OffshoreAlert
Daily news, documents and intelligence about Offshore Financial Centers and those who conduct business in them that you will not find anywhere else.

With news services like South Africa's Moneyweb, no wonder fraudsters thrive

For a few years now, I've been perplexed by articles published by South African financial news service Moneyweb about Belvedere Management Group, which OffshoreAlert exposed as a global criminal financial enterprise in 2015.Since OffshoreAlert's exposé, Moneyweb has gone out of its way to portray Belvedere and its principals, Irishman David Cosgrove and South African Cobus Kellermann, as innocent victims of an OffshoreAlert witch-hunt, culminating in an extraordinary article on September 6th that was headlined "The world's greatest Ponzi scheme that never was", with a sub-headline of...

Victims of Fraud: OffshoreAlert wants to hear from you

OffshoreAlert wants to hear from victims of high-value fraud who are seeking litigation funding so they can try to recover assets from those who swindled them and their enablers.The reason: At The OffshoreAlert Europe Conference in London on November 13-14, 2017, we will introduce victims to litigation funders who might be able to help them.Pre-approved fraud victims will receive a FREE TICKET to attend our London event. They will just have to meet their own travel and accommodation costs.To apply for this opportunity, please complete our CONFIDENTIAL APPLICATION FORM in which you will be...

Serial fraudster Tim Schools back in business as a 'crisis coach'

Serial fraudster Timothy Schools, who swindled thousands of investors out of more than £100 million via his Cayman Islands-domiciled Axiom Legal Financing Fund, is back in business … as a "crisis coach"!!!At his newly-created www.thecrisiscoach.co.uk, Schools claims that his long list of business and personal failures and oodles of negative publicity about him on the Internet make him the ideal chap to help you manage a crisis … for a fee, of course.As is typical with fraudsters, Schools portrays himself as a victim on the site, claiming he has "felt shame for things I haven’t done and...

To supporters in Bermuda of Nicholas Genevieve-Tweed ...

... you should want to know (but probably don't) that Genevieve-Tweed was sued in New York in 2005 (click to download for free) for allegedly defrauding an elderly lady out of a high-value property while she was dying. Separately, at least two judgments for indebtedness have been entered against him in New York: One for $2,874 in favor of Ford Motor Credit Co. in 2010 and one for $4,807 in favor of Citibank South Dakota NA in 2011. The action for allegedly defrauding the elderly lady was essentially re-filed at Surrogate's Court in Queens County in New York in 2006 and...

Lying to investors evidently no big deal at Jon Ainge's 'IPS Invest'

After OffshoreAlert recorded salesman Simon Nock lying in an attempt to sell a fraudulent investment product on September 22nd, it would have been reasonable to expect his employer, British firm I P S Invest Limited, to fire him, especially after we published the recording on our YouTube channel. After all, the potential financial liabilities of keeping a proven liar on the payroll when selling dodgy investment products would appear to be significant.To recap the lie: Nock claimed in a sales pitch that he delivered by telephone to me - posing as a prospective investor for a 'low risk,...

Deck the cells with bowls of porridge

No year would be complete without OffshoreAlert being sued. In 2016, it happened twice.Both complaints reminded me why the USA is hands down the best place for an investigative journalist to operate.The Federal Communications Decency Act fully protects website operators from claims for damages regarding content posted by third parties. So when Russian Fedor Sannikov sued us at state court in Florida, he instead sought an order only for the removal of perceived negative postings about him on our message board and even that is unlikely to be granted given the Free Speech protections offered...

Investment Schemes + Conflicts of Interest = Loss of Capital

One of the quickest ways of detecting whether an investment opportunity is legitimate is to skip to the 'conflicts of interest' page of an offering memorandum. If it's not blank, don't invest.Conflicts are a clear sign that a scheme exists not to achieve returns for investors but for insiders to strip out their cash in fees before it inevitably collapses.Examples abound, most recently with Timothy Schools' Axiom Legal Financing Fund, in the Cayman Islands; David Cosgrove's Belvedere Management Group, in Mauritius; and Providence Financial Group, in Guernsey.Most significantly, the...

UK's Operation Rico turned out to be Operation PR

I long ago realized the United Kingdom is spectacularly ineffective at holding financial criminals accountable for their actions due to a mixture of incompetence, laziness, corruption, lack of resources, a poor judicial system, and a general fondness for non-violent crooks among jurors and citizens in general.My contempt, however, reached an all-time low when I recently attempted to follow up one of the UK's most high-profile financial investigations of recent years, a boiler room clampdown known as 'Operation Rico'.In February, 2014, it was breathlessly announced in a flurry of press...

'Reporters Without Borders' - You can't be serious!

The France-based 'Reporters Without Borders' has just released its ' 2016 World Press Freedom Index ', which purports to measure the "level of freedom of information in 180 countries", and, not for the first time with this annual index, I question whether any of those who came up with the rankings have ever done any serious investigative journalism, so bizarre are they.Since OffshoreAlert was launched in 1997, I've investigated serious financial crime in many of the world's countries and I can say that, hands down, the USA is not only the most transparent by a country mile (e.g. PACER...

'The Panama Papers': My Initial Take

First off: the fact that a person living in one of the world's major countries has an account in an offshore jurisdiction is not, in and of itself, evidence of illegal activity. An accuser needs corroborating evidence before making that leap.Having said that: It's undoubtedly suspicious and with an offshore jurisdiction as overtly seedy and lawless as Panama, I'd go so far as to describe it as 'highly suspicious'. That's just common sense.If you're hungry and the nearest restaurant is 50 yards away on the other side of the road, you cross that road in a straight line (if it's safe, of...

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