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Virginia Insurance Commissioner accused of abusing his authority

November 30, 2003
The Virginia Commissioner of Insurance has been accused of wrongfully seizing $57 million that allegedly belongs to insolvent Bermuda based captive First Virginia Reinsurance.Alfred W. Gross, as Deputy Receiver of Reciprocal of America and The Reciprocal Group Inc., allegedly illegally

Insider Talking: October 31, 2003

October 31, 2003
A New York-based investment banker who once hired celebrity attorney Robert Shapiro to sue Bermuda-based investment firm Lines Overseas Management was arrested on October 2, 2003 after being criminally indicted for alleged securities fraud; British Virgin Islands-registered Kesman Overseas has been named as a Specially Designated Narcotics Trafficker by the Office of Foreign Assets Control in the United States; A recent report entitled 'Global Economic Crime Survey 2003' by PricewaterhouseCoopers, in association with Wilmer, Cutler & Pickering, of New York, contains some interesting statistics; Banks in the Channel Islands have reported renewed efforts by fraudsters attempting to deceive customers into unnecessarily providing important personal banking information, according to the Commercial Crime Services division of the International Chamber of Commerce; Bermuda's local business industry was coming to grips this month with an announcement that the Bank of Bermuda - a 114-year-old national institution and the world's largest offshore-based bank - is to be bought by HSBC Holdings PLC for US$1.3 billion.

PwC Bermuda seeks dismissal of Tyco lawsuit

September 30, 2003
As the criminal trial of two former executives of Bermuda domiciled Tyco International Ltd. got underway in New York this month, the firm's former Bermuda auditor was seeking the dismissal of a civil lawsuit in which it is a defendant

Lancer Offshore Receiver’s first report paints gloomy picture

September 11, 2003
More than $600 million of the $1.15 billion invested in the Lancer Offshore group of hedge funds from 1995 to 2002 may be lost.The initial report of Lancer's receiver, Marty Steinberg, acting for the SEC, showed that investors put in

Stirling Cooke Brown Insurance Brokers Ltd. goes into administration

July 31, 2003
After the loss of a major lawsuit, Stirling Cooke Brown Insurance Brokers Ltd. has gone into administration in the United Kingdom.Paul Evans and Dan Schwarzmann, of PricewaterhouseCoopers, were appointed joint administrators on July 17, 2003 - nine days after a judgment in a U. K. High Court action filed by Sphere Drake Insurance.

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.

Winding-Up petitions filed against five offshore banks

July 22, 2003
Petitions to wind-up five offshore banks are due to be heard at Grenada High Court on Thursday, July 24, 2003.The banks are Bank Crozier Ltd., DIAK Bank Ltd., Anglo American Bank Ltd., Wellington Bank & Trust Ltd., and Cornerstone International Saving & Investment Bank Ltd.

Bermuda captive is defendant in four class action lawsuits in US

June 30, 2003
Bermuda-based captive First Virginia Reinsurance Ltd. has been named as a defendant in four class action lawsuits filed in the United States on behalf of thousands of physicians, hospitals, clinics and attorneys. The lawsuits are on behalf of all parties in the U. S. who bought malpractice liability insurance coverage through Reciprocal of America, now in receivership, and/or affiliated parties from January 1, 1991 to January 31, 2003.

Bank Crozier proposes reconstruction plan in Grenada

May 22, 2003
Grenada's oldest offshore bank, Bank Crozier Ltd., will this week submit a reconstruction plan to the local regulator in an attempt to stave off liquidation.Peter Johansson, the bank's CEO, told OffshoreAlert that $2.6 million of new capital has been pledged

Lancer Offshore losses could be as high as $400 million

March 31, 2003
Investors in a British Virgin Islands-registered offshore hedge fund with ties to convicted or suspected fraudsters might be staring at losses totalling $400 million. That is the capital contribution believed to have gone into Lancer Offshore Inc., much of whose "assets" comprise interests in dubious, loss-making, penny stock firms whose shares are thinly-traded.

Lancer Offshore, suspends cash redemptions and sues New York Post

February 28, 2003
Lancer Offshore Inc., which is registered in the British Virgin Islands and listed on the Irish Stock Exchange, has brought a libel lawsuit against the New York Post - one month after notifying investors it was effectively suspending cash redemptions. The libel action was filed at New York State Supreme Court on February 14, 2003 after the Post published three negative articles about the Fund, which purports to have assets valued at $1 billion, and/or its principal, Michael Lauer.

Arthur Andersen captive seeks Scheme of Arrangement

November 30, 2002
Arthur Andersen's Bermuda registered captive, Professional Services Insurance Company Ltd., is seeking to enter into a Scheme of Arrangement with its creditors.An order was issued at Bermuda Supreme Court on November 14, 2002 granting the firm's application to meet with

Insider Talking: September 30, 2002

September 30, 2002
The Imperial Consolidated fraud has taken a further turn for the bizarre with the distribution in September of several press releases, masquerading as news stories, by a newly incorporated British company called Matrix International (Management) Ltd., whose commercial address is

Thierry Nano sues liquidator of his offshore banks

September 30, 2002
Thierry Nano, who is wanted in the United States on suspicion of money laundering, has filed a civil complaint in New York against the liquidator of his offshore banks.Defendants in the action are PricewaterhouseCoopers and Marcus A. Wide, a PWC

Former bankrupt (x2) and scam victim touts forex scheme

September 30, 2002
A twice bankrupt businessman who once fell victim to a foreign currency exchange scam is promoting his own Forex scheme and telling participants it is "realistic" to expect monthly returns of four per cent.Maurice Lewis Mills, 37, operates Washington State-based Sterling forex LLC, which claims it has "fulfilled CFTC Compliance requirements to offer forex trading advisory services to U.S. Clients".

Salisbury Merchant Bank offices raided in share scam investigation

July 31, 2002
Yet another Grenada-licensed offshore bank has been taken over by regulators amid allegations of fraud and investigations by foreign police authorities.Salisbury Merchant Bank had accountant Marcus Wide, of PricewaterhouseCoopers, appointed as its controller on July 25 following an application to the Grenada High Court.

FIBG stripped of assets just before collapse, says liquidator

July 31, 2002
First International Bank of Grenada founder Van Brink stripped $4.5 million of assets out of the bank not long before it went bust, according to its liquidator.In his third report to creditors dated June 1, 2002, Marcus A. Wide, of PricewaterhouseCoopers, reported that details of the asset transfers were contained "unsigned minutes from FIBG's June 2000 Board of Directors meeting".

FIBG liquidator warns creditors to expect no dividend

July 8, 2002
In his Third Report dated June 1, 2002, the liquidator of the First International Bank of Grenada has again warned creditors that there may not be any dividend distribution.Marcus A. Wide, of PricewaterhouseCoopers, advised "there is a real and distinct possibility that there will be no distribution whatsoever made by the Liquidator to the FIBG depositors/creditors".

AvantGuard Bank goes into liquidation in Grenada

May 31, 2002
Grenada licensed AvantGuard Bank and Trust Ltd. has gone into voluntary liquidation following a review of its operations by accounting firm PricewaterhouseCoopers, acting on behalf of Grenada's Ministry of Finance. Pierre Gauthier, a spokesman for the bank, told OffshoreAlert on

Alpha Toronto denies link with Bermuda-registered fund

February 28, 2002
A new group that is operated from the same offices as Imperial Consolidated by people who are described as ex-Imperial employees has denied that it has become involved with a Bermuda-registered mutual fund. A spokesman for Alpha Toronto described as "incorrect" an article that was recently published in a magazine operated by British-based Charterhouse Communications.

Carolina Re is forced into liquidation

December 31, 2001
Losses from the World Trade Center terrorist attack have claimed their first victim in Bermuda, with the forced liquidation of Carolina Reinsurance Limited.Carolina Re was a Class 3 insurer that was formed in Bermuda in 1984 and managed by Westbroke Ltd., which is operated by the law firm of Conyers, Dill & Pearman.

Carolina Reinsurance Ltd.: Section 304 Petition

December 5, 2001
Section 304 Petition for Assistance in Insolvency Proceedings in Bermuda by Gareth Hughes and John McKenna, as the Foreign Representatives of Carolina Reinsurance Limited, at the U. S. Bankruptcy Court for the Southern District of New York.

Insider Talking: September 30, 2001

September 30, 2001
How concerned is the Financial Times newspaper about being used to facilitate fraud? Not enough to stop publishing bogus valuations for the Cayman Islands domiciled Aristocrat Endeavor Fund. The FT is continuing to accept and publish sham Net Asset Values

Antigua Gov’t tries to seize Eurofed Bank assets

July 31, 2001
In secret court hearings held in Antigua, the island's government has been trying to seize all or most of the $76 million of assets recovered so far in the liquidation of Eurofed Bank Ltd., we can reveal.The government is claiming the assets under its anti-money laundering laws on the grounds that they are the proceeds of criminal activity by former Ukraine Prime Minister Pavlo Lazarenko, 48.

FIBG liquidator warns creditors to expect no dividend

April 30, 2001
Creditors of the First International Bank of Grenada have been informed by its liquidator that they might get back nothing from the liquidation. In a letter to creditors dated April 23, 2001, FIBG liquidator Marcus A. Wide, of accounting firm PricewaterhouseCoopers, wrote that "there will be a significant shortfall to creditors".

FIBG put into liquidation, founder weds Ugandan woman half his age

January 31, 2001
A petition to wind-up the First International Bank of Grenada was filed by the Grenada government on January 12, with PricewaterhouseCoopers appointed as liquidator. In the petition, the government announced that US$206 million of clients' principal went into FIBG and that an additional US$266 million of interest is owed to creditors.

Eurofed Bank goes from receivership to liquidation

December 31, 1999
Eurofed Bank, which went into receivership in November, has now gone into liquidation. The bank went into liquidation by order of the High Court of Justice of Antigua and Barbuda on December 3, 1999.

Denmark: Palle Hemicke et al

April 22, 1999
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Denmark into Palle Hemicke, Svend Thorn, Tom-Ayn Ipsen, and Hans Jorn Lykke for alleged fraud against creditors.

Court rejects Price Waterhouse bill of $76 m for 63 days of liquidation work

July 31, 1998
A Hong Kong judge has hit out at the provisional liquidators of the Bermuda-registered Peregrine Group after they and their legal advisers charged fees of $76 million for just 63 days of work. Doreen Le Pichon, Judge of the Court of First Instance High Court, said she was "greatly troubled by the amount involved" and refused to accept the charges of accounting firm Price Waterhouse and its legal advisers unless they could prove the work was reasonable and necessary.

Gulf Union (Bahamas) finally goes into permanent liquidation

March 31, 1998
After a hearing that lasted half a day, the Bahamas Supreme Court officially placed Gulf Union Bank (Bahamas) into liquidation on March 26 but deferred a decision on whether to appoint the current provisional liquidators as permanent liquidators. The court first ruled on two preliminary legal issues regarding the competence and appropriateness of the National Insurance Board, which is a government agency, in being allowed to petition for the winding-up of the bank.

Commercial office space squeeze in Hamilton, Bermuda

November 30, 1994
Since 1979, office space within Hamilton has doubled from one million square feet to two million square feet, according to a report prepared for the Bermuda Financial Centre Ltd project by accounting firm Coopers & Lybrand (Bahrain). Most of the new space, however, is not plush enough for Bermuda's international companies and "there is an acute shortage of primary, Class A space", said C&L. Businessmen and real estate agents explain how serious the problem really is.

BFCL – confidential report outlines projections

November 24, 1994
The Bermuda Financial Centre Ltd, including the hotel and apartment section, would make an estimated profit of $14.5 million by 1997 rising to $20.4 million ten years later, according to projections in a report prepared by accounting firm Coopers & Lybrand (Bahrain). And return on equity was forecast to be minus 7.96 per cent for both 1995 and 1996 but improving to 20.99 percent, 33.7 per cent, 16.66 per cent and 29.58 per cent in 1997-99 and 2007, respectively. 

International Credit and Investment Company (Overseas) Ltd. v. Price Waterhouse

December 14, 1993
International Credit and Investment Company (Overseas) Ltd. (In Liquidation) vs. Price Waterhouse (a firm carrying on business in the Cayman Islands and elsewhere in the world) et al. (as set out in the proposed writ exhibited at HSMI in the affadavit of Huw St. J. Moses sworn herein on 12/14/93) - Grand Court of the Cayman Islands