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SEC v. LOM hearing postponed by ten days

September 15, 2004
A court hearing in the United States concerning Bermuda based investment firm Lines Overseas Management and its Managing Director, Scott Lines, has been put back by ten days.Following a joint request by all parties, LOM and Lines must now appear

SEC v. Agora, Inc.: SEC’s Motion to Compel

September 8, 2004
Second Supplement to Motion to Compel filed by the SEC in a securities fraud action against Agora, Inc., Pirate Investor, LLC and Frank Porter Stansberry at the U. S. District Court for the District of Maryland.

Poland seeks evidence from a New York resident for insider trading investigation

August 31, 2004
Article based on an application to collect evidence for a criminal investigation into alleged insider trading - pursuant to a request for judicial assistance from Poland - that was filed at federal court in the USA on August 5, 2004. Individuals and businesses mentioned in the request for assistance include Leszek Walczyk, Poligrafia Spolka Akcyjna, George Storozynski, Artur Kurek, and ING Barings Securities.

Déjà vu: Spencer-Arscott firm turned down for insurance license

August 31, 2004
For the second time in seven years, a proposed reinsurer headed by former AON (Bermuda) boss Robin Spencer-Arscott has been turned down for an insurance license.The failed application to the Bermuda Monetary Authority was on behalf of River Reinsurance Ltd., which is owned by Bermuda-based River Capital Ltd.

Terry Neal tries to renege on sentencing deal

August 31, 2004
Former offshore services provider Terry Neal and three co-defendants have had their sentencing delayed pending a review of a U. S. Supreme Court opinion that federal sentencing guidelines are unconstitutional.

More lawsuits from Lancer Receiver as he seeks return of over $440 m

August 31, 2004
OffshoreAlert has found two more civil lawsuits filed by the Receiver of Lancer Offshore and related parties against alleged recipients of money transfers from the failed hedge fund group.Last month, we reported that Marty Steinberg had filed a lawsuit on July 9, 2004 at the U. S. District Court for the Southern District of Florida against 26 defendants - mainly financial institutions - in which he sought more than $17 million.

UK litigation funding flops try again with new group called Strathmore

August 31, 2004
Former insiders of two U. K. litigation funding scams that collapsed with combined losses of nearly $500 million are behind a recycled version of the same scheme, OffshoreAlert can reveal. The new business - operating under the brand name 'Strathmore' - encompasses companies in the Bahamas, Canada, the United Kingdom and Africa.

Meridian Income Bond Limited(3)

August 27, 2004
Public Announcement about Meridian Income Bond Limited by the British Virgin Islands Financial Services Commission.

LOM and Scott Lines ordered to appear before US court

August 19, 2004
Bermuda-based investment firm Lines Overseas Management Ltd. and its Managing Director, Scott Lines, have been ordered to appear before a United States court as part of a securities fraud investigation.The U. S. District Court for the District of Columbia issued an order on August 17, 2004 that they must attend a hearing that is scheduled to start at 9.45 a.m. on October 4.

France: Philippe Mechali

August 13, 2004
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in France into Stephane Vives, Catherine Vives and John Zinguerlet for alleged investment fraud.

Czech Republic seeks extradition of Viktor Kozeny from the Bahamas

August 12, 2004
The Czech Republic is to seek the extradition of alleged fraudster Viktor Kozeny from the Bahamas.Kozeny, 40, who lives in the gated-community at Lyford Cay, near Nassau, is wanted on charges relating to a failed coupon privatization scheme in the early 1990s after the collapse of communism. 

Poland: Leszek Walczyk

August 5, 2004
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Poland into suspected fraud regarding a securities offering by Poligrafia SpA.

Bermuda outlaws insider trading & stock manipulation

July 31, 2004
Market manipulation and insider trading have finally become illegal in Bermuda.An amendment to the existing Criminal Code outlawing the practices passed its final legislative hurdle on July 23, 2004 when it was approved by the Bermuda Senate.

Mexico seeks evidence in Texas for investigation into investment fraud

July 31, 2004
Article based on an application to collect evidence for a criminal investigation into suspected fraud - pursuant to a request for judicial assistance from Mexico - that was filed at federal court in the USA on June 25, 2004. Individuals and businesses mentioned in the request for assistance include Mauricio Andres Parra Flores, International Bank of Commerce, Alejandro Gerardo Salazar Ampudia, Comercializadora Map, Tyree International LC, and Debruce Grain Inc.

Puritan International shareholder goes bust in United Kingdom

July 31, 2004
Since our article in last month's newsletter, OffshoreAlert has uncovered more information about an offshore-domiciled, United Kingdom-based litigation funding company that casts further doubt about its credibility. One of the founding shareholders of British Virgin Islands-registered Puritan International Ltd., which is offering investors annual returns of 10.5 per cent in an unregistered offering, has gone bust.

Accused fraudster fights extradition to Costa Rica

July 31, 2004
A 39-year-old Nicaraguan citizen who is wanted for investment fraud in Costa Rica has been granted an order temporarily staying his extradition from the United States.Carlos Hermoso Mendoza, a.k.a. Carlos Cecilio Hermoso de Mendoza Vigil, a.k.a. Carlos Hermoso Vigil, had initially consented to extradition on June 25, 2004.

Lancer Receiver sues financial institutions for over $17 m

July 31, 2004
The Receiver of the Lancer Offshore group has filed a lawsuit against 26 financial institutions and other firms in an attempt to recover more than $17 million of allegedly fraudulent transfers.Defendants include companies from Bahrain, Bermuda, Canada, the Cayman Islands, Guernsey, the Isle of Man, Luxembourg, Monaco, Switzerland, the United Kingdom, and the United States.

SEC v. Andrew J. Zahn et al: Complaint

July 28, 2004
Complaint in U. S. Securities and Exchange Commission v. Andrew J. Zahn, Cynthia K. Berryman, and Philip J. Sexauer at the U. S. District Court for the Northern District of Illinois.

A fool and his money …

July 17, 2004
Like lambs to the slaughter, scores of Americans and Canadians will be led to Bermuda in December for a financial culling arranged by an organization formerly known as the Global Prosperity Group. They are being lured to a seven-day conference on the promise that they will learn 'little-known' secrets about investing offshore that the wealthy of the world have hitherto selfishly kept to themselves, not wanting the ‘little man' to prosper.

Judgment against LOM and RBC appears to be defective

July 17, 2004
A $6.4 million default judgment in the United States against offshore investment firm Lines Overseas Management Ltd. and an offshore brokerage arm of the Royal Bank of Canada appears to be legally defective.Research by OffshoreAlert indicates that the summonses against LOM and RBC Dominion Securities were served improperly in December, 2001, meaning that the judgment, that was entered on July 1, 2004, should be dismissed if challenged.

Global Prosperity co-founder pleads guilty to tax conspiracy

July 17, 2004
Daniel Andersen has become the latest member of the Global Prosperity Group - which specialized in investment and tax fraud - to be convicted in the United States.Andersen, of Leominster, Massachusetts, and Oxnard, California, pleaded guilty to one count of conspiracy to defraud the United States at the U. S. District Court for the Western District of Washington on July 15, 2004.

SSBT’s owners lose yet another bid to regain bank license

July 10, 2004
Suisse Security Bank and Trust Company Limited has moved a step closer to full liquidation in the Bahamas following a recent court ruling.In a decision delivered on June 29, 2004 after one-and-a-half days of hearings, the Bahamas Court of Appeal unanimously dismissed what was essentially an appeal of an appeal by SSBT.

Default judgment against Lines Overseas Management and RBC Dominion Securities

July 10, 2004
A default judgment for $6.4 million has been entered in the United States against offshore investment firm Lines Overseas Management Ltd. and an offshore brokerage arm of the Royal Bank of Canada in connection with an allegation of banking and securities fraud.The judgment against LOM and RBC Dominion Securities, of the Turks & Caicos Islands, was entered at the U. S. District Court for the Southern District of Alabama on July 1, 2004 after they failed to defend a civil complaint after being served in December, 2001, according to court records.

Slovak Republic: B-Stavreal Inc.

July 8, 2004
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the Slovak Republic into alleged investment fraud involving  B-Stavreal Inc.

Indosuez Eastern Europe Fixed Income Fund Ltd.: Section 304 Petition

July 6, 2004
Section 304 Petition for Assistance in Insolvency Proceedings in the British Virgin Islands by Stephen Akers and Terry Carson, as the Foreign Representatives of Indosuez Eastern Europe Fixed Income Fund Ltd., Clariden Eastern Europe Debt Fund, Ltd., and Safra Eastern Europe Fixed Income Fund, Ltd., at the U. S. Bankruptcy Court for the Southern District of New York.

Regulators in Cayman, BVI and US act against John Kaweske and SEGOES

June 30, 2004
Regulators in three countries have taken action recently against Cayman Islands-based financial services group known as SEGOES or its CEO, United States national John David Kaweske. The flurry of activity began on March 25, 2004 when the Cayman Islands Stock Exchange suspended the membership of SEGOES Securities Ltd.

Argentina family sues Merrill Lynch (Cayman)

June 30, 2004
An Argentina-based family is suing Merrill Lynch's operation in the Cayman Islands and New York for $1.3 million, alleging mismanagement of funds held in a trust. The beneficiaries of the Trust of Raquel Calles de Edelman claim that Merrill Lynch money managers in the Isle of Man lost that amount by altering the Trust's investment profile from "conservative" to "moderate to aggressive" without authorization.

US court issues $1.1 m forfeiture order against Panamanian bank account

June 30, 2004
A court has issued an order allowing the United States Government to seize up to $1.1 million in a Panamanian bank account that is believed to be the proceeds of insider trading by Panama residents. The target is an account at Banco Uno S. A., in Panama City, Panama, in the name of "Yan Abecassis and/or Atlantic 1 Corp., and all related funds".

Boss of BVI hedge fund arrested in Hong Kong

June 30, 2004
The principal of a British Virgin Islands-registered hedge fund administered by the Bank of Bermuda has been arrested in Hong Kong on suspicion of defrauding investors of approximately $56 million. Charles Schmitt, who operated the CSA Absolute Return Fund Ltd., was released on bail on June 17 pending further investigation by local police and the Hong Kong's Securities & Futures Commission.

UK seeks video evidence in Florida for trial of accused investment adviser

June 30, 2004
Article based on an application to collect evidence - pursuant to a request for judicial assistance by the United Kingdom - that was granted by federal court in the USA on March 3, 2004. Individuals and businesses mentioned in the request for assistance include Roddam Quintin Twiss, Emile Coury, The Grosvenor Trust, Grosvenor Ventures Inc., Westfield Capital Investments Ltd., Al Grillo, Michael Grillo, Dragon Group, Swepstone Walsh, William Hedley, Solicitors Indemnity Fund, Robin Kobacher, M. Rachid Safa, and Arab Bank.

HERE WE GO AGAIN: BVI firm offers double-digit annual returns for UK litigation funding, claims investment is ‘very low risk’ and returns are ‘guaranteed’

June 30, 2004
An offshore firm is seeking to raise millions of dollars from the sale of an unlicensed investment product that investors are told is "very low risk" and pays out a "guaranteed" annual return of 10.5 per cent. British Virgin Islands-registered Puritan International Limited has launched a "Loan Stock Offering" for investment in the widely abused personal injury litigation funding industry in the United Kingdom.

Belgium seeks evidence in Florida for investigation into $15 m investment fraud

June 30, 2004
Article based on an application to collect evidence - pursuant to a request for judicial assistance by Belgium - that was granted at federal court in the USA on April 22, 2004. Individuals and businesses mentioned in the request for assistance include Didier Meimoun, a.k.a. Didier Meimoun Santerre, a.k.a. Didier Santerre, a.k.a. Didier Abaroudi, a.k.a. Daida Meimoun; Silvia Lescure, Anita Winckler, M&M International, M&M Distribution or M&M Interest, SPRL M&M Distributions, SPRL DMS Market Globus, M&M Group, M&M Europe, M&M Helvetia, M&M Diffusions, M², M³, M&M Swisswatch, Black Stone Services SA, Lucky Invest SA, N&N SA, Bank Vontobel AG, UBS AG, BNP, Chase Manhattan, Mellon Bank, Sanwa Bank, Bank of America, Bank of New York, Citibank, Salomon Smith Barney, KeyBank, Gilles Benisti, Frederic Toussaint, Michel Pallacci, Eddie Levon, Stephane Noel, Claude Hec, and Simon Bretholz.

Liechtenstein: Ilan Mika Arbel et al

June 30, 2004
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Liechtenstein into Ilan Mika Arbel, Alan Berkun and Reinhold Wohlwend for suspected investment fraud.

CFTC v. Sterling forex LLC et al: Judgment

June 25, 2004
Order granting CFTC's Motion for Summary Judgment and awarding damages of $6.7 million in Commodity Futures Trading Commission v. Sterling forex LLC and Maurice L. Mills at the U. S. District Court for the Western District of Washington.

Ex-Imperial Consolidated boss admits stun gun offense

June 23, 2004
The former boss of a fraudulently-operated offshore investment group has been convicted of illegally possessing two high-voltage stun guns that were found at his home in England during a raid by the UK Serious Fraud Office. Lincoln Julian Fraser, 33, who co-founded the now-collapsed Imperial Consolidated Group, admitted possession of the guns during an appearance at Lincoln Magistrates Court, reported the Market Rasen Mail newspaper, in England.

Eric Resteiner extradited from Singapore to the US

June 21, 2004
Former Grenada diplomat Eric Resteiner has been extradited from Singapore to the United States to answer a 60-count criminal indictment for fraud and money laundering. Resteiner, who is a United States national, was extradited to the United States from Singapore, where he was arrested on February 11, 2004, after losing his fight against extradition proceedings. He made his first appearance at the U. S. District Court for the District of Massachusetts on June 18, 2004.

LOM clears itself of wrongdoing

June 19, 2004
Bermuda-based investment firm Lines Overseas Management Ltd. has denied allegations of securities fraud made against it by the SEC but is still refusing to co-operate with the regulator's investigations. LOM has reiterated its stance that its affairs are governed by the laws of Bermuda, the Bahamas and the Cayman Islands, where it has offices, and not the USA and Canada, where it makes much of its revenue.

SEC investigates LOM for alleged securities fraud

June 11, 2004
Bermuda-based investment firm Lines Overseas Management Ltd. and its principal officers, Scott and Brian Lines, are being investigated for alleged securities fraud in the United States. It has been alleged that the Lines brothers and LOM customers profited by more than $6.4 million from fraud and market manipulation and that the firm caused false statements to be filed with the SEC and altered its internal records to impede an investigation.

Imperial Consolidated spin-off Invaro to go into liquidation

June 10, 2004
UK-based financial services firm Invaro Ltd. is insolvent and intends to apply for voluntary liquidation, along with two associated companies, which are believed to be Wishsprite Plc and Medico-Legal Reports Ltd. An announcement about Invaro's demise was made yesterday - only ten weeks after an OffshoreAlert article raised concerns about Invaro's legitimacy and provided evidence of its links to the fraudulently-operated Imperial Consolidated Group.

Insider Talking: May 31, 2004

May 31, 2004
Two prominent Bermuda businessmen were arrested at their offices on May 6 by police investigating the alleged theft of $145,000 from a development company. They are Arthur Jones, 52, who owns Bermuda's biggest realtor, Coldwell Banker JW Bermuda Realty, formerly

Bank of Bermuda clients go on trial for money laundering

May 31, 2004
Two Bank of Bermuda clients who once ran an illegal gaming business from an office of Hemisphere Management before it was bought by Mutual Risk Management have gone on trial for another scheme.Lewis Denton Rowe, 75, and Patrick Thomas Tibbetts,

Alleged fraudster Nolon Bush sued for $2.5 m

May 31, 2004
Another civil complaint alleging fraud has been filed in the United States against a United States national who once helped operate the Nevis based Global Dominion Group.The latest complaint against C. Nolon Bush, d.b.a. Cornerstone Institute, of Kitsap County, Washington,

House painter turned trader indicted in Oregon for forex scam

May 31, 2004
A house painter who held himself out to be an international currency trader and funneled the public's money through offshore accounts has been criminally indicted in the United States. Russell Warren Brent Cline, of Oregon, faces 39 counts of mail