Institute of Global Prosperity

The recent collapse in suspicious circumstances of four investment funds in the Cayman Islands which were established by one of the island's leading local businessmen - Naul Bodden - highlights the absurd level of secrecy that exists in all offshore financial centers that are currently or formerly UK Overseas Territories and, for that matter, the UK itself; Meanwhile, as one of Cayman's worst local company collapses was unfolding, a much-accomplished regulator who would have inspired confidence among the international community that the liquidations would be handled properly, Tim Ridley, was being replaced, effective July 27, 2008, as Chairman of the supposedly-independent Cayman Islands Monetary Authority by Carlyle McLaughlin, who is a cousin of Alden McLaughlin, a senior member of the Cayman Islands Government; Continuing on a Cayman theme, OffshoreAlert noticed that a US-based entrepreneur, Uthman Villanueva, using a business name of 'Golden Crest Consulting' a 'hotmail' email address and a PO Box mailing address in New York, NY, registered the domain name 'uglandhouse.com' as recently as June 28, 2008 - just a few weeks before the US Senate Permanent Subcommittee on Investigation was due to hold a hearing into tax avoidance and evasion in offshore financial centers; and Three founders of a fraudulent, offshore-focused outfit that was known first as the Global Prosperity Group and later as the Institute of Global Prosperity, received prison-terms for tax crimes at federal court in the USA on July 28, 2008.

One of the co-founders of the fraudulently-operated 'wealth-building' group known as Global Prosperity Group and the Institute of Global Prosperity has been convicted of tax evasion and conspiracy to defraud the United States.

A trust promoter with a history of involvement in fraudulent offshore investment schemes has been sentenced to seven years in prison in the United States.Dennis Poseley, a former resident of Phoenix, Arizona, was also fined $175,000 at his sentencing at the U. S. District Court for the District of Arizona on June 29, 2006.

OffshoreAlert long ago exposed the fraudulent oil and gas-related securities offerings of Kentucky-based conman David Graham Rose, who raised a substantial amount of his millions of dollars at offshore seminars, including those organized by the now-defunct Global Prosperity Group, a.k.a. Institute of Global Prosperity.Now he has been exposed by his local newspaper, the Courier-Journal, in Louisville, Kentucky, which published more than a dozen, in-depth articles about Rose and his business empire over March 19 and 20, 2006.

A criminal complaint was brought against three principals of a long running scam known as Global Prosperity Group and the Institute of Global Prosperity at U. S. District Court for the Western District of Washington on May 4, 2004.Defendants are

Two senior members of the tax evasion/investment fraud organization known as the Global Prosperity Group and the Institute of Global Prosperity, one of whom organized a conference in Bermuda in 1998, have pleaded guilty to tax evasion in the United States. Worryingly for tens of thousands of U. S. residents who are believed to be IGP clients, Margo E. Jordan and Shoshanna B. Szuch have agreed to co-operate with investigations into others in return for leniency.

A civil complaint has been filed against a group that has made a fortune by persuading U. S. citizens they are legally not required to pay income tax and by promoting fraudulent get-rich-quick schemes at conferences in offshore centers such as Aruba, Bermuda and the Bahamas. Plaintiff David Wayne Starkey claims he followed the tax advice only to end up being sentenced to eight months in prison in August, 2000 for willful failure to file a return.

In the wake of action taken by Swiss authorities against the Zurich based Sovereign Finance Group, which is being investigated for money laundering involving Russia and the Caribbean, regulators in St. Vincent & the Grenadines are taking action against Sovereign

An oil and gas company which was promoted as an investment opportunity at Institute of Global Prosperity conferences has filed for bankruptcy amid allegations of fraud.Robo Exploration Inc., a.k.a. Robo Enterprises Inc., filed for Chapter 11 bankruptcy protection at the United States Bankruptcy Court for the Western District of Kentucky on October 23, 2001.

A United States firm has been forming IBCs in Panama and selling them to North Americans at a huge mark-up on the basis that they are "financial institutions", OffshoreAlert can reveal.At least five of the IBCs are currently offering investment products and services from web-sites hosted in Montana or the Bahamas even though none holds a license.

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.

CBS News' television program '48 Hours', which is hosted by Dan Rather and averages approximately 11 million viewers per show, has filmed Offshore Alert's editor, David Marchant, for a television program on Cybercrime that is due to be aired on the evening of Thursday, January 25, 2001.