Investment

New Zealand: Bill Papple et al

November 6, 2003

Application for the appointment of a Commissioner to collect evidence - pursuant to a request for judicial assistance from New Zealand - for a criminal investigation into William Papple, Margarite Huia, a.k.a. Lee Papple; and Tina Marie West for suspected fraud.

Switzerland: Marek Andrzei Hrycak (‘Investment Fraud’)

November 4, 2003

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Switzerland into Marek Andrzei Hrycak for alleged investment fraud.

Newt Utopia: October 31, 2003

October 31, 2003

Nevis continues to strive for independence A long anticipated vote for independence in Nevis will be coming. So here is the why, what will happen, and the some dark clouds. Nevis is part of the Federation of St. Kitts and

US Gov’t applies to seize allegedly criminal proceeds

October 31, 2003

The United States Government has applied to seize $438,035 controlled by a United States-based attorney with close ties to a Grenada-based offshore bank and a convicted money launderer in Barbados.The funds are held at the Fifth Third Bank, of Evansville, Indiana, in an escrow account in the names of Price & Associates and Price & Collins law firms and controlled by attorney David E. Price, of Santa Claus, Indiana.

Offshore ‘banker’ Dennis Shollenburg indicted for fraud in California

October 31, 2003

The manager of a Nauru-licensed bank that was operated illegally in Nevis has been criminally indicted in the United States for alleged fraud concerning another bank that he operated.Dennis L. Shollenburg was arrested on August 18, 2003 - five months after a sealed indictment was brought against him at the U. S. District Court for the Central District of California.

Former FIBG promoters fined for a separate banking fraud

October 31, 2003

Promotional spiel used by two former insiders of the First International Bank of Grenada to promote a separate fraudulent investment scheme has been likened to a legendary comedy sketch by a judge.Their tale of purported high-reward, no-risk trading in "mid-term notes" resembled "the old Abbot and Costello routine of 'who's on first'", stated Circuit Judge Frank L. Bearden.

Beacon Hill files for liquidation in Cayman

October 31, 2003

An offshore hedge fund whose Board includes a director of the agency that regulates it has gone into liquidation. Beacon Hill Master Ltd. filed a voluntary winding-up petition at the Grand Court of the Cayman Islands on October 27, 2003. Theodore Bullmore and Simon Whicker, both of KPMG, have been appointed liquidators.

Anthony Defries v. Swiss Partners Investment Network et al: Complaint

October 29, 2003

Complaint alleging securities fraud in Anthony Defries, a citien of the United Kingdom residing in Virginia, as the principal beneficiary and beneficial owner of the assets of Laurasca Foundation, of Liechtenstein v. Swiss Partners Investment Network, of Switzerland; Swiss Partners Insurance Company SPC Ltd., described as a "Swiss corporation" with "principal offices in Cayman Islands"; Liechtensteinische Landesbank Ltd., of Liechtenstein; Karp & Grenauer PA, of Florida; Bank Julius Baer & Company Ltd., of Switzerland; Dexia PrivatBank Switzerland, of Switzerland; Rainer H. Moser, of Switzerland; Martin P. Egli, of Monaco; Simon Newson, of Switzerland; Benno K. Raeber, of Switzerland; Anthony B. Stelling, described a citizen of the United Kingdom residing in the Cayman Islands; Elfried Hasler, of Switzerland; Norman Oehri, of Switzerland; Joel J. Karp, of Florida; Raymond J. Baer, of Switzerland; Armin Weber, of Switzerland; Marcel Wieduwilt, of Switzerland; Sigrid Baur, of Switzerland, and Alfons Widmer, of Switzerland, at the U. S. District Court for the Eastern District of Virginia.

USA v. Gilbert A. Ziegler et al: Second Superseding Indictment

October 27, 2003

Second Superseding Indictment in USA vs. Gilbert Allen Ziegler, a.k.a. Van Arthur Brink; Rita Regale, a.k.a. Rita Brunges; Douglas Ferguson, Robert Skirving and Laurent Barnabe, a.k.a. Larry Barnabe, at the U. S. District Court for the District of Oregon.

Cash 4 Titles victims sue Leadenhall Bank and Axxess International

October 25, 2003

Two years after obtaining a $67.5 million settlement from the Bank of Bermuda, victims of the Ponzi scheme known as Cash 4 Titles have filed a class action lawsuit against another offshore bank.The target this time is Bahamas-based Leadenhall Bank & Trust, which is a defendant along with its credit card processing affiliate, Axxess International, also of the Bahamas.

Sandra V. Boylan et al v. Kevin McGeever et al: Complaint

October 22, 2003

Complaint in Sandra V. Boylan, Aidan J. Greaney, Paul A. Carnegie, Kevin Cleary, Dale Cochard, John R. Combes, Cynthia Crough, Robert Drake, Eddie Ewell, Ruth Frank, Daniel Zlotnick, Roger Gilmore, Jaime Hamame, Linda Hoitt, Jerry Holladay, Kenyield Limited, Curt Landberg, Helen Louros, Marlow, Davis & Byrd, Ltd., William D. McPeak, Mid America Capital Trust, Ida Ruth Morehouse, Stephen Schulte, Douglas Shortt, A. G. Skinner, Robert Stein, and Paul W. Vandermolen, Jr. v. Kevin McGeever, Douglas Johnson, James C. Sexton, Kenneth J. Adler, Liechtensteinische Landesbank, Gabriel Marxer, James McKiernan, Michael Miller, Raiffeissen Bank, Rudolf Ritter, and James C. Sexton, Jr. at the U. S. District Court for the Northern District of Illinois.

Three offshore bankers admit fraud conspiracy

October 18, 2003

Three ex-offshore bankers who were criminally indicted in 'Operation Bermuda Short' in 2002 have each pleaded guilty to one count of conspiracy to commit wire fraud.They are Sheldon Mickelson, 44, a former plumber of West Palm Beach, Florida; Mario Turcotte, 49, of Canada; and Richard Carson, of Westmount, Quebec, Canada, who helped to operate Meridian Investment Bank Ltd., a now-defunct bank once licensed in the crime-ridden Caribbean island of Grenada.

David Siegel held in contempt of court

October 17, 2003

Accused investment fraudster David H. Siegel has been held in contempt of court in the United States for failing to repatriate assets believed to be concealed offshore.The order was issued by the U. S. District Court for the Southern District of Florida on September 30, 2003 following a three-day hearing.

Germany: Hans-Ulrich Schafer et al

October 10, 2003

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Germany into Hans-Ulrich Schafer, Christian Zogg, Marianna Martin and Alfred Sturwold for alleged fraud.

New Zealand: Lakeland Wealth Creators et al

October 8, 2003

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in New Zealand into Lakeland Wealth Creators Ltd., WesPap Ltd., William Papple, Margarite Lee Papple and Tina West for allegedly perpetrating a $10 million investment fraud.

Viktor Kozeny indicted in New York

October 2, 2003

Bahamas resident Viktor Kozeny has been criminally indicted in Manhattan on charges that he stole $182 million from clients of a New York investment firm.He has been indicted on 15 counts of Grand Larceny in the First Degree and two counts of Criminal Possession of Stolen Property in the First Degree.

Grand Island Commodity Trading Fund: Private Placement Memorandum

October 1, 2003

Private Placement Memorandum for Grand Island Commodity Trading Fund.

Insider Talking: September 30, 2003

September 30, 2003

Legal proceedings at the U. S. District Court for the Southern District of Florida involving a $170 million claim by Cayman Islands licensed Bank Espirito Santo International Ltd. against United States based receivables factoring firm E. S. Bankest LC et

PwC Bermuda seeks dismissal of Tyco lawsuit

September 30, 2003

As the criminal trial of two former executives of Bermuda domiciled Tyco International Ltd. got underway in New York this month, the firm's former Bermuda auditor was seeking the dismissal of a civil lawsuit in which it is a defendant

Imperial Consolidated’s assets frozen by US Bankruptcy Court

September 30, 2003

A U. S. Bankruptcy Court in New York has issued a preliminary injunction freezing the assets of the Imperial Consolidated Group in the United States. The injunction, issued in September, 2003, also prohibits "all persons and parties in interest" from

Former FIBG director DuSean Berkich ‘commits suicide’, says attorney

September 30, 2003

A former director of the fraudulently operated First International Bank of Grenada has apparently committed suicide while awaiting sentence for another banking fraud, according to his attorney.DuSean Berkich apparently killed himself on August 10, 2003 - less than two months

New York businessman accuses offshore fund administrator of racketeering

September 30, 2003

A New York real estate businessman is seeking $136 million in damages against a provider of offshore hedge fund services and its alleged associates.In a civil complaint filed at the U. S. District Court for the Eastern District of New

Bank of Bermuda has close escape with Imperial Consolidated

September 30, 2003

The Bank of Bermuda, whose gross losses due to fraud over the last five years are in the region of $90 million, came close to being exposed to one of the biggest offshore scandals in recent times, if a suspected

Switzerland seeks evidence in Florida for investigation into derivatives scam

September 30, 2003

Article based on an application to collect evidence for a criminal investigation into alleged investment fraud - pursuant to a request for judicial assistance from Switzerland - that was filed at federal court in the USA on September 10, 2003. Individuals and businesses mentioned in the request for assistance include Northern Trust Bank of Florida, Markus Erich Haueter, Ulrich Habedank, Eyk Himmel, Stefan Jutz, Rocko Holdings Corp., Dinamica Directiva, Futop GmbH, and Dr. Sporri.

Imperial Consolidated creditors can expect 11 cents in dollar

September 24, 2003

Unsecured creditors of one of the main companies within the Imperial Consolidated Group have been told to expect a dividend of approximately 11 cents in the dollar. That is the "estimated outcome" for parties owed money by Imperial Consolidated Financiers Ltd. as forecast by the firm's administrators, Philip Lyon and Steve Woods, of Mazars Neville Russell.

Marc Harris asks judge to dismiss indictment

September 18, 2003

Offshore asset protection businessman Marc Harris has filed motions to dismiss a 13 count money laundering indictment brought against him in Florida. Among the grounds put forward by Harris' attorney, Joaquin Fernandez, are "statute of limitations" bars and "pre indictment

SEC derides Lancer head’s attempt to unfreeze assets

September 18, 2003

Attorneys representing hedge fund boss Michael Lauer have been accused of hindering the investigation into his collapsed Lancer Offshore group, which is suspected of defrauding investors of more than $600 million. Richard Asche, Gerry Labush and Jack Litman were "playing

Lancer Offshore Receiver’s first report paints gloomy picture

September 11, 2003

More than $600 million of the $1.15 billion invested in the Lancer Offshore group of hedge funds from 1995 to 2002 may be lost.The initial report of Lancer's receiver, Marty Steinberg, acting for the SEC, showed that investors put in

Jury convicts Martin Chambers, acquits Michael Hepburn

September 11, 2003

Vancouver based attorney Martin G. Chambers, 63, is due to be sentenced on December 5, 2003 after being found guilty of five counts of money laundering.Chambers was convicted of all counts against him by a jury at the U. S.

Switzerland: Markus Erich Haueter et al

September 10, 2003

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Switzerland into Markus Erich Haueter, Ulrich Habedank, Eyk Himmel and Stefan Jutz for alleged commercial fraud.

USA v. Sheldon Mickelson: Plea Agreement

September 2, 2003

Plea Agreement in USA v. Sheldon Mickelson at the U. S. District Court for the Southern District of Florida.

Australia: Roger Gregory Matson

September 2, 2003

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Australia into Roger Gregory Matson, his wife, Janette Matson; and their two children, Baron Matson and Matilda Matson for alleged fraud and money laundering.

Denmark: Kim Homgaard Christensen

September 2, 2003

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Denmark into Kim Homgaard Christensen and Claus Weywadt, owners and managers of United Liberty Oil Corporation, for alleged fraud, embezzlement, breach of trust and misappropriation of funds.

Client complains about Whitherspoon Seymour & Robinson

August 31, 2003

A business which operates from addresses in the United States has been accused of ripping off a Hong Kong-based client through the sale of an offshore bank charter.Whiterspoon Seymour & Robinson Inc. received $41,980 from the client in November, 2002 for a shelf bank called European Securities Bank Ltd. that was purported to be licensed in Fiji. The funds were sent to WS&R's account at PNC Bank, 500 First Avenue, Pittsburgh, Pennsylvania.

Bankruptcy Trustee seeks sanctions against Bermuda firm

August 31, 2003

A U. S. Bankruptcy Trustee has asked a court to apply sanctions against a Bermuda-registered group closely associated with former Premier Sir David Gibbons. It is part of an attempt by Barbara B. Stalzer to recover assets that she claims were fraudulently transferred by the NimsTec group to avoid paying its debts.

Hong Kong broker and UK bank take action against NASD Resolution Inc.

August 31, 2003

A Hong Kong-based securities broker and an affiliated U.K.-based bank have applied for a court injunction to prevent a United States regulator from asserting jurisdiction in a dispute with a client.The application was made by Prudential-Bache Securities (Hong Kong) Ltd. and Prudential-Bache International Bank Ltd. at the U. S. District Court for the Southern District of New York on July 28, 2003.

MRM in class action settlement talks

August 31, 2003

Negotiations are underway to settle a class action lawsuit filed by shareholders against Mutual Risk Management and several of its former officers and directors.Details are contained in a filing at the U. S. District Court for the Southern District of California on July 30, 2003 in which the defendants agreed to withdraw their motion to dismiss the complaint.

Lancer Offshore boss asks court for $93,000 monthly allowance

August 31, 2003

Lancer Offshore boss Michael Lauer has asked a court to vary an order freezing his assets so that he can meet claimed monthly living expenses of $93,000 and pay for his defense against allegations of fraud.

Bank of Bermuda CEO files to sell shares worth $2.3 m

August 31, 2003

Over the last nine months, Bank of Bermuda CEO Henry Smith has notified the SEC that he plans to sell 69,000 of his shares in the bank with an estimated open market value of $2.32 million.SEC filings show that Smith made eight separate 'Planned Sale' filings with the SEC from December 19, 2002 to August 19, 2003. However, there are no filings yet showing that he has sold any.

Hedge fund group receives Cayman license, seeks to profit from penny stocks

August 31, 2003

An offshore hedge fund has been set up by a group with an eye-popping record of profiting from trades in penny stocks whose issuers have collectively lost more than $1.2 billion. Cornell Capital Partners Offshore Ltd. was licensed as a mutual fund by the Cayman Islands Monetary Authority on July 1, 2003. 

Cash 4 Titles receiver seeks $3.2 m from offshore firms

August 31, 2003

Two offshore entities have been named as defendants in a lawsuit filed in the United States by the Receiver of the Cash 4 Titles Ponzi Scheme, whose insolvency is more than $150 million.It has been alleged that Private Terms Ltd., c/o Morningstar Holdings Ltd., Nevis; Classic Terms Ltd., of the Cayman Islands; and their alleged owner, Gilbert M. Miller, of Duluth, Georgia, USA, profited by at least $3.2 million from the scheme.

Clients complain about Alianta International Credit Union

August 31, 2003

Clients of an unlicensed "offshore credit union" who claim they cannot redeem their investments believe that at least $100 million of total investor funds may be at risk.Much of the money that has gone into Alianta International Credit Union, a.k.a. Alliance International Credit Union, was invested by U. S. nationals, according to one group.

Investment Holdings of Cornell Capital Partners LP and Cornell Capital Partners Offshore LP

August 31, 2003

Companies in which Cornell Capital Partners LP and Cornell Capital Partners Offshore LP have an interest - August 31, 2003.

Costa Rica seeks evidence in Florida for investigation into Michael Zapetis

August 22, 2003

Article based on an application to collect evidence for a criminal investigation into Michael Zapetis and others - pursuant to a request for judicial assistance by Costa Rica - that was filed under seal at federal court in the USA on August 22, 2003.

Investors in Bahamas-domiciled MJ Select Global seek to recover $9.8 m in losses

August 18, 2003

Investors in a failed Bahamas-based investment fund have filed a lawsuit in the United States in which they are seeking to recoup $9.8 million of losses.The plaintiffs are investors in M. J. Select Global Ltd., which is in liquidation after suffering total losses of "at least $30-$40 million", according to the complaint.Several of the many defendants are based in the Bahamas, including M. J. Select Global Ltd., Oceanic Bank & Trust Ltd., Citco Fund Services (Bahamas) Ltd. and Lion Corporate Services Ltd.

Goldsmith Investments Limited

August 14, 2003

Public Announcement about Goldsmith Investments Limited by the British Virgin Islands Financial Services Commission.

Uniworld Global Management Ltd.

August 13, 2003

Public Announcement about Uniworld Global Management Ltd. by the British Virgin Islands Financial Services Commission.

USA v. Jack Kronis: Criminal Judgment

August 11, 2003

Criminal Judgment in USA v. Jack Kronis at the U. S. District Court for the Western District of New York.

Panama to investigate alleged corruption regarding Marc Harris

August 9, 2003

Panama's government is to carry out an investigation into allegations of corruption involving its own officials and offshore crook Marc Harris, according to the local media. President Mireya Moscoso announced on August 6 that a Commission would be appointed to conduct the inquiry, reported La Prensa newspaper.

U. S. dentist imprisoned for offshore bank fraud

August 9, 2003

US dentist Noel Tait, who operated a fraudulent offshore bank licensed in Grenada, has received a prison-term in the United States.