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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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Joel Deutsch v. Status Research & Development GmbH et al: Amended Class Action Complaint

July 28, 2020 - Amended Class Action Complaint alleging the sale of "unregistered tokens to investors" in Joel Deutsch, of Miami, Florida v. Status Research & Development GmbH, of Switzerland; Jarrad Hope, and Carl Bennetts at the U. S. District Court for the Southern District of New York.

ETR AG: Unlicensed Activity

July 07, 2020 - Public Notice by the Liechtenstein Financial Market Authority regarding unlicensed activity by ETR AG, described as "the operator of the website https://blocktrade.com". Editor's Note: Research by OffshoreAlert showed that, in the Liechtenstein Commercial Register, the members of ETR AG are Audina Treuhand Aktiengesellschaft, Christoph Gassner, Armin Reiter, Lukas Gubo, and Klaus Dieter Stark. Gubo is identified as the company's "Manager" and Anja Monika Frauwallner  as an "Authorized Officer". On ETR AG's website, it is stated that "Blocktrade is developing and operating an institutional-grade digital assets exchange that focuses on cutting-edge technologies, highest security standards, and excellent user experiences."

CaribePay (Nevis) Ltd.: Public Warning

July 01, 2020 - Public Warning by the Nevis Financial Services Regulatory Commission that CaribePay (Nevis) Limited "is currently not licensed by the FSRC to carry on business". Editor's Note: On a website at caribepay.com, it is stated that CaribePay (Nevis) Limited, of Nevis, and CaribePay Solutions (SK) Limited, of St. Kitts, comprise 'CaribePay Solutions', which claims to be "a fast, simple, and secure cashless e-payments system being introduced to St. Kitts and Nevis". There is no information on the website about who owns and operates the company and ownership of the domain name 'caribepay.com' is concealed using a privacy service. Deon Herbert was identified as the "Owner of CaribePay" in a press release by the Nevis Island Administration on April 23rd, 2018.

SEC v. NAC Foundation LLC et al: Complaint

June 25, 2020 - Complaint alleging "the fraudulent offer and sale of digital asset securities" in U. S. Securities and Exchange Commission v. NAC Foundation LLC and Rowland Marcus Andrade at the U. S. District Court for the Northern District of California.

SEC v. Jack Abramoff: Consent Judgment

June 25, 2020 - Consent Judgment in U. S. Securities and Exchange Commission v. Jack Alan Abramoff at the U. S. District Court for the Northern District of California.

SEC v. Jack Abramoff: Complaint

June 25, 2020 - Complaint alleging a "fraudulent and unregistered offer ... of a blockchain-based digital token called AML Bitcoin" in U. S. Securities and Exchange Commission v. Jack Alan Abramoff at the U. S. District Court for the Northern District of California.

BMA LLC v. BitMEX et al: Application for Third Party Evidence

June 09, 2020 - Plaintiff's Ex Parte Application for Third Party Evidence Preservation Order on Twilio Inc., its subsidiary SendGrid Inc., and Intercom Inc. regarding a complaint alleging fraudulent misrepresentation, breach of contract, and unjust enrichment involving "one of the largest cryptocurrency trading platforms in the world BitMEX" in BMA LLC, of Puerto Rico v. HDR Global Trading Limited, a.k.a. BitMEX, described as a Seychelles-domiciled "holding company" with "more than a dozen affiliates around the world, including in Hong Kong, Singapore, Bermuda, and the United States"; ABS Global Trading Limited, described as being based in San Francisco, California; Arthur Hayes, described as a citizen of the United States based in Hong Kong; Ben Delo, described as a citizen of the United Kingdom based in Hong Kong; and Samuel Reed, described as a citizen of the United States based in Hong Kong, at the U. S. District Court for the Northern District of California.

Elektronik Service AG: Public Warning

June 03, 2020 - Public Warning by the Swiss Financial Market Supervisory Authority that Elektronik Service AG is "suspected of conducting unauthorised activities in the financial market". Editor's Note: Research by OffshoreAlert showed that, in the Swiss Commercial Registry, Elektronik Service AG does not currently have any authorized representatives. Previous members include Samuel Walch, of Zurich, and Wolfgang Pischl, described as a citizen of Austria..

BitClave PTE Ltd.: $29M Penalties

May 28, 2020 - Administrative Order imposing disgorgement, interest, and a civil penalty totaling $29.3 million against BitClave PTE Ltd., described as "an early-stage blockchain services company that operates through an entity in Singapore and maintains its principal place of operations in San Jose, California", for conducting an unregistered Initial Coin Offering, before the U. S. Securities and Exchange Commission.

Gibraltar Global Securities, Inc.: Administrative Proceedings

May 28, 2020 - Order Instituting Administrative Proceedings against  Gibraltar Global Securities, Inc., described as "a Bahamian broker-dealer", before the U. S. Securities and Exchange Commission

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.