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Daily news, documents and intelligence about Offshore Financial Centers and those who conduct business in them that you will not find anywhere else.

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BVI operator of Bitfinex crypto exchange seeks discovery in 'hunt for missing $880M of client funds'

October 20, 2019 - The BVI operator of Bitfinex cryptocurrency exchange, which was sued 12 days earlier for allegedly perpetrating a multi-billion dollar fraud, has applied to take discovery in California for a purported attempt to recover $880 million of client funds that its Swiss payments processor has allegedly failed to remit.

iFinex Inc. v. Citibank: Discovery Application

October 18, 2019 - Application by iFinex Inc., a British Virgin Islands-domiciled, Hong Kong-based company that operates the Bitfinex cryptocurrency exchange from Citibank NA for use in legal proceedings in Poland, Portugal, and the United Kingdom regarding an attempt to recover $880 million, filed at the U. S. District Court for the Central District of California.

iFinex Inc. v. Rondell Monroe: Discovery Application

October 18, 2019 - Application by iFinex Inc., a British Virgin Islands-domiciled, Hong Kong-based company that operates the Bitfinex cryptocurrency exchange from Rondell Clyde Monroe, a resident of Las Vegas, Nevada, for use in legal proceedings in Poland, Portugal, and the United Kingdom regarding an attempt to recover $880 million, filed at the U. S. District Court for the Central District of California.

Insolvent Cayman discount broker OneTRADEx accused of impropriety

October 16, 2019 - Insolvent Cayman Islands online discount broker OneTRADEx Ltd. allegedly illegally received $851,396 in "commissions and profit sharing" by borrowing cash from U.S. lender Stockloan Solutions using a client's assets as security without the client's "knowledge or authorization".

MBW Investments II LLC v. Aloha Global Inc. et al: Complaint

October 11, 2019 - Complaint alleging fraud, conversion, and unjust enrichment in MBW Investments II LLC, of Delaware, and Andrew W. Weber, of Franklin, Tennessee v. Aloha Global Inc., of Nevada; European Investment Banking Group & Trust, described as "a Netherlands Trust, registered in the District of Columbia, and doing business in the United States"; Prestige Global Investment Group Inc., d.b.a. Prestige Venture Capital Fund, of Toronto, Canada; Andres F. Babero, of Las Vegas, Nevada; Judy P. Ramos, of Honolulu, Hawaii, and Theodore C. Wilkes, of Toronto, Canada, at the U. S. District Court for the Middle District of Tennessee.

Isle of Man's Montpelier Trust in receivership after boss accused of diverting 'millions of pounds' of client funds

October 09, 2019 - Following a regulator's allegation that its principal, Watkin Gittins, has diverted "millions of pounds" of client money to fund his lifestyle, Isle of Man-based Montpelier (Trust & Corporate) Services Ltd. has been forced into receivership.

Isle of Man FSA v. Montpelier (Trust and Corporate) Services Ltd.: Receivership Order

October 02, 2019 - Order in Isle of Man Financial Services Authority v. Montpelier (Trust and Corporate) Services Limited at the High Court of Justice of the Isle of Man.

Switzerland: David Saraf Yakir

October 02, 2019 - Application for the appointment of a Commissioner to collect evidence - pursuant to a request for judicial assistance from Switzerland - for a criminal investigation into David Saraf Yakir for suspected misappropriation, fraud, and money laundering.

Radar Alternative Master Fund SPC et al v. Ralph Giorgio: Complaint

October 01, 2019 - Complaint to "trace, recapture and return investor funds misappropriated from investment funds managed and operated as a Ponzi scheme by Mark J. Varacchi" in Jed Horwitt, as Receiver for Sentinel Growth Fund Management LLC, of Stamford, Connecticut; Radar Alternative Fund LP, of Delaware, and Radar Alternative Master Fund SPC, of the Cayman Islands v. Ralph Giorgio, of Greenwich, Connecticut, at the U. S. District Court for the District of Connecticut.

Switzerland: Walter Hans Zellweger

September 16, 2019 - Application for the appointment of a Commissioner to collect evidence - pursuant to a request for judicial assistance  from Switzerland - for a criminal investigation into Walter Hans Zellweger for suspected fraud and misappropriation.

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.