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Accused fraudster applies to wind up Circumference Group parent, alleges 'misconduct'

March 10, 2021 - A year after Cayman Islands-based Circumference Group accused him of defrauding clients of his Luxembourg firm Coficom Trust, Nicholas Martin has applied to wind up Circumference's holding company, alleging it is involved in "misconduct".

Nicholas Martin v. Circumference Holdings Ltd.: Winding Up Petition

March 08, 2021 - Winding Up Petition in Nicholas James Martin, of Luxembourg v. Circumference Holdings Ltd., described as "a holding company and corporate parent for the Circumference Group, which is comprised of a number of holding and operating entities engaged in corporate, directorship, trust, fiduciary and accounting services primarily in the Cayman Islands, Luxembourg and The Netherlands", at the Grand Court of the Cayman Islands.

Chung Wan: Public Censure

February 19, 2021 - Public Notice by Singapore's Accounting and Corporate Regulatory Authority that it has issued a Public Censure to Chung Wan "for being convicted of an offense in the State Courts, in Singapore, of voluntarily causing hurt ... an offence implying a defect in character which makes him unfit for his profession".

Alger SICAV et al v. WageWorks Inc. et al: Complaint

February 16, 2021 - Complaint alleging "accounting fraud" in Alger SICAV, Alger Small Cap Growth Institutional Fund, Alger Small Cap Growth Fund, Alger Small Cap Focus Fund, Alger Small Cap Focus Fund, Alger small Cap Growth Portfolio, Alger Weatherbie Specialized Growth Portfolio, Alger Weatherbie Specialized Growth Fund, Alger Dynamic Opportunities Fund, and Alger Dynamic Opportunities Fund, all of Luxembourg v. WageWorks Inc., Joseph L. Jackson, and Colm M. Callan at the U. S. District Court for the Northern District of California.

Atkins Investment Partnership et al v. EisnerAmper LLP: Complaint

February 08, 2021 - Complaint "by more than 130 Plaintiffs who collectively invested over $103 million in Direct Lending Income Fund, L.P., a limited partnership managed and controlled by Direct Lending Investments, LLC and its owner and CEO, Brendan Ross" that "turned out to be a $789 million dollar Ponzi scheme" in Atkins Investment Partnership v. EisnerAmper LLP at the U. S. District Court for the Northern District of California.

Northern and Western Insurance Company Ltd. v. BSG Valentine: Amended Defense

January 11, 2021 - Amended Defense involving allegations of fraud in Northern and Western Insurance Company Limited (in Liquidation), of Nevis, represented by its Joint Liquidators, Keiran Hutchison, of the Cayman Islands, and Roy Bailey, of the British Virgin Islands v. BSG Valentine, an accounting firm in London, England, at the High Court of Justice for England and Wales.

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.

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.