Hernan Castro Gehrels

Seventy-six new lawsuits have been filed by the Bankruptcy Trustee of a fraudulently-run offshore 'mutual fund' known as Evergreen Security, which is insolvent by approximately $200 million. The actions, which have been filed in Florida, seek to reclaim more than $8.1 million that was allegedly fraudulently transferred by way of commissions to promoters of Evergreen.

The former owner of Bermuda-registered AFC Re has been caught up in an investigation into an alleged $200 million fraud involving an unlicensed offshore mutual fund.Atlantic Portfolio Analytics and Management, of Orlando, was an investment adviser to Evergreen Security Ltd., which filed for bankruptcy in Florida on January 23, 2001.

A Florida court has issued an injunction forbidding the liquidator of Bahamas-based Surety Bank and Trust from distributing assets to seven people, including six of the bank's shareholders.The injunction is part of an investigation into an alleged $200 million fraud committed in the name of Evergreen Security Ltd., which effectively operated as an unlicensed offshore mutual fund.