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Former deVere USA officers settle SEC fraud complaint

July 10, 2020 - British nationals Benjamin Alderson and Bradley Hamilton have agreed to pay penalties totaling $750,000 to settle a fraud complaint by the SEC regarding their employment with investment firm deVere USA.

Benjamin Alderson: Industry Ban

July 09, 2020 - Administrative Order imposing an industry ban on Benjamin Alderson, a resident of the United Kingdom and a former CEO of deVere USA Inc., before the U. S. Securities and Exchange Commission.

Multiplus Corredora de Seguros Ltda.: Chapter 11 Petition

July 09, 2020 - Chapter 11 Petition by Multiplus Corredora de Seguros Ltda., of São Paulo, Brazil, at the U. S. Bankruptcy Court for the Southern District of New York.

Cayman law firm sued by clients who claim to have lost $524K in 'phishing scam'

July 09, 2020 - Cayman Islands law firm Giglioli & Company is being sued by clients David and Michelle Holden, who claim the company's computer server was hacked and emails intercepted, causing them to be swindled out of US$523,998.

TAM SA et al: Chapter 11 Petition

July 09, 2020 - Chapter 11 Petition by TAM SA, TAM Linhas Aereas SA, Multiplus Corredora de Seguros Ltda., Prismah Fidelidade Ltda., Fidelidade Viagens e Turismo SA, TP Franchising Ltda., Aerolinhas Brasileiras SA, and Holdco I SA at the U. S. Bankruptcy Court for the Southern District of New York.

SEC v. Benjamin Alderson: Final Judgment

July 08, 2020 - Final Judgment regarding an allegation that the defendant "defrauded hundreds of clients and prospective clients resident in the United States by misleading them about the benefits of irreversibly transferring their United Kingdom pensions to an offshore pension plan while concealing serious conflicts of interest" in U. S. Securities and Exchange Commission v. Benjamin Alderson, a citizen of the United Kingdom and a former employee of deVere USA, Inc., at the U. S. District Court for the Southern District of New York.

SEC v. Bradley Hamilton: Final Judgment

July 08, 2020 - Final Judgment regarding an allegation that he "defrauded hundreds of clients and prospective clients resident in the United States by misleading them about the benefits of irreversibly transferring their United Kingdom pensions to an offshore pension plan while concealing serious conflicts of interest" in U. S. Securities and Exchange Commission v. Bradley Hamilton, a citizen of the United Kingdom and a former employee of deVere USA, Inc., at the U. S. District Court for the Southern District of New York.

DAVIDsTEA Inc. et al: Chapter 15 Petition

July 08, 2020 - Chapter 15 Petition of a Foreign Main Proceeding in Canada by Claudio Filippone, of PricewaterhouseCoopers Inc., as the Foreign Representative of DAVIDsTEA (USA) Inc. and DAVIDsTEA Inc., described as "a branded retailer of specialty tea", at the U. S. Bankruptcy Court for the District of Delaware.

Petr Aven et al v. Orbis Business Intelligence Ltd.: Judgment

July 08, 2020 - Approved Judgment regarding "a claim for the correction of the record and other remedies" under the Data Protection Act 1998 "in relation to one component of the so-called 'Steele Dossier'" in Petr Aven, Mikhail Fridman, and German Khan, described as "three businessmen of Russian or Ukrainian origin" who are "among the ultimate beneficial owners of the Alfa Group Consortium" v. Orbis Business Intelligence Ltd. at the High Court of Justice, in England.

John David Price v. Dropbox Inc.: Discovery Application

July 07, 2020 - Application by John David Price, a resident of Nova Scotia, Canada, to take discovery from Dropbox Inc. for use in legal proceedings in Canada, filed at the U. S. District Court for the Northern District of California.

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.

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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.