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

2006

eMail Alerts  

Sign-Up for eMail Alerts

RSS Feed  

Subscribe to feed

Ontario Securities Commission acts against Peter Sabourin

December 12, 2006 - The Ontario Securities Commission has ordered a suspected fraudster and his associates to stop selling offshore investment products that have raised more than C$23 million from investors over the last five years.Peter Sabourin, a former school janitor, and his Sabourin and Sun group offered investors annual returns of up to 22%, according to the Commission.

Sabourin and Sun owes clients more than US$10 million

December 07, 2006 - A Toronto-based group controlled by a former janitor that specialized in helping Canadians move their money offshore has collapsed owing more than US$10 million to at least 25 creditors.Details are contained in court filings at the Ontario Superior Court of Justice, where Sabourin and Sun is in litigation with Judith Laiken, an elderly client who claims to have been defrauded.

Video of Grenada PM receiving 'bribe' surfaces in US, Grenada Gov't refuses to request a copy

December 07, 2006 - Grenada authorities have turned down the offer of a video tape showing their Prime Minister receiving a $500,000 cash ‘bribe’ from investment fraudster Eric Resteiner, OffshoreAlert can reveal.They were notified more than 12 months ago by Resteiner’s attorney, John Amabile, that a copy of the six-year-old tape still existed and that it could be obtained through a formal request for assistance to the authorities in the United States, where Resteiner is in custody awaiting sentencing for seven counts of mail and wire fraud to which he pleaded guilty earlier this year at the U. S. District Court for the District of Massachusetts.

Dutch fraud investigators seek evidence of Florida resident

December 07, 2006 - Article based on an application to collect evidence for a criminal investigation into alleged investment fraud – pursuant to a request for judicial assistance from the Netherlands – that was filed at federal court in the USA on November 13, 2006. Individuals and businesses mentioned in the request for assistance include Dan Owen Erickson, Jacobus Johannes Broekhuis, Woonzeker Hypotheken B.V., and Triple Plus GmbH.

Bermuda insurer had sham Cayman assets, claims liquidator

December 07, 2006 - A Bermuda-licensed insurer that is insolvent by an estimated $7 million forged a fake accounting document in the name of Deloitte & Touche in the Cayman Islands to try to convince regulators it was solvent, according to its provisional liquidators.The alleged ploy did not work, however, and Hatteras Reinsurance Limited was petitioned into provisional liquidation “in the public interest” by the Bermuda Monetary Authority at Bermuda Supreme Court on June 7, 2006.

Child poronography investigators ask for web-site billing records

December 07, 2006 - Article based on an application to collect evidence for a criminal investigation into alleged child pornography – pursuant to a request for judicial assistance from the United Kingdom – that was filed at federal court in the USA on November 7, 2006. Individuals and businesses mentioned in the request for assistance Operation Glume, Operation Ore, Trevor William Rowell, Wendy Ruth Rowell, Jamie Moses, Citibank International, El Dorado Sales, Inc., Jerry Reynolds, Xcite NCT Inc., CCBill, AC Pay, and Thomas Kiser.

Insider Talking: December 7, 2006

December 07, 2006 - Nearly six years after being forced into Receivership and then provisional liquidation, Suisse Security Bank & Trust Limited has finally gone into official liquidation in the Bahamas; MBNA America Bank NA obtained an order of garnishment at the Circuit Court for the 11th Judicial Circuit, Miami-Dade County, Florida on October 30, 2006 that allows it to garnish assets up to $44,143, plus costs of $198, at Eastern Financial Bank that are beneficially owned by St. Kitts-based financial services provider M. Irvin BonCamper; The Swedish Financial Services Authority, known as Finansinspektionen, has issued a public warning about Charterhouse Trust Credit Union, which was exposed by OffshoreAlert as long ago as May 31, 2002; An order to compulsorily wind-up International Alliance Insurance Limited was entered at the Royal Court of Guernsey on April 4, 2006, with Anthony Christian Pickford and James Robert Toynton, of Chandlers Limited, appointed joint liquidators; and The U. S. SEC announced on November 28, 2006 that the U. S. District Court for the Southern District of New York entered a preliminary injunction on November 14, 2006 barring Ian Scott from pursuing litigation in the Federation of St. Kitts and Nevis.

Fencourt Re seeks to avoid $85 million in losses

December 07, 2006 - A Bermuda-based reinsurer has filed a lawsuit in the United States in an attempt to avoid being stuck with losses totaling $85 million. Fencourt Reinsurance Company Ltd., which is incorporated and based in Bermuda, filed a civil complaint against ITT Industries Inc., which is incorporated in Indiana and based in New York, at the U. S. District Court for the Eastern District of Pennsylvania on October 24, 2006.

Swiss authorities seek extradition of prominent Taiwanese alleged jewellery thief

December 07, 2006 - The authorities in Switzerland have requested the extradition from the United States of a 50-year-old Taiwanese national who is accused of fraudulently obtaining jewellery worth more than US$32 million. Details are contained in an extradition complaint that was filed against Yu Mei Wu, a.k.a. Margaret Wu, a.k.a. Margaret Schwartz, at the U. S. District Court for the Northern District of Ohio on November 16, 2006.

South Korea seeks extradition of Kyung Hwa Shin in sealed case

December 07, 2006 - The authorities in South Korea have requested the extradition from the United States of Kyung Hwa Shin.

OffshoreConnect Free Sign Up

Stay informed & connected

  • Free Email Alerts on Breaking News
  • Free Access to Blogs by Industry Leaders
  • Free Contribute to Due Diligence Forums
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.