November 28, 2013 - Not for the first time, hedge fund service provider Citco has been accused of helping a client defraud investors in an offshore hedge fund and then failing to co-operate with investigators. The latest incident involves Bermuda-domiciled Fletcher International Ltd. and its Cayman feeder funds.
November 09, 2013 - For the second time in seven months, Grand Court of the Cayman Islands judge Angus Foster has allowed an insolvent company with worldwide operations to file a liquidation petition under seal even though its securities or that of its controlling party were publicly-traded on the New York Stock Exchange.
November 07, 2013 - Larry Gandolfi, a former president of the long-defunct Panama-based criminal enterprise known as The Harris Organization, was today sentenced in Miami to eight months in prison for tax fraud. He has been released on bail pending a surrender date being fixed for him to begin serving his sentence.
November 05, 2013 - Costa Rica resident Larry Gandolfi, a former president of the Panama-based Harris Organization offshore criminal enterprise that collapsed in 2002 after being exposed by OffshoreAlert, is due to plead guilty to tax fraud tomorrow at federal court in Miami.
November 03, 2013 - Portland Financial Management Group, which helped Tim Schools defraud Axiom Legal Financing Fund and launder the proceeds, has collapsed amid regulatory problems and substantial debts. The group's principals, Anthony Smith, Tim Eddolls and Connie Rodrigues, now operate under new names: Prestige Financial Management, Cavendish Financial Management, Corbus Portfolio Solutions, and Corbus Private Clients.
October 29, 2013 - Dubious British company City Equities Limited, which earlier this year touted itself as the savior of the collapsed Axiom Legal Financing Fund, has itself gone into administration.
October 20, 2013 - British Virgin Islands-based Circle Trust Services (BVI) Ltd. is being sued by its former managing director, Monique Cova, for alleged wrongful dismissal.
October 16, 2013 - Their investigation helped by confidential information that a Cayman Islands judge ruled last month was provided illegally, Australian police have arrested Swiss resident Peter Borgas and Australian residents Vanda Gould, and John Leaver for alleged involvement in a AUD $30 million offshore tax evasion scheme.
October 16, 2013 - AAA Venture Fund SPC Limited - which appears to be a Ponzi scheme - has been taken over by the Cayman Islands Monetary Authority. The Fund was operated by Swiss national Peter Obrist, with an address in Dubai, and Didier Van Caloen, with an address in Hong Kong.
September 26, 2013 - The Cayman Islands Tax Information Authority acted 'unlawfully' when it provided information to the Australian Taxation Office for an investigation into suspected tax evasion, a Cayman judge has ruled.