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USA v. Kenneth Thenen et al: Thenen’s Witness List

November 4, 1998
Kenneth Thenen's Witness List in USA v. Kenneth Thenen, Daniel Morris, Scott Thenen, Philip Carallo, Paul Braid, Dennis Farber, Richard Schuman, Melvin Brink, Charles Valvo, John Michael Flynn, Alexander McKenzie-Ross, Fernando Colon, Daniel Post, Stacey Thenen Demet, F. Larry Robinette, Dean Henrichs, Eugene Shirley, Kelly Thomas, Marcelli Martinez, Michael Philipson, Gabriel Aboy, Gilbert Harding, Lang Lewis, Peter Tobeck, Jeffrey Berman, Maurice Durbin, John Grifo, Rolando Viadero, Kurbanali Ramzanali, Patricia Dennis, Henry Geringer, Guy Benamati, Nicholas Paun, Harold Schumacher, Michael McClendon, and Dana Schuman at the U. S. District Court for the Southern District of Florida.

Everest Capital in arbitration with Manley Management

October 31, 1998
Bermuda based hedge fund management company, Everest Capital Limited, that is reported to have lost almost half of its $2.7 billion in assets this year through poor trading decisions, is currently involved in an arbitration hearing with Manley Management Inc.The

Insider Talking: October 31, 1998

October 31, 1998
A funny thing happened a few days after our expose of The Highlander Club in last month's Offshore Alert. I received from them a spam letter - sent a week before we published - stating "Congratulations You have been approved

Cayman Financial Brokerage House opens new HQ

October 31, 1998
The Cayman Financial Brokerage House recently officially opened its new headquarters at the Safe Haven Corporate Centre in Grand Cayman. CFBH is a full service brokerage firm offering trading in foreign exchange, futures, options, guaranteed funds and stocks.

James Dale Davidson and Agora Inc.: Sorting out fact from fiction

October 31, 1998
Investment adviser James Dale Davidson, an American businessman with extensive offshore interests who featured prominently in last month's expose of investment clubs run by Baltimore-based Agora Publishing, was taken aback recently when a subscriber to Agora's newsletter Strategic Investment posted the following message on its web-site: "I have been an eager reader of your insightful speculations about the world and its rapid devolution from nation-state boundaries. I am thus perplexed by the witless investment advice promoted as 'intelligence' within these hallowed halls of the privileged and elitely 'connected' 'sources'."

Antigua amends offshore laws in bid to curb white-collar crime

October 31, 1998
Following a 17-month review, the government of Antigua and Barbuda this month announced a series of legislative initiatives aimed at cleaning up the jurisdiction's reputation for being one of the most poorly regulated offshore financial centres. Proposed amendments to the International Business Corporation Act and the Money Laundering (Prevention) Act will create the Offshore Financial Sector Authority, which will have broad oversight and enforcement powers over offshore financial institutions.

Lines Overseas Management salesman caught misleading potential clients

October 31, 1998
An investment officer with Lines Overseas Management (Cayman) Limited has been caught misleading potential clients about his credentials by claiming in promotional literature that he sits on the board of advisors of a Bermuda bank that does not exist, we can reveal. At the centre of the controversy is Scott Oliver, a Scotsman who describes himself as an 'offshore financial strategist' for LOM, working from the company's offices in Buckingham Square, West Bay Road, Grand Cayman.
Eugene Chusid

Antigua’s regulators fight to close down Caribbean Bank of Commerce Ltd.

October 31, 1998
The Caribbean Bank of Commerce Limited, which operates as an Internet bank and appears to have Russian connections, has won the latest battle in an attempt by Antiguan regulators to take away its banking licence and strike it off the Companies Register. But the authorities are continuing their fight to close down the bank, one of whose officers with a heavy Russian accent called the offices of Offshore Alert this month and told us that "you don't know who you're dealing with" after we had started making inquiries about their operations.

Former US regulators lend support to white-collar criminals in Antigua

October 31, 1998
A report that we have been told was paid for by powerful banker Allen Stanford and presented to the Antiguan government in January of this year as part of the review of Antigua's offshore financial services sector contained a recommendation that would have severely hindered efforts to combat rampant white-collar crime.

State of Maine v. The Boston Group et al: Notice of Amendment

October 22, 1998
Notice of Amendment in State of Maine Bureau of Banking, Securities Division v. The Boston Group, Anthony Peter Allocca, Michael Allocca Jr., Mark Antony Angelo, Angelo Achilles Armenta, Jeffrey Scott Blitz, Francis Joshua Coady, Nils Christian Hellpap, Clifford Frederick Mastricola, Andrew DeWayne Morgan, Jackie Eugene Rumph, Kevin Erick Scannell, and David Leonard Sheppard.

State of Florida v. John McGarrity et al: Criminal Indictment

October 5, 1998
Criminal Indictment alleging racketeering and securities fraud in State of Florida v. John McGarrity James T. Staples, Joseph Monaco, James Deas, Francis Clarkson, John McGarrity, John Manion, Jeff Mann, Rich Mann, David Trotter, Steven Schaefer, Jeno Koch, and Julie Gilvary at Florida Supreme Court.

Global Currency Trust shuts down

September 30, 1998
Global Currency Trust, which has claimed at various times to be based in Nevis and the Bahamas, although it may not be registered anywhere, appears to have closed for business, leaving behind at least one angry investor.

Stirling Cooke share price roller-coaster

September 30, 1998
The share price of Stirling Cooke Brown Holdings has endured a roller-coaster ride on the NASDAQ stock exchange since our disturbing revelations about the company last month. Following our story, the share price quickly dropped to an all-time low of $11.125, which represented a 63 per cent drop in just five months and a fall of 49 per cent on its IPO price of $22 last November when the company was taken public by Goldman Sachs.

Equity Management Group’s unhappy clients

September 30, 1998
Complaints from investors in several countries have been made against the Equity Management Group, a firm of stockbrokers based in the Bahamas. Several clients, including those from Spain, France, Switzerland and South Africa, have accused the company of misappropriating their funds, according to sources.

BSX secures listing of another Cayman mutual fund – China Energy

September 30, 1998
The Bermuda Stock Exchange has approved the listing of up to 4.5 million voting common shares of the China Energy, Metal & Mining Fund - China Mining Sub Fund. The fund is incorporated in the Cayman Islands and is structured as a closed-ended umbrella fund. It is the latest in a long line of Cayman registered funds that have decided to list in Bermuda rather than their place of domicile.

Bermuda Insurance Index loses 22 per cent of value

September 30, 1998
The FTSE/BSX Bermuda Insurance Index, which was launched on July 15, 1998 with a value of 1,000 and broadly tracks the performance of the island's insurance market, had lost 22 per cent of its value by September 29, falling to 773.36. Such a large fall could indicate it might be an opportune time to buy into the Bermuda Insurance Index Fund Limited, which received approval this month to list up to 10 million non-voting common shares.

Agora’s investment clubs – complaints galore

September 30, 1998
Fancy making an annual 100 per cent return on your investment with minimum risk? Or how about receiving immunity against cancer, diabetes and senility? It might sound too ridiculous for words - and of course it is - but people are actually falling for this promotional spiel put out by two private investment clubs run by Baltimore-based Agora Publishing, which has close business ties to Lines Overseas Management, a Bermuda-based financial services firm, and also Lord William Rees-Mogg, former editor of The Times newspaper of London.

MRM takes battering on Yahoo! stock message board

August 31, 1998
Mutual Risk Management has been one of the best-performing stocks in any sector since it went public in June, 1991 but you wouldn't think so from the postings on a popular Internet message board run by Yahoo! and used by analysts, investors and others to 'discuss' the firm's stock.

Marc Harris latest: Liquidity crisis deepens, another client goes to prison

August 31, 1998
More information has come our way this month that sheds further light on the current and past turmoil of The Harris Organization of Panama, including details of liquidity problems, the conviction of another one of its clients on a drug trafficking charge and allegations of 'bounty hunting' against two of the group's officers. The financial services group, which we have previously reported as being insolvent, running a Ponzi scheme, ripping off clients and laundering the proceeds of crime, seems to be in financial trouble.

State of Maine v. The Boston Group et al: Notice of Intent to Censure

August 21, 1998
Notice of Intent to Censure in State of Maine Bureau of Banking, Securities Division v. The Boston Group, Anthony Peter Allocca, Michael Allocca Jr., Mark Antony Angelo, Angelo Achilles Armenta, Jeffrey Scott Blitz, Francis Joshua Coady, Kevin Erick Scannell, Nils Christian Hellpap, Clifford Frederick Mastricola, Andrew DeWayne Morgan, Jackie Eugene Rumph, and David Leonard Sheppard.

Court rejects Price Waterhouse bill of $76 m for 63 days of liquidation work

July 31, 1998
A Hong Kong judge has hit out at the provisional liquidators of the Bermuda-registered Peregrine Group after they and their legal advisers charged fees of $76 million for just 63 days of work. Doreen Le Pichon, Judge of the Court of First Instance High Court, said she was "greatly troubled by the amount involved" and refused to accept the charges of accounting firm Price Waterhouse and its legal advisers unless they could prove the work was reasonable and necessary.

Bermuda Fire & Marine liquidators rejected $10-$15 m offer to settle lawsuit

July 31, 1998
Defendants in a fraud lawsuit involving Bermuda Fire & Marine Insurance Company made an offer last year of between $10 million and $15 million to settle the case, OffshoreAlert can reveal. However, Bermuda Fire's liquidators, Ernst & Young, rejected the offer on the grounds that it fell substantially short of what was acceptable, said a source whose company is owed money by Bermuda Fire.

Investors Security Limited

July 22, 1998
Investors Security Limited - Enforcement Actions - Isle of Man Financial Supervision Commission

Theodore P. Netzky et al v. David J. Aubel et al: Complaint

July 10, 1998
Complaint in Theodore P. Netzky, Lester J. Rosenberg, James Whitney, Mary Claire Frye, Stuart Isen, Ronald N. Weiser, not individually but as Trustee of the Ronald Weiser Trust, and RAM Partners v. Computer Access International, Inc., David J. Aubel, Christina Perry and Roland Perry at the U. S. District Court for the Southern District of Florida.

Stirling Cooke – profit up but what lies around the corner?

May 31, 1998
Stirling Cooke Brown Holdings, a publicly-listed company over which there are several question marks, has reported a profit of $4 million for the three months ended March 31, 1998 - a 41 per cent increase on the same period a year earlier. The company reported that revenues went up by 39 per cent to $19.9 million, while reporting that expenses also increased by 39 per cent to $15 million.

The colourful world of the promoters of The Harris Organization

May 31, 1998
One wrote a book describing Albania as a "fairy tale land" and promised he could show investors "how to double your capital at no risk", another sells seemingly dodgy insurance brokerage licences to the gullible, promising they are available within 72 hours to people with no qualifications or even a formal education who will be able to access the Lloyd's of London market; and another has written a book on prostitution showing where "balding, fat guys like your author" can find "Thai virgins".

First Cayman Bank liquidators prepare to sue directors

May 31, 1998
The liquidators of First Cayman Bank have opened negotiations with the bank's directors and officers with a view to holding them financially accountable for their responsibilities. A lawsuit for negligence is also being considered against the bank's auditors. This and the fact that professional fees and disbursements totalling $1.16 million were incurred in the first 23 weeks of provisional or official liquidation were the highlights of the second report of FCB's liquidators, Ian Wight and Michael Pilling, of Deloitte & Touche, dated May 14.

First Nevisian defends itself in erroneous press release

May 31, 1998
A press release claiming it is the victims of a 'smear campaign' briefly appeared on the web-site (www.firstnev.com) of the First Nevisian stockbroking and corporate services group recently before quickly being taken off. The release was in response to our article of March 31 that revealed the existence of an arrest warrant for First Nevisian's boss, Keith King, in South Africa, where he is wanted for questioning in relation to fraud and forgery offences, that his Isle of Man company had lost a recent lawsuit brought by a former client and that King had been declared to be ‘not a fit and proper' person to run a company in the Isle of Man.

Insider Talking: April 30, 1998

April 30, 1998
David Walsh, the former head of Bre X Minerals, tried to close a bank account in the Bahamas and take out his entire deposit of $25.3 million two weeks after an audit revealed concluded that the supposedly rich Busang gold

Turks & Caicos firm used for alleged fraud

April 30, 1998
The U. S. Securities and Exchange Commission has obtained a preliminary injunction and other relief against an Austrian national and three of his companies, including one in the Turks & Caicos Islands, in connection with an alleged multi-million fraud targeted primarily at German-speaking Europeans.

Nevis government supports First Nevisian boss despite arrest warrant

April 30, 1998
The Nevis government has thrown its support behind the First Nevisian stockbroking and corporate services group after Offshore Alert revealed last month that there is a current arrest warrant in South Africa for its main principal, Keith Leslie King, in relation to fraud and forgery charges and that he was kicked out of the Isle of Man by regulators. We have not heard from King or the Nevis government since we ran our article last month.

Stirling Cooke accountant Brian Hynes has conviction for fraud

April 30, 1998
An accountant who participated in one of the world's best-known insurance frauds is currently working for Bermuda-based insurance group Stirling Cooke Brown Holdings as a financial accountant, we can disclose. Brian J. Hynes, former managing director of Carlos Miro-owned Anglo-American International Reinsurance Co., is employed by Stirling Cooke at its London office.

Al Thani lawsuit is not related to First Cayman Bank

April 30, 1998
Eyebrows were raised in Cayman this month when a lawsuit was filed at the Grand Court by Khalifa bin Hamad Al Thani against Strand Overseas Investment Limited. The Al Thani family, you may recall, owns Gulf Union Bank and its subsidiaries, First Cayman Bank and Gulf Union (Bahamas).

SEC v. Austria Trust Company Ltd. et al: Complaint

April 23, 1998
Complaint alleging fraud in U. S. Securities and Exchange Commission v. Austria Trust Company Ltd., of Belize; Bobby Lee Rodgers, and Glen Moyer, as Defendants, and City (U.K.) Ltd., as Relief Defendant, at the U. S. District Court for the Western District of Tennessee.

Arrest warrant out for First Nevisian principal Keith King

March 31, 1998
Readers who are considering doing business with the First Nevisian stock-broking and corporate services group in Nevis might like to know there is a warrant out in South Africa for the arrest of its key principal, Keith Leslie King. They may also be interested to learn that he set up a firm in Nevis after being kicked out of the Isle of Man, where his company, City & International Securities, also recently lost a £45,000 ($72,000) lawsuit brought by a former client. A second lawsuit against City & International Securities and King personally is due to be tried soon in the Isle of Man.

‘The Harris Matrix’ for hiding money from the IRS and your wife

March 31, 1998
Offshore Alert has obtained confidential documents that are presented to clients of The Harris Organization advising them how to hide their assets from their creditors, be it the IRS or their wives if they are going through a divorce. The documents are so sensitive that the cover sheet states: "Under no circumstances may this document be utilized outside the offices of The Harris Organization. Misuse or disclosure of this document is subject to civil and criminal sanctions under Panamanian law."

Marc Harris says: ‘We’re cleaner than clean.’

March 31, 1998
David Marchant, the publisher of Offshore Alert, flew to the Bahamas on Wednesday, March 25 to meet with Marc Harris at the Radisson Grand Hotel in Cable Beach, near Nassau. Also present at the meeting were Larry Gandolfi, who is a salesman; Christopher Davy, head of computers; and Alan McAloon, head of trust services.
marc-harris

The Harris Organization’s multi-million dollar Ponzi scheme

March 31, 1998
Offshore Alert can today disclose that Panama's most-hyped financial services group, known as The Harris Organization, is being run as a massive Ponzi scheme in which clients are being defrauded out of millions of dollars. The situation is so serious that The Harris Organization, which employs 150 people in Panama, is hopelessly insolvent, with net liabilities of at least $25 million, according to sources knowledgeable of the group's financial affairs.