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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Kevin Gilligan: Corporate Disqualification

February 18, 2020 - Entry by the Guernsey Financial Services Commission of Kevin Paul Gilligan in its list of corporate disqualifications.

Charles Tracy: Corporate Disqualification

February 18, 2020 - Entry by the Guernsey Financial Services Commission of Charles Peter Gervais Tracy in its list of corporate disqualifications.

Hollingsworth International Financial Services Ltd. et al: Penalties

February 18, 2020 - Announcement by the Malta Financial Services Authority regarding penalties against Hollingsworth International Financial Services Limited and Mark Hollingsworth. Editor's Note: Research by OffshoreAlert showed that, in the Malta Business Registry, the sole shareholder of Hollingsworth International Financial Services Limited was identified as Dominion Fiduciary Trust Limited, of Jersey, in the Channel Islands, on behalf of the Ultimate Beneficial Owner, Mark Hollingsworth, 51, a citizen of the United Kingdom.

Louvre Fund Services Ltd. et al: Penalties

February 17, 2020 - Public Statement by the Guernsey Financial Services Commission announcing regulatory penalties against Louvre Fund Services Limited, Kevin Gilligan, Charles Peter Gervais Tracy, Derek Paul Baudains, and Julian Dai Lane.

ROX Capital AG: Public Warning

January 29, 2020 - Public Warning by the Swiss Financial Market Supervisory Authority regarding ROX Capital AG, formerly known as Algovia AG, which is "suspected of conducting unauthorised activities in the financial market". Editor's Note: Research by OffshoreAlert showed that, on its website at www.roxcapital.io, ROX Capital AG offers a "Stable Coin" and a "Decentralised Token Exchange" and, in filings with the Swiss Commercial Registry, the company's directors are identified as Aleksei Liakhovnenko and Anton Katin, both of Russia, while previous directors are identified as Reto Daniel Winkler, of Switzerland; Günther Weber, a citizen of Germany, and Vladimir Helber, a citizen of Germany

Green Capital Group SA: Public Warning

January 27, 2020 - Public Warning by the Swiss Financial Market Supervisory Authority regarding Green Capital Group SA, which is "suspected of conducting unauthorised activities". Editor's Note: Research by OffshoreAlert showed that, in the Swiss Commercial Registry, the authorized representative of Green Capital Group SA is Marc-André Leuthold, of Genève. On its website at https://www.greencapitalgroup.eu/, Green Capital Group offers several dubious investment schemes, including those with purported returns of 3% per month and 15% per year.

UMC Tosca d‘Oro Schweiz GmbH et al: Regulatory Supervision

January 22, 2020 - Public Notices by the Swiss Financial Market Supervisory Authority announcing that UMC Tosca d'Oro Schweiz GmbH, UMC Change und Wechselstube GmbH, and CandyToys AG have all been placed under regulatory supervision. Editor's Note: Research by OffshoreAlert showed that, in the Swiss Commercial Register, Alex Ugolini is disclosed as a director of all three companies, while Uwe Singer is disclosed as a member of CandyToys.

Ava Trade Ltd.: News Release

January 20, 2020 - News Release by the Alberta Securities Commission announcing a settlement agreement with Ava Trade Ltd., of the British Virgin Islands, "for acting as a dealer without being registered".

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.

Ava Trade Ltd.: Settlement Agreement

January 16, 2020 - Settlement Agreement in the amount of C$243,000 for unregistered activity in the matter of Ava Trade Ltd., of the British Virgin Islands, before the Alberta Securities Commission.

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.