Rani Jarkas, Cedrus Investments and Crown Global Capital: Scandal-plagued, debt-ridden U. S. securities broker moves business to Cayman
July 6, 2010
A securities broker with a long history of complaints for dishonesty from regulators, customers and former employees in the United States has moved his operations to the Cayman Islands, leaving behind substantial unpaid corporate and personal debt.
Rani Tarek Jarkas, 38, closed down Delaware-domiciled, San Francisco-based Global Crown Capital LLC last year after nearly eight years in business and moved to Grand Cayman, where he now operates GC Research Ltd. and Cedrus Investments Ltd., which were formed in Cayman on October 31, 2008 and January 30, 2009, respectively.
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SEC vs. Lines Overseas Management case sent to Magistrate Judge "for settlement"
July 6, 2010
The fraud complaint brought by the U. S. Securities and Exchange Commission against Bermuda-based offshore financial services group Lines Overseas Management might be about to settle.
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Stanford International Bank liquidators removed for misconduct
July 6, 2010
Following an application by creditor Alexander M. Fundora, who claims to have been swindled out of US$2.5 million by former offshore banker Allen Stanford, a Caribbean judge has removed Nigel Hamilton-Smith and Peter Wastell as joint liquidators of Stanford International Bank.
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Bancroft Life & Casualty sues former management for causing "staggering financial losses"
July 6, 2010
An offshore insurer licensed in St. Lucia and administered from the United States claims that "staggering financial losses" suffered as a result of alleged fraud and other misdeeds by its former management company, counsel and accountants have threatened the viability of the company.
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Nigerian laundered $2 m from advance fee frauds through FCIB, says U. S.
July 6, 2010
A Nigerian advance fee fraudster used the stolen identity of a Roman Catholic nun to launder funds through the now-defunct First Curacao International Bank in the Netherlands Antilles, it has been alleged.
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Single sales pitch in Bahamas brought in $25 m for fraudster, claims SEC
July 6, 2010
A single sales pitch in front of 1,000 investors attending a seminar at a Bahamas resort produced $25 million of investment for a scheme that promised annual returns of up to 36%, according to a complaint by the U. S. Securities and Exchange Commission in Seattle. In all, $300 million was raised from approximately 3,000 investors from 1999 to 2008, it was claimed.
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