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Rani Jarkas, Cedrus Investments and Crown Global Capital: Scandal-plagued, debt-ridden U. S. securities broker moves business to Cayman
July 6, 2010 A securities broker with a long history of complaints for dishonesty from regulators, customers and former employees in the United States has moved his operations to the Cayman Islands, leaving behind substantial unpaid corporate and personal debt.
Rani Tarek Jarkas, 38, closed down Delaware-domiciled, San Francisco-based Global Crown Capital LLC last year after nearly eight years in business and moved to Grand Cayman, where he now operates GC Research Ltd. and Cedrus Investments Ltd., which were formed in Cayman on October 31, 2008 and January 30, 2009, respectively.
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SEC vs. Lines Overseas Management case sent to Magistrate Judge "for settlement"
July 6, 2010
The fraud complaint brought by the U. S. Securities and Exchange Commission against Bermuda-based offshore financial services group Lines Overseas Management might be about to settle.
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Stanford International Bank liquidators removed for misconduct
July 6, 2010
Following an application by creditor Alexander M. Fundora, who claims to have been swindled out of US$2.5 million by former offshore banker Allen Stanford, a Caribbean judge has removed Nigel Hamilton-Smith and Peter Wastell as joint liquidators of Stanford International Bank.
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Bancroft Life & Casualty sues former management for causing "staggering financial losses"
July 6, 2010
An offshore insurer licensed in St. Lucia and administered from the United States claims that "staggering financial losses" suffered as a result of alleged fraud and other misdeeds by its former management company, counsel and accountants have threatened the viability of the company.
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Nigerian laundered $2 m from advance fee frauds through FCIB, says U. S.
July 6, 2010
A Nigerian advance fee fraudster used the stolen identity of a Roman Catholic nun to launder funds through the now-defunct First Curacao International Bank in the Netherlands Antilles, it has been alleged.
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Single sales pitch in Bahamas brought in $25 m for fraudster, claims SEC
July 6, 2010
A single sales pitch in front of 1,000 investors attending a seminar at a Bahamas resort produced $25 million of investment for a scheme that promised annual returns of up to 36%, according to a complaint by the U. S. Securities and Exchange Commission in Seattle. In all, $300 million was raised from approximately 3,000 investors from 1999 to 2008, it was claimed.
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BVI seeks evidence from Ohio resident for criminal investigation into former Tourist Board Comptroller
July 6, 2010
The British Virgin Islands has requested video testimony from Susan Davis of Wright State University, in Ohio, as part of a criminal investigation into the former Financial Comptroller of the BVI Tourist Board who has been accused of defrauding more than $500,000 from her employer.
Full story >>
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Brazil seeks account details for BVI firm at International Bank of Miami for fraud investigation
July 6, 2010
Brazil has requested details about account in the name of British Virgin Islands-domiciled Ibiza Business Ltd. at The International Bank of Miami as part of a criminal investigation into alleged tax fraud.
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Mexico investigates Forex.com.mx
July 6, 2010
Mexico has requested evidence from JPMorgan Chase Bank, Capital Market Services LLC, and IFX Markets Inc. in the United States as part of a criminal investigation into an alleged unlicensed financial intermediary known as Forex.com.mx.
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Poland requests evidence from Florida resident Sam Avny
July 6, 2010
Poland has requested evidence from Florida resident Sam Avny as part of a criminal investigation into alleged fraud.
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Mexico seeks evidence from www.braybooks.com for criminal investigation
July 6, 2010
Mexico has requested evidence from California-based web-site www.braybooks.com as part of a criminal investigation into the alleged illegal sale of historical publications.
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Poland seeks evidence from Florida resident Sam Avny for money laundering investigation
May 12, 2010
Poland has requested evidence from Boynton Beach, Florida resident Sam Avny as part of a criminal investigation into alleged money laundering.
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OffshoreAlert Conference Recordings Now Available
Did budgetary constraints or your schedule prevent you from joining OffshoreAlert this past April in Miami Beach?
If yes, then you should visit our website's new On-Demand Webcast section, where you can purchase audio recordings from 13 sessions that took place at our 7th Annual OffshoreAlert Financial Due Diligence Conference.
Our audio recordings can be purchased on a per-session basis or, if you want to save money, you can buy the entire bundle and save over 45%. Sessions can be listened to immediately after purchase.
For a full list of the sessions that are available and for details on how to purchase the recordings, visit http://www.offshorealert.com/ondemand-webcasts.asp.
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CNN Video on Offshore Tax Havens
CNN's The Situation Room, which is presented by Wolf Blitzer, broadcast a piece on Offshore Tax Havens, with a specific look at Ugland House, home of Maples and Calder law firm, in the Cayman Islands, on Friday, July 25, 2008 and includes an interview with David Marchant, publisher of OffshoreAlert. 2:20
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