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Mexico seeks evidence from Merrill Lynch for corruption investigation

March 10, 2010
Mexico has requested information at Merrill Lynch, Bank One Corporation and Union Bank for a criminal investigation into alleged corruption. Details are contained in an application for the appointment of a Commissioner to collect evidence - pursuant to a request

Ecuador: Canaciet

February 18, 2010
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Ecuador into Jorge Ignacio Moran Rosero for suspected fraud and embezzlement while serving as Financial Administrative Manager of Canaciet.

Poland: Elektrim B Corporation

February 3, 2010
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Poland into alleged fraud and breach of warranty involving Elektrim B Corporation.

Mexico: Maria Karen Miyasaki Hara

January 20, 2010
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Mexico into Maria Karen Miyasaki Hara for alleged corruption while serving as Assistant Director of Intermediate Distilled Products at P.M.I. Comercio Internacional, S.A. DE C.V., a subsidiary company of Petroleos Mexicanos (Pemex).

SCA hit with class actions lawsuits filed by buyers of municipal bonds

May 9, 2008
Bermuda-based Security Capital Assurance Ltd., in which XL Capital owns a 46% stake, has been hit with a new wave of class action lawsuits. Already facing class action litigation brought on behalf of shareholders for alleged fraud, the latest lawsuits seek to recover damages on behalf of purchasers of municipal derivatives from January 1, 1992 to the present. The latest class action complaints - numbering three so far - were filed at three different federal courts in the United States from March 12 to April 23, 2008, with eight municipalities or cities and one university as the specimen plaintiffs.

Merrill Lynch seeks to enforce $3.1 b in guarantees from XL Capital Assurance

April 1, 2008
London-based Merrill Lynch International has filed a lawsuit against a subsidiary of Bermuda-based bond insurer Security Capital Assurance Ltd. in an attempt to enforce guarantees of up to $3.1 billion.MLI, which is incorporated in England and Wales, filed a complaint at the U. S. District Court for the Southern District of New York on March 19, 2008. Defendants are XL Capital Assurance Inc., which is incorporated and based in New York and a subsidiary of SCA, and XLCA Admin LLC, as Trustee for seven trusts, which are all based in New York. MLI is seeking declaratory judgments that guarantees from XLCA are "binding and enforceable".

De-Registration of Funds: February 29, 2008

February 29, 2008
The Cayman Islands Monetary Authority wishes to advise that the following mutual funds have either been struck off the Companies Register of the General Registry or dissolved. However, they failed to satisfy the Authority's termination requirements. Effective 29th February 2008, the named funds have been removed from the Authority's register.

Basis Yield Alpha Fund: Chapter 15 Petition (Cayman Islands)

August 29, 2007
Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the Cayman Islands by Hugh Dickson, Stephen Akers, and Paul Billingham, as the Foreign Representatives of Basis Yield Alpha Fund (Master), at the U. S. Bankruptcy Court for the Southern District of New York.

British woman defrauded Nasdaq-listed employer, claims Hong Kong

February 4, 2006
Article based on an application to collect evidence for a criminal investigation into alleged fraud - pursuant to a request for judicial assistance from Hong Kong - that was filed at federal court in the USA on January 27, 2006. Individuals and businesses mentioned in the request for assistance include Cassandra Keung Yuen-Mun, PacificNet Ltd., American Stock Trust and Transfer, ViewTrade Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Inc., Depository Trust Company, and Federal Express Pacific Inc.

Hong Kong: Cassandra Keung Yuen-Mun

January 27, 2006
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Hong Kong into Cassandra Keung Yuen-Mun for allegedly defrauding PacificNet Limited of approximately US$830,000 between November and December 2004.

Mexico requests financial records for fraud investigation

July 5, 2005
Article based on an application to collect evidence for a criminal investigation into alleged fraud - pursuant to a request for judicial assistance from Mexico - that was filed at federal court in the USA on June 8, 2005. Individuals and businesses mentioned in the request for assistance include Maria Leonor Parres-Murillo, a.k.a. Maria Burillo; Ana Elena Mendez Lecanda, Jorge Eduardo Burillo Azcarraga, Charles Bender, Merrill Lynch, and Bank of America.

Mexico: Maria Leonor Parres Murillo

June 8, 2005
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Mexico into Maria Leonor Parres Murillo, a.k.a. Maria Leonor Parres de Burillo, for alleged fraud.

Trust set up by ex-Philippines Governor sues Merrill (Cayman) for $1 m

February 28, 2005
Merrill Lynch Bank & Trust (Cayman) is being sued for damages of at least $1 million concerning a trust established  by a deceased former Governor of the Philippines, Armando Gustilo. The complaint was filed by his daughter, June Gustilo, at the U. S. District Court for the Central District of California on November 24, 2004.

Peru: Jaime Fernando Bellido Romero et al

December 8, 2004
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Peru into Jaime Fernando Bellido Romero and Jose Fernando Bellido de Lama for alleged money laundering, specifically concealing real and personal properties owned by Jose Enrique Crousillat Lopez Torres and Jose Francisco Crousillat Carreno.

Argentina family sues Merrill Lynch (Cayman)

June 30, 2004
An Argentina-based family is suing Merrill Lynch's operation in the Cayman Islands and New York for $1.3 million, alleging mismanagement of funds held in a trust. The beneficiaries of the Trust of Raquel Calles de Edelman claim that Merrill Lynch money managers in the Isle of Man lost that amount by altering the Trust's investment profile from "conservative" to "moderate to aggressive" without authorization.

Latin America Round-Up : March 31, 2004

March 31, 2004
ARGENTINA Good banks, bad banksElisa Carrió - leader of the Alternative for a Republic of Equals (ARI) party - warned the government in a letter that Merrill Lynch & Co. and Barclays Plc, two of the three banks picked by

US court freezes assets of Dominica Gov’t-controlled bank

July 31, 2003
Nearly $5 million belonging to the government-controlled National Commercial Bank of Dominica has been frozen in the United States after an offshore bank client was found to be in contempt of court.The U. S. District Court for the Northern District of Illinois froze $4,793,472 at NCB's correspondent account at the Bank of America in Miami, Florida on July 9, 2003.

Austria: Dieter Pointner

July 22, 2003
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Austria into Dieter Pointner for alleged fraud and embezzlement.

Germany: Bodo Schnabel et al

April 1, 2003
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Germany into Bodo August Schnabel and Ingrid Schnabel for alleged fraud.

Brazil: Wagner Baptista Ramos

September 12, 2002
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Brazil into allegations of money laundering, corruption, deviation of public funds and illegal trading in false securities involving Wagner Baptista Ramos and others.

USA v. Alvin Irwin Moss et al: Criminal Indictment

May 8, 2002
Indictment filed by USA against Alvin Irwin Moss, Frederick John Collier, Avraham Zohar, a.k.a. Avy Zohar; Richard Titterington, Geoffrey L. Feldman, Sherrie-Lee Doreen Cave, Peter James O'Sullivan, Rosalind Rose, Wayne Budd, Thomas Montgomery Bayer, Robert Murray Bohn, Stacy Layne Beavers, Beverly Ann Moss, Jeffery Allen Moss, Larry Charles Moss, Michael Joseph Harkin and Michael Elliot Cole at the U. S. District Court for the Western District of Tennessee.

Enron Re has assets of just $9.58 million

January 31, 2002
Enron Corp's Bermuda-registered captive, Enron Re Ltd., has assets of just $9.58 million to meet its liabilities, according to bankruptcy court filings. Creditors of the firm include Enron Corp., Enron North America, Risk Management & Trading Corp., European Finance Re and Harrington International Insurance Ltd.

Enron Re Ltd.: Section 304 Petition

January 18, 2002
Section 304 Petition for Assistance in Insolvency Proceedings in Bermuda by Malcolm Butterfield and Anthony McMahon, as the Foreign Representatives of Enron Re Ltd., at the U. S. Bankruptcy Court for the Southern District of New York.

Aruba: Pursi Tjew San Jie-A-Swie et al

September 12, 2001
Application for the appointment of a Commissioner to collect evidence - pursuant to a request for judicial assistance from Aruba - for a criminal investigation into Pursi Tjew San Jie-A-Swie, Farley Hon Ping Jie-A-Swie, Gerrit de Rouw, Hon Wo Choy, Kong Hing Supermarket NV, Kong Hing Supercenter NV and Kong Hing Freezone NV for suspected money laundering.

PlusFunds sues Bermuda Stock Exchange

July 31, 2001
Plans by the Bermuda Stock Exchange and a New York-based partner to develop a facility for the secondary market trading in the shares of hedge funds have ended in litigation.PlusFunds Ltd. filed two civil lawsuits at Bermuda Supreme Court on June 8, 2001, one against the BSX itself and another against a joint venture firm called BSX-PlusFunds Group Ltd.

South Africa: Dr. Wouter Basson

August 15, 2000
Application for the appointment of a Commissioner for a criminal investigation in South Africa into Dr. Wouter Basson for alleged fraud, murder, attempted murder, conspiracy to commit murder, possession of prohibited substances (Cocaine, Mandrax and Ecstasy) and "defeating the ends of Justice".

Switzerland: Magda Medina Perez

June 12, 2000
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Switzerland into Magda Medina Perez for alleged forgery and money laundering.

Marsh & McLennan and JP Morgan fall out after years of success

March 31, 1999
Bermuda's most successful insurance investment partnership, between Marsh & McLennan (now J&H Marsh & McLennan) and JP Morgan, may be coming to an acrimonious end.The two giants of the investment and insurance sectors, who were responsible for the formation of companies such as ACE, EXEL and Mid Ocean, have fallen out, apparently over Merrill Lynch being preferred to JP Morgan in lucrative insurance deals involving companies JP Morgan helped set up, we have been told.

Anne Kast’s Insurance Fund: Time to buy or sell?

March 31, 1999
Anne Kast, the Bermuda-based investment advisor who runs the Bermuda Insurance Index Fund, may have been ruing the timing of a recent full-page advertisement in The Royal Gazette newspaper. In an effort to drum up business for the fund, which was launched last year at $10 and is now at $9.40, readers were treated to massively optimistic buy recommendations of Bermuda's insurance stocks from analysts such as Morgan Stanley, Prudential, Merrill Lynch and Warburg Dillon.

Mexico: Gabriel Azcarraga Garcia et al

March 15, 1996
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Mexico into Babriel Azcarraga Garcia, Guillermo Azcarraga Garcia, Maria Elena Azcarraga Garcia and Martha Azcarraga Garcia for allegedly defrauding their brother, Jorge Azcarraga Garcia.

Bermuda Commercial Bank in joint venture with Merrill Lynch

October 12, 1995
Bermuda Commercial Bank and Merrill Lynch Asset Management yesterday signed a shareholders agreement to establish BCB Merrill Lynch Asset Management Ltd., which is expected to be incorporated as a local company by today.

Bank of Butterfield caught up in US stock scandal

October 6, 1994
The Bank of Butterfield has been caught up in a stock scandal that has hit some of Wall Street's best-known brokerage houses.One of the bank's clients - American Michael Morse - has been accused of ripping off brokers through a scam involving the technique of ‘short selling'.Butterfield was named as a defendant in a court action brought at Bermuda Supreme Court this week by giant US investment firm, Merrill Lynch.