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FRAUD

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Lake Holding & Finance S.A. v. UBS AG et al: Discovery Application

December 02, 2020 - Application by Lake Holding & Finance S.A., described as a British Virgin Islands company beneficially owned by Vladimir Vasilyevich Melnichenko, of Russia, to take discovery from UBS AG, Societe Generale/SG Private Bank, Banque Lombard Odier & Cie AG, a.k.a. Lombard Odier Darier Hentsch & Cie; CIM Banque SA, Kookmin Bank (Korea), Credit Suisse, PJSC Sberbank, Bank of America N.A., Citibank, N.A., Merrill Lynch Capital Corporation, Union Bancaire Privee CBI-TDB, Geneva, and BSI SA, Lugano for use in legal proceedings in Cyprus, France, Monaco, Russia, and Switzerland regarding alleged fraud, filed at the U. S. District Court for the Southern District of New York.

SEC v. Raquel Moura Borges et al: Complaint

December 01, 2020 - Complaint alleging fraud and misappropriation involving, inter alia, companies in the British Virgin Islands, Brazil, and the USA in U.S. Securities and Exchange Commission v. Raquel Moura Borges, a citizen of Brazil, and Global Access Investment Advisor, LLC, described as a New York-based company that "provides investment advisory services to clients who are primarily from Brazil", at the U. S. District Court for the Southern District of New York.

Jerome Wilson-Chalkley v. BitMEX et al: Complaint

November 30, 2020 - Complaint alleging fraud involving cryptocurrency in Jerome Wilson-Chalkley, of London, England v. HDR Global Trading Limited, a.k.a. BitMEX, described as a Seychelles-domiciled "cryptocurrency/derivatives exchange"; ABS Global Trading Limited, of San Francisco, California, and Arthur Hayes at the Superior Court of the State of California, County of San Francisco.

Torgovy Dom KAToil OOO v. Citibank NA et al: Discovery Application

November 27, 2020 - Application by Torgovy Dom KAToil OOO, described as a Russian company that is "a wholly owned subsidiary of C.A.T. oil AG, a publicly-traded Austrian company", to take discovery from Citibank, N.A., JP Morgan Chase Bank, N.A., Bank of New York Mellon, N.A., Bank of America, N.A., Wells Fargo Bank N.A., and The Clearing House Payments Company L.L.C. for use in "contemplated legal proceedings" in Russia against Victoria Sokolova for suspected fraud, filed at the U. S. District Court for the Southern District of New York.

Poland: Wells Fargo Bank ($5,500 Fraud)

November 23, 2020 - Application for the appointment of a Commissioner to collect evidence from Wells Fargo Bank - pursuant to a request for judicial assistance from Poland - for use in a criminal investigation into "unknown subject(s) for fraud".

PJSC National Bank Trust v. Natalia Pirogova et al: Summons With Notice

November 23, 2020 - Summons With Notice regarding "fraudulent conveyances of assets by or for the benefit of defendant Natalia Pirogova" in PJSC National Bank Trust v. Natalia Pirogova, of Russia; NMP-Group LLC, Madison 33 Owner LLC, Luiza Dubrovsky, 172 Madison NP Holding LLC, 172 Madison NP Member LLC, Madison 33 Partners LLC, FGP 1 LLC, Serhii Yefimtsev, M Investment Capital LLC, Mark Shvartsburd, and Alexander Forkosh at the Supreme Court of the State of New York, County of New York.

Ed Hershewe v. JOYY Inc. et al: Class Action Complaint

November 20, 2020 - Class Action Complaint alleging fraud in Ed J. Hershewe v. JOYY Inc., formerly known as YY Inc., described as a Cayman Islands company based in China whose shares are listed on NASDAQ; David Xueling Li, Bing Jin, and Eric He at the U. S. District Court for the Central District of California.

Girobank NV et al v. Trade Finance Trust et al: Complaint

November 20, 2020 - Complaint "to set aside certain fraudulent conveyances and to secure a preliminary and permanent injunction enjoining defendants from transferring certain funds in accounts at Bank Leumi USA without first allocating Girobank its fair share of those funds, in which Girobank holds an equitable trust interest" in Girobank NV and Girobank International NV, both of Curaçao v. Trade Finance Trust, of Delaware; IIG Global Trade Finance Fund Ltd., of the Cayman Islands; IIG Structured Trade Finance Fund Ltd., of the Cayman Islands; TriLinc Global Impact Fund – Trade Finance Ltd., of the Cayman Islands, and IIG Bank (Malta), Ltd., of Malta, at the U. S. Bankruptcy Court for the Southern District of New York.

BDO Cayman Ltd. et al v. Ardent Harmony Fund Inc.: Ruling

November 19, 2020 - Ruling dismissing "BDO Cayman's application for leave to commence proceedings against Ardent for an injunction to restrain them from continuing the New York proceedings" in BDO Cayman Ltd. , of the Cayman Islands, and BDO Trinity Ltd. , of Trinidad and Tobago v. Ardent Harmony Fund Inc. (in Official Liquidation) at the Grand Court of the Cayman Islands.

Evenstar Master Fund SPC v. Jing Cao et al: Discovery Application

November 18, 2020 - Application by Evenstar Master Fund SPC, for and on behalf of Evenstar Master Sub-Fund I Segregated Portfolio, and Evenstar Special Situations Limited to take discovery from Jing Cao, Research Center on Natural Conservation Inc., New York Military Academy, Wall Street Global Training Center Inc., and Best Work Holdings (New York) LLC for use in legal proceedings in the Cayman Islands, filed at the U. S. District Court for the Southern District of New York.

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.