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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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HLB Mann Judd et al: Revocation, Bans & Fines

June 29, 2020 - Order by the Public Company Accounting Oversight Board fining and revoking the registration of HLB Mann Judd and barring and fining Darryl Swindells and Aidan Smith, all of Australia, for violating "rules and auditing standards"

Amjad Rihan v. Ernst & Young Global Ltd. et al: Approved Judgment

June 05, 2020 - Approved Judgment of $11 million in favor of the plaintiff - a whistleblower - against his former employer, Ernst & Young, regarding a claim for negligence involving suspected money laundering by a client, Dubai-based precious metals dealer Kaloti Jewellery International DMCC, in Amjad Rihan v. Ernst & Young Global Limited, Ernst & Young Europe LLP, Ernst & Young (EMEIA) Services Limited, and EYGS LLP at the High Court of Justice, London.

Elko Broadband Ltd. v. HaiderMota BNR et al: Notice of Removal

May 18, 2020 - Notice of Removal, including a copy of the complaint alleging professional malpractice regarding a proposed transaction involving Warid Telecom International, of the United Arab Emirates, in Elko Broadband Ltd., of Reno, Nevada v. HaiderMota BNR, described as a law firm in Pakistan, and A.F. Ferguson & Company, described as an accounting firm in Pakistan, at the U. S. District Court for the District of Nevada.

British fraudster Mark Munnelly forms new firms

May 13, 2020 - British accountant Mark Munnelly, who played a leading role in a £40 million-plus investment fraud committed by the now-defunct Privilege Wealth group, has formed three new firms in England over the last three months, OffshoreAlert can reveal.

Jeffery Curran: Suspension

May 05, 2020 - Administrative Order suspending chartered accountant Jeffery A. Curran, of Calgary, Canada, from appearing before the U. S. Securities and Exchange Commission regarding "false accounting" by Penn West Petroleum Ltd., of which he was Vice President of Accounting and Reporting.

Todd Takeyasu: Suspension

May 01, 2020 - Administrative Order suspending chartered accountant Todd H. Takeyasu, of Calgary, Canada, from practicing before the U. S. Securities and Exchange Commission after the regulator determined that he "engaged in accounting practices that resulted in false and misleading journal entries that had no adequate documentary support or basis in reality" while serving as the Chief Financial Officer of Penn West Petroleum, Ltd.

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

April 24, 2020 - Originating Summons 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.

PLS, CPA et al: Allegations

April 24, 2020 - Administrative Order Instituting Proceedings alleging "improper professional conduct" involving, inter alia, British Virgin Islands-domiciled, United Kingdom-based Interactive Multi-Media Auction Corporation, now known as Stop Sleep Go Inc., and Delaware-domiciled, South Korea-based IMK Group Inc. against PLS, CPA, a.k.a. PLS CPAs; Chang G. Park, CPA, a.k.a. Changgeun Park; Joseph Yongyun Lee, CPA, a.k.a. Yong Yun Lee, and Juchi Lee, CPA, a.k.a. Juchi Lee Fernandez, a.k.a. Ju-Chi Lee, a.k.a. Ju Chi Lee, a.k.a. Sue Lee, before the U. S. Securities and Exchange Commission.

Amjad Rihan v. Ernst & Young Global Ltd. et al: Judgment

April 17, 2020 - Judgment of $11 million in favor of the plaintiff - a whistleblower - against his former employer, Ernst & Young, regarding a claim for negligence involving suspected money laundering by a client, Dubai-based precious metals dealer Kaloti Jewellery International DMCC, in Amjad Rihan v. Ernst & Young Global Limited, Ernst & Young Europe LLP, Ernst & Young (EMEIA) Services Limited, and EYGS LLP at the High Court of Justice, London.

Coöperatieve Rabobank UA et al v. EisnerAmper LLP: Complaint

April 03, 2020 - Complaint alleging fraud, negligent misrepresentation, and gross negligence involving "secured credit facilities and associated loans and precious metal leases to Republic Metals Corporation" in Coöperatieve Rabobank U.A., New York Branch, a foreign branch office of a bank in the Netherlands; Brown Brothers Harriman & Co., of New York; Bank Hapoalim B.M., a foreign branch office of a bank in Israel; Mitsubishi International Corporation, of New York; ICBC Standard Bank Plc, of England; Techemet Metal Trading, LLC, of Texas; Merced Partners Limited Partnership, and Athilon Capital Corp., LLC, both domiciled in Delaware, based in Minnesota, as successors to Woodforest National Bank, and Hain Capital Investors Master Fund, Ltd., domiciled in the Cayman Islands, based in New Jersey, as successor to Bank Leumi USA v. EisnerAmper LLP at the Circuit Court of the 11th Judicial Circuit, in and for Miami-Dade County, 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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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.