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

Global Regulatory Warnings & Actions

Selected Warnings & Actions by Financial Regulators around the world.

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Kestrel Insurance Services Ltd.: Civil Penalty

January 17, 2020 - Public Statement announcing the imposition of a civil penalty against insurance broker Kestrel Insurance Services Limited, whose directors during the relevant period were identified as Alan Burrows, Kate Burrows, and Paul Coniglio-Burrows. Research by OffshoreAlert showed that, in its 2019 annual return with the Isle of Man Government, the company's shareholders were identified as Beacon Holdings Ltd., of the Isle of Man; Mark Burrows, of the Isle of Man; Alan Burrows, and Paul Coniglio-Burrows.

KTH Capital Management Ltd.: License Revocation

January 14, 2020 - Decision Notice by the Cayman Islands Monetary Authority announcing the license revocation of KTH Capital Management Limited.

Pacifico Global Advisors Ltd.: Public Notice

January 09, 2020 - Public Notice by the Securities Commission of the Bahamas regarding Pacifico Global Advisors Ltd. (in Liquidation).

Morgan Gatsby Ltd.: Fine

January 06, 2020 - Decision Notice by the Dubai Financial Services Authority announcing a fine against Morgan Gatsby Limited regarding the promotion of Essel Africa Natural Resource Fund, of Luxembourg, and other matters. Editor's Note: Research by OffshoreAlert showed that, according to the website of the Dubai International Financial Centre, Morgan Gatsby Limited went into liquidation on February 5th, 2019, that its directors are Gagan Jawahar Goyal, Shahzaad Siraj Dalal, and Ajay Rajinder Arora, and former directors include Pankaj Prem Gupta, Mazin Mohammad Mohyelddin Alkhatib, Farhan Abdulrahim Mohammed Faraidooni, Ahmad Abdulla Juma Binbyat, and George Zaki George Mushahwar.

KTH Capital Ltd.: Fund Cancellation

January 02, 2020 - Decision Notice by the Cayman Islands Monetary Authority announcing the cancellation of the mutual fund registration of KTH Capital Limited, whose directors are identified as Du Wang and Vivian Ding Li.

Credit Suisse: Investigating Auditor Appointment

December 20, 2019 - Press Release by the Swiss Financial Market Supervisory Authority announcing the appointment of an "independent investigating auditor" for Credit Suisse.

Phillip Sean McCarthy: Disqualified Director

December 20, 2019 - Notice by the Isle of Man Financial Services Authority regarding the Director Disqualification of Phillip Sean McCarthy.

Samuray Consulting AG: Public Warning

December 19, 2019 - Public Warning by the Swiss Financial Market Supervisory Authority regarding Samuray Consulting AG, whose corporate filings in Switzerland show that its principal is Burhan Samuray, of Berlin, Germany.

MetLife, Inc.: $10M Fine

December 18, 2019 - Order Instituting Proceedings, Making Findings & Imposing Sanctions, including a $10 million fine, against MetLife, Inc., domiciled in Delaware, based in New York, NY, regarding, inter alia, an "error related to accounting for variable annuity guarantees assumed by a MetLife subsidiary, MetLife Reinsurance Company of Bermuda, from a former operating joint venture in Japan", before the U. S. Securities and Exchange Commission.

Lescovex Exchange SA: Public Warning

December 18, 2019 - Public Warning by the Swiss Financial Market Supervisory Authority regarding Lescovex Exchange SA, a cryptocurrency exchange whose corporate records in Switzerland show that its principal is Vicent Nos Ripolles, a citizen of Spain.

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.