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Costa Rica: Maria Marta Silva Meneses et al

October 19, 2020 - Application for the appointment of a Commissioner to collect evidence from Wells Fargo Bank - pursuant to a request for judicial assistance from Costa Rica - for a criminal investigation into "Maria Marta Silva Meneses and other unknown subjects" for suspected involvement in investment fraud.

The Employees' Retirement System of the City of Milwaukee v. Allianz Global Investors U.S. LLC et al: Complaint

October 16, 2020 - Complaint alleging "negligence and breach of contractual and fiduciary duties arising from misconduct and gross mismanagement of two investment funds: AllianzGI Structured Alpha 1000 Plus LLC (“Alpha 1000 Plus”), and AllianzGI Structured Alpha U.S. Fixed Income 250 LLC" in The Employees' Retirement System of the City of Milwaukee v. Allianz SE, of Germany; Allianz Asset Management GmbH, of Germany; Allianz Global Investors U.S. LLC, Allianz Global Investors U.S. Holdings LLC, Allianz of America Inc., Allianz Asset Management of America Holdings Inc., Allianz Asset Management of America LLC, Allianz Asset Management of America LP, PFP Holdings Inc., all of Delaware, and ABC Insurance Co., described as "a fictitiously named insurance entity" whose "state of incorporation, name, and principal place of business are unknown", at the U. S. District Court for the Southern District of New York.

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.

Barclays Bank Plc et al v. Val Sklarov et al: Complaint

October 09, 2020 - Complaint alleging "false designation of origin, cybersquatting and trademark dilution" in Barclays Bank Plc, of England, and Barclays Capital Inc., of New York v. Vladimir 'Val' Sklarov, described as a "convicted felon" residing in Florida, and Osman Qureishi, described as a resident of Texas, each individually and d.b.a. 'Shearson Lehman Brothers', 'Shearson Lehman', 'Lehman Brothers', 'Shearson Lehman Brothers Investment Banking', and 'Shearson Lehman Investment Banking'; Black Rock Capital LLC, of the Bahamas; Newburgh Capital Ltd., Lincoln Capital Ltd., of Belize; Lincoln Capital Ltd., of Belize, and Jaitegh 'JT' Singh, described as an attorney based in New York, at the U. S. District Court for the Southern District of New York.

National Bank Trust v. Connecticut Shotgun Manufacturing Company et al: Discovery Application

October 08, 2020 - Application by National Bank Trust to take discovery from Connecticut Shotgun Manufacturing Company, Wells Fargo Bank, and Summit Investment Management Ltd. for use in legal proceedings in England alleging fraud against Ilya Yurov, Sergey Belyaev, Nikolay Fetisov, Nataliya Yurova, Irina Belyaeva, and Elena Pischulina and "in aid of enforcement of a judgment entered in the U.K. Action in the approximate amount of U.S. $900 million", filed at the U. S. District Court for the District of Connecticut.

Bulgaria: Fast West Bank

October 01, 2020 - Application for the appointment of a Commissioner to collect evidence from Fast West Bank - pursuant to a request for judicial assistance from Bulgaria - for a criminal investigation into "unknown subjects" for a suspected advance fee fraud.

Banque de Commerce et de Placements SA: €170K Fine

September 29, 2020 - Public Announcement by the Luxembourg CSSF that it has imposed an administrative sanction of €170,000 on Banque de Commerce et de Placements S.A. for regulatory breaches.

USA v. JPMorgan Chase & Co.: Deferred Prosecution Agreement

September 29, 2020 - Deferred Prosecution Agreement in which the defendant agrees to pay penalties totaling $920 million regarding allegations of fraud involving "Precious Metals Desk" employees in New York, London, and Singapore in USA v. JPMorgan Chase & Co. at the U. S. District Court for the District of Connecticut.

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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US tycoon Bob Brockman indicted for '$2B offshore tax fraud scheme'
US software tycoon Bob Brockman has been criminally indicted in California for an alleged $2 billion offshore tax evasion scheme involving accounts and entities in Bermuda, British Virgin Islands, Cayman Islands, Nevis, and Switzerland. In a related case, billionaire private equity boss Robert Smith agreed to pay penalties of $139 million to avoid prosecution.
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.