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BVI court freezes yacht linked with fired Nissan boss Carlos Ghosn

August 23, 2019 - Japanese auto manufacturer Nissan Motor Co. Ltd. has obtained an order in the British Virgin Islands to preserve a yacht called 'Twig' that is linked with its former Chairman and CEO Carlos Ghosn, who is a citizen of Brazil, France, and Lebanon.

Swiss regulator issues public warning against SEK Capital SA

August 23, 2019 - The Swiss Financial Market Supervisory Authority has issued a "Public Warning" against asset manager SEK Capital SA, which is operated by Kerstin Moleman, of Germany, and Simone Rastelli, of Italy.

€43M superyacht builder seeks liquidation of Cayman firm 'owned by Venezuelan narco-trafficker'

August 21, 2019 - Italian luxury yacht manufacturer Azimut Bennetti SpA has applied to wind up a Cayman Islands firm allegedly owned by Venezuelan suspected narcotics trafficking-related money launderer Samark Lopez Bello regarding an alleged €500,000 debt owed on a €43 million motor yacht.

Privilege Wealth's US law firm withdraws due to administration's 'lack of funds'

August 19, 2019 - New Jersey law firm Cole Schotz has withdrawn from representing the United Kingdom-based administrators of Privilege Wealth Plc due to there being insufficient funds to pay legal fees.

$15M deferred judgment order against Irish litigation funder Garrett Kelleher

August 14, 2019 - Judgment for $15 million will be entered against Irish litigation funder Garrett Kelleher if he has not settled his asset recovery-related, contempt of court liabilities with Cigna Worldwide Insurance Company by the end of next month, a U.S. federal judge has ordered.

USA moves to bar trial evidence that 'bribes are a custom' in Barbados

August 12, 2019 - Former Barbados Government Minister Donville Inniss should be precluded from introducing evidence at his upcoming money laundering trial in New York that "bribes are a custom or practice in Barbados", the United States has argued. The alleged scheme involved insurers BF&M, of Bermuda, and Insurance Corporation of Barbados.

Cayman Secrecy: 1/3 of business court cases in 2019 sealed from public view

August 11, 2019 - In what appears to be an ongoing effort to conceal allegations of insolvency against hedge funds and other firms from foreign investors and creditors, one-third of all cases filed at the financial services court in the Cayman Islands for the first seven months of 2019 are sealed from public view, OffshoreAlert can reveal.

Swiss regulator warns about 'financial intermediary' based in Geneva and Dubai

August 05, 2019 - The Swiss Financial Market Supervisory Authority has issued a "Public Warning" against Swiss Global Investments Sàrl, a self-described "financial intermediary and advisory" that was or is controlled by Irishman Paul Kavanagh and Briton Stuart Hamon, whose sprawling offshore group includes firms in the British Virgin Islands, Dubai, England, Malta, Nevis, and Switzerland.

Cayman broker and US promoter plead guilty to securities fraud

August 04, 2019 - Stock broker Oliver-Barret Lindsay, a Canadian residing in the Cayman Islands, and stock promoter Gannon Giguiere, of California, have admitted securities fraud at federal court in San Diego.

Briton Jeremy Leach sued for fraud by Cayman liquidators of Traded Life Policies Fund

July 29, 2019 - British asset manager Jeremy Leach, whom OffshoreAlert has previously exposed for operating what appear to be Ponzi schemes, is being sued for fraud in the Cayman Islands by the liquidators of Traded Life Policies Fund, which is allegedly insolvent by at least $21 million.

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.