Euro Bank Corp.

Euro Bank Corp. (Cayman) creditors to receive 100 cents in the dollar

July 31, 2003

Clients of Cayman Islands-based Euro Bank Corp. (in liquidation) are to be re-paid their entire principal and some will even receive interest, they have been informed. The payment of a final dividend of 20 cents - bringing the total dividend to 100 cents in the dollar of principal - was approved by the Grand Court of the Cayman Islands on May 1, 2003.

Forfeiture complaint filed against Euro Bank account

April 30, 2003

The United States government has filed a forfeiture complaint against an offshore bank account that it claims contains some of the proceeds of an advance fee fraud that cheated more than 400 people out of at least $60 million.The action was filed on February 23, 2003 at the U. S. District Court for the Northern District of Florida against a bank account in the name of Nevis-registered Rosie Capital LLC at Euro Bank Corp. (in liquidation), of the Cayman Islands.

On Her Majesty’s Not So Secret Service

January 31, 2003

Cayman's much-vaunted reputation for bank secrecy is in tatters after revelations that the island's senior anti-money laundering officer has been selling secrets to British intelligence since 1990. While Cayman was being promoted as a financial center where it was a criminal offense to reveal confidential information, Brian Gibbs was passing on virtually everything that came across his desk.

Offshore News Briefs: January 31, 2002

January 31, 2002

Bahamas enteres into Tax Information Exchange Agreement with the United States; UBS is reducing its number of staff in the Cayman Islands; The trial of former officers and clients of Euro Bank Corp. is scheduled to begin in May, 2002; and Creditors of First Cayman Bank may receive up to 60 cents in the dollar.

Liquidated banks sue Cayman Gov’t over US$2.5 million ‘mistake’

September 30, 2001

Two Cayman banks that were closed down by regulators due to money laundering concerns have filed lawsuits against the government seeking the return of a mysterious US$2.5 million payment in 1997. The litigation relates to the unusual circumstances in which Euro Bank Corporation, then a Class 'B' bank, obtained a rarely-awarded Class 'A' banking license on October 8, 1997.

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.

Insider Talking: February 28, 2001

February 28, 2001

Offshore regulators act against banks named in U. S. Senate's 'Correspondent Banking: A Gateway to Money Laundering' report, Marc Harris denounces attempt to strip him of Panamanian citizenship, David Voth comes up with a novel excuse as to why he can't make investment pay-outs, complaints about Morrison Cross Financial Investments start coming in, details of relatively-recent lawsuits involving Jerome Schneider and/or related entities, U. S. court approves settlement plan between Heartland Financial Services and investors who received "false profits", Pittsburgh travel agent Roy Davis Jr. becomes latest victim of John Mathewson's co-operation with US authorities, sset freeze order issued against Midpoint Trading Corporation, Euro Bank Corp. 'Preliminary Inquiry' hearing starts in Cayman Islands.

Nine charged with money laundering at Euro Bank

February 29, 2000

Cayman Islands police have brought charges against nine people as part of an investigation into the alleged laundering of $25 million through Euro Bank Corp. (in liquidation). Four of the accused are residents of the Cayman Islands - including three former officers of the bank, while the other five live in California.

Insider Talking: July 31, 1999

July 31, 1999

Global Village Market and the World Investors' Stock Exchange, Global Prosperity Group charges attendees $17,000 each for its get-rich-quick conferences, John Mathewson and the FBI, Cayman bank officer lived in home owned by client, says source; Harris Organization tries to subscribe to Offshore Alert, journalists seek information on Michael Ashcroft, Harris Organization officer Alan McAloon professes ignorance over Florida property ownership.

Insider Talking: December 30, 1997

December 30, 1997

Former 'Acting CEO' of the Cayman Islands Stock Exchange applies to head Bahamas International Stock Exchange, Bermuda Government wants a Bermudian, not British, Governor' Cayman judge rebukes attorney F. Lee Bailey, First Cayman Bank liquidators may want to look at two properties in Florida that belong to the Quraeshi family, further evidence emerges of Cayman Islands Government incompetence in collapse of First Cayman Bank, the hypocrisy of Bermuda's Home Affairs Minister Quinton Edness, Euro Bank Corp. receives Class 'A' banking license in Cayman.

Insider Talking: November 30, 1997

November 30, 1997

US depositors withdraw $14 million after losing confidence in Cayman Islands, John Jefferson Jr. seeks to sell his shares in Cayman fast-food franchises, mystery surrounds the awarding of a Class 'A' bank license in Cayman to Euro Bank Corp. following a $2 million payment, John Tugwell says he quit as Bank of Bermuda CEO for "personal reasons", Bermuda Gov't Minister Quinton Edness makes difficult-to-believe claim about why Police Commissioner was fired, Bermuda Governor Thorold Masefield takes the public for idiots, did Maples & Calder senior partner Tony Travers really receive $6 million in annual dividends?, profits of First Bermuda Securities revealed, Bermuda lawyer Lynda Milligan-Whyte turns $67,200 into $500,000 at First Bermuda Securities.

Details about the collapse of First Cayman Bank

October 16, 1997

Two loans - one of more than $5 million to the owner and another of about $10 million to Texas oil-man Tom Hajecate - form a major part of the Cayman Islands Monetary Authority inquiry into the collapse of First Cayman Bank, Offshore Alert can reveal. These and further details about the bank's financial problems have emerged over the last few days - a period in which this newsletter has been threatened with legal action by government minister McKeeva Bush, who is a director of First Cayman, and warned by his lawyer that we faced criminal prosecution if we continued to pursue the story.