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Cayman captive Performance Insurance seeks to stay US fraud lawsuits

March 21, 2021 - The liquidators of Cayman Islands captive insurer Performance Insurance Company SPC have applied for Chapter 15 bankruptcy recognition in the U.S. in an attempt to stay two lawsuits in which it has been accused of participating in a scheme involving "counterfeit insurance policies".

Performance Insurance Company SPC: Chapter 15 Petition

March 19, 2021 - Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the Cayman Islands by Kenneth Krys and Neil Dempsey, of KRyS Global, as the Foreign Representatives of Performance Insurance Company SPC, described as a Special Portfolio Company that "operates in the captive insurance industry through 12 segregated portfolios" which were identified as Bottini Insurance LP, Gen 1 Insurance Company LP, Goldenstar Holdings Company SP, Greystone Insurance SP, Hudson York Insurance Company, Omega Insurance Company LP, Performance 5 SP, Prewett Insurance Company LP, Smart Insure LP, SSS Insurance LP, Sustainable Insurance Company SP, and Triangle RGK SP, and which has been accused of participating in a scheme involving "counterfeit insurance policies", filed at the U. S. Bankruptcy Court for the Southern District of Florida.

Performance Insurance Company SPC: 'Court Supervision' Petition

March 18, 2021 - Petition for Court Supervision of a Voluntary Liquidation in the matter of Performance Insurance Company SPC (in Voluntary Liquidation) at the Grand Court of the Cayman Islands.

Nicholas Martin v. Circumference Holdings Ltd.: Winding Up Petition

March 08, 2021 - Winding Up Petition in Nicholas James Martin, of Luxembourg v. Circumference Holdings Ltd., described as "a holding company and corporate parent for the Circumference Group, which is comprised of a number of holding and operating entities engaged in corporate, directorship, trust, fiduciary and accounting services primarily in the Cayman Islands, Luxembourg and The Netherlands", at the Grand Court of the Cayman Islands.

Montenegro: Dragomir Nilević

January 13, 2021 - Application for the appointment of a Commissioner to collect evidence from University First Federal Credit Union, Gibraltar Private Bank & Trust Co., SCE Federal Credit Union, Guardian Credit Union, JHA Payment Processing Solutions, Goldenwest Federal Credit Union, ESL Federal Credit Union, Avadian Credit UnionNavy Federal Credit Union, CORE Credit Union, BrightStar Credit Union, Grow Financial Federal Credit Union, Coastal Federal Credit Union, Fort Lee Federal Credit Union, Olean Area Federal Credit Union, JPMorgan Chase Bank N.A., EFCU Financial Federal Credit Union, Insight Credit Union, A+ Federal Credit Union, P & G Mehoopany Employees Federal Credit Union, Truliant Federal Credit Union, The Bank of Missouri, F & A Federal Credit Union, Southwest Airlines Federal Credit Union, Sunrise Banks, National Association, Schlumberger Employees Credit Union, Piedmont Advantage Credit Union, First Financial Bankshares, Inc., IBERIABANK, Travis Credit Union, Generations Community Federal Credit Union, United Heritage Credit Union, Merco Credit Union, El Dorado Savings Bank, F.S.B., Dexsta Federal Credit Union, Nusenda Federal Credit Union, First Florida Credit Union, Andrews Federal Credit Union, Knoxville TVA Employees Credit Union, Summit Credit Union, Dime Bank, Max Credit Union, Elements Financial Federal Credit Union, Las Colinas Federal Credit Union, Farmers Federal Credit Union, LESCO Federal Credit Union, Provident Credit Union, Firstlight Federal Credit Union, USF Federal Credit Union, Noble Federal Credit Union, CPM Federal Credit Union, Kinetic Credit Union, Five Star Credit Union, Golden Plains Credit Union, Bank of America, Arkansas Federal Credit Union, Gulf Coast Educators Federal Credit Union, Allied Federal Credit Union, American Eagle Financial Credit Union, CoastHills Credit Union, Resource One Credit Union, Envision Credit Union, True Sky Credit Union, Inova Federal Credit Union, APCO Employees Credit Union, Srp Federal Credit Union, Family Security Credit Union, Clark County Credit Union, S&T Bank, Corning Federal Credit Union, Affinity Federal Credit Union, Dort Federal Credit Union, Farmers Bank and Trust Company, Columbia Credit Union, The University National Bank of Lawrence, J.S.C. Federal Credit Union, Palmetto Citizens Federal Credit Union, Valley First Credit Union, Firefighters First Credit Union, NUCOR Employee's Credit Union, Jefferson Bank, Allegacy Federal Credit Union, American Airlines Federal Credit Union, Servisfirst Bank, Wells Fargo Bank, Anheuser-Busch Employees' Credit Union, Granite Federal Credit Union, 121 Financial Credit Union, Gulf Winds Credit Union, RTN Federal Credit Union, La Joya Area Federal Credit Union, Doco Credit Union, and Fairwinds Credit Union - pursuant to a request for judicial assistance from Montenegro - for use in a criminal investigation into Dragomir Nilevic for suspected "counterfeiting and misuse of credit and debit cards".

Lithuania: Darius Vitkus

November 19, 2020 - Complaint to extradite Darius Vitkus, described as "the sole owner and shareholder Gvidonas UAB", from the USA to Lithuania to face charges of fraud, forgery, misappropriation, tax evasion, and theft.

State National Insurance Company et al v. Ambassador Captive Solutions et al: Amended Intervening Complaint

September 24, 2020 - Amended Intervening Complaint alleging "complex schemes to counterfeit insurance policies and defraud the public" in State National Insurance Company and National Specialty Insurance Company v. The Ambassador Group LLC, d.b.a. Ambassador Captive Solutions; Brandon White, Performance Insurance Company SPC, of the Cayman Islands; ePremium Insurance Agency, LLC, and Gagliardi Insurance Services, Inc. at the U. S. District Court for the Western District of Kentucky.

Poland: Witold Grzebicki et al

September 14, 2020 - Application for the appointment of a Commissioner to collect evidence - pursuant to a request for judicial assistance from Poland - for a criminal investigation into Witold Antoni Grzebicki and Marek Glogowski for suspected forgery and fraud.

Paul Deighton: Disqualified Director

August 11, 2020 - Notice by the Isle of Man Financial Services Authority that Paul Deighton has received a 12-year Disqualification. Editor's Note: In December, 2019, Deighton was sentenced to four years and nine months in prison after being convicted of swindling his clients out of nearly £700,000 in a fraudulent investment scheme via his company, Haven Administration Limited, according to a news article by the Isle of Man Examiner.

Poland: New York State Department of Health

August 03, 2020 - Application for the appointment of a Commissioner to collect evidence from the New York State Department of Health - pursuant to a request for judicial assistance from Poland - for a criminal investigation into an "unknown subject(s) for forgery".

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.