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US judge again slams SEC for causing closure of Cayman's Caledonian Bank

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.

US indicts 7 for alleged $20 m fraud involving Bermuda 'reinsurer'

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.

Anguilla regulator suspends Drake Incubator PCC after OffshoreAlert exposé

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.

Two more Belvedere fund vehicles closed down by Mauritius regulator

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.

Cayman regulator applies to liquidate Belvedere's Brighton SPC, cites 'fraud'

September 14, 2015 - Nearly six months after an OffshoreAlert exposé, the Cayman Islands Monetary Authority has petitioned to wind up Belvedere Management Group investment vehicle Brighton SPC, citing evidence of fraud "from inception" in which at least US$83 million of investors' funds has disappeared.

US taxpayers challenge Cayman's decision to cooperate with IRS tax fraud investigation

August 30, 2015 - Cayman Islands residents Norwin Lee Aronfeld and his wife, Sheila Aronfeld - who are both U. S. taxpayers - are challenging the legality of a decision by the Cayman Islands Tax Information Authority to provide evidence to the U. S. Internal Revenue Service for a criminal investigation into them for suspected tax evasion.

Swedish crime agency seeks Bermuda evidence for investigation into fund manager

August 07, 2015 - The Swedish Economic Crime Authority has requested evidence in Bermuda for an investigation into financial trader Jon Malmsater, whose recent past includes operating a failed Cayman Islands-domiciled investment group known as 'ThreeAM'.

Crithfield and Donaldson admit fraud involving offshore tax scheme

August 05, 2015 - Part-time Bahamas residents Duane Crithfield and Stephen Donaldson, Sr. each face up to three years in prison and a fine of $250,000 after pleading guilty to one count of tax fraud at federal court in Tampa regarding an offshore tax scheme.

Mauritius regulator acts against another Belvedere Management company

July 24, 2015 - Offshore stockbroker CityGate Securities Limited, which is part of the fraudulently-operated Belvedere Management Group, has had its license suspended by the Mauritius Financial Services Commission.

Belvedere Fund had €67 m of doubtful assets, says auditor BDO

July 08, 2015 - More than one-third of the nearly €200 million of assets reported by one of Belvedere Management Group's offshore fund vehicles in 2013 was doubtful, according to auditor BDO (Mauritius).
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DOJ Scores Big With Record-breaking Alstom FCPA Sentence -- Who's Next On the DOJ'S FCPA Hit List?
Eric Havian
By   Gordon Schnell      Late Friday, French power and transportation company Alstom S.A. was sentenced to pay a $772 million fine for violating the Foreign Corrupt Practices Act (FCPA) through its payment of millions of dollars in secret bribes to government officials across the gl