New liquidators of Cayman funds waste no time in suing Bear Stearns for $1 b
May 7, 2008
Just 15 days after forcibly replacing liquidators who some investors suspect may have been appointed to protect the interests of Bear Stearns itself, the new liquidators of two Cayman Islands-registered, Bear Stearns-sponsored hedge funds sued the investment bank and others for $1 billion in damages.
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Cayman fund liquidators abandon attempt to have liquidation recognized in U. S.
May 7, 2008
The provisional liquidators of a Cayman Islands-domiciled hedge fund have abandoned their attempt to have the Cayman liquidation proceedings recognized in the United States after a U. S. Bankruptcy Judge ruled that Cayman was not the Fund's Center of Main Interests.
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BVI authorities confiscate $45 m from IPOC fund
May 7, 2008
Bermuda-based sham mutual fund IPOC International Growth Fund Limited, which appears to have been a vehicle to launder approximately $1 billion of criminal proceeds by Russia's Telecommunications Minister Leonid Reiman, has had US$45.5 million confiscated after admitting criminal charges in the British Virgin Islands.
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Bahamas fund received $198 m of “illicit profits”, claims US regulator
May 7, 2008
A Bahamas-domiciled investment fund received "illicit profits" of approximately $198 million from illegal "late trading and deceptive market timing" practices, according to the U. S. Securities and Exchange Commission.
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Cayman fund liquidators sue PwC et al for $263 m over Refco scandal
May 7, 2008
The Cayman liquidators of an offshore hedge fund group that collapsed as a result of a scandal at commodities and futures broker Refco are seeking more than $263 million in damages, fees and costs against multiple defendants, including the funds' auditor PricewaterhouseCoopers (Cayman).
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Tax adviser found guilty of using TCI paper companies to evade US taxes
May 7, 2008
A U. S.-based tax adviser who used Turks and Caicos Islands-domiciled entities to commit tax evasion was convicted by a jury on all 17 counts of an indictment at the U. S. District Court for the Northern District of Texas on April 4, 2008.
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Bank of Bermuda sued by Cayman hedge fund
May 7, 2008
One Cayman Islands-domiciled hedge fund is suing another, as well as the Cayman and Bermuda operations of the Bank of Bermuda, claiming it was short-changed by more than $400,000 when it redeemed its shares.
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BVI fund denies defaulting on loan from US penny stock
May 7, 2008
A British Virgin Islands-domiciled investment fund domiciled is suing a U. S. corporation whose shares are traded on the Over The Counter Bulletin Board for allegedly defaulting on a $500,000 loan.
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Ex-UK accountants imprisoned for perpetrating offshore investment fraud
May 7, 2008
Two United Kingdom-based former accountants have been sentenced to prison after being found guilty of perpetrating a $200 million investment fraud, in part through an offshore bank in the Caribbean.
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US economy being 'killed' by too many rules and regulations, says US consultant
April 1, 2008
Over-regulation of its financial markets is "killing" the economy of the United States, according to an Arizona-based financial due diligence consultant.
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Five U. S. attorneys/CPAs convicted in Cayman-based tax evasion scheme
April 1, 2008
Three CPAs and two attorneys in the United States are awaiting sentencing for their involvement in an offshore tax evasion scheme that ran from 1996 to 2005 and helped approximately 75 U. S. taxpayers deprive the Internal Revenue Service of an estimated $20 million in unpaid taxes. The scheme's masterminds were paid a fee for their services that was typically equal to 30% of the tax evaded by their clients, stated prosecutors.
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SEC sues investment promoter Gary McDuff for alleged $11 m fraud
April 1, 2008
A promoter with a long history of involvement in dubious investment schemes, which often involve offshore entities, has been accused of fraud by the U. S. Securities and Exchange Commission.
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Letter to the Editor
April 1, 2008
Letter to OffshoreAlert re. Bear Stearns Funds/Walkers SPV
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Manhattan DA uses Liechtenstein tax evasion scandal to attack Cayman
March 26, 2008
Singling out the Cayman Islands, Manhattan District Attorney Robert Morgenthau has called upon the world's developed countries to impose "severe sanctions" on offshore financial centers.
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Client-Confidentiality may be compromised when traveling in U.S., says technology consultant
March 26, 2008
With a growing number of incidents of travelers having electronic devices seized at U. S. airports by Government agents wanting to access the information stored on them, even if it is password-protected, businessmen in offshore financial centers and elsewhere who value client-confidentiality ought to think long and hard before taking laptop computers and other data-storage devices with them on trips to the United States, says Washington, DC-based technology consultant Mark D. Rasch.
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SWITZERLAND SEEKS BANK AND PROPERTY RECORDS IN MIAMI
May 7, 2008
The United Kingdom is seeking information about accounts at the International Bank of Miami and property in Key Biscayne, Florida as part of a criminal investigation into the alleged theft of more than £2 million, false accounting and money laundering by the former CEO of a British firm and his wife.
SWITZERLAND SEEKS EVIDENCE FROM DAHLL SCOTT CORP., OF DELAWARE
May 7, 2008
Switzerland has requested evidence from, and about, Delaware-registered Dahll Scott Corporation as part of a criminal investigation into a 68-year-old German citizen for alleged fraud and forgery.
SPAIN SEEKS RECORDS AT OCEAN BANK (MIAMI)
May 7, 2008
Spain is seeking account records at Ocean Bank, in Miami, as part of a criminal investigation into alleged narcotics trafficking and money laundering.
SPAIN SEEKS EVIDENCE FROM GOOGLE AND ISPS FOR INTERNET FRAUD INQUIRY
May 7, 2008
Spain has requested records from Google and six Internet Service Providers in the USA as part of a criminal investigation into computer hackers who stole personal information of over 100,000 clients of Spanish ISP firm Arsys Internet SL, causing damages of at least 180,000 Euros.
SOUTH KOREA SEEKS EVIDENCE IN CALIFORNIA FOR PROBE INTO ALLEGEDLY BOGUS DEGREES
May 7, 2008
South Korea has requested evidence about legitimacy of a purported educational establishment in California as part of a criminal investigation into the awarding of allegedly fake academic qualifications.
SOUTH KOREA REQUESTS CALIFORNIA TAX RECORDS FOR CORPORATE FRAUD INVESTIGATION
May 7, 2008
South Korea is seeking state tax records in California as part of a criminal investigation into an alleged $8.1 million corporate fraud.
SPAIN REQUESTS RECORDS FROM TEXAS FIRM IN DATA-THEFT PROBE
May 7, 2008
Spain has requested records from SBC Internet Services, in San Antonio, Texas as part of a criminal investigation into computer hackers who stole personal information of over 100,000 clients of Spanish ISP firm Arsys Internet SL, causing damages of at least 180,000 Euros.
POLAND SEEKS EVIDENCE IN ALABAMA FOR CREDIT CARD FRAUD INVESTIGATION
May 7, 2008
Poland is seeking evidence in Alabama for use in a criminal investigation into alleged credit card fraud against residents of the United States and other foreign countries.
LITHUANIA SEEKS ACCOUNT RECORDS AT SUNTRUST BANK IN FRAUD PROBE
May 7, 2008
Lithuania is seeking account records from SunTrust Bank, in Atlanta, Georgia as part of a criminal investigation into alleged fraud.
LATVIA REQUESTS EVIDENCE FROM DRYNAM LLC, OF DELAWARE
May 7, 2008
Latvia is seeking evidence from Delaware-registered Drynam LLC as part of a criminal investigation into alleged fraud.
ESTONIA REQUESTS EVIDENCE FROM FOUR US CORPORATIONS
May 7, 2008
Estonia is seeking information about three companies in Delaware and one in Arkansas as part of a criminal investigation into alleged import/export fraud.
CZECH REPUBLIC REQUESTS EVIDENCE FROM AVENGER SALES, OF DELAWARE
May 7, 2008
The Czech Republic has requested evidence from Delaware-registered Avenger Sales LLC as part of a criminal investigation into alleged bankruptcy fraud.
ARGENTINA SEEKS OCEAN BANK RECORDS
May 7, 2008
Argentina has requested account information from Ocean Bank on Brickell Avenue, Miami, Florida as part of a criminal investigation into alleged fraud.
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