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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Universal-Investment-Luxembourg SA: €45K Fine

January 18, 2021 - Public Notice by the Luxembourg CSSF that it has imposed a fine of €45,000 on Universal-Investment-Luxembourg S.A., described as an "investment fund manager", for regulatory breaches. Editor's Note: Research by OffshoreAlert showed that, in the Luxembourg Business Registry, Universal-Investment-Luxembourg S.A.'s principals are identified as Frank Eggloff, Markus Neubauer, Michael Reinhard, Matthias Muller, and Sean O'Driscoll, and on the website of Universal-Investment-Luxembourg S.A. at https://www.universal-investment.com/, it is stated that the company is "a wholly owned subsidiary of Universal-Investment-Gesellschaft mbH, Frankfurt am Main" and that the "Management Board of Universal-Investment Group" comprises Michael Reinhard, "Chief Executive Officer"; Stephan Scholl, "Chief Operational Officer"; Ian Lees, "Chief Financial Officer"; Frank Eggloff, "Chief Regulatory Officer", and Katja Müller, "Chief Customer Officer".

Xavier Rault: Disqualification

January 18, 2021 - Public Notice by the Mauritius Financial Services Commission that it has disqualified Xavier Rault for regulatory breaches.

Delphine Evelyne Marcelle Brouard Rault: Disqualification

January 18, 2021 - Public Notice by the Mauritius Financial Services Commission that it has disqualified Delphine Evelyne Marcelle Brouard Rault for regulatory breaches.

Capricorn Finance: License Revocation

January 18, 2021 - Public Notice by the Mauritius Financial Services Commission that it has revoked the "Investment Adviser (Restricted) Licence" of Capricorn Finance for regulatory breaches,

Almagest Wealth Management SA: €150K Fine

January 15, 2021 - Public Notice by the Luxembourg CSSF that it has imposed an administrative fine of €150,000 on Almagest Wealth Management SA for regulatory breaches. Editor's Note: Research by OffshoreAlert showed that, in the Luxembourg Trade and Companies Register, the representatives of Almagest Wealth Management SA are identified as Olivier Assa, Philippe Donjon de Saint Martin, and Jihad Taleb, while the company's "Managing Partner" has been identified as Benjamin Benedetto in news articles.

Wireline, Inc.: $650K Fine

January 15, 2021 - Administrative Order by the U. S. Securities and Exchange Commission imposing a fine of $650,000 on Wireline, Inc., described as a Delaware-domiciled "early-stage project focused on the development of a decentralized, blockchain based platform", for an unregistered securities offering and alleged fraud involving, inter alia, Wireline Developer Fund Ltd., a.k.a. Wireline Development Fund, of the Cayman Islands. Editor's Note: Research by OffshoreAlert showed that, in the Cayman Islands General Registry, the directors of Wireline Developer Fund Ltd. are identified as Lucas Geiger and Rich Burdon.

Deutsche Bank AG: $43M Penalty

January 08, 2021 - Administrative Order by the U. S. Securities and Exchange Commission imposing a penalty of $43.3 million on Deutsche Bank AG for regulatory breaches involving, inter alia, entities in Abu Dhabi, British Virgin Islands, China, Italy, and Saudi Arabia.

Economic Risk Insurance, Ltd.: License Cancellation

January 05, 2021 - Press Release by the Bermuda Monetary Authority announcing the cancellation of the insurance registration of Economic Risk Insurance, 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 Economic Risk Insurance Ltd. are identified as James Michael Temple, of Sacramento, California, USA, and Richard Daley, of Bermuda.

CTS Captive Management (Cayman) Ltd.: License Revocation

January 05, 2021 - Decision Notice by the Cayman Islands Monetary Authority to revoke the Insurance Manager's License of CTS Captive Management (Cayman), Ltd. for regulatory breaches, including insolvency. Editor's Note: The directors of CTS Captive Management (Cayman), Ltd. are identified in the Decision Notice as John Rearer and Sarah Perry. Research by OffshoreAlert found that they are also senior officers of ALIC Underwriters, which is described on its website at alicunderwriters.com as "a Managing General Underwriter and Wholesale Insurance Broker, located in Fort Lauderdale, Florida".

Crown Global Life Insurance Ltd. et al: $400K Fine

December 31, 2020 - Press Release by the Bermuda Monetary Authority announcing that it has imposed a fine of $400,000 on Crown Global Life Insurance Ltd. and Crown Global Life Insurance (Bermuda) Ltd. for regulatory breaches. Editor's Note: Research by OffshoreAlert in the "Directors Register" maintained by the Government of Bermuda showed that Crown Global Life Insurance Ltd. and Crown Global Life Insurance (Bermuda) Ltd. have the same directors: Terria Ladawn Godwin, of the Cayman Islands; Carol Feathers, of Bermuda; Christopher John Calise, of Miami Beach, Florida, USA, and Perry A. Lerner, of Philadelphia, Pennsylvania, USA. On the Crown Global group's website at crownglobalinsurance.com, it is stated that "Crown Global empowers high net worth individuals, institutions and investment fund managers with products and services to enhance their investments", its "Executive Leadership Team" comprises Perry Lerner, "Chairman & CEO"; Christopher Calise, "President & CFO"; Damien Rios, "Senior Vice President & General Counsel"; Riccardo Gambineri, "Senior Vice President"; Thomas Berry, "Chief Actuary"; Terria Godwin, "Vice President, Finance & Administration", and Suzanne Reynolds, "Assistant Vice President, Finance & Administration", and it has offices in Delaware, Miami Beach, Zurich, Bermuda, and the Cayman Islands.

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.