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

ALL NEWS

eMail Alerts  

Sign-Up for eMail Alerts

RSS Feed  

Subscribe to feed

Cayman fund accused of '$106M fraud' by US SEC

June 21, 2021 - Cayman Islands-domiciled Income Collecting 1-3 Months T-Bills Mutual Fund, whose directors reside in the Bahamas and British Virgin Islands, and its Israeli principal, Ofer Abarbanel, have been accused by the U.S. SEC of swindling investors who have been unable to redeem $106 million.

SEC v. Ofer Abarbanel et al: Asset Freeze Application

June 21, 2021 - Asset Freeze Application in U. S. Securities and Exchange Commission v. Ofer Abarbanel, described as a citizen of Israel residing in California; Victor Chilelli, described as a resident of Delaware, and Income Collecting 1-3 Months T-Bills Mutual Fund, described as "a mutual fund registered in the Cayman Islands", as Defendants, and Institutional Syndication LLC, North American Liquidity Resources LLC, Institutional Secured Credit LLC, Growth Income Holdings LLC, and Global EMEA Holdings LLC, as Relief Defendants, at the U. S. District Court for the Southern District of New York.

Income Collecting 1-3 Months T-Bills Mutual Fund: Directors

June 21, 2021 - Director Details for Income Collecting 1-3 Months T-Bills Mutual Fund, obtained from the Cayman Islands General Registry on June 21st, 2021.

SEC v. Ofer Abarbanel et al: Complaint

June 21, 2021 - Complaint alleging "a fraudulent investment scheme" in U. S. Securities and Exchange Commission v. Ofer Abarbanel, described as a citizen of Israel residing in California; Victor Chilelli, described as a resident of Delaware, and Income Collecting 1-3 Months T-Bills Mutual Fund,  described as "a mutual fund registered in the Cayman Islands", as Defendants, and Institutional Syndication LLC, North American Liquidity Resources LLC, Institutional Secured Credit LLC, Growth Income Holdings LLC, and Global EMEA Holdings LLC, as Relief Defendants, at the U. S. District Court for the Southern District of New York. Editor's Note: In the complaint, the SEC alleged that "Abarbanel and Chilelli arranged for friends (including a friend's wife) and nominee personnel in the Bahamas and British Virgin Islands to serve as directors of the Fund". Research by OffshoreAlert at the Cayman Islands General Registry showed that the directors of Income Collecting 1-3 Months T-Bills Mutual Fund are Boisy Roberts, of the Bahamas, and "Trevo Liburd", of the British Virgin Islands, which appears to be a typo and a reference to Trevor Liburd.

Canadian regulator seeks fines & ban against crypto platform Bybit

June 21, 2021 - The Enforcement Branch of the Ontario Securities Commission is seeking fines and other penalties against British Virgin Islands-domiciled, Singapore-based cryptocurrency derivatives exchange Bybit for operating "contrary to the public interest".

Bybit Fintech Ltd.: Statement of Allegations

June 21, 2021 - Statement of Allegations alleging unregistered securities activity involving cryptocurrencies in the Enforcement Branch of the Ontario Securities Commission v. Bybit Fintech Limited, described as a British Virgin Islands-domiciled "online crypto asset trading platform", and which appears to be based in Singapore, before the Ontario Securities Commission.

Addoox Media Ltd.: Chapter 15 Petition

June 18, 2021 - Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Israel by Uri Braun, as the Foreign Representative of Addoox Media Ltd., filed at the U. S. Bankruptcy Court for the Northern District of California.

Freeman Financial Corporation: Restoration Application

June 17, 2021 - Originating Application in the matter of Freeman Financial Investment Corporation at the Grand Court of the Cayman Islands.

Freeman Corporation Ltd.: Restoration Application

June 17, 2021 - Originating Application in the matter of Freeman Corporation Limited at the Grand Court of the Cayman Islands.

Mason Capital Master Fund, L.P. v. EQT Corporation et al: Class Action Complaint

June 17, 2021 - Class Action Complaint alleging fraud in Mason Capital Master Fund, L.P., of the Cayman Islands v. EQT Corporation, Steven T. Schlotterbeck, Robert J. McNally, David L. Porges, and David E. Schlosser, Jr. at the U. S. District Court for the Western District of Pennsylvania.

We hunt for red flags in high-value, cross-border finance by monitoring offshore and onshore courts, regulatory actions, offering documents, and other sources - and email you the results.

View Recent Digests

Cayman Court Secrecy: A Huge Red Flag for Foreign Investors & Clients
David Marchant
As any fule kno, the biggest enemy of fraud, corruption, money laundering, and other forms of financial crime is transparency, while their best friend is secrecy. That's why the unprecedented mass sealing of cases that's taking place at the Financial Services Division of the Grand Court of the Cayman Islands is repugnant to anyone with a genuine concern for financial crime.