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Mancera SC, et al: $1.6M Penalty & Bans

December 17, 2020 - Administrative Order by the U. S. Securities and Exchange Commission imposing a financial penalty of $1,589,926 on Mancera SC, described as "the Mexican member firm of Ernst & Young Global", and bans on accountants Alejandro Valdez Mendoza, CP and Angel Radames Corral Nieblas, CP, both citizens of Mexico, for regulatory breaches regarding Desarrolladora Homex, SAB de CV, which was described as a construction firm that "engaged in a massive fraudulent accounting scheme over at least a three-year period" and whose shares were listed on the Mexican Stock Exchange and New York Stock Exchange.

Platinum Partners Value Arbitrage Fund v. BDO USA LLP: Writ of Summons

December 08, 2020 - Writ of Summons in Platinum Partners Value Arbitrage Fund (in Official Liquidation) v. BDO USA LLP, of Chicago, Illinois, at the Grand Court of the Cayman Islands.

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.

Nexia BT: License Suspension

October 14, 2020 - Public Announcement by the Malta Financial Services Authority that it has suspended "the authorisation of Nexia BT to act as an approved auditor" for regulatory breaches. Editor's Note: Research by OffshoreAlert in the Malta Business Registry showed that Nexia BT is part of a group whose officers and directors include Brian Tonna, Manuel Castagna, and Karl Cini, all citizens of Malta.

USA v. Strachans SA: Criminal Judgment

October 05, 2020 - Criminal Judgment imposing a fine of $500,000 for conspiracy to defraud the United States in USA v. Strachans SA (in Liquidation), of Jersey, in the Channel Islands, and Switzerland, at the U. S. District Court for the Central District of California.

Chris Baldacchino & Associates: €58K Fine

September 25, 2020 - Public Notice by the Malta Financial Intelligence Analysis Unit that it has imposed a fine of €58,952 on Chris Baldacchino & Associates, described as an "Auditor/Accountant/Corporate Service Provider", for regulatory breaches.

Platinum Partners liquidators sue BDO in the Cayman Islands

September 03, 2020 - The liquidators of an offshore hedge fund and a "pass-through" tax vehicle that were part of the failed $1 billion U.S.-based Platinum Partners investment group have sued the Cayman Islands and New York operations of auditor BDO.

Platinum Partners Value Arbitrage Fund (International) Ltd. et al v. BDO USA LLP et al: Writ of Summons

September 02, 2020 - Writ of Summons in Platinum Partners Value Arbitrage Fund (International) Limited (in Official Liquidation) and Platinum Partners Value Arbitrage Intermediate Fund Ltd. (in Official Liquidation) v. BDO USA LLP, of New York; BDO Cayman Islands, and BDO Cayman Ltd., both of the Cayman Islands, at the Grand Court of the Cayman Islands.

USA v. Strachans SA: Plea Agreement

August 19, 2020 - Plea Agreement in USA v. Strachans SA (in Liquidation), described as "a Jersey-based accounting and financial services company that assisted U.S. taxpayer-clients and others in evading taxes through the use of offshore trusts and entities and offshore bank accounts" that later moved to Switzerland and "began doing business as Elston Management", at the U. S. District Court for the Central District of California.

USA v. Strachans SA: Criminal Information

August 19, 2020 - Criminal Information alleging conspiracy to defraud the United States in USA v. Strachans SA (in Liquidation), described as "a Jersey-based accounting and financial services company that assisted U.S. taxpayer-clients and others in evading taxes through the use of offshore trusts and entities and offshore bank accounts" that later moved to Switzerland, at the U. S. District Court for the Central District of California. Editor's Note: In the Criminal Information, the USA stated that Strachans moved from Jersey to Switzerland in 1999 and, in 2009, "began doing business as Elston Management". Research by OffshoreAlert in the Swiss Commercial Registry showed that directors, past and present, of Elston Management SA have included Richard Jepson Egglishaw, a citizen of the United Kingdom residing in Monaco; Dino Ferro, a citizen of Italy; Rachel Laure Dupanloup, Henri Bressoud, and Dominique de Weck, of Switzerland.

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.