Martin Eric Weisberg

A New York-based securities attorney who became a major shareholder in a firm that was turned down for a Bermuda insurance license has been indicted in New York for the second time in nine months. Martin Eric Weisberg was indicted on ten counts of wire fraud and one count of money laundering at the U. S. District Court for the Eastern District of New York on May 22, 2008. He has pleaded not guilty.

A New York attorney who provides securities law services to, and became a major shareholder of, Bermuda/Barbados-based, would-be insurer River Capital Group Inc. has been indicted for stock fraud and money laundering in the United States. Martin Eric Weisberg was indicted at the U. S. District Court for the Eastern District of New York on August 15, 2007. The indictment was sealed until October 19 - the same day that the U. S. Securities and Exchange Commission filed a civil complaint against Weisberg at the same court.

A wannabe Bermuda insurer whose license application was turned down in 2004 has resurfaced in Barbados, where it has teamed up with a group whose principals include a convicted criminal. The Barbados Supervisor of Insurance issued an insurance license to River Reinsurance Limited on December 16, 2005. 

A publicly-listed company in the United States whose subsidiaries include an offshore insurer is being sued in New York by investors who claim they were victims of a $50 million securities fraud. Strategy International Insurance Group Inc., whose shares are currently trading on the Over-The-Counter Bulletin Board at just six cents per share, misrepresented its assets and concealed “material negative facts” about some of its “principal executives and directors” in a private placement memorandum, according to the plaintiffs, who include investment funds in the British Virgin Islands and Cayman Islands.