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


eMail Alerts  

Sign-Up for eMail Alerts

RSS Feed  

Subscribe to feed

Butterfield Bank admits 'criminal conduct', turns over client records & agrees to pay $4.8M to settle tax evasion investigation

August 03, 2021 - Butterfield Bank has agreed to forfeit $4.8 million and turned over client records as part of a Non-Prosecution Agreement with the U. S. Department of Justice in which the bank admitted "criminal conduct" by fraudulently helping U.S. taxpayers evade taxes via its Bermuda and Cayman Islands operations.

Belgium's tax agency sues US pension plans for €44M over 'tax refund fraud'

July 27, 2021 - Belgium's tax collector is seeking combined damages of at least €44.9 million in seven complaints filed in New York against seven pension plans and their operators for an allegedly fraudulent tax refund scheme.

Portugal's cannabis regulator set to give license to British investment fraudsters

July 13, 2021 - British serial investment fraudsters Paul Segal and Minette Coetzee who have been raising funds for their latest scheme, known as Symtomax, by pretending it has a license in Portugal to cultivate, sell, and export cannabis are about to be given a real one by the country's regulator, INFARMED.

Anthony Constantinou charged in England over '£50M Ponzi scheme' involving BVI & Cayman

July 10, 2021 - Briton Anthony Constantinou has been criminally charged regarding an alleged £50 million Ponzi scheme known as CWM that, inter alia, involved entities in the British Virgin Islands, Cayman Islands, and England.

US SEC charges trio with fraud involving Long Blockchain Corp.

July 09, 2021 - The U.S. SEC has charged three people, including a Canadian former resident of the Cayman Islands, Oliver-Barret Lindsay, and a New Zealander residing in England, Eric Watson, with fraud involving publicly-listed Long Blockchain Corp., formerly Long Island Iced Tea Corp.

'Victim' of alleged fraud involving UAE's SION Trading complains to FBI

July 09, 2021 - A would-be borrower that claims to have lost $5 million in an advance fee fraud involving companies and individuals in or from Barbados, Canada, Panama, Saint Lucia, UAE, and the USA, including SION Trading, says it has complained to law enforcement and regulators about the alleged scheme.

Retired soccer player Mikaël Silvestre teams up with fraudsters Richard Fagan & Stuart Coles

July 07, 2021 - Former France and Manchester United professional soccer player Mikaël Silvestre has gone into business with British fraudsters Richard Fagan and Stuart Coles, OffshoreAlert can reveal.

Directors signed 'declaration of solvency' for 'insolvent' Cayman fund, say liquidators

July 01, 2021 - Directors in the Bahamas and British Virgin Islands - Boisy Roberts and Trevor Liburd - signed a declaration of solvency for an apparently insolvent Cayman Islands mutual fund so it could go into voluntary liquidation despite its assets being frozen one day earlier after the Fund was sued by the U.S. SEC for allegedly perpetrating a $106 million fraud, say the Fund's liquidators.

Investors sue Cayman crypto firm Crowd Machine for 'massive investment fraud'

June 25, 2021 - In a lawsuit filed in Florida, investors are suing Cayman Islands-domiciled cryptocurrency start-up Crowd Machine and others, including two crypto exchanges in the Seychelles, Australian Craig Sproule, and American Charlie Shrem, alleging they are victims of "a massive investment fraud".

Briton Jonathan Ellis sues Binance and other crypto firms

June 23, 2021 - United Kingdom national Jonathan Ellis has sued cryptocurrency firms domiciled in the Cayman Islands, Estonia, Lithuania, Seychelles, Switzerland, and United Kingdom, including cryptocurrency exchange Binance.

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.