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U. S. Gov't 'illegally extended its reach' over Cayman Islands firm suspected of securities fraud, rules judge

July 12, 2012 by David Marchant

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  • U. S. judge dismisses false reporting charges against officers and directors of Cayman-domiciled Xinhua Finance
  • Company owed no duty to report to the SEC information allegedly concealed by defendants, says judge
  • Not all good news for defendants, though, as mail fraud charges still stand

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A federal judge in the United States has accused the U. S. Government of illegally attempting to impose securities reporting requirements on a Cayman Islands-domiciled, Tokyo Stock Exchange-listed firm whose founders have been charged with fraud.

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Cayman-based alleged fraudster accused of hiding $1.7 m
Cayman Islands resident Dave Clark has been accused of transferring $1.7 million from a bank account in Cayman to one in Honduras in an attempt to keep it from the SEC, which is suing him for allegedly perpetrating a $300 million investment fraud.
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