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After indicted owner's 'exoneration', Malta's Pilatus Bank to sue European Central Bank for license revocation

November 30, 2020 - Following the recent collapse of criminal charges in New York against its beneficial owner, Ali Sadr Hasheminejad, Malta-based Pilatus Bank Plc intends to sue the Germany-based European Central Bank for damages for revoking its license.

Cayman crypto exchange Binance sues Forbes for defamation

November 19, 2020 - Cayman Islands-domiciled cryptocurrency exchange Binance Holdings is suing U.S.-based news provider Forbes and two of its reporters for defamation over a recent article headlined "Leaked 'Tai Chi' Document Reveals Binance's Elaborate Scheme To Evade Bitcoin Regulators".

UK Gov't applies to wind up 3 firms operated by fraudsters

November 04, 2020 - Winding up petitions have been filed against British firms Rationale Asset Management, Value Asset Management, and Merydion Corporation, which are operated by members of a gang of British and Irish serial investment fraudsters who have been previously exposed by OffshoreAlert.

British fraudster Martin Sampson sets up new group

October 30, 2020 - British fraudster Martin Sampson, who helped to perpetrate a £40 million-plus investment scam by the Privilege Wealth Group, is back in business with three new British companies, operating as Misil Group.

BVI fund sues Bermuda reinsurance investment manager for '$7.5M fraud'

October 25, 2020 - A BVI investment fund has sued Tony Belisle in Florida for alleged fraud after incurring losses "in excess of $7.5 million" in a Bermuda fund that was managed by Markel CATCo Investment Management, from which Belisle was allegedly fired as CEO "for lying to company executives and counsel about a romantic relationship" with a colleague.

US tycoon Bob Brockman indicted for '$2B offshore tax fraud scheme'

October 15, 2020 - US software tycoon Bob Brockman has been criminally indicted in California for an alleged $2 billion offshore tax evasion scheme involving accounts and entities in Bermuda, British Virgin Islands, Cayman Islands, Nevis, and Switzerland. In a related case, billionaire private equity boss Robert Smith agreed to pay penalties of $139 million to avoid prosecution.

Cayman fund liquidators sue Deutsche Bank for $200M for 'turning a blind eye to fraud'

October 14, 2020 - The liquidators of Cayman Islands investment fund Madison Asset LLC, which was allegedly swindled out of $200 million by its US-based principals, have sued Deutsche Bank for the entire amount, alleging it "turned a blind eye" to the alleged fraud.

SEC sues John McAfee for '$23M ICO fraud' in New York

October 05, 2020 - Famous computer programmer John McAfee was today sued by the SEC in New York for allegedly swindling his Twitter followers by recommending they buy Initial Coin Offerings by entities in Belize, Nigeria, Romania, U.K. and U.S. without disclosing that he received $23 million in hidden compensation.

Thailand SEC bans British financial advisors for conduct at deVere Group

October 05, 2020 - British financial advisors Ian McIntyre, Adam Clark, and Scott Kingsley have been banned from Thailand's investment industry for regulatory breaches while working for the deVere Group, which describes itself as "one of the world’s leading independent financial advisory organisations".

CFTC sues operators of BitMEX crypto derivatives platform

October 01, 2020 - The CFTC has sued eight companies and individuals in or from Bermuda, Hong Kong, Seychelles, United Kingdom, and the United States, alleging they operated a cryptocurrency derivatives platform without being registered.

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.