 2002 owing approximately US$400 million.

LOM and Scott Lines ordered to comply with SEC subpoenas

January 7, 2005
Bermuda-based investment firm Lines Overseas Management Ltd. and its Managing Director, Scott Lines, have been ordered by a U. S. court to comply with four subpoenas served on them last April by the SEC. The order was issued by Magistrate Judge Alan Kay at the U. S. District Court for the District of Columbia on January 7, 2005. It is likely that LOM, at least, will appeal the decision, as the firm has previously indicated it would do if the ruling went against it.

Sixth person arrested in Imperial Consolidated investigation

January 5, 2005
A sixth person has been arrested in the United Kingdom as part of an investigation by the Serious Fraud Office into the Imperial Consolidated Group, which collapsed in 2002 owing approximately $400 million. Robert Statham Raven, a 44-year-old British national believed to reside in continental Europe, was arrested on Christmas Eve in Monmouthshire, Wales, where he was apparently spending the holidays.

Cardinal International closes amid regulatory investigation

December 31, 2004
Nassau-based Cardinal International Fund Services Ltd. was due to exit the fund administration business effective December 31, 2004, in the midst of an investigation by the Securities Commission of the Bahamas. Cardinal unexpectedly announced its plans to close within weeks in late 2004. In announcing the decision, the firm's Chairman, Stephen Hancock, claimed the Board of Directors "had concluded that the economic outlook for fund administration both internally and as a jurisdiction created insufficient comfort to warrant the continuation of the business". However, the abrupt nature and timing of the closure announcement indicated there were other reasons.

SEC says LOM at epicenter of suspected fraud schemes

December 31, 2004
Bermuda-based investment firm Lines Overseas Management and its two most senior officers "have been at the epicenter of at least two suspected fraudulent schemes", according to the U. S. Securities & Exchange Commission. Furthermore, LOM and brothers Scott and Brian Lines have done "everything possible to keep the SEC from getting to the bottom of it", claimed SEC attorney Michael Lowman at a U. S. court hearing.