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Bermuda's Arbitrade investigated for 'fraud' by Canadian securities regulator

March 08, 2021 - Bermuda-domiciled Arbitrade Ltd. and its 48-year-old Canadian principal, Troy Hogg, are being investigated by the Ontario Securities Commission for a suspected US$41 million cryptocurrency fraud, OffshoreAlert can reveal.

Fraudster Simon Hooper receives non-custodial sentence in England

March 03, 2021 - British serial fraudster Simon Hooper, 46, has received a non-custodial sentence in England for a scam involving British firm Rationale Investments Limited.

Bitfinex & Tether to pay $18.5M to settle criminal investigation

February 25, 2021 - Seven cryptocurrency firms, six of which are domiciled in the British Virgin Islands, including Bitfinex and Tether, have agreed to pay $18.5 million to settle a criminal investigation by the New York State Attorney General, Letitia James.

Richard Fagan's British polo fraudsters set up fake 'Swiss bank' & attempt Cayman fund take-over

February 18, 2021 - Middle East-based British polo players led by Richard Fagan who fund their lavish lifestyles through investment fraud have set up a fake 'Swiss bank' and are trying to take over a Cayman Islands fund, OffshoreAlert can reveal.

BVI sues former US legal rep. Lester Hyman for $7M, alleging fraud & corruption

February 04, 2021 - The British Virgin Islands Government has sued its former long-time US-based legal representative, Lester Hyman, for alleged fraud and corruption after it claims to have lost its entire $7.2 million investment in a failed attempt to start an airline service between the BVI and Miami.

Walkers law firm overturns Brazilian bankers' Cayman judgment

February 03, 2021 - Walkers law firm in the Cayman Islands has successfully appealed a summary judgment that was entered against it in favor of former clients - two Brazilian bankers and related companies - who are seeking damages of up to $400 million for alleged breaches of trust, loyalty, and confidence.

Thai SEC files criminal complaint against deVere Group firms & former officer Ian McIntyre

January 31, 2021 - Thailand's Securities and Exchange Commission has filed a criminal complaint against two companies that are part of the deVere Group and one of its former officers, British national Ian McIntyre, for allegedly operating without a securities license.

British 'crypto-friendly' travel booking firm Travala facing strike-off

January 26, 2021 - UPDATED: Shortly after OffshoreAlert reported that British 'blockchain-based, cryptocurrency-friendly' online travel booking start-up Travala, which has raised over £2 million from investors and is now owned by a Cayman Islands firm, was facing compulsory strike off for failure to file its accounts, the firm filed unaudited "Micro-entity Accounts" with Companies House that contained scant details.

UAE 'gold supplier' SION Trading sued for '$5M fraud'

January 21, 2021 - UAE-domiciled purported gold supplier SION Trading FZE, which has been implicated in several fraudulent schemes, including a cryptocurrency scam involving Bermuda-based Arbitrade, is being sued in Utah along with individuals and firms in or from Barbados, Canada, England, Panama, St. Lucia, and the USA for allegedly perpetrating a $5 million 'advance fee' fraud.

Switzerland freezes $78M linked to US billionaires' 'offshore fraud scheme'

December 15, 2020 - A Swiss court has frozen nearly $78 million held by a Nevis firm at Mirabaud Bank that originated from Bermuda Commercial Bank and which the U.S. alleges are the proceeds of a bank fraud, tax evasion, and money laundering scheme involving "two U.S. billionaires, Robert Smith and Robert Brockman".

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.