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Former deVere USA officers settle SEC fraud complaint

July 10, 2020 - British nationals Benjamin Alderson and Bradley Hamilton have agreed to pay penalties totaling $750,000 to settle a fraud complaint by the SEC regarding their employment with investment firm deVere USA.

Cayman law firm sued by clients who claim to have lost $524K in 'phishing scam'

July 09, 2020 - Cayman Islands law firm Giglioli & Company is being sued by clients David and Michelle Holden, who claim the company's computer server was hacked and emails intercepted, causing them to be swindled out of US$523,998.

Creditors apply to wind up Cayman's Obelisk Capital Management

June 22, 2020 - Alleging "serious wrongdoing", two creditors claiming to be owed $448,333 under a loan bearing interest at 10% per month have applied to wind up Cayman Islands-based Obelisk Capital Management Ltd., which manages factoring and gold funds for Obelisk Global, whose directors include Jazeb Jones, who was previously dismissed as MD of a Cayman bank over his relationship with a client accused of committing a £50 million fraud.

Creditors apply to wind up Cayman parent of Liechtenstein's Gable Insurance

June 17, 2020 - Creditors in the BVI, England, and Guernsey have applied to wind up the Cayman Islands parent company of insolvent Liechtenstein insurer Gable Insurance AG.

Cayman regulator revokes licenses of Atlas Re & Intrepid Re

June 16, 2020 - The Cayman Islands Monetary Authority has revoked the insurance licenses of Atlas Re SPC and Intrepid Re SPC, which are both managed by USA Risk Group (Cayman) Ltd., for suspected insolvency and breaches of the jurisdiction's Insurance Law.

Malta FSA cancels licenses of three investment firms, fines two others

June 14, 2020 - In a series of regulatory actions announced on Friday, the Malta Financial Services Authority cancelled the licenses of three investment firms and imposed fines on a retirement scheme and its administrator.

ABRAAJ liquidators seek discovery from US banks for Cayman proceedings to recover $385M in alleged fraud proceeds

June 12, 2020 - The liquidators of ABRAAJ Investment Management Ltd. have applied to take discovery from 17 banks and a clearing house in the U.S. for "contemplated litigation" in the Cayman Islands to recover more than $385 million allegedly misappropriated by the Dubai-based ABRAAJ Group's founder, Arif Naqvi.

Bittrex & Poloniex crypto exchanges added as defendants to 'multi-billion dollar fraud' lawsuit

June 04, 2020 - Two major U.S.-based cryptocurrency exchanges - Bittrex and Poloniex - have been added as defendants to a class action complaint that alleges crypto buyers around the world were collectively swindled out of billions of dollars in an unprecedented "criminal" price manipulation scheme.

Cayman regulator revokes license of Hinduja Bank

May 28, 2020 - The Cayman Islands Monetary Authority has revoked the banking license of Hinduja Bank & Trust (Cayman) Ltd. for suspected insolvency, its Switzerland-based sole director, Gilbert Pfaeffli, not being "fit and proper", and other regulatory breaches

Intelligence firm Diligence accuses ex-CEO Nick Day of 'outrageous legal spending'

May 21, 2020 - Intelligence and investigations firm Diligence has accused its former CEO, Nick Day, of trying to "sink the business with his outrageous legal spending" after it was forced to advance him $788,377 to satisfy legal bills that he incurred at a rate of approximately $12,500 per day in the first two months of defending a lawsuit that the company brought against him for allegedly swindling it out of "millions of dollars".

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.