Spartan Holdings Ltd.

Originating Application in the matter of Spartan Holdings Ltd. at the Grand Court of the Cayman Islands. Editor's Note: The director of Spartan Holdings Ltd. whose affidavit supported this restoration application is Terrence Duffy, a citizen of the United Kingdom residing in Canada who, as OffshoreAlert has previously revealed, appeared to be the ultimate beneficial owner of the opaquely-owned Caledonian Bank, which went into liquidation in Cayman in 2015 after being sued by the U.S. Securities and Exchange Commission at federal court in New York for alleged participation in a $75 million penny stock scam.

A U. S. regulator's much-criticized securities fraud complaint against Cayman Islands-based Caledonian Bank and Caledonian Securities is near a conclusion after a federal judge in New York yesterday approved a "seemingly illusory" settlement between the parties and rejected an attempt to block it by the group's "putative owner".

Opinion and Order in U. S. Securities and Exchange Commission v. Caledonian Bank Ltd. and Caledonian Securities Ltd. at the U. S. District Court for the Southern District of New York.