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Apex Fund Services sued over '$10M fraud' against Silk Road M3 Fund

February 24, 2019 - Apex Fund Services, its CEO, Peter Hughes, and investment firms in the Cayman Islands and Mongolia are being sued in Bermuda regarding an alleged $10 million fraud perpetrated by 46-year-old, New York-based investment manager Alisher Ali Djumanov.

The Silk Road M3 Fund v. Alisher Ali et al: Writ of Summons

February 15, 2019 - Generally Endorsed Writ of Summons in Matthew Clingerman, as Receiver of The Silk Road M3 Fund, a segregated account of Silk Road Funds Limited, v. Alisher Ali, a.k.a. Alisher Djumanov; Eurasia Capital Ltd., of the Cayman Islands; Eurasia Capital Mongolia LLC, of Mongolia; Silk Road Management Limited, of the Cayman Islands; Silk Road Finance Limited, of the Cayman Islands; Silk Road Finance Inc., formerly known as Silk Road Ventures Ltd. and formerly known as Ole Remediation Ltd., of the Cayman Islands; Apex Fund Services Ltd., of Bermuda, and Peter Hughes, of Bermuda, at Bermuda Supreme Court.

Ciban Management Corporation v. Citco (BVI) Ltd. et al: Judgment

February 13, 2019 - Judgment in Ciban Management Corporation v. Citco (BVI) Limited and Tortola Corporation Company Limited at the British Virgin Islands Court of Appeal.

STM Malta Trust and Company Management Ltd.: Appeal Withdrawal

November 22, 2018 - Announcement by the Malta Financial Services Authority that STM Malta Trust and Company Management Limited has withdrawn its appeal against an administrative penalty.

Mare Nostrum Melita Limited: Directives

October 19, 2018 - Directives against Mare Nostrum Melita Limited by Malta Financial Services Authority.

Prithiviraj Juggapah: Disqualification

October 02, 2018 - Public Notice by Mauritius Financial Services Commission announcing the 'Officer Disqualification' of Prithiviraj Juggapah.

AG Fiduciary Solutions Ltd.: License Revocation

October 02, 2018 - Public Notice by Mauritius Financial Services Commission announcing the 'Management License' revocation of AG Fiduciary Solutions Ltd.

Estera Services (Bermuda) Ltd. v. Lexington Settlements Ltd.: Originating Summons

July 19, 2018 - Originating Summons in Estera Services (Bermuda) Limited v. Lexington Settlements Ltd. at Bermuda Supreme Court.

Alan Michael Chick: Financial Penalty

May 31, 2018 - Public Statement by the Guernsey Financial Services Commission regarding Alan Michael Chick.

AG Fiduciary Solutions Ltd.: License Suspension

May 29, 2018 - Public Notice by the Mauritius Financial Services Commission announcing the suspension of the Management License of AG Fiduciary Fiduciary Solutions Limited, formerly known as Abbeygate Financial Services Limited.

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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.