November 10, 2015 - A federal judge in New York has again chastised the United States Securities and Exchange Commission for causing the collapse of Cayman Islands-based Caledonian Bank Ltd. "This case offers fertile ground for agency self-examination," stated U. S. District Judge William H. Pauley III in a pre-trial opinion today.
November 10, 2015 - Opinion and Order in U. S. Securities and Exchange Commission v. Caledonian Bank Ltd., Caledonian Securities Ltd., Clear Water Securities, Inc., Legacy Global Markets S.A., and Verdmont Capital, S.A. at the U. S. District Court for the Southern District of New York.
November 10, 2015 - A few years ago, the then head of enforcement for the Bermuda Monetary Authority was rendered apoplectic on stage at an OffshoreAlert Conference after being asked to name a single individual or legal entity that the financial services regulator had ever penalized or disciplined since it was established in 1969. It's difficult to come up with names off the top of your head when they number so few. Financial regulators in the United States penalize more financial miscreants in a typical afternoon than the BMA has in its entire 46-year history. For promotional purposes, the BMA's message is 'We have one of the three biggest insurance markets in the world. Yes indeed, sniff, sniff, we're the world's risk capital'. For regulatory purposes, the message seems to be 'Insurance market? What insurance market?'.
September 25, 2015 - Seven people have been criminally indicted in the United States for an alleged securities fraud involving purported reinsurer Gerova Financial Group - a former Cayman Islands firm that moved to Bermuda - that brought them nearly $20 million in profits.
September 24, 2015 - Complaint alleging fraud regarding Bermuda-based Gerova Financial Group, Ltd. in U. S. Securities and Exchange Commission SEC v. Jason W. Galanis, John P. Galanis, Jared M. Galanis, Derek M. Galanis, Gary T. Hirst, and Gavin L. Hamels at the U. S. District Court for the Southern District of New York.
September 23, 2015 - Winding Up Petition in Cayman Islands Monetary Authority v. Melstrep Neural Network No. 1 Fund Limited at the Grand Court of the Cayman Islands.
September 23, 2015 - Anguilla-based mutual fund vehicle Drake Incubator PCC - which is controlled by BVI-based Drake Fund Advisors and the Osiris Group - has been suspended from providing any licensed services to its only sub-fund - GRRE Investment Fund - after OffshoreAlert exposed one of GRRE's directors, who is part of Belvedere Management Group's global criminal financial enterprise.
September 22, 2015 - A Cayman Islands hedge fund - Copperstone Alpha Fund - and its manager have been added as defendants to a lawsuit by the U. S. Securities and Exchange Commission against a group that allegedly hacked newswire services and profited by more than $100 million in insider trading.
September 20, 2015 - Two more Belvedere Management Group investment vehicles - The Two Seasons PCC and Venture Assets PCC - have been closed down by the Financial Services Commission in Mauritius.
September 15, 2015 - 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,