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Economic Risk Insurance, Ltd.: License Cancellation

January 05, 2021 - Press Release by the Bermuda Monetary Authority announcing the cancellation of the insurance registration of Economic Risk Insurance, Ltd. for regulatory breaches. Editor's Note: Research by OffshoreAlert showed that, in the Directors Register maintained by the Government of Bermuda, the directors of Economic Risk Insurance Ltd. are identified as James Michael Temple, of Sacramento, California, USA, and Richard Daley, of Bermuda.

CTS Captive Management (Cayman) Ltd.: License Revocation

January 05, 2021 - Decision Notice by the Cayman Islands Monetary Authority to revoke the Insurance Manager's License of CTS Captive Management (Cayman), Ltd. for regulatory breaches, including insolvency. Editor's Note: The directors of CTS Captive Management (Cayman), Ltd. are identified in the Decision Notice as John Rearer and Sarah Perry. Research by OffshoreAlert found that they are also senior officers of ALIC Underwriters, which is described on its website at alicunderwriters.com as "a Managing General Underwriter and Wholesale Insurance Broker, located in Fort Lauderdale, Florida".

Crown Global Life Insurance Ltd. et al: $400K Fine

December 31, 2020 - Press Release by the Bermuda Monetary Authority announcing that it has imposed a fine of $400,000 on Crown Global Life Insurance Ltd. and Crown Global Life Insurance (Bermuda) Ltd. for regulatory breaches. Editor's Note: Research by OffshoreAlert in the "Directors Register" maintained by the Government of Bermuda showed that Crown Global Life Insurance Ltd. and Crown Global Life Insurance (Bermuda) Ltd. have the same directors: Terria Ladawn Godwin, of the Cayman Islands; Carol Feathers, of Bermuda; Christopher John Calise, of Miami Beach, Florida, USA, and Perry A. Lerner, of Philadelphia, Pennsylvania, USA. On the Crown Global group's website at crownglobalinsurance.com, it is stated that "Crown Global empowers high net worth individuals, institutions and investment fund managers with products and services to enhance their investments", its "Executive Leadership Team" comprises Perry Lerner, "Chairman & CEO"; Christopher Calise, "President & CFO"; Damien Rios, "Senior Vice President & General Counsel"; Riccardo Gambineri, "Senior Vice President"; Thomas Berry, "Chief Actuary"; Terria Godwin, "Vice President, Finance & Administration", and Suzanne Reynolds, "Assistant Vice President, Finance & Administration", and it has offices in Delaware, Miami Beach, Zurich, Bermuda, and the Cayman Islands.

Horseshoe Services (Cayman) Ltd. v. Steven Britton: Writ of Summons

December 22, 2020 - Writ of Summons in Horseshoe Services (Cayman) Limited v. Steven Britton, of Bermuda, at the Grand Court of the Cayman Islands.

Lloyd's Underwriters v. Empress Marine Ventures Ltd.: Complaint

December 22, 2020 - Complaint regarding a vessel called M/Y Never Say Never that is registered in the Cayman Islands in Certain Underwriters at Lloyd's of London Subscribing to Policy No. B0901LH1620115000 v. Empress Marine Ventures Ltd. at the U. S. District Court for the Southern District of Florida.

Three Lakes Insurance Company Ltd. et al: Cayman Strike-Offs

December 16, 2020 - Public Notice by the Cayman Islands Monetary Authority that insurers Three Lakes Insurance Company Ltd., Scottish Annuity & Life Insurance Company (Cayman) Ltd., Northwestern Memorial Insurance Company, and Centegra Insurance Services Ltd. "failed to satisfy the Authority's termination requirements in order to surrender their licences for cancellation" and, therefore, have been "struck off the Companies Register".

Tracey Ozanne: Disqualification

December 11, 2020 - Publice Notice by the Guernsey Financial Services Commission that it has disqualified Tracey Jane Ozanne.

Mark E. Watson III: $450K Fine

December 10, 2020 - Administrative Order by the U. S. Securities and Exchange Commission imposing a fine of $450,000 on Mark E. Watson III for his "role" in Bermuda-based insurer Argo Group International Holdings Ltd.'s failure to disclose "over $5.3 million in perquisites and personal benefits" while he was the company's CEO, President, and a director.

Aldrex Suppliers Ltd. – Pension & Life Assurance Scheme: License Revocation

December 10, 2020 - Public Notice by the Mauritius Financial Services Commission that it has terminated the license of Aldrex Suppliers Ltd – Pension & Life Assurance Scheme, "administered by SWAN Life Ltd.". Editor's Note: Research by OffshoreAlert in the Corporate and Business Registration Department in Mauritius showed that Aldrex Suppliers Ltd. was incorporated in Mauritius on March 18th, 1998, its directors are Bernard Dupont, Louis Joseph Denis Lincoln, Marie Christine Alexandra Lincoln, Gerard Marie Sophie Rambert, and Joseph Desire Tristan Rambert, and that its shareholders are Gerard Rambert and Marie Lincoln.

Stephen Bougourd: Disqualification

December 08, 2020 - Public Notice by the Guernsey Financial Services Commission that it has disqualified Stephen Bougourd.

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UAE 'gold supplier' SION Trading sued for '$5M fraud'
UAE-domiciled purported gold supplier SION Trading FZE, which has been implicated in several fraudulent schemes, including a cryptocurrency scam involving Bermuda-based Arbitrade, is being sued in Utah along with individuals and companies in or from Barbados, Canada, England, Panama, St. Lucia, and the USA for allegedly perpetrating a $5 million 'advance fee' scam.
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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.