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Administrative Proceeding

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Block.one: $24M Fine

September 30, 2019 - Order Instituting Administrative Proceedings, Making Findings and Imposing a $24 million penalty for conducting an unregistered Initial Coin Offering "worth several billion dollars" against Block.one, described as a Cayman Islands-domiciled "technology company" with "offices in Hong Kong and Blacksburg, Virginia", before the U. S. Securities and Exchange Commission. Editor's Note: On its website at www.block.one, Block.one's "Executive Team" is identified as Brendan Blumer, Daniel Larimer, Andrew Bliss, Steve Ellis, Alex Erasmus, Abby Blumer, James Mendes, Eddie Schwartz, Michael Alexander, Kokuei (Guo) Yuan, and Rob Jesudason. News reports have stated that Block.one's ICO raised $4 billion.

Herbalife Nutrition Ltd.: $20M Penalty

September 27, 2019 - Order Instituting Proceedings, Making Findings and Imposing a $20 million penalty against Herbalife Nutrition Ltd., a Cayman Islands-domiciled, Los Angeles-based multi-level marketing firm whose shares are listed on the New York Stock Exchange, regarding "false and misleading public statements in numerous U.S. regulatory filings regarding its China business model", before the U. S. Securities and Exchange Commission.

Marvell Technology Group, Ltd.: $5.5M Penalty

September 16, 2019 - Order Instituting Cease-and-Desist Proceedings, Making Findings and Imposting a Civil Penalty against Marvell Technology Group, Ltd., domiciled in Bermuda, based in Santa Clara, California, before the U. S. Securities and Exchange Commission.

Sridhar Thiruvengadam: Findings

September 13, 2019 - Order Instituting Administrative Proceedings and Making Findings regarding evidence that "an Indian government official had made a $2 million bribe demand" against Sridhar Thiruvengadam, a citizen of India, before the U. S. Securities and Exchange Commission.

Daniloff Capital Management LLC et al: Sanctions

September 13, 2019 - Order Instituting Administrative Proceedings and Imposing Remedial Sanctions regarding Synergy Hybrid Fund Ltd. and Synergy Hybrid Feeder Fund Ltd., both domiciled in the Cayman Islands, against ED Capital Management LLC, d.b.a. Daniloff Capital Management LLC, domiciled in Delaware, based in New York, and Elliott Daniloff, a.k.a. Ilya Olegovich Danilov, a citizen of Russia and the USA, before the U. S. Securities and Exchange Commission.

RSM US LLP: Findings & Sanctions

August 27, 2019 - Order Instituting Public Administrative and Cease-and-Desist Proceedings, Making Findings and Imposing Remedial Sanctions in the matter of RSM US LLP, formerly McGladrey LLP, before the U. S. Securities and Exchange Commission.

Deutsche Bank AG: $16 Million Penalties

August 22, 2019 - Order Instituting Cease-and-Desist Proceedings, Making Findings and Imposing a Cease-and-Desist Order in the matter of Deutsche Bank AG before the U. S. Securities and Exchange Commission.

ICO Rating: Sanctions Order

August 20, 2019 - Order Instituting Cease-and-Desist Proceedings, Making Findings and Imposing Cease-and-Desist Order regarding Initial Coin Offerings in U.S. Securities and Exchange Commission v. ICO Rating, of Russia.

Richard Targett-Adams: Findings & Sanctions

August 19, 2019 - Order Instituting Administrative Proceedings, Making Findings, & Imposing Remedial Sanctions in the Matter of Richard Targett-Adams, a resident of France, regarding Wintercap SA, of Switzerland, before the U. S. Securities and Exchange Commission.

Lorenz Erne: Insider Trading Penalty

August 15, 2019 - Findings and Sanctions regarding insider trading in the U. S. Securities and Exchange Commission v. Lorenz Erne, of Switzerland.
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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.