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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.

MISAPPROPRIATION

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USA v. Ihor Kolomoisky et al: Forfeiture Complaint

December 30, 2020 - Forfeiture Complaint in USA v. Real Property Located at 55 Public Square, Cleveland, Ohio which is "traceable to an international conspiracy to launder money embezzled and fraudulently obtained from PrivatBank", described as "a Ukrainian financial institution", whose beneficial owners were identified as Ihor Kolomoisky and Gennadiy Boholiubov, filed at the U. S. District Court for the Southern District of Florida.

Mustafa Abdel Wadood: Industry Ban

December 22, 2020 - Administrative Order by the U. S. Securities and Exchange Commission imposing an industry ban on Mustafa Abdel Wadood, described as a citizen of Egypt, for "the misappropriation of fund assets from one private equity fund client of the Abraaj Group and an offering fraud against investors in another Abraaj fund".

JSC BTA Bank v. Wells Fargo Bank et al: Discovery Application

December 02, 2020 - Application by JSC BTA Bank, of Kazakhstan, to take discovery from Wells Fargo Bank, NA, Wells Fargo & Company, Wells Fargo Clearing Services, LLC, Wells Fargo Financial Advisors Network LLC, and related entities; Yvgeny Bukrinsky, d.b.a. Omega Enterprises, described as an "accountant/tax preparer"; "certain business entities owned or operated by Elvira Kudryashova, namely, Anthill Shopnplay (a/k/a Anthill Fashion Market, Anthill Shopnplay LLC, and Kud Vintage) and Edward Hill Bakery party N beyond"; Granite Escrow and Settlement Services, Escrow of the West, Jason Bradshaw, d.b.a. Bradshaw Residential Group, described as a "real estate agent", and Coldwell Banker Real Estate LLC for use in legal proceedings in the United Kingdom and "a pending criminal investigation in Kazakhstan", filed at the U. S. District Court for the Central District of California.

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.

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.

Cayman fund liquidators sue Deutsche Bank for $200M for 'turning a blind eye to fraud'

October 14, 2020 - The liquidators of Cayman Islands investment fund Madison Asset LLC, which was allegedly swindled out of $200 million by its US-based principals, have sued Deutsche Bank for the entire amount, alleging it "turned a blind eye" to the alleged fraud.

Madison Asset LLC v. Deutsche Bank AG: Motion to Seal

October 14, 2020 - Motion to File Complaint Under Seal in Martin Trott and Christopher Smith, of RHSW (Cayman) Limited, as Joint Official Liquidators of Madison Asset LLC (in Official Liquidation), described as "a Cayman investment fund that is now in official liquidation proceedings before the Grand Court of the Cayman Islands" v. Deutsche Bank AG at the U. S. Bankruptcy Court for the Southern District of New York.

Madison Asset LLC v. Deutsche Bank AG: Complaint (Redacted)

October 14, 2020 - Redacted Complaint "against Deutsche for its role in a fraudulent trading scheme orchestrated by Madison's former principals and principals of related entities between 2014 and 2017 that caused Madison to suffer more than $200 million in damages" in Martin Trott and Christopher Smith, of RHSW (Cayman) Limited, as Joint Official Liquidators of Madison Asset LLC (in Official Liquidation), described as "a Cayman investment fund that is now in official liquidation proceedings before the Grand Court of the Cayman Islands" v. Deutsche Bank AG at the U. S. Bankruptcy Court for the Southern District of New York.

Jia Li et al v. BitMart: Complaint

October 13, 2020 - Complaint alleging fraud by a "cryptocurrency exchange" in Jia Li, of China, and David Hsiao, of California v. GBM Foundation Company Ltd., d.b.a. BitMart, described as a Cayman Islands-domiciled, New Jersey-based "cryptocurrency exchange", at the U. S. District Court for the District of New Jersey.

Multiflora International Ltd. et al v. Jacobi International, Inc. et al: Discovery Application

October 13, 2020 - Application by Multiflora International Ltd., of the British Virgin Islands; Agrícola Industrial Entre Ríos, S.A., of Guatemala, and Agrícola Esperanza Jacobi, S.A., of Guatemala, to take discovery from Jacobi International, Inc., Cart Investments, Inc., Bank of America N.A., Morgan Stanley Bank, N.A., and Jonathan Feuerman, a lawyer with law firm Therrel Baisden, LLP, for use in "ongoing civil and criminal legal proceedings that are pending in Guatemala" that involve "Christian Rasch's misappropriation of funds and other assets belonging to Applicants and others", filed at the U. S. District Court for the Southern District of Florida.

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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UAE 'gold supplier' SION Trading sued for '$5M fraud'
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.
LATEST ARTICLES & DOCUMENTS  
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.