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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.

Ryniker Consultants LLC v. Willowood Ltd. et al: Complaint

October 23, 2020 - Complaint in Ryniker Consultants LLC, as the Litigation Trustee of the Willowood USA Holdings LLC et al Litigation Trust v. Willowood Ltd., of Hong Kong, and Willowood FZE, of Sharjah, in the United Arab Emirates, at the U. S. Bankruptcy Court for the District of Colorado.

Alexandre Golovanov v. Innate Pharma SA et al: Class Action Complaint

October 23, 2020 - Class Action Complaint alleging fraud in Alexandre Golovanov v. Innate Pharma S.A., described as being a French company that "purports to be a clinical-stage biotechnology company engaged in discovering and developing first-in-class therapeutic antibodies that harness the innate immune system to improve cancer treatment and clinical outcomes for patients" and whose securities were listed on NASDAQ; Mondher Mahjoubi, and Laure-Helene Mercieret at the U. S. District Court for the Central District of California.

Opportunité Luxembourg SA: €30,000 Fine

October 23, 2020 - Public Announcement by the Luxembourg CSSF that it has imposed a fine of €30,000 on Opportunité Luxembourg S.A. for regulatory breaches. Editor's Note: Research by OffshoreAlert in the Luxembourg Business Register showed that the managers of Opportunité Luxembourg S.A. are Jacques-Antoine de Geffrier, of Luxembourg; Serge Fouchet, of France, and Catherine Félicie Wajsman, of Luxembourg.

Tradenet Capital Markets Ltd.: $130K Fine

October 23, 2020 - Administrative Order by the U. S. Securities and Exchange Commission imposing a fine of $13,000 on Tradenet Capital Markets Ltd., of Israel, for regulatory breaches.

USA v. FCI Holdings Inc.: Forfeiture Complaint

October 23, 2020 - Forfeiture Complaint regarding proceeds derived from "a fraudulent telemarketing 'boiler room' in Costa Rica" operated by "Jeffrey Pearson and others" in USA v. An Account at Butterfield Bank (Bahamas) Limited in the name of FCI Holdings Limited at the U. S. District Court for the Southern District of Florida.

Eugenia II Investment Holdings Ltd. v. Anthony Belisle: Complaint

October 23, 2020 - Complaint for $7.5 million in compensatory damages, plus punitive damages, alleging "fraud and negligent misrepresentation" involving Limited Diversified Arbitrage Fund, of Bermuda, which was managed by Markel CATCo Investment Management Limited, of Bermuda, in Eugenia II Investment Holdings Limited, of the British Virgin Islands v. Anthony Belisle, of Naples, Florida, at the U. S. District Court for the Middle District of Florida.

USA v. Joseph SanFilippo: Criminal Information

October 23, 2020 - Criminal Information alleging investment fraud involving "a purported company named 'Cayman Shipping and Distributions, LLC'" that allegedly never existed in USA v. Joseph A. SanFilippo at the U. S. District Court for the Southern District of Florida.

Brooks Macdonald Asset Management (International) Ltd.: Findings

October 23, 2020 - Public Statement by the Jersey Financial Services Commission regarding regulatory breaches by Brooks Macdonald Asset Management (International) Limited, Jersey Branch.

Goldman Sachs (Singapore) Pte.: $122M Fine

October 23, 2020 - Joint Statement by Singapore's Attorney General, Police Force, and Monetary Authority that they have imposed a fine of $122 million on Goldman Sachs (Singapore) Pte. "for its role" in bond offerings by 1Malaysia Development Berhad, a.k.a. 1MDB.

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.