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

2010

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Sencer Sevket established Cayman fund despite arrest warrant and $21M judgment

October 29, 2010 - A British citizen was able to form a mutual fund in the Cayman Islands despite an outstanding warrant for his arrest in the United States for alleged investment fraud and an unpaid $21 million civil judgment for a separate fraud

Czech Republic seeks evidence from Columbia University Assistant Professor Alice Urbankova for counterfeiting investigation

October 29, 2010 - The Czech Republic has requested evidence from an Assistant Professor at Columbia University in New York for a criminal investigation into alleged counterfeiting.Details are contained in an application for the appointment of a Commissioner to collect evidence – pursuant to

Poland requests evidence in Florida for money laundering investigation into Sergiy Savchuk

October 29, 2010 - Poland has requested evidence in the United States as part of a criminal investigation into alleged money laundering.Details are contained in an application for the appointment of a Commissioner to collect evidence – pursuant to a request for judicial assistance

Offshore banker Johnny Johnson indicted for fraud

October 29, 2010 - Nearly six months after an arrest warrant was issued against him at federal court in California on suspicion of fraud, fugitive offshore banker Johnny Johnson was named as a defendant in a criminal indictment.Johnson and co defendant Bich Quyen Nguyen

Insider Talking: October 29, 2010

October 29, 2010 - Any lingering hope anyone had that details of the Bermuda Monetary Authority's investigation into Lines Overseas Management in 2004 2005 would ever become public knowledge faded when LOM settled a fraud complaint brought by the U. S. Securities and Exchange

Investor’s Business Daily sues BVI fund for alleged copyright infringement

October 29, 2010 - Los Angeles based financial news and research provider Investor's Business Daily Inc. is suing an offshore hedge fund and related parties for allegedly soliciting funds by improperly implying a business relationship with IBD. IBD filed a civil complaint at the

IRS seeks client-records of offshore promoter Arnold S. Goldstein (deceased)

October 29, 2010 - Florida based offshore promoter Arnold S. Goldstein – who once funneled business to now imprisoned fraudster and money launderer Marc Harris was battling an attempt by the Internal Revenue Service to obtain information about his clients when he died on

Nevis-domiciled EMET Investments accuses BVI corporation of $5 m fraud

October 29, 2010 - A Nevis domiciled legal entity with an address in Liechtenstein claims to have been defrauded out of $5 million by a British Virgin Islands domiciled company and related parties in a failed scheme to provide private schools for the children

Israel seeks evidence in Delaware for investigation of eBay fraud

October 29, 2010 - Israel has requested evidence in the United States as for use in a criminal investigation into Israeli nationals Yossef Edery, his son, Shay Edery, and Ronit Lebel for allegedly defrauding users of eBay, starting in June, 2009, and then laundering

Deutsche Bank (Cayman Islands) seeks $23 m from construction lenders

October 29, 2010 - The Cayman Islands branch of Deutsche Bank AG is seeking compensatory damages of $23.6 million, plus legal fees and costs, from guarantors of five loans for real estate projects that are allegedly in default.The bank filed a civil complaint at

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.