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Madoff Trustee sues Cayman-domiciled Herald Fund for $578 m

July 19, 2009
The Bankruptcy Trustee of Bernard Madoff's fraudulently operated investment firm is suing a Cayman Islands domiciled hedge fund and the Fund's bankers in an attempt to recover $578 million for creditors. Irving Picard, as Trustee for the liquidation of Bernard

Madoff Trustee sues offshore funds and banks for $405M

May 18, 2009
Bernard Madoff's Bankruptcy Trustee has sued three British Virgin Islands domiciled hedge funds and two offshore banks in Bermuda and Gibraltar in an attempt to recover $405 million that he claims they collectively redeemed from the Ponzi scheme shortly before

Irving Picard v. Kingate Global Fund Ltd. et al: Complaint

April 17, 2009
Complaint in Irving Picard, as Trustee for the Liquidation of Bernard L. Madoff Investment Securities LLC v. Kingate Global Fund Ltd., of the British Virgin Islands; Kingate Euro Fund Ltd., of the British Virgin Islands, and Bank of Bermuda Ltd., of Bermuda, at the U. S. Bankruptcy Court for the Southern District of New York.

Madoff client-list reveals dozens of offshore entities

February 5, 2009
Dozens of offshore hedge funds, asset managers, IBCs and their representatives, including those in the Bahamas, Bermuda, the British Virgin Islands and the Cayman Islands, are among customers of accused fraudster Bernard Madoff, according to a client list released yesterday.The

Antigua & Barbuda: Lester Bird et al – Supplemental Request (2008)

June 19, 2008
Motion for Modification of Court Order and to Supplement Commissioner Appointment regarding a request from Antigua & Barbuda for judicial assistance for a criminal investigation into Lester Bird, Asot Michael, Josette Michael, Bruce Rappaport, Sir Ronald Sanders and others for suspected involvement in fraud, corruption, and money laundering.

Bank of Bermuda sued by Cayman hedge fund

May 7, 2008
One Cayman Islands-domiciled hedge fund is suing another, as well as the Cayman and Bermuda operations of the Bank of Bermuda, claiming it was short-changed by more than $400,000 when it redeemed its shares. Premier Hedge Inc., which is managed by Asset Alliance Advisors Inc. in New York, NY, is seeking actual damages of $407,845, plus interest, and punitive damages in a complaint that was filed at the Supreme Court of the State of New York, New York County on April 9, 2008.

Five U. S. attorneys/CPAs convicted in Cayman-based tax evasion scheme

April 1, 2008
Three CPAs and two attorneys in the United States are awaiting sentencing for their involvement in an offshore tax evasion scheme that ran from 1996 to 2005 and helped approximately 75 U. S. taxpayers deprive the Internal Revenue Service of an estimated $20 million in unpaid taxes. The scheme's masterminds were paid a fee for their services that was typically equal to 30% of the tax evaded by their clients, stated prosecutors.The scheme included the use of shell companies in the Cayman Islands and Nevis, including a sham media entity and a sham insurer, that were managed by Cayman-based management firms Zephyr International Ltd., whose Managing Director was Lewis Denton Rowe, and/or International Corporation Services Ltd., which is the corporate management company of law firm Myers and Alberga, according to filings at the U. S. District Court for the District of Utah. Offshore bank accounts were allegedly provided by the Bank of Bermuda and Butterfield Bank, both in Cayman.

Offshore providers hammered by U. S. investigators

August 8, 2006
An offshore insurer whose directors include former Chairman of the Cayman Islands Monetary Authority Michael Austin may have been used to help an American family worth billions of dollars break U. S. tax, securities and money laundering laws.The allegations were

US investigators hammer offshore providers

August 8, 2006
An offshore insurer whose directors include former Chairman of the Cayman Islands Monetary Authority Michael Austin may have been used to help an American family worth billions of dollars break U. S. tax, securities and money laundering laws.The allegations were made in a report entitled “Tax Haven Abuses: The Enablers, The Tools and Secrecy” that was published by the U. S. Senate Permanent Subcommittee on Investigations on August 1, 2006.

Bermuda bank accounts at center of Antigua corruption allegations

July 10, 2006
Accounts at the Bank of Bermuda and Butterfield Bank were used to launder millions of dollars of criminal proceeds stemming from corruption by former Antigua Prime Minister Lester Bird and his associates, it has been claimed. The Bank of Bermuda account was controlled by Asot Michael, Bird's former Chief of Staff and a current Opposition Member of Parliament, and the Butterfield Bank account was controlled by Bruce Rappaport, an offshore banker who is a former Antigua Ambassador to Israel and Russia and who was once the single biggest shareholder in the Bank of New York, according to the current Antigua Government. 

Wachovia Bank seeks to avoid giving records to Antigua corruption investigators

July 10, 2006
Wachovia Bank is trying to avoid turning over records to the Antigua Government for an investigation into alleged corruption by former Prime Minister Lester Bird, offshore banker Bruce Rappaport and others. The North Carolina-domiciled bank has applied for a protective order in a civil complaint filed by the Government of Antigua and Barbuda at the Eleventh Judicial Circuit Court for Miami-Dade County, Florida on February 23, 2006. 

Bermuda Government seeks bank records in probe of alleged fraud by former employee

August 4, 2005
The Government of Bermuda is seeking account records from three banks, including the Bank of Bermuda, for a possible lawsuit against an ex-employee who is currently under indictment for fraud and others.Details are contained in an application for limited pre-action discovery that was filed at the Supreme Court of the State of New York, County of New York, on July 29, 2005.

Here we go again: Citco accused of distributing false NAVs

August 3, 2005
An offshore fund administrator in the Netherlands Antilles has been caught up in a second hedge fund scandal in less than two years.Citco Fund Services (Curacao) NV is a defendant in a civil lawsuit filed on June 9, 2005 by investors in Dobbins Offshore, which was registered in the British Virgin Islands. KPMG (Netherlands Antilles), as the Fund's auditor, is also a defendant. The plaintiffs include companies in the Cayman Islands, France, Luxembourg and Switzerland.

SEC obtains judgment against Hartcourt Companies

July 5, 2005
The U. S. District Court for the Central District of California has granted summary judgment in favor of the SEC and against a publicly-traded firm that was closely associated with a closed-end investment fund that was once listed on the Bermuda Stock Exchange.