Scott Lines

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Insider Talking: October 29, 2010

October 29, 2010
Any lingering hope anyone had that details of the Bermuda Monetary Authority's investigation into Lines Overseas Management in 2004 2005 would ever become public knowledge faded when LOM settled a fraud complaint brought by the U. S. Securities and Exchange

SEC v. Brian N. Lines et al: SEC Trial Memorandum

September 17, 2010
Securities and Exchange Commission's Trial Memorandum in a securities fraud lawsuit against Lines Overseas Management, Brian Lines and Scott Lines at the U. S. District Court for the Southern District of New York.

Insider Talking: May 12, 2010

May 12, 2010
Bermuda resident Eric Collins seemingly rues the day he agreed to serve as a director of Consensus Investments Ltd., which the SEC alleges was used to conceal insider trading in penny stock SHEP Technologies by Lines Overseas Management, Scott Lines,

Insider Talking: August 24, 2009

August 24, 2009
A Jamaican fraudster who goes by the name of Emile Maximillion Saint Patrick Higgins and a few variations thereof, including "Sir Max Higgins", has brought a bizarre - and, no doubt, soon to be dismissed - lawsuit in which he

SEC and LOM seek evidence from dozens of people in Bermuda, Canada and UK

September 8, 2008
Forty-seven individuals and companies in Bermuda, Canada, and the United Kingdom are being asked to provide evidence for a securities fraud civil action brought by the U. S. Securities and Exchange Commission against the Bermuda, Bahamas and Cayman operations of Lines Overseas Management, the group's President, Scott Lines, and its former President, Brian Lines.The witnesses include a stock analyst, newsletter writers, people who allegedly held shares in a nominee capacity for the Lines brothers, former employees of LOM, and officers and directors of two OTC BB-listed companies whose shares LOM allegedly manipulated, namely Sedona Software Solutions, Inc. and SHEP Technologies, Inc.

SEC files securities fraud complaint against Lines Overseas Management

December 20, 2007
Following a long regulatory investigation that it went to extraordinary lengths to block through the courts, offshore financial services group Lines Overseas Management has been charged with securities fraud in a civil complaint that was filed yesterday by the United States Securities and Exchange Commission. The defendants include LOM companies in Bermuda, where the group is headquartered; the Bahamas and the Cayman Islands, as well as LOM's President and CEO, Scott Lines, and his brother, Brian Lines, who resigned as LOM's president, effective July 1, 2005, as a result of the SEC investigation. The group's chairman, Brian and Scott's father Donald Lines, is not a defendant.

SEC v. Lines Overseas Management Ltd. et al: Complaint

December 19, 2007
Complaint alleging securities fraud in U. S. Securities and Exchange Commission v. Brian N. Lines, of Bermuda; Scott G. S. Lines, of Bermuda; LOM (Holdings) Ltd., of Bermuda; Lines Overseas Management Ltd., of Bermuda; LOM Capital Ltd., of Bermuda; LOM Securities (Bahamas) Ltd., of the Bahamas; LOM Securities (Bermuda) Ltd., of Bermuda; LOM Securities (Cayman) Ltd., of the Cayman Islands; Anthony W. Wile, a Canadian residing in Florida; Wayne E. Wile, a Canadian residing in the Cayman Islands; Robert J. Chapman, of Punta Gorda, Florida; William Todd Peever, of Vancouver, Canada; Phillip James Curtis, of Vancouver, Canada, and Ryan G. Leeds, of Boca Raton, Florida, at the U. S. District Court for the Southern District of New York.

Lines Overseas Management appeals another adverse ruling in SEC subpoena case

April 5, 2007
A marathon attempt by Bermuda-based investment firm Lines Overseas Management Ltd. and its Managing Director, Scott Lines, to block an SEC fraud investigation is entering a new phase of appeal in the United States.In a ‘Final Order' on February 21, 2007, U. S. District Judge Richard W. Roberts, sitting at the U. S. District Court for the District of Columbia, overruled the objections filed more than two years ago by LOM and Lines to U. S. Magistrate Alan Kay's order on January 7, 2005 that they comply with subpoenas requiring testimony and the production of documents for an investigation into alleged securities fraud involving shares issued by Sedona Software Solutions Inc. and SHEP Technologies Inc., both of Vancouver, Canada.However, in keeping with their practice of challenging every decision that goes against them, LOM and Lines filed a notice on March 27, 2007 that they are appealing the ‘Final Order' to the U. S. Court of Appeals for the District of Columbia Circuit.

Bermuda insurance license reject goes to Barbados, teams up with dubious group

July 11, 2006
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. 

Insider Talking: May 5, 2006

May 5, 2006
A United States court has ordered former insiders of British Virgin Islands incorporated Evergreen Security Ltd. to repay $10.4 million that they received in fraudulent transfers from the unregistered offshore mutual fund before it collapsed in 2001. In a judgment

Canada would not tolerate LOM behavior, says securities attorney

May 5, 2006
If a Canadian stock broker had provided the same type of allegedly sham services to the collapsed Canada based Portus Group of hedge funds as those provided by the Cayman Islands operation of Bermuda based investment firm Lines Overseas Management

Bermuda Court of Appeal stymies U. S. securities fraud investigation

April 6, 2006
The former president of Bermuda-based investment firm Lines Overseas Management Ltd. appears to have won his battle to keep potentially incriminating telephone recordings out of the hands of the SEC in the United States.In a ruling on March 23, 2006, Bermuda Court of Appeal allowed Brian Lines' appeal against a decision by Bermuda Supreme Court that LOM must disclose “recordings, transcripts, summaries or excerpts” of telephone conversations made on Lines' extension while he worked for LOM. Justices Zacca, Nazareth, and Sir Murray Stuart-Smith also upheld the lower court's ruling that the SEC was not entitled to any “recordings, transcripts, summaries or excerpts of interviews undertaken” as part of an investigation into LOM by its local regulator, the Bermuda Monetary Authority. The court granted Lines an injunction restraining LOM and its subsidiary, LOM Securities (Bermuda) Ltd., from disclosing material regarding both of these matters to the SEC.

Scott Lines deposition to take place by April 6

March 10, 2006
After nearly two years of avoiding it, offshore investment firm boss Scott Lines must finally submit himself to a deposition before the U. S. Securities & Exchange Commission by April 6, 2006. The good news for Lines, however, is that he will not have to travel to the United States, as the SEC had wanted, and face the risk of further civil or even criminal proceedings.

SEC accuses LOM of misleading Bermuda court, MD wants deposition held outside US

March 6, 2006
Lines Overseas Management Ltd. has been accused of misleading Bermuda Supreme Court in an attempt to obstruct a securities fraud investigation by the United States Securities and Exchange Commission. The SEC claims that LOM withheld information from the Bermuda court when the firm recently asked for a declaration whether it was allowed, under local law, to comply with administrative subpoenas that the Commission served on the investment firm's Managing Director, Scott Lines, in the United States in April, 2004.

LOM says it has started turning over client records to SEC

February 23, 2006
Bermuda-based investment firm Lines Overseas Management Ltd. claims to have started turning over client records to the United States Securities and Exchange Commission after losing yet another court ruling. In a filing at the U. S. District Court for the District of Columbia on February 21, 2006, LOM stated that it “has begun producing documents to the SEC” pursuant to four SEC administrative subpoenas that were served on its Managing Director, Scott Lines, as long ago as April, 2004.

SEC accuses LOM chairman Donald Lines of lying

January 25, 2006
Prominent offshore businessman Donald Lines has been branded a liar by the United States Securities and Exchange Commission. Lines, the 73-year-old Chairman and President of Bermuda-based investment firm Lines Overseas Management Limited, is adamant that he was not served with a securities-fraud related subpoena while he was in the U. S. in November, 2005 for emergency heart surgery. After the SEC first made the allegation in a filing at the U. S. District Court for the District of Columbia in late December, LOM denied it in a court filing of its own and Donald Lines, a former CEO of the Bank of Bermuda, even went so far as to take out a full-page advertisement in the Bermuda Sun newspaper in which he claimed: “I have never been served a subpoena by the SEC”, adding that: “There has been no contact from the SEC to even notify me that they ever intended to serve any subpoenas or that they, however incorrectly, believed they had served me.”

LOM secures stay of order requiring compliance with SEC subpoenas

January 17, 2006
Bermuda-based stockbroker Lines Overseas Management Limited has secured more time in its increasingly desperate battle to avoid co-operating with securities fraud investigations being conducted by the SEC. In an order on January 13, 2006, the U. S. Court of Appeals for the DC Circuit temporarily stayed a lower court's order that LOM and its Managing Director, Scott Lines, comply with four SEC administrative subpoenas by January 17. The ruling was in response to an emergency motion for a stay, pending an appeal, filed that same day by LOM and Lines.

LOM asks Bermuda court to rule on client confidentiality

January 11, 2006
A hearing is scheduled to take place at Bermuda Supreme Court on Friday to determine whether offshore stockbroker Lines Overseas Management Ltd. is allowed to release client records to the SEC in the United States. The expedited hearing was requested by the LOM group on January 9, 2006 in what appears to be a last-ditch attempt to avoid complying with SEC enforcement subpoenas that were served on it as long as 22 months ago concerning investigations into alleged securities fraud involving shares issued by Sedona Software Solutions Inc. and SHEP Technologies Inc., both of Vancouver, Canada, and HiEnergy Technologies Inc., of Irvine, California.

LOM ordered to comply with SEC subpoenas by Jan. 17

January 3, 2006
Bermuda-based investment firm Lines Overseas Management Ltd. and its Managing Director, Scott Lines, have been given until January 17, 2006 to comply with four administrative subpoenas concerning securities fraud investigations by the SEC. The deadline for the provision of testimony and documents was set by U. S. District Court Judge Richard Roberts, sitting at the U. S. District Court for the District of Columbia, on December 30, 2005 when he turned down an application that was filed almost 12 months by LOM and Lines to stay a Magistrate Judge's ruling that it must comply with the subpoenas.

LOM President resigns, firm cites SEC investigation as reason

July 5, 2005
Brian Lines today became the first management casualty of the SEC's two ongoing securities fraud investigations into Bermuda-based Lines Overseas Management.LOM announced Lines had "retired" as "director, President and employee", effective July 1, 2005, even though he is just 42-years-old.

Would-be offshore insurer has ties to convicted fraudster

June 5, 2005
A New York-based attorney with a conviction for securities fraud is an insider in a penny stock firm controlled by the principals of Bermuda-based Lines Overseas Management, OffshoreAlert can reveal. The involvement of Edward Marvin Grushko casts further suspicion on River Capital Group Inc., which is raising money from the public by claiming it intends to operate as a Bermuda insurer without disclosing that two licensing applications were turned down by the Insurance Admissions Committee of the Bermuda Monetary Authority last year and that no further application has been made since then.

River Capital reports another loss

April 30, 2005
A penny stock firm controlled by the senior officers of Bermuda-based investment firm Lines Overseas Management reported a net loss of $778,928 for the 12 months ended December 31, 2004, according to its recent 10K filing with the SEC, increasing its deficit to $1.08 million.However, River Capital Group Inc.'s share price soared during the year, hitting a high of $6.50 on the Pink Sheets market, despite the firm having no full-time employees, no revenue and, some would say, no future.

LOM inquiry causes newsletter writer to flee U. S., says SEC

April 15, 2005
A newsletter writer has "fled" the United States to avoid being questioned by the SEC about alleged securities fraud by offshore investment firm Lines Overseas Management, it has been claimed.The allegation was among new details that were released by the SEC in a filing on March 31, 2005 at the U. S. District Court for the District of Columbia, where the Commission is seeking to enforce four subpoenas served on LOM and its Managing Director, Scott Lines, last year concerning two separate investigations into the trading of shares issued by Sedona Software Solutions Inc. and SHEP Technologies Inc., both of Vancouver, Canada, and HiEnergy Technologies Inc., of Irvine, California.

Insider Talking: March 31, 2005

March 31, 2005
Three former senior officers of The Harris Organization, which defrauded clients out of tens of millions of dollars before collapsing in 2002, are back in business in Panama. Lawrence George Gandolfi, 65, a.k.a. Larry Gandolfi Christopher Glover Davy, 60, and

BCSC finds no evidence for cease-trade order against Lines Overseas Management

March 8, 2005
For the second time in 57 days, a British Columbia Securities Commission panel has ruled not to ban offshore investment firm Lines Overseas Management from the local market. In a decision on March 4, 2005, the panel determined that, although it was still concerned about LOM's activities, its staff had not met their burden of providing sufficient evidence to justify an order prohibiting LOM, affiliated firms and its senior officers from trading on behalf of undisclosed beneficial owners. However, the panel left open a window of opportunity for its staff by concluding that: "If the Executive Director wishes to pursue the matter, the necessary evidence should be gathered and a notice of hearing issued."

LOM seeks stay of order that they comply with SEC subpoenas

January 31, 2005
Bermuda-based investment firm Lines Overseas Management and its Managing Director, Scott Lines, have applied for a stay - pending an appeal - of a court order requiring them to turn over information to the SEC for use in two investigations into alleged securities fraud. In a joint motion to the U. S. District Court for the District of Maryland, LOM and Lines, claim that, until a final order is rendered, they "cannot lawfully be required to comply" with four SEC subpoenas and, therefore, the effect of a January 7, 2005 ruling by Magistrate Judge Alan Kay ordering them to comply should be stayed until it becomes final.

LOM wins victory in British Columbia but faces new hearing

January 13, 2005
The British Columbia Securities Commission yesterday dismissed an application for cease trade orders and other sanctions against offshore investment firm Lines Overseas Management Ltd. and its senior officers. However, it was a hollow victory for the respondents since the Commission panel immediately ordered a new hearing to determine whether to ban LOM from the local market for different reasons.

LOM and Scott Lines ordered to comply with SEC subpoenas

January 7, 2005
Bermuda-based investment firm Lines Overseas Management Ltd. and its Managing Director, Scott Lines, have been ordered by a U. S. court to comply with four subpoenas served on them last April by the SEC. The order was issued by Magistrate Judge Alan Kay at the U. S. District Court for the District of Columbia on January 7, 2005. It is likely that LOM, at least, will appeal the decision, as the firm has previously indicated it would do if the ruling went against it.

SEC says LOM at epicenter of suspected fraud schemes

December 31, 2004
Bermuda-based investment firm Lines Overseas Management and its two most senior officers "have been at the epicenter of at least two suspected fraudulent schemes", according to the U. S. Securities & Exchange Commission. Furthermore, LOM and brothers Scott and Brian Lines have done "everything possible to keep the SEC from getting to the bottom of it", claimed SEC attorney Michael Lowman at a U. S. court hearing.

Judge reserves judgment after LOM hearing

December 17, 2004
A United States court has reserved judgment on whether an offshore investment firm and its boss must comply with four subpoenas served on them by the U. S. Securities and Exchange Commission. Magistrate Judge Alan Kay did not issue a ruling from the bench at the end of a two-hour hearing on December 10, 2004 at the U. S. District Court for the District of Columbia, as the SEC had hoped.

LOM caused year-long delay in securities fraud investigation, claims regulator

November 30, 2004
An investigation into suspected stock manipulation has been stymied by the non-co-operation of offshore broker Lines Overseas Management, it has been claimed.The allegation was made at a hearing in November before the British Columbia Securities Commission to consider banning the following parties from the local market: LOM (Holdings) Limited, LOM Securities (Bahamas) Limited, LOM Securities (Bermuda) Limited, LOM Securities (Cayman) Limited, Lines Overseas Management Limited, and LOM officers Donald P. Lines, Chairman and a former CEO of the Bank of Bermuda; Brian N. Lines, President and a Director; Scott G. S. Lines, LOM's Managing Director; Malcolm Moseley, LOM's CFO, Executive Vice President, and a Director; David McNay, Vice President of Investment Operations; and J. Scott Hill, Compliance Manager, all of whom reside in Bermuda.

Insider Talking: October 31, 2004

October 31, 2004
Swiss financier Dieter Behring, 49, was arrested in Switzerland on October 19, 2004 on suspicion of financial investment fraud and money laundering, according to news service Swissinfo; Paradigm Holdings Limited, which has been implicated in an alleged scam involving investments in wine, was placed into provisional liquidation at the Grand Court of the Cayman Islands on October 12, 2004; The sentencing of former offshore bank charter broker Jerome Schneider for conspiracy to commit fraud, which was scheduled to take place in late October, has been postponed to December 6, 2004 at the U. S. District Court for the Northern District of California; As previously forecast by OffshoreAlert, a default judgment against Bermuda-based investment firm Lines Overseas Management Limited and RBC Dominion Securities Inc. has been thrown out at the U. S. District Court for the Southern District of Alabama; and LOM's principals, Brian and Scott Lines, have been accused of violating Section 13D of the Securities Exchange Act of 1934 by failing to timely disclose their beneficial ownership of River Capital Group Inc.

LOM insiders profited from alleged stock manipulation, claim SEC

October 31, 2004
Insiders and privileged clients of investment firm Lines Overseas Management stood to profit from the alleged manipulation of a penny stock by LOM principals Scott and Brian Lines, according to a court filing by the SEC.These included directors such as Graham Collis and Susan Wilson, senior employees like CFO Malcolm Moseley; relatives of the Lines brothers, including two minors, and the manager of a local restaurant, Constanzo Di Meglio.

SEC accuses Lines brothers of violations concerning River Capital Group

October 31, 2004
The principals of investment firm Lines Overseas Management have been accused by the SEC of illegally failing to timely disclose their beneficial ownership of River Capital Group Inc., which claims to be trying to establish a Bermuda insurer headed by Robin Spencer-Arscott.

Richard King resigns from River Capital Group

September 30, 2004
Two weeks after our story on River Capital Group Inc. last month, the firm notified the SEC that Richard King "the Chairman of the Board of Directors, resigned from all of his positions with the registrant". No reason for King's decision was given in the filing, which was signed by RCGI's "President", Howard Taylor. An odd aspect of the September 21, 2004 filing was its description of King as the chairman, while the firm's previous SEC filing on August 23, 2004, stated that this position was held by Taylor, who was also President and CEO.

SEC v. LOM hearing postponed by ten days

September 15, 2004
A court hearing in the United States concerning Bermuda based investment firm Lines Overseas Management and its Managing Director, Scott Lines, has been put back by ten days.Following a joint request by all parties, LOM and Lines must now appear

Insider Talking: August 31, 2004

August 31, 2004
No mention of SEC's securities fraud investigation in publicly-listed Lines Overseas Management's half-monthly letter to shareholders; Fraudster Maurice Lewis Mills loses a civil lawsuit that was filed against him by the Commodity Futures Trading Commission; Former offshore provider David Hampton Tedder indicted again; Former banker Mohamad Harajchi claims to have contributed $10 million to the Progressive Liberal Party to fund its successful general election campaign in the Bahamas in 2002; US Gov't tries to kick-start its stalled criminal action against Yank Barry and James Collins; Leadenhall Bank & Trust says its viability has not been affected by the loss of its MasterCard license and its legal dispute with former card administrator Axxess International over the return of millions of dollars of deposits to card-holders; and Axxess International appears to have gone out of business.

Déjà vu: Spencer-Arscott firm turned down for insurance license

August 31, 2004
For the second time in seven years, a proposed reinsurer headed by former AON (Bermuda) boss Robin Spencer-Arscott has been turned down for an insurance license.The failed application to the Bermuda Monetary Authority was on behalf of River Reinsurance Ltd., which is owned by Bermuda-based River Capital Ltd.

LOM and Scott Lines ordered to appear before US court

August 19, 2004
Bermuda-based investment firm Lines Overseas Management Ltd. and its Managing Director, Scott Lines, have been ordered to appear before a United States court as part of a securities fraud investigation.The U. S. District Court for the District of Columbia issued an order on August 17, 2004 that they must attend a hearing that is scheduled to start at 9.45 a.m. on October 4.
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