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Parent of offshore insurer accused of $50 m securities fraud

July 10, 2006 by David Marchant


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A publicly-listed company in the United States whose subsidiaries include an offshore insurer is being sued in New York by investors who claim they were victims of a $50 million securities fraud.

Strategy International Insurance Group Inc., whose shares are currently trading on the Over-The-Counter Bulletin Board at just six cents per share, misrepresented its assets and concealed “material negative facts” about some of its “principal executives and directors” in a private placement memorandum, according to the plaintiffs, who include investment funds in the British Virgin Islands and Cayman Islands.

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Nicolaas Faure & Drake Fund Advisors - An embarrassment to the BVI
David Marchant
The measure of any person or business is not whether they become involved in controversy but the actions they take when such controversy occurs.Within hours of OffshoreAlert exposing Belvedere Management Group as a "massive criminal financial enterprise" on March 17th,