Meridian Income Bond Limited(2)
Public Announcement about Meridian Income Bond Limited by the British Virgin Islands Financial Services Commission.
USA v. Sheldon Mickelson: Criminal Judgment
Judgment in a Criminal Case in USA v. Sheldon Mickelson at the U. S. District Court for the Southern District of Florida.
Three former Imperial Consolidated officers arrested in UK
Three former officers of the Imperial Consolidated Group have been arrested and released on police bail in the United Kingdom, Offshorealert has been told.
Lincoln Julian Fraser, 32, and his boyfriend, David Norvel Willerton, 30, both of Binbrook, Lincolnshire, England; and Jared Bentley Brook, 34, of Grimsby, Lincolnshire, England, were all arrested and their homes raided on Tuesday, February 3, 2004, according to two sources. OffshoreAlert understands that they have not yet been charged.
UK Police raid homes of former Imperial Consolidated officers
Police in the United Kingdom have raided the home of suspected investment fraudster Lincoln Fraser, a former principal of the failed Imperial Consolidated Group.
The raid on Orford Hall on the site of an old RAF Air Station in Binbrook, Lincolnshire, England took place on Tuesday, February 3, 2004, according to two sources.
EBI Securities Corporation, Inc. v. Rene Michael Hamouth: Default Judgment on Remand
Default Judgment on Remand in EBI Securities Corporation, Inc. v. Rene Michael Hamouth, The Hamouth Family Trust, 411396BC, Ltd., and Net Command Tech, Inc., f.k.a. Corsaire, Inc., f.k.a. Corsaire Snowboard, Inc. at the U. S. District Court for the District of Colorado.
Bermuda Gov’t suspected of whitewashing alleged $1 b money laundering scheme
A James Bond-like tale involving allegations of corporate espionage, bribery, corruption, and a Bermuda Government whitewash of a suspected $1 billion money laundering scheme is unfolding in a U. S. court.
Among the cast of characters are Russia's Telecommunications Minister, Leonid Reiman; a Bermuda-based, so-called mutual fund in which Reiman appears to be the only investor and which he may have used to launder the proceeds of corruption, IPOC International Growth Fund Ltd.; IPOC's banker, fund administrator, custodian, and accountant, Bermuda Commercial Bank; IPOC's Bermuda representative and provider of various services, including directors and officers, Wakefield Quin; the firm appointed by Bermuda's Minister of Finance to investigate IPOC, KPMG Financial Advisory Services Ltd.; and Diligence LLC, a Washington, D.C.-based intelligence-gathering firm that is headed by a former officer of the U.K. Security Service known as MI5 and whose advisors include a former Director of the CIA and the FBI.
Ontario Securities Commission v. Monte Friesner et al: Decision and Reasons
Decisions and Reasons in Ontario Securities Commission v. Monte Morris Friesner and First Federal Capital (Canada) Corporation.
Spain: CAFI SA et al
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Spain into Alberto Ortega Diaz, Fernando Heras Castan, Pedro Llorente Malo, Francisco Javier Munoz Ponce, David Santiago suarez, Manuel Diez Fernandez, Ignacio Jose Correa Sureda and Santiago Maroto Illera for alleged fraud involving Port Kenny Holding SL and CAFI SA.
USA v. Douglas Johnson: Plea Agreement
Plea Agreement in USA v. Douglas Elliott Johnson in U. S. District Court for the Central District of California.
‘Knock, Knock! Who’s there? Someone to see your share register!!!’
Many of us have heard variations of the old joke about how many attorneys, doctors, etc. it takes to change a light bulb.
InsideBermuda has a new version: How many representatives of Bermuda-based Orbis Investment Management Ltd. does it take before they allow a member of the public to view their share register? Answer: One to take the inquiry, one to refuse it, one to give a ridiculous interpretation of the law, one to field an inquiry from an investigative journalist, one to field an inquiry from a regulator, and one to capitulate.
Montaque Securities seeks to enforce settlement
Bahamas-based investment firm Montaque Securities International Ltd. has taken further legal action against a former client for the alleged non-payment of a settlement in an earlier lawsuit.
Under the settlement, Janet Amore was required to pay MSI $60,000 on or before December 1, 2003, according to a petition filed by MSI at New York State Supreme Court on January 23, 2004.
IPOC Fund President resigns after criminal past is disclosed
The founding president/director of a Bermuda-registered open-ended mutual fund has resigned after it was disclosed that he had served a prison term in Germany in 1997-99 for fraud and embezzlement.
Vidya Sharma, apparently a former Merrill Lynch banker, stepped down from IPOC International Growth Fund Ltd. in October of last year after his criminal conviction came out during court proceedings involving the Fund in the British Virgin Islands.
Imperial Consolidated victims sue Ansbacher for US$54 million
Nearly 500 victims of the Imperial Consolidated fraud have filed a lawsuit in which they seek to hold offshore provider Ansbacher responsible for their entire losses of over £30 million (US$54 million).
The complaint was filed against Ansbacher (Bahamas) Ltd. at the Bahamas Supreme Court on January 30, 2004 by 486 plaintiffs located in several countries.
Citco slammed by Lancer Group Receiver
An offshore fund administrator has been accused of "impeding" the investigation in the United States into the $600 million collapse of the Lancer group of hedge funds.
Citco Fund Services (U.S.A.) Inc. has refused to turn over records concerning BVI-registered Lancer Offshore Inc. and The OmniFund Ltd., which its Netherlands Antilles affiliate administered.
Canadian regulator warns against Bermuda ‘bank’
A Canadian regulatory agency has issued a warning against a sham bank doing business as "Bermuda Credit Re-Insurance Bank Ltd."
The Office of the Superintendent of Financial Institutions published its warning against BCRB on December 18, 2003.
Bermuda firms affected by $600 m hedge fund collapse
Several Bermuda-registered companies or their clients have been affected by the failure of a hedge fund group which allegedly defrauded its investors of more than $600 million.
Subsidiaries or affiliates of the Bank of Bermuda, Bank of Butterfield, Conyers Dill & Pearman, Lines Overseas Management, and the Meridian Group are on the service list for filings at federal court in Miami.
US Gov’t seeks to seize Bahamas property
The United States government is seeking ownership of property in the Bahamas that it alleges was bought with the proceeds of crime by a client of local law firm Graham Thompson & Co.
It filed a civil forfeiture complaint at the U. S. District Court for the Western District of Washington on January 12, 2004.
US seeks evidence at Monaco bank for criminal investigation into suspected investment fraudster
Article based on an application to collect evidence in Monaco that was filed by the United States at federal court in the USA on January 9, 2004. Individuals and businesses mentioned in the application include Welby Thomas Cox, a.k.a. Thomas Welby Cox; Ronald Cooper, Grand Colorado Development Corporation, Standard Investments and Credits Corporation, National City Bank, Wayne Armstrong, Mintus, Inc., and ABC Banque Internationale De Monaco.
Germany seeks evidence in Illinois for investigation into ‘Swiss Investment Trading’
Article based on an application to collect evidence for a criminal investigation into alleged fraud- pursuant to a request for judicial assistance from Germany - that was filed at federal court in the USA on January 8, 2004. Individuals and businesses mentioned in the request for assistance include Bernhard Mockert, Swiss Investment Trading, Refco, Professional Market Brokerage, Inc., Peter Bott, Annemarie Rossier, Kiara Schneider, Ingeborg Rudiger, Dr. Ingrid Tewes, Bozidarka Pal, Torsten Eckhardt, Michael Weber, Josip Petrovic, and Barbara Warecki.
Cayman insurer accuses bank of withholding funds
A Cayman Islands-registered exempted insurer has accused a United States bank of withholding $467,582 of its funds.Star Insurance Company (Cayman) Ltd. claims to have been trying to gain access to the funds in six trust accounts at Wachovia Bank since March 4, 2003.
Jury finds former Canadian Space Agency engineer guilty of fraud involving offshore bank
Former Canadian Space Agency engineer Serdar Kalaycioglu has been found guilty of fraud involving an offshore bank and a bogus mutual fund following a jury trial in the United States that spanned seven weeks.
After 21 days of hearing testimony and four days of deliberations, the jury found 40-year-old Kalaycioglu guilty of 11 counts of wire fraud and one count of conspiracy to commit wire fraud at the U. S. District Court for the Southern District of Florida.
UK law firm sues Matrix International regarding apparent asset recovery scam
A British law firm has taken legal action against the operators of an asset recovery scheme that has targeted victims of the fraudulently-operated Imperial Consolidated Group.
Pinsents filed a lawsuit against Matrix International (Management) Ltd., d.b.a. Matrix Investigations, and Barclays Bank Plc at the UK High Court on December 16, 2003.
Class action lawsuits filed against Parmalat
Two class action lawsuits have been filed in the United States against the Parmalat group, its officers and professional service providers.
They were filed at the U. S. District Court for the Southern District of New York, one on January 5, 2004 and the other one day later and are likely to be consolidated at some stage.
Germany: Bernhard Mockert
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Germany into Bernhard Mockert for alleged fraud.
Five ex-FIBG insiders indicted in Oregon, four arrested
Five insiders with the First International Bank of Grenada have been criminally indicted in the United States for allegedly perpetrating a scam that cost investors more than $206 million.
Gilbert Allen Ziegler, a.k.a. Van Arthur Brink, a U. S. national formerly of Oregon and Hawaii, now living in Uganda; Douglas C. Ferguson, a U. S. national formerly of Oregon; Laurent E. Barnabe, a.k.a. Larry Barnabe, a Canadian national residing in Las Vegas, Nevada; Rita L. Regale, a.k.a. Rita L. Brunges, a U. S. national formerly of Hawaii; and Robert J. Skirving, a U. S. national residing in Oregon, collectively face 146 counts at the U. S. District Court for the District of Oregon.
Meridian Income Bond Limited
Public Announcement about Meridian Income Bond Limited by the British Virgin Islands Financial Services Commission.
FSC Asian Millennium Ltd. et al
Public Announcement about FSC Asian Millennium Ltd., FCS Thailand Fund Ltd. and Waidberg Millennium Fund Ltd. by the British Virgin Islands Financial Services Commission.
Montaque Securities International Ltd. v. Janet Amore: Petition
Petition in Montaque Securities International Ltd. v. Janet Amore at New York State Supreme Court, Nassau County.
Biotech firm drops lawsuit against Lines Overseas Management
A racketeering lawsuit filed against Bermuda-based investment group Lines Overseas Management has been withdrawn by the plaintiff six months after it was filed.
The case against defendants LOM Securities (Bermuda) Ltd., LOM (Holdings) Ltd. and the group's president, Brian Lines, was dismissed at Nevada federal court on November 14, 2003.
Banc Caribe investigation turns to Florida
Article based on an application to collect evidence - pursuant to a request for judicial assistance from Germany - that was granted at the U. S. District Court for the Northern District of Alabama on November 26, 2003. Individuals and businesses mentioned in the request for assistance include SouthTrust Bank, Ferdinand Hoischen, Jonny Franke, Banc Caribe Ltd., AIF Bank & Trust Ltd., American Investment & Finance Corp., American Investment & Finance Service Corp., Orion Technology & Commerce Corporation, Orion Technology, Handelsgesellschaft GmbH, and Pershing Securities Ltd.
Germany: Ferdinand Hoischen et al
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Germany into Ferdinand Hoischen and Jonny Franke for suspected fraud and money laundering.
United Kingdom: Kevin Dooley et al (Wisconsin)
Application for the appointment of a Commissioner to collect evidence from Fiserv Correspondent Services Inc. - pursuant to a request for judicial assistance from the United Kingdom - for a criminal investigation into "an alleged fraud scheme executed by a British solicitor, Kevin Dooley, and his firm".
Dobb White & Co. forced into liquidation
A United Kingdom-based accounting firm accused of fraud involving an offshore bank has gone into liquidation and its two partners declared bankrupt.
Orders to wind-up Dobb White & Co., of Leicester and Nottingham, in England, and bankrupt Shinder Singh Gangar and Alan White were issued by the UK High Court on December 2, 2003.
Sendjer Shefket: Data Protection Act Response
Response from the UK National Identification Service to a Data Protection Act Request by Sendjer Shefket - December 5, 2003
MJ Select Fund liquidator accused of not pursuing insiders
The Zurich Financial Services Group has accused PricewaterhouseCoopers (Bahamas) of failing to pursue claims against several parties who were involved in a failed offshore investment fund.It claims PwC has taken no legal action against the administrator or directors of the
Insider Talking: November 30, 2003
Deloitte & Touche has offered $32 million to settle a class action lawsuit filed on behalf of shareholders of the British Virgin Islands registered Manhattan Investment Fund who bought shares between October, 1995 and January, 2000. D&T's Bermuda office audited
IRS co-operation led to $22 m loss for Swiss bank client, alleges lawsuit
A United States resident claims he lost $22 million as a result of the mis handled restructuring of his offshore account made necessary by Swiss banks agreeing to co operate with the IRS.At the center of the allegations are Bank
Pinsents pulls out of Imperial Consolidated scheme
A leading UK law firm has pulled out of a dubious asset recovery scheme after OffshoreAlert alerted them it was being organized on behalf of the crooks who were responsible for the loss of assets.Pinsents acted swiftly after being informed
Austria seeks account records from Florida banks for fraud investigation into Dieter Pointner
An Austrian investment broker defrauded approximately US$50,000 from at least 20 of his clients, according to investigators.Dieter Pointner has been charged with theft and embezzlement at the Regional Court of Linz, in Austria and faces between six months and ten
Forex ‘trader’ sues bankrupt firm for commissions on alleged profits
An offshore company which collapsed with massive losses amid allegations of fraud is being sued by a purported forex trader who claims he is owed commissions for making it a profit.Igor Toshchakov, of Los Angeles, California, filed a lawsuit against Orion International LLC, of Western Samoa, and its President, Russell B. Cline, at the U. S. District Court for the Central District of California on August 14, 2003.
Billionaire accused of washing trades through Bermuda firm
A Bermuda-based firm has been implicated in the fraudulently-trading of shares of a Nasdaq-listed medical research and manufacturing firm.I.A.T. Reinsurance Syndicate, Ltd. was allegedly used by billionaire Peter Kellogg in a series of "wash and matched trades" of securities issued by Thoratec Corp., which is based in California.
Deloitte & Touche offers $32 m to settle hedge fund lawsuit
Deloitte & Touche has offered $32 million to settle a class action lawsuit filed on behalf of shareholders of the British Virgin Islands-registered Manhattan Investment Fund who bought shares between October, 1995 and January, 2000.
Swiss financial consultant allegedly embezzled US$4.4 m
A financial consultant operating in Switzerland embezzled approximately US$4.4 million from his clients, it has been alleged.Marek Andrzei Hrycak, a 48-year-old Polish national, is currently in prison in Bern while a criminal investigation is carried out into his activities.
Annuity & Life Re shareholders bring class action against KPMG
KPMG's operations in Bermuda, the United States and the United Kingdom are defendants in a class action lawsuit filed by shareholders of financially troubled Annuity & Life Re (Holdings) Ltd., which it audited.
The complaint was filed by Communications Workers of America, and Midstream Investments Ltd. at the United States District Court for the District of Connecticut on October 23, 2003.
Switzerland: Ulrich Wymann et al
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Switzerland into Ulrich Wymann, Martin Wymann and Juerg Rothen for suspected investment fraud.
Marc Harris found guilty of tax evasion and money laundering
Offshore services provider Marc M. Harris, 38, was today found guilty of 16 counts of money laundering and tax evasion.A jury at the United States District Court for the Southern District of Florida, in Fort Lauderdale, found him guilty of
Ian Renert abandons SEC action, starts up again in South Africa
Unlicensed fund manager Ian Renert has abandoned his defense of a $22 million securities fraud lawsuit in the United States and apparently moved overseas to start a new investment scheme.After more than two years of fighting an action filed by
UK seeks evidence from US banks for investigation into alleged fraud involving Versailles Group
The United Kingdom has requested evidence from banks in the United States as part of a criminal investigation into the collapse of Versailles Group PLC. Details are contained in an application for the appointment of a Commissioner to collect evidence
SEC v. Agora, Inc. et al: Amended Complaint
Amended Complaint filed by the U. S. Securities and Exchange Commission against Agora Inc., Pirate Investor, LLC and Frank Porter Stansberry at the U.S. District Court for the District of Maryland.
SEC Receiver criticized by judge over efforts to recover assets
An SEC appointed Receiver has been criticized by a judge for not doing enough to recover assets of an $87 million fraud that were transferred offshore, including $61 million to Barclays Bank in the Bahamas.The target of the criticism is