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Switzerland: Henderson Pacific et al

September 3, 2002
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Switzerland into Hans Josef Ludwig, Georg Eduard von Boguslawski, Robert Schoch and Lidia Santangelo-Ortoleva for alleged fraud involving Henderson Pacific Private Bank and Henderson Pacific Financial Services AG.

Norwegian fraudster jailed in Bermuda

August 31, 2002
Bermuda-based Norwegian con man Vidar Lunoe, whose fraud victims included his own friends, was sentenced to three and a half years in prison on August 14.Lunoe, who also has British citizenship, admitted defrauding victims out of $1,078,000 during proceedings at Bermuda Magistrates Court.

Distressed debt fund dispute goes to Bermuda

August 31, 2002
A legal dispute in the United States between Lazard Freres and the former portfolio managers of a now-defunct offshore mutual fund has spilled over to Bermuda.Lazard Debt Recovery Fund Ltd., which is registered in Bermuda, filed a lawsuit against Michael A. Weinstock, of New Jersey, at Bermuda Supreme Court on August 21, 2002.

Former Imperial Consolidated insiders set up new investment scam

August 31, 2002
A new investment scam that has arisen out of the ashes of the failed Imperial Consolidated Group is being run along virtually identical lines, OffshoreAlert can reveal. Potential investors in a British Virgin Islands-registered firm doing business as 'Property International' are being offered annual interest rates of 18 per cent by Imperial's former management and promoters.

More criminal indictments in Evergreen Security investigation

August 31, 2002
Two businessmen whose interests have included Bahamas investment firms and a Bermuda reinsurer have been criminally indicted in the United States for their alleged involvement in a massive investment fraud.Jon Knight, 56, and J. Anthony Huggins, 63, stole $6.5 million from an account at the Bank of Butterfield in the name of British Virgin Islands-registered Evergreen Security, according to the complaint.

Costa Rica lets one foreign suspected fraudster escape and grants citizenship to another

August 31, 2002
In the 'Corruptions Perceptions Index 2002' recently published by Transparency International, Costa Rica was perceived to be the 40th most corrupt of 102 countries reviewed.That might change, however, following two recent incidents in a country that has become a magnet for North American investment fraudsters fleeing criminal investigations in their home countries.

Eight years in prison for promoter of fraudulent offshore products

August 31, 2002
A United States-based promoter of sham offshore investment products has been sentenced to eight years in prison after being convicted of securities fraud in Texas. Cameron O. Bailey was also fined a total of $6,000 and ordered to pay restitution to his victims when he was sentenced on August 29, 2002 at the 283rd District Court for Dallas, in Dallas County, Texas.

Brek Energy fiasco continues, more losses and restated earnings

August 31, 2002
The farce that is Brek Energy continued in August with the reporting of yet another quarterly loss and a restatement of previous earnings because the firm had classified some expense as revenue.Brek, into which the Bank of Bermuda and clients of Bermuda-based Lines Overseas Management invested in excess of $28 million, reported a net loss of $3.4 million for the quarter ended June 30, 2002.

Arrested Bahamas-based accountant has history of involvement with fraudulent companies

August 31, 2002
Bahamas accountant Michael M. Hepburn, who has been arrested and charged with money laundering in Miami, has a history of involvement with crooked companies, OffshoreAlert can reveal. Hepburn, 54, has provided fake audits for several offshore insurers that have collapsed amid heavy losses and allegations of impropriety, including Paramount Reinsurance Ltd., formerly First Reinsurance Ltd., of Barbados; and Alpine Assurance Ltd. and Savoy Reinsurance Co. Ltd., both of the Turks & Caicos Islands.

‘Bank Exchange’ principals charged with defrauding 100-year-old widow

August 31, 2002
Two men whose involvement in sham offshore credit unions was exposed by OffshoreAlert last year have been charged with defrauding a 100-year-old widow out of more than $6 million in the United States.Dale A. Erickson, 53, and Darryl K. Willis were arrested on June 27, 2002 in Connecticut and Montana, respectively, and are currently in custody, with bail set at $2.5 million for Erickson and $100,000 cash, plus conditions, for Willis.

Dominica regulators take over Investors Bank and Trust

August 31, 2002
Investors Bank and Trust Ltd., formerly known as Overseas Development Bank and Trust Ltd., has been taken over by regulators in its home jurisdiction of Dominica.PricewaterhouseCoopers was appointed controller of the bank on August 20, 2002 because IBT was "insolvent" and "unable to meet its obligations", according to Prime Minister Pierre Charles.

Marsh (Bermuda) M.D. among victims of Imperial Consolidated fraud

August 31, 2002
Five Bermuda residents, including Marsh Management's second-ranking officer on the island, are among worldwide victims of a massive investment fraud. Rory Gorman was a client of the Imperial Consolidated Group, which went into administration in the United Kingdom in June with liabilities of $345 million. Gorman is the Managing Director/Client Services of Marsh Management Services (Bermuda) Ltd., which describes itself as the "world leader in the management of captive insurance companies".

Canadian policeman praises offshore authorities for ‘Operation Bermuda Short’ co-operation

August 31, 2002
Canadian authorities who took part in Operation 'Bermuda Short' which led to 58 indictments, including two directors of a Bermuda-based firm, have praised offshore regulators for their level of co-operation."It's a fallacy that offshore centers do not co-operate with such investigations," said Garry W. G. Clement, Superintendent with the Royal Canadian Mounted Police, told OffshoreAlert. 

Three convicted drug dealers own preferred shares in The Harris Organization

August 31, 2002
New evidence obtained by OffshoreAlert shows that THREE convicted drug dealers are beneficial owners of the British Virgin Islands-registered parent of The Harris Organization financial services group. The traffickers all own preferred shares, which purport to pay annual interest of 10% in the case of Wallace Stull and James Somerville, and 7% for Lawrence Boulanger.

Computer hackers try to steal $7 million from Crowne Gold

August 31, 2002
Computer hackers have unsuccessfully attempted to steal $7 million from an alternative currency firm linked with offshore provider Terry Neal.News of the incident is contained on the web-site of Crowne Gold, which operates from addresses in Grenada and St. Kitts.

United Kingdom: Kevin Dooley et al (Florida)

August 28, 2002
Application for the appointment of a Commissioner to collect evidence from Pinebank - pursuant to a request for judicial assistance from the United Kingdom - for a criminal investigation into "Kevin Dooley, John Silver and others for theft and conspiracy to defraud".

United Kingdom: James Cadwell et al

August 21, 2002
Application for the appointment of a Commissioner for a criminal investigation in the United Kingdom into alleged fraud by James Cadwell, Richard Pope and David Curley.

58 suspected fraudsters and money launderers indicted in ‘Operation Bermuda Short’

August 15, 2002
Fifty-eight people have been criminally indicted in the United States following a two-year undercover investigation into white-collar crime. As of lunch-time today, 53 of those indicted had been arrested, including Bahamas-based accountant Michael Hepburn, who helps to operate Barbados-licensed Keywest Swiss Investment Bank.

Asset freeze order issued against Imperial Consolidated founders

August 14, 2002
A worldwide mareva injunction has been issued in the United Kingdom against Lincoln Fraser and Jared Brook, who co-founded the fraudulently-operated Imperial Consolidated Group. The injunction freezes all personal and business assets belonging to Fraser and Brook.

More class action complaints filed against Mutual Risk Management Ltd

July 31, 2002
Two more class action lawsuits were filed against Mutual Risk Management Ltd. during July, bringing the number of shareholder actions to five over the last two months.As with the previous suits, they were both filed in the U. S. District Court for the Southern District of California and the defendants in each were MRM, Robert A. Mulderig, James C. Kelly and Andrew Cook.

Salisbury Merchant Bank offices raided in share scam investigation

July 31, 2002
Yet another Grenada-licensed offshore bank has been taken over by regulators amid allegations of fraud and investigations by foreign police authorities.Salisbury Merchant Bank had accountant Marcus Wide, of PricewaterhouseCoopers, appointed as its controller on July 25 following an application to the Grenada High Court.

Luis Enrique Villalobos claims annual returns of 75% for 25 years, denies impropriety

July 31, 2002
A 62-year-old Costa Rican businessman who enters into "private loan arrangements" with individuals who are promised annual returns of up to 39.3 per cent has refuted allegations of impropriety.Luis Enrique Villalobos Camacho told OffshoreAlert that he is able to pay such returns because he earns about 75 per cent per year from "buying and selling items such as property, cars and boats".

Imperial Consolidated administrator awaits results of geological survey in Argentina

July 31, 2002
The results of an independent geological survey of 4.5 million acres of land in Argentina to which the Imperial Consolidated Group has mining rights are expected to be known by the end of August. They will go a long way to determining the level of dividend creditors can reasonably expect, said a spokesman for Imperial's UK-based administrator, Mazars Neville Russell.

Two more FIBG promoters file for bankruptcy in the United States

July 31, 2002
Two more men who were involved in the fraudulently-operated First International Bank of Grenada have filed for bankruptcy in the United States.Paul James Peiffer and Robert John Skirving separately filed for bankruptcy on May 20 and May 23, respectively, at the U. S. Bankruptcy Court for the District of Oregon.

FIBG stripped of assets just before collapse, says liquidator

July 31, 2002
First International Bank of Grenada founder Van Brink stripped $4.5 million of assets out of the bank not long before it went bust, according to its liquidator.In his third report to creditors dated June 1, 2002, Marcus A. Wide, of PricewaterhouseCoopers, reported that details of the asset transfers were contained "unsigned minutes from FIBG's June 2000 Board of Directors meeting".

Two new lawsuits filed in Evergreen Security bankruptcy

July 31, 2002
Two new civil lawsuits have been filed against parties believed to have contributed to the collapse of Evergreen Security, an unlicensed 'mutual fund' that is believed to have defrauded investors of approximately $200 million.On July 9, 2002, Evergreen's Bankruptcy Trustee, Bill Cuthill Jr., announced he had sued Bahamas resident Greg A. White for an amount that could exceed $50 million.

Brek Energy – past allegations against CFO

July 31, 2002
OffshoreAlert has uncovered further information casting doubt on the legitimacy of Nasdaq-listed Brek Energy, whose dismal operating results caused the Bank of Bermuda to write off its entire $14.3 million investment.We have obtained details of allegations of impropriety against the firm's Chief Financial Officer in 1995 relating to a former employer.

FN Group’s Redmond Capital files action against Canadian firm

July 31, 2002
Florida-registered Redmond Capital Corp., which is controlled by The FN Group (formerly First Nevisian), of Nevis, has filed a civil lawsuit in Canada in which it is seeking $150,000.The action was filed on July 15, 2002 at the British Columbia Supreme Court against Vancouver-based 584956 B.C. Ltd., which is controlled by Byron Loewen, Gary Mazzei and Gerry Caul.

Financial broker accused of securities-loan fraud

July 31, 2002
A Florida-based businessman with a checkered past has been accused of defrauding 160 international investors of $87 million in a stock scam.David H. Siegel, 65, used companies and bank accounts in the Bahamas and other offshore jurisdictions to siphon off funds from his clients, it has been alleged.

Cash 4 Titles – drugs money and fraud

July 31, 2002
An attorney who was last year imprisoned for helping to launder $1.1 million of drugs money through the Cayman-based Cash 4 Titles Ponzi scheme has been sentenced to another term for investment fraud.James A. Franklin Jr. was sentenced to 54 months in prison on July 8, 2002 at the United States District Court for the Northern District of Florida.

AIF Bank and Trust has Dominica banking license revoked

July 31, 2002
AIF Bank and Trust Limited has had its banking license revoked in Dominica, the island's offshore regulators told OffshoreAlert.AIF Bank had been granted a provisional license on August 10, 2001 but it was revoked towards the end of July, said a regulatory spokesperson.

Bahamas resident sued for more than $50 million by Evergreen Security’s Bankruptcy Trustee

July 9, 2002
A civil complaint has been filed against Bahamas resident Greg A. White as part of the investigation into Evergreen Security, whose principals defrauded its clients of more than $200 million.The action, which seeks to recover more than $50 million, was filed at the United States Bankruptcy Court for the Middle District of Florida, in Orlando, by Evergreen's Chapter 11 Bankruptcy Trustee, R. W. (Bill) Cuthill, Jr.

FIBG liquidator warns creditors to expect no dividend

July 8, 2002
In his Third Report dated June 1, 2002, the liquidator of the First International Bank of Grenada has again warned creditors that there may not be any dividend distribution.Marcus A. Wide, of PricewaterhouseCoopers, advised "there is a real and distinct possibility that there will be no distribution whatsoever made by the Liquidator to the FIBG depositors/creditors".

Police raid offices of ‘The Brothers’

July 6, 2002
Police investigating money laundering and drug trafficking have raided the offices of a Costa Rica-based money exchange operated by Luis Enrique Villalobos.The action has led to financial uncertainty for hundreds of foreigners who have collectively invested millions of dollars in a long-running high yield investment scheme operated by Villalobos and his brother, Oswaldo, who are known locally as 'The Brothers'.

SEC v. Eric Resteiner, et al: Final Judgment

July 2, 2002
Final Judgment against Eric Resteiner and Voldemar VonStrasdas in U. S. Securities and Exchange Commission v. Eric Resteiner, Bunker Hill Aviation, LLC, Miles M. Harbur, and Charles G. Dyer, Resource F, LLC at the U. S. District Court for the District of Massachusetts.