OffshoreAlert
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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Mark Litwin et al: Securities Fraud Charges

June 22, 2021 - News Release by the Ontario Securities Commission entitled "Former officers and directors of CannTrust charged with Securities Act Offences", identifying those charged as Mark Litwin, Eric Paul, and Peter Aceto, all of Toronto, Canada.

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.

European Lithium Ltd.: €160K Fine

June 15, 2021 - Public Notice by the Austrian Financial Market Authority that it has imposed a fine of €160,000 on European Lithium Limited "for the dissemination of information and messages that sent out false and misleading signals to the market in relation to a financial instrument". Editor's Note: Research by OffshoreAlert showed that, on its website at https://europeanlithium.com/, European Lithium's "Directors and Senior Management" are described as Tony Sage – Non-Executive Chairman; Dietrich Wanke – Chief Executive Officer; Kimon Gkomozias – Executive Director; Malcolm Day – Non-Executive Director; and Melissa Chapman – CFO & Company Secretary.

BNP Paribas SA: €235K Fine

June 15, 2021 - Public Notice by the Austrian Financial Market Authority that it has imposed a fine of €235,000 on BNP Paribas SA for "breach of the requirements for honest, clear and non-misleading information with regard to its market presence".

Petar Gazivoda et al: Disqualifications

June 11, 2021 - Public Notice by the Cyprus Securities Exchange Commission that it has temporarily disqualified Petar Gazivoda, of Cyprus; Dusko Knezevic, of Montenegro; Aleksandar Krtinic, of Serbia, and Ljiljana Dragicevic, of Montenegro, "from exercising professional activity related to the financial sector" for conduct regarding Cyprus-based investment firm Atlas Capital Financial Services Ltd.

Atlas Capital Financial Services Ltd.: €160K Fine

June 11, 2021 - Public Notice by the Cyprus Securities Exchange Commission that it has imposed a fine of €160,000 on Atlas Capital Financial Services Ltd. for regulatory breaches. Editor's Note: Research by OffshoreAlert at the Cyprus Registrar of Companies showed that Atlas Capital Financial Services Ltd. was incorporated in Cyprus on December 6th, 2007, is in the process of being struck off, to which an objection has been made and that its directors are Aleksandar Krtinic, of Serbia; Ljiljana Dragicevic, of Montenegro; Petar Gazivoda, of Cyprus; Dusko Knezevic, a citizen of Montenegro, and Zinon Ypsaridis.

Mek Global Ltd. et al: Allegations

June 07, 2021 - Statement of Allegations in the matter of Mek Global Limited, of the Seychelles, and PhoenixFin Pte. Ltd., of Singapore, collectively doing business as KuCoin, described as "an online crypto asset trading platform", before the Ontario Securities Commission.

Truevo Payments Ltd.: €443K Fine

June 04, 2021 - Public Notice by the Malta Financial Intelligence Analysis Unit that it has imposed a fine of €443,670 on Truevo Payments Limited for regulatory breaches. Editor's Note: Research by OffshoreAlert showed that Truevo Payments Limited was incorporated in Malta on November 20th, 2013, its directors are Martin Azzopardi, Frank Xavier Caruana, Ivan Fsadni, and John Pollacco, all of Malta, and its shareholders are William Liu, of China, and Truevo Holdings Ltd., which was incorporated in Malta on July 27th, 2015, whose directors are John Pollacco and David Liu, of Malta, and whose shareholders are John Pollacco and Dalamear Investments Ltd., which was incorporated in the Isle of Man on June 12th, 2008, and whose directors are Sovereign Managers Limited and Sovereign Directors Ltd., both of the Isle of Man, represented by John Philip Dentith.

U.S. RE CORP. International Ltd.: License Revocation

May 26, 2021 - Public Notice by the Bermuda Monetary Authority that it has cancelled the insurance broker registration of U.S. RE CORP. International Ltd. for regulatory breaches.

Priosma Ltd.: License Revocation

May 26, 2021 - Public Notice by the Bermuda Monetary Authority that it has cancelled the insurance broker registration of Priosma Ltd. for regulatory breaches. Editor's Note: Research by OffshoreAlert showed that, in the Directors Register maintained by the Government of Bermuda, the directors of Priosma Ltd. are identified as Graham McKean, of Kent, England, and Mark D. Terrey, of Bermuda.

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.