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

Articles

eMail Alerts  

Sign-Up for eMail Alerts

RSS Feed  

Subscribe to feed

BVI participant in Exential Group's '$200M Ponzi scheme' applies for Chapter 15 in Miami

May 16, 2021 - A British Virgin Islands company that is part of the Dubai-based Exential Group of forex trading companies that perpetrated a $200 million Ponzi scheme has applied for Chapter 15 bankruptcy recognition in the United States.

Intertrust Cayman fined CI$4.2M for AML breaches, Maples Group to seek judicial review of regulations

May 13, 2021 - Intertrust Corporate Services has been fined CI$4.2 million by the Cayman Islands Monetary Authority for breaching the jurisdiction's Anti-Money Laundering Regulations. Separately, Maples Group law firm announced it was seeking a judicial review of CIMA's "interpretation and application" of the regulations.

Liechtenstein investigates '$7.2M investment fraud by Monument Group'

May 11, 2021 - Liechtenstein is investigating Manfred Fent, Franco Seren Gay, Gerald Hoop, and Robert Seaman III for "serious fraud and money laundering" involving investment firms Monument Group AG and Monument Foundation, OffshoreAlert can reveal.

Businessman Patokh Chodiev to sue over 'damaging' World-Check compliance database profile

May 05, 2021 - Uzbek-Russian-Belgian businessman Patokh Chodiev intends to sue British financial data and information provider Refinitiv Limited, formerly known as Reuters Limited, over "a poorly supported and damaging report" about him in its risk and compliance database known as World-Check.

Cayman judge dismisses petition against Circumference Holdings as 'abuse of process'

May 04, 2021 - A petition by Luxembourg-based accused fraudster Nicholas Martin to wind up the Cayman Islands holding company of the Circumference Group of corporate service providers has been dismissed "on the grounds that it is an abuse of process".

Cayman-based broker Andrew McAlpine pleads guilty to securities fraud conspiracy

May 04, 2021 - Canadian penny stock broker Andrew McAlpine has pleaded guilty to conspiracy to commit securities fraud at federal court in California and received permission to return to his home in the Cayman Islands pending sentencing. Prosecutors have recommended that he serve between six and 12 months in prison and he also faces restitution of "at least $270,689".

Cayman hedge fund VR Global fights for share of 'Pakistan claims proceeds'

April 23, 2021 - Cayman Islands hedge fund VR Global Partners is seeking evidence from U.S. lawyer Stuart Newberger for litigation in the Isle of Man in which it claims to have not received its share of $28.7 million of alleged proceeds from legal claims against the Pakistan Government.

Swiss intelligence firm Diligence Global seeks evidence in NY for 'Qatar World Cup surveillance' litigation

April 19, 2021 - Investigative firm Diligence Global Business Intelligence is seeking a declaration from a Swiss court that it did not act illegally when conducting surveillance on British firm Cornerstone Global Associates for an investigation into suspected corruption regarding the 2022 World Cup in Qatar, it has emerged in a New York discovery application

Guernsey regulator suspends investment fund Remus Horizons

April 15, 2021 - The registration of investment fund Remus Horizons PCC Limited, which is part of a group that includes individuals and companies in or from Australia, England, Guernsey, Hong Kong, India, Ireland, Italy, Texas, and the United Arab Emirates, has been suspended by the Guernsey Financial Services Commission less than five months after it was granted.

Wirecard AG applies for Chapter 15 recognition in U.S. to stay class action fraud lawsuit

April 09, 2021 - Insolvent payment processor Wirecard AG has applied for U.S. recognition of its German insolvency proceeding in an attempt to stay a class action complaint against it in Pennsylvania.

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.

View Recent Digests

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.