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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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