Cayman accountant Naul Bodden to pay $3.3 m to settle liabilities to fraudulent Grand Island Funds
August 26, 2010
Prominent Cayman Islands-based businessman Naul Bodden has agreed to pay US$3.3 million to settle his liabilities to a fund group he controlled whose investors were defrauded out of US$19 million, including two banks licensed in Barbados and two hedge funds domiciled in the British Virgin Islands and Cayman.
Under the terms of a settlement agreement with the Joint Official Liquidators of Grand Island Commodity Trading Fund, Grand Island Commodity Trading Fund II, Grand Island Income Fund and Grand Island Master Fund on March 31, 2010, Bodden will repay all management and performance fees that were paid to the Funds' investment manager, Caribbean Commodities Limited, which he majority-owned. The liquidators determined that Net Asset Values had been "misstated from the very first NAV struck" in early 2003 and, therefore, no fees were "properly earned".
Full story >>
Son of arms dealer Maurice Sarfati sues Antigua Gov’t over ‘unpaid’ 20-year-old loans
August 26, 2010
The son of Maurice Sarfati, an Israeli citizen who was implicated in a weapons scandal involving Antigua and Colombia 20 years ago, has filed a complaint against the Government of Antigua for alleged failure to repay three loans totaling $750,000 that he claims were due in 1990.
Full story >>
US resident sues Bahamas bank in fight for alleged inheritance
August 26, 2010
An offshore bank in the Bahamas, its general manager, Swiss parent and a local attorney are being sued by a Las Vegas-based relative of a deceased account-holder who is trying to gain control of assets that she believes are in the region of $14 million.
Full story >>
US issues arrest warrant for offshore banker Johnny Johnson
August 26, 2010
A warrant for the arrest of notorious offshore banker Johnny E. Johnson was issued at the U. S. District Court for the Central District of California on April 9, 2010.
Full story >>
Offshore insurer Bancroft Life & Casualty accused of failing to pay professional fees
August 26, 2010
St. Lucia-licensed insurer Bancroft Life & Casualty ICC, Ltd. has been accused of failing to pay invoices totaling $148,000 to its former managers and legal advisors.
Full story >>
Eisner (Cayman) sued over alleged $40 m fund fraud
August 26, 2010
Cayman Islands-domiciled hedge fund auditor Eisner (Cayman) Ltd. is being sued for negligence by an investor that claims to have been defrauded of $40 million.
Full story >>
Former Grenada offshore banker Ray Yusi sets up in Panama
August 26, 2010
A citizen of the United States whose insolvent offshore bank was forced into liquidation in Grenada nearly seven years ago amid allegations of financial improprieties has resurfaced with a "financiera" in Panama that is soliciting funds from the public by offering double-digit percentage returns annually.
Full story >>
Deloitte (Cayman) seeks $1.5 m for Aslan Fund liquidation
August 26, 2010
Deloitte (Cayman) Corporate Recovery Services Ltd. is seeking $1.5 million in compensatory damages from two based hedge funds that are domiciled and based in New Jersey.
Full story >>
Cedrus Investments Update: CIMA admits to regulatory “weaknesses”, Michael Alberga refuses to comply with law
August 26, 2010
OffshoreAlert's article last month about Cedrus Investments Ltd. and its scandal-plagued, debt-ridden principal, Rani Jarkas, prompted much debate in the Cayman Islands about whether any action should, and could, be taken.
Full story >>
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.
Full story >> | Download a FREE abbreviated version of this five page story >>
