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Bank of Butterfield promo used by IRS to help gain access to offshore credit cards

March 31, 2002
Promotional material from the Bermuda-based Bank of Butterfield was among IRS evidence that persuaded a California court to grant the tax collector access to VISA card records relating to 31 offshore jurisdictions, including Bermuda. IRS Agent Joseph C. West quoted from Butterfield's web-site which offered private bank services if "You seek to preserve your wealth and accumulate assets while reducing legal and tax restrictions".

US court freezes assets of Merrill Scott & Associates

January 31, 2002
A United States court has appointed a receiver for and frozen the assets of an offshore investment group that has been accused by the SEC of operating a Ponzi scheme that took in at least $25 million. David K. Broadbent was appointed receiver on January 23, 2002 for the defendants in a civil lawsuit that had been filed eight days earlier by the SEC at the U.S. District Court for the District of Utah.

Italy: Antonio Centrone

January 17, 2002
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Italy into alleged tax evasion by Centrone Pietro & Figli.

John Mathewson lawsuit moved from Illinois to Texas

December 31, 2001
A civil lawsuit filed by Leon Denning against his former Cayman Islands-based banker, John Mathewson, has been moved from Denning's home state of Illinois to Texas, where Mathewson resides.

Spain: Pedro Morillas Casas

December 26, 2001
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Spain into Pedro Morillas Casas and others on suspicion of forging documents and committing tax offenses.

Poland: Mariella LLC

December 13, 2001
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Poland into Mariella LLC for suspected tax fraud.

Appeals court rules in favor of UPS in tax dispute with IRS

September 30, 2001
The 11th Circuit U.S. Court of Appeals in the United States has denied a petition of the IRS Commissioner to rehear its earlier decision in favor of United Parcel Service Inc. in relation to the legality of its now defunct

Poland: Ryszard Warda

September 6, 2001
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Poland into Ryszard Warda for alleged fraud.

Former client sues John Mathewson for turning him in to the IRS

August 31, 2001
A businessman who has been criminally indicted for alleged tax fraud in the United States is suing former Cayman banker John Mathewson for turning him in to the IRS.It is believed to be the first time that a client of the now defunct Cayman-based Guardian Bank and Trust has sought damages against Mathewson for handing over the bank's records to the US authorities.Leon Denning, who was indicted on eight counts of tax fraud at the US District Court for the Northern District of Illinois on March 29, 2001, filed a civil suit against Mathewson at the same court on August 9.

Marc Harris clients imprisoned for tax evasion

June 30, 2001
Marc Harris clients Tony Vigna and his son, Joseph, have been sentenced to prison terms of 24 months and 18 months, respectively, at the U. S. District Court for the Southern District of Florida after previously pleading guilty to tax evasion.

UPS and Overseas Partners celebrate tax court decision

June 30, 2001
A US appeals court has overturned a 1999 decision that a reinsurance program operated by UPS and Bermuda-based Overseas Partners Ltd. amounted to tax evasion.The Eleventh Circuit Court of Appeals said the reinsurance program, which covered extra package insurance for UPS clients, was not a "sham transaction", as determined by the IRS and Tax Court.

David Voth cleared of impeding tax evasion inquiry

June 30, 2001
Canadian offshore advisor David Voth has been found not guilty by a provincial court of failing to comply with Revenue Canada's requests to see his financial records. Judge Bria Huculuk ruled on April 6, 2001 that the Crown had not proven "beyond a reasonable doubt" that Voth, 42, had the criminal intent of deliberately avoiding compliance, reported a local newspaper.

Clients of Marc Harris imprisoned in Florida

June 13, 2001
Marc Harris clients Tony Vigna and his son, Joseph, have been sentenced to prison terms of 24 months and 18 months, respectively, at the US District Court for the Southern District of Florida after previously pleading guilty to tax evasion.

Mathewson claims Cayman politician asked for pay-off

April 30, 2001
Former banker John Mathewson claims that a member of the Cayman Islands government once asked him for a pay-off of $250,000, plus shares in an offshore bank that Mathewson controlled. Mathewson, who owned and managed the now defunct Cayman-registered Guardian Bank & Trust, made the allegation on the first of three days of United States Senate hearings into money laundering.

Ukraine: Ukrainian Food Enterprise Ltd.

April 20, 2001
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Ukraine into Ukrainian Food Enterprise Ltd. for alleged tax fraud.

United Kingdom: Robert Swire et al

April 20, 2001
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the United Kingdom into Robert Swire and Robert Leung for alleged tax evasion regarding Memsolve Limited.

Panamanian regulators act against Marc Harris

March 31, 2001
The Panama Securities Commission has turned down an investment advisor application by Harris Investment Advisory Inc., which is part of The Harris Organization group. A Commission spokesman said the application was rejected primarily because of "the number of  complaints we have received from Harris clients alleging all sorts of dubious practices".

Raids on Jerome Schneider and Global Prosperity, charges against Anderson’s Ark

March 31, 2001
Jerome Schneider, who has made a living by selling offshore bank charters in lightly-regulated jurisdictions to private individuals and by writing offshore books, had his office raided by the IRS on February 26. The raid on the office of Schneider's Wilshire Publishing Company in California was one of three high profile actions taken against offshore promoters within five days of each other in the United States.

Poland: Sulik Auto, Inc. et al

March 22, 2001
Application for the appointment of a Commissioner to collect evidence from Sulik Auto, Inc., Progressive Auto, and Merek Piepryzyk - pursuant to a request for judicial assistance from Poland - for a criminal investigation in Poland into alleged tax fraud.

Harris Organization clients plead guilty to tax evasion

March 8, 2001
Harris Organization clients Tony and Joseph Vigna have each pleaded guilty to three criminal counts relating to tax evasion at the U. S. District Court for the Southern District of Florida, in Miami, in an attempt to minimize their sentence, which is due to be handed down on May 25, 2001.

Former Harris clients may change plea

February 28, 2001
Former Marc Harris clients Tony Vigna and his son, Joseph, appear to be about to change their plea on money laundering and other criminal charges from not guilty to guilty in Miami.What is described on the court docket sheet as a 'Change of Plea Hearing' has been set for March 2, 2001 before Judge Daniel Hurley at the US District Court for the Southern District of Florida.

Two more Harris Organization clients deported to US to face criminal charges

November 30, 2000
Two more clients of The Harris Organization have been arrested in Panama and deported to their native United States to face trial on criminal charges. Anthony Vigna, 68, and his son, Joseph, 35, were arrested on November 9, 2000 as they left their homes in Panama and immediately flown to Miami, where they are being held in custody.

IRS gains access to offshore credit card accounts

October 31, 2000
A US judge has ordered that American Express and MasterCard must hand over records to the IRS relating to Americans utilizing offshore credit, charge and debit cards through three offshore centers. The ex parte order, issued on October 30, 2000 at the US District Court for the Southern District of Florida, specifically relates to accounts linked with Antigua, the Bahamas and the Cayman Islands.

Marc Harris gets temporary reprieve after being closed down

October 31, 2000
After months of ignoring blatant illegalities, Panamanian regulators finally acted against The Harris Organization financial services group this month and suspended its business operations. However, an Order by La Comisión Nacional de Valores (National Securities Commission) was itself suspended by the Panamanian Supreme Court following an application by The Harris Organization.

Grenada licenses new FIBG and blocks FBI investigation into fraud

October 31, 2000
Grenada Prime Minister Keith Mitchell is being lined up as a potential defendant in a civil fraud lawsuit following the collapse of the First International Bank of Grenada. Depositors have vowed to take action against Mitchell after his government announced that it had granted a license to a new bank called First International Bank of Grenada 2000 Ltd.

Hungary: Laszlo Vargo

September 19, 2000
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Hungary into Laszlo Vargo for alleged tax fraud.

Omega Trust and Trading investment farce ends after six-year run

August 31, 2000
One of the longest-running investment farces ever ended this month when 19 people were criminally indicted in relation to a so-called 'offshore trading program' known as Omega Trust and Trading Ltd. The scheme has been going on since at least January, 1994 and has raised at least $12.5 million, according to an indictment filed at the US District Court for the Central District of Illinois on August 18.

Harris Organization-controlled motel put into receivership

August 31, 2000
A Florida motel controlled by The Harris Organization has been put into receivership after the Panama-based financial services group defaulted on an $11,820 per month mortgage. A receiver for Neptune's Hideaway Motel Inc., in Key Largo, was appointed by the 16th Judicial Court for Monroe County on June 20, 2000 after an application on June 6 by creditor LRJ Realty Inc.

Major countries strike hard against offshore centers

June 30, 2000
The high stakes poker game between onshore and offshore governments lost six players recently but another 35 have 12 months to decide whether the OECD is bluffing with the threat of sanctions.Bermuda, the Cayman Islands, Cyprus, Malta, Mauritius and San Marino have all signed an 'Advanced Letter of Commitment' agreeing to co-operate with international tax investigations.

German police investigate Marc Harris

June 30, 2000
The Panamanian authorities have received yet another request for assistance from a foreign agency investigating alleged crimes involving The Harris Organization financial services group. La Prensa, which is the main newspaper in Panama, reported in June that Interpol in Wiesbaden, Germany, had submitted a written request for help to their counterparts in Panama on March, 8, 2000. According to La Prensa, the Germans are investigating an alleged fraud committed in Germany and Switzerland and allegedly involving Heinz Richard, 52, someone called 'Hintermeier' and a company named Victus Commerz AG.

Poland: James Chrysler-Plymouth Jeep/Eagle

May 8, 2000
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Poland into the alleged importation of foreign cars and customs clearance based on allegedly forged documents.

OECD backs off publishing an offshore ‘hit list’

April 30, 2000
The much-vaunted publication of a tax haven 'hit list' by the Organisation for Economic Co-operation and Development has been put off for at least a year. The OECD had planned to name those territories deemed to engage in "harmful tax practices" in June of this year, after which the 29 OECD member countries would seek to punish those on the list by introducing "defensive measures".

Denmark: Poul-Erik Dyrvig, et al

February 28, 2000
Order regarding application for the appointment of a Commissioner to collect evidence - pursuant to a request for judicial assistance from Denmark - for a criminal investigation into Poul-Erik Dyrvig, Lars Stenkjaer Rasmussen, Jesper Nilakantan, Jesper Frotlund, and Soren Lindkvist at the U. S. District Court for the Northern District of Alabama.

Harris Organization moves closer to collapse

January 31, 2000
There are increasing indications that The Harris Organization financial services group of Panama is edging closer to collapse. Several of the group's clients have contacted Offshore Alert recently to complain that their requests to redeem all or part of their investments have been ignored.

Wellington Bank & Trust – same scam, different name

January 31, 2000
Offshore Alert has uncovered another highly dubious Grenada-registered bank that is owned by a former bankrupt. Wellington Bank & Trust, which was incorporated on July 27, 1998, is owned by John Edward Brinker Jr. and Gary Joel Bentz, who are both based in Ohio.

Latest on massive Grenada banking fraud

January 31, 2000
Offshore Alert can this month reveal further disturbing details about the massive financial fraud that is being committed on the island of Grenada in what appears to be a joint effort between the island's government and the private sector. What is currently taking place in Grenada mirrors what happened in Montserrat in the late 1980s when approximately 300 'paper' banks established with phantom capital defrauded foreign clients of tens of millions of dollars before eventually being closed down by the UK police in 1989/90.

Year in Review: 1999

December 31, 1999
January In our first exposé of the year, we give details of a multi million dollar fraud being committed by the First International Bank of Grenada, the World Investors' Stock Exchange, the International Deposit Insurance Company and related parties in

OffshoreAlert Awards For 1999

December 31, 1999
Annual OffshoreAlert Awards for: Worst Regulator, Worst Regulated Jurisdictions, Lie of the Year, Coward of the Year, Crooks of the Year, Jurisdiction in Most Need of a PR Make-Over, Most Small-Minded Decision, Most Arrogant Jurisdiction, Most Stupid Comments, Here Today, Gone Tomorrow Award, and Most Responsible Regulators.

UPS offered little evidence to show it was not avoiding US taxes

August 31, 1999
Given the amount of money at stake, which could eventually come to more than $2 billion in back taxes and fines, the attempt by UPS to create an 'arm's length' reinsurance company in Bermuda appears to have been remarkably clumsy, according to Judge Ruwe's 114-page opinion. In laying the groundwork for the restructuring of its shipper's risk program in 1983, the company seems to have drawn up little or nothing in the way of documentation that could later be used to give the appearance that the change was driven by sound business reasons, rather than a desire to avoid US taxes.

Harris Organization appeals libel decision

August 31, 1999
The Harris Organization financial services group of Panama has served official notice that it will appeal its loss of a recent libel lawsuit against Offshore Business News & Research Inc., which publishes Offshore Alert. The grounds for the appeal were not known at press time.

Overseas Partners to lose $370 of premiums following UPS Tax Court decision

August 31, 1999
Overseas Partners Limited expects to lose about 35 per cent of its annual premium volume as a result of the US Internal Revenue Service's recent favorable tax ruling over United Parcel Service of America, whose shipper's risk program is OPL's biggest source of revenue. The annual dollar cost to OPL is likely to be in the region of $370 million in lost premiums and approximately $200 million of net income, according to the company's own estimates.

OBNR defeats Harris Organization in libel lawsuit

August 13, 1999
The Harris Organization financial services group of Panama has lost its libel lawsuit brought against Offshore Business News & Research, which publishes this newsletter, and OBNR's principal, David Marchant. Judge Michael Moore, sitting in the United States District Court for the Southern District of Florida, issued a strong ruling in favour of OBNR and Marchant on August 10, 1999.

John Mathewson let off with probation after turning in his bank’s clients

August 4, 1999
Former Cayman banker John Mathewson has kept his freedom as a reward for turning in his clients to the US authorities. Mathewson, 71, was sentenced to five years of probation, 500 hours of community service and a $30,000 fine at the U. S. District Court for the District of New Jersey on August 2 after previously pleading guilty to money laundering, and tax evasion charges brought not only in New Jersey but also at the U. S. District Court for the Southern District of Florida and the U. S. District Court for the Eastern District of New York.

US criminal defendants become latest victims of John Mathewson

July 31, 1999
Eight defendants in a criminal indictment filed in Nebraska recently appear to be the latest victims of former Cayman banker John Mathewson's decision to help US authorities investigate his ex-clients.David Abboud, his brother Gene, son Baron and nephew Joseph, Susan Germer, United Imports Corp. (d.b.a. M. D. Electronics), G&A Distributing Inc. (d.b.a. Broadway Enterprises) and Infinite Electronics were charged on April 26, 1999 with 15 counts of Mail Fraud, 11 counts of Wire Fraud, seven counts of Unauthorized Reception of Cable Television Service, one count of Conspiracy to Commit Money Laundering, and 13 counts of Domestic Money Laundering.