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Rift develops between Lancer Offshore Receiver and majority investors

December 31, 2004
A deep rift has developed between the SEC's Receiver of the failed Lancer hedge fund group and the majority of its investors. The group of investors, who claim to have invested more than $570 million in Lancer Offshore Inc. and The OmniFund Ltd., have accused Marty Steinberg of "antagonism" and a lack of co-operation.

Cayman Islands regulator seeks information from SEGOES Securities

December 31, 2004
A regulator in the Cayman Islands has asked a court to order SEGOES Securities Ltd. to provide information about its business activities after the firm would not do so voluntarily. The Cayman Islands Monetary Authority applied for the order at the Grand Court of the Cayman Islands on December 16, 2004, with a hearing held in chambers before Justice Alex Henderson on December 22 and continued to a future date. CIMA was represented by law firm Maples and Calder and SEGOES by attorney Clyde Allen.

Lawsuits filed against Horizon Bank International

December 31, 2004
Four civil lawsuits have been filed in Bermuda against Horizon Bank International, which is licensed in St. Vincent & The Grenadines. The separate actions were filed at Bermuda Supreme Court  on December 7, 2004 by FX Bridge Limited, Transworld Management Consultants Corporation, International Monetary Services Inc., and Four Square Partners Inc.

Judge reserves judgment after LOM hearing

December 17, 2004
A United States court has reserved judgment on whether an offshore investment firm and its boss must comply with four subpoenas served on them by the U. S. Securities and Exchange Commission. Magistrate Judge Alan Kay did not issue a ruling from the bench at the end of a two-hour hearing on December 10, 2004 at the U. S. District Court for the District of Columbia, as the SEC had hoped.

Lancer Receiver sues offshore auditors

December 17, 2004
The SEC's Receiver of the Lancer Offshore Group has filed a civil complaint against the hedge funds' former auditors. Marty Steinberg, in his capacity as court-appointed receiver of Lancer Offshore Inc. and The OmniFund Ltd., alleges professional malpractice and gross negligence in an action that was filed at the U. S. District Court for the Southern District of Florida on December 2, 2004.

SEC v. Philip Sexauer: Judgment

December 10, 2004
Judgment in U. S. Securities and Exchange Commission v. Philip Sexauer at the U. S. District Court for the Northern District of Illinois.

Insider Talking: November 30, 2004

November 30, 2004
Two prominent Bermudian businessmen accused of fraud appeared at Magistrates Court in November for a preliminary hearing on whether there is sufficient evidence for the case against them to proceed. Bermudians Arthur Jones, 52, and Fraser Butterworth, 62, have exercised

Elderly couple sues alleged fraudster, who then sues offshore firms

November 30, 2004
A purported investment "expert" accused of defrauding an elderly couple out of $2.1 million is seeking to hold three offshore firms and others accountable for the claim.Aslam M. Shaw and his business, Investment Club of America, were named as defendants

Kuwait government agencies seek $50 m from Cayman fund

November 30, 2004
Two government agencies in Kuwait are suing a Cayman Islands-registered fund for the return of their $50 million investment.They claim that the operators of the CyberVest Fund - the California-based CIC Group - have strayed from its investment objective and altered its structure to more than double management fees.

River Capital still claims to be seeking Bermuda license, also eyes Barbados

November 30, 2004
Delaware-domiciled River Capital Group Inc., which is controlled by brothers Scott and Brian Lines, of investment firm Lines Overseas Management, is still maintaining that an affiliate's application for a Bermuda insurance license is alive - even though it appears to have died many months ago.

LOM caused year-long delay in securities fraud investigation, claims regulator

November 30, 2004
An investigation into suspected stock manipulation has been stymied by the non-co-operation of offshore broker Lines Overseas Management, it has been claimed.The allegation was made at a hearing in November before the British Columbia Securities Commission to consider banning the following parties from the local market: LOM (Holdings) Limited, LOM Securities (Bahamas) Limited, LOM Securities (Bermuda) Limited, LOM Securities (Cayman) Limited, Lines Overseas Management Limited, and LOM officers Donald P. Lines, Chairman and a former CEO of the Bank of Bermuda; Brian N. Lines, President and a Director; Scott G. S. Lines, LOM's Managing Director; Malcolm Moseley, LOM's CFO, Executive Vice President, and a Director; David McNay, Vice President of Investment Operations; and J. Scott Hill, Compliance Manager, all of whom reside in Bermuda.

‘Bermuda Short’ informants Schlien and Jones plead guilty to fraud

November 30, 2004
Two securities fraudsters whose undercover work for the FBI led to multiple indictments in 'Operation Bermuda Short' two years ago are finally being dealt with for the crimes that prompted them to co-operate.Robert Schlien, 56, and William David Jones, 43, each pleaded guilty to conspiracy to commit securities fraud at the U. S. District Court for the Southern District of Florida on October 29, 2004. Their scam caused losses of between $20 million and $40 million to investors in Sky Scientific Inc. and The Jockey Club Inc., both of Florida.

Utah church-goers claim scam after being offered returns of 100% per month

November 30, 2004
Church-goers in Utah are among investors who claim they were defrauded out of $2.5 million after being promised "guaranteed minimum" returns of 100 per cent per month.The "promised" returns should have come to more than $300 million in a 12-month period, according to a civil lawsuit that was filed at the U. S. District Court for the District of Utah on November 15, 2004.

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

November 19, 2004
Complaint in John G. Pitman and Susan Pitman v. Seed International, Ltd., Ocean International Marketing, Ltd., Architects of Wine, Ltd., A.V.E. International, Disney Limited, Kensington Corporation, Ltd., Paradigm Holdings Limited, OptiDisc International Limited, 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, and Robin Loxton at the U. S. District Court for the District of New Jersey.

Beacon Hill and principals settle SEC litigation

November 8, 2004
A hedge fund manager and its four principals have settled securities fraud litigation with the SEC. Under the terms of the settlement that were announced on October 28, 2004, New Jersey based Beacon Hill Asset Management LLC, John D. Barry,

Meridian Income Bond Limited(4)

November 8, 2004
Public Announcement about Meridian Income Bond Limited by the British Virgin Islands Financial Services Commission.

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

November 4, 2004
First 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, and Target International Funds Ltd., of England, at the U. S. District Court for the Western District of Washington.

United Kingdom: Shinder Gangar et al (Texas)

November 2, 2004
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the United Kingdom into Shinder Gangar and others for alleged investment fraud.

SEC v. Treyton Thomas et al: Complaint

November 1, 2004
Complaint alleging securities fraud involving, inter alia, Imagis Technologies, Inc., of Canada, and Indo Sakura Trust Ltd., of Nevis, in U. S. Securities and Exchange Commission v. Treyton L. Thomas and Pembridge Group Ltd., of the Cayman Islands, at the U. S. District Court for the District of Massachusetts.

LOM insiders profited from alleged stock manipulation, claim SEC

October 31, 2004
Insiders and privileged clients of investment firm Lines Overseas Management stood to profit from the alleged manipulation of a penny stock by LOM principals Scott and Brian Lines, according to a court filing by the SEC.These included directors such as Graham Collis and Susan Wilson, senior employees like CFO Malcolm Moseley; relatives of the Lines brothers, including two minors, and the manager of a local restaurant, Constanzo Di Meglio.

Evergreen Security creditors receive seven per cent dividend

October 31, 2004
Evergreen Security Ltd., which perpetrated a massive investment fraud, has emerged from bankruptcy proceedings and made an initial distribution of $13 million to 1,900 creditors.The October 1, 2004 dividend represents a pay-out of just seven cents in the dollar, or $6,842 each, to creditors with claims totaling $185 million. Future distributions will depend on the success in recovering assets mainly through litigation with Evergreen's owners, managers, brokers, consultants and others, according to a press release issued by R. W. (Bill) Cuthill, Jr., whose status has changed from Bankruptcy Trustee to President.

Beacon Hill investors sue Ernst & Young (Cayman) et al

October 31, 2004
Ernst & Young (Cayman) has been named as a defendant in two new civil lawsuits filed by 12 investors in two failed hedge funds who have claims totaling $197 million.The actions were filed at the U. S. District Court for the Southern District of New York on October 5 and October 7, 2004 and concern investments made in Bristol Fund Ltd., of the Cayman Islands, and Safe Harbor Fund L. P., of New Jersey.

Securities fraud scheme by Joseph Castiglione’s Bahamas-based Banakor Swisse

October 31, 2004
An unlicensed offshore broker that is headed by a convicted criminal and banned company director appears to be peddling worthless securities to the public, OffshoreAlert can reveal.Evidence suggests that Bahamas-based Banakor Swisse S. A. is cold-calling residents of the United States and attempting to sell them shares in companies that appear to have no bona fide activity.

Czech Republic seeks account records at Colonial Bank for securities fraud investigation

October 31, 2004
Article based on an application for the appointment of a Commissioner to collect evidence for a criminal investigation into alleged securities fraud - pursuant to a request for judicial assistance from the Czech Republic - that was filed at federal court in the USA on October 19, 2004. Individuals and businesses mentioned in the request for assistance include Jiri Langer, Jiri Kerslager, Martin Zach, Petr Kaplan, Venture Group SA, Credit and Development Company AS, IFC International Financial Corporation, McPherson & Durrant Co. Ltd., Bradley and Company, Finnex Trust, Assent Inc., and Colonial Bank.

SEC accuses Lines brothers of violations concerning River Capital Group

October 31, 2004
The principals of investment firm Lines Overseas Management have been accused by the SEC of illegally failing to timely disclose their beneficial ownership of River Capital Group Inc., which claims to be trying to establish a Bermuda insurer headed by Robin Spencer-Arscott.

Troubled offshore broker claims to have been bought by mystery firm

October 31, 2004
Crisis-hit SEGOES Securities Ltd., which is believed to control $70 million of client assets, claims to have been acquired by a mystery buyer.However, the timing of the 'deal' - coming just days after SEGOES was shut out of Cayman's financial services industry - and secrecy concerning the 'purchaser' raise questions about whether it is bona fide.

SEGOES Securities Ltd.

October 26, 2004
Notice by the Cayman Islands Monetary Authority that SEGOES Securities Limited "has withdrawn its application for licensing under the Securities Investment Business Law (2004 Revision)".

UK SFO seeks US bank records in $240 m fraud inquiry

October 25, 2004
British criminal investigators have moved to subpoena bank records in the United States as part of an investigation into an alleged $240 million investment fraud.It is part of an investigation by the Serious Fraud Office into 11 people on both sides of the Atlantic who are suspected of money laundering and conspiracy to commit fraud.

Cayman Islands Stock Exchange terminates SEGOES Securities’ membership

October 19, 2004
An offshore securities broker controlled by a U. S. national with a history of legal and administrative problems has had its membership terminated by the Cayman Islands Stock Exchange.SEGOES Securities Ltd.'s membership was "terminated with immediate effect" on October 11, 2004, according to an announcement by the CSX Council, which oversees the exchange.

Czech Republic: Jiri Langer et al

October 19, 2004
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the Czech Republic into Jiri Langer and Jiri Kerslager for alleged fraud.

LOM accused of securities fraud in new civil lawsuit

October 6, 2004
Investment firm Lines Overseas Management, which is currently under investigation by three securities regulators, has been accused of fraud involving five more penny stock firms.The allegations against LOM and others are contained in a civil lawsuit that was filed by Computer Clearing Services Inc. at Los Angeles Superior Court, in California, on September 27, 2004.

United Kingdom: Shinder Gangar et al (Florida)

October 4, 2004
Application for the appointment of a Commissioner to collect evidence for a criminal investigation into alleged investment fraud and money laundering by Shinder Gangar and others.

Insider Talking: September 30, 2004

September 30, 2004
Three bankers who allegedly swindled their former employer, NatWest, in a deal involving Enron and a Cayman Islands registered company appeared in court in England on September 28, 2004 as they seek to avoid extradition to the United States. Gary

57 Citco-formed SPVs used in securities fraud, claim plaintiffs

September 30, 2004
The Cayman Islands operation of the Citco Group set up at least 57 special purpose vehicles that were used to commit securities fraud against a publicly traded, United States based firm, it has been alleged. Citco (Cayman) has been named

Cayman wine firm closes, allegedly leaves behind debts

September 30, 2004
A controversial wine based investment firm appears to have abandoned the Cayman Islands in the wake of Hurricane Ivan - allegedly leaving behind substantial debts.Architects of Wine Ltd. closed down its Grand Cayman office in September, owing rent and several

Bermuda firm ordered to turn over corporate records to US Bankruptcy Trustee

September 30, 2004
A firm whose vice-chairman was once former Bermuda Premier Sir David Gibbons has been ordered to turn over records to a U. S. Bankruptcy Trustee seeking to recover alleged fraudulent transfers of assets. Visual Technologies Ltd. had claimed that the laws of Bermuda - where it is incorporated - prevented it from producing certain documents.

Horizon Bank International has $11.9 m of assets frozen in Bermuda

September 30, 2004
A Caribbean offshore bank closely associated with the Bermuda-based Grosvenor Group has been accused of perpetrating a $20 million fraud against two of its clients. The allegation against Horizon Bank International Limited, which is licensed in St. Vincent & the Grenadines, was made in a civil complaint filed at Ontario Superior Court of Justice, in Canada.

US court orders extradition to Canada of alleged fraudster

September 30, 2004
A U. S. court has ordered the extradition to Canada of a California resident who allegedly defrauded an elderly woman out of $3.2 million in a telemarketing scam — while he was also acting as a police informant. An order certifying the extraditability of Darren Irwin Cohen was issued by the U. S. District Court for the Central District of California on September 10, 2004. He has applied for a stay.