Wachovia

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Fraudster sentenced to 4 years in prison for Cayman Development Fund fraud

British financial advisor Arthur Vann was yesterday sentenced to four years in prison in the U.S. for swindling 14 investors out of $3.2 million via a Cayman Islands hedge fund whose directors included Sandy Schwab, son of California-based billionaire discount brokerage pioneer Charles Schwab.

Claims of $2 b filed against Wachovia’s BluePoint Re

Claims totaling $2 billion "net of security" have been filed against Wachovia Corp.'s failed Bermuda based financial guaranty reinsurer BluePoint Re Limited (in liquidation), according to a recent court filing in the United States.The total comprised 12 claims totaling $1.66

AlphaStar files for Chapter 11 bankruptcy protection

Bermuda-domiciled AlphaStar Insurance Group Ltd. and 11 of its subsidiaries have applied for Chapter 11 bankruptcy protection in New York. The group is seeking breathing room while it seeks buyers for its assets, including policy-issuing subsidiary Realm National Insurance Company, for which AlphaStar "is no longer able to provide capital".