'SEC vs. Lines Overseas Management' fraud trial set for mid-February
January 12, 2010
A jury trial in a fraud action by the U. S. Securities and Exchange Commission against Bermuda-based financial services group Lines Overseas Management could take place as early as next month in Manhattan.
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Leadenhall Bank liquidator loses attempt to block $300 m claim by fraud victims
January 12, 2010
The liquidator of Bahamas-based Leadenhall Bank & Trust Ltd. has lost an attempt to prevent a $300 million-plus US court judgment by fraud victims from being admitted as a claim against the bank's estate.
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Cayman National sued for $5 m by client who lost money in CLICO
January 12, 2010
Cayman National Corporation and two of its subsidiaries are being sued for $5 million in "compensatory damages, interest and costs" by a client who claims to have lost money in an offshore investment.
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McGladrey & Pullen (Cayman) sued for $1.5 b by hedge fund investors
January 12, 2010
The Bankruptcy Trustee of two hedge fund groups that allegedly lost $1.5 billion due to fraud is suing auditor McGladrey & Pullen (Cayman) and related parties.
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Ernst & Young’s Bermuda and Bahamas firms pursued at US federal court over Petters fraud
January 12, 2010
Two more offshore-related civil actions regarding an alleged multi-billion fraud by the Minnesota-based Petters Group, including one in which Ernst & Young's Bermuda and Bahamas operations are defendants, made their way to federal court in the United States in December.
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Credit Suisse, Cayman Islands sued for $24 b for 'predatory lending'
January 12, 2010
Credit Suisse, Cayman Islands Branch and affiliates are being sued for damages of $24 billion in a class action lawsuit filed on behalf of buyers of property in four resorts, including a "$4.9 billion 'mega-mix' resort" in the Bahamas, who claim they are victims of "predatory" lending practices.
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Offshore hedge funds seek to prevent 'asset-stripping' by financial services firm
January 12, 2010
Investment vehicles domiciled in the Cayman Islands, Delaware and Ireland have applied for an injunction to prevent insiders of a subprime financial services provider that faces "imminent" insolvency from allegedly enriching themselves and other shareholders at the expense of debt-holders.
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Letter from latin America
January 12, 2010
INTERNATIONAL: Carbon Markets, a new business frontier. PANAMA: Former President entangled in scandal; And more trouble ahead. PERU: Another Fujimori in power? VENEZUELA: Collapsed banks to be liquidated; Money laundering in Venezuela.
Insider Talking
January 12, 2010
Bermuda Monetary Authority takes no action against Hedge Hog Fund despite police investigation and civil judgment, OffshoreAlert discloses that BMA director Lynda Milligan-Whyte is also a director of the Hedge Hog Fund; Trinidad & Tobago may receive up to $4.5 m from Portuguese construction firm Grupo Soares as a settlement of an airport corruption-related civil action; Bahama Journal newspaper touts Lester Turnquest as a “financial expert’, despite his recent arrest for fraud; and The murky world of the Allen Stanford liquidation.
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