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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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Christopher Strianese v. CCP III Cayman GP Ltd. et al: Class Action Complaint

September 28, 2020 - Class Action Complaint in Christopher Strianese v. GoHealth Inc., Clinton P. Jones, Brandon M. Cruz, Travis J. Matthiesen, NVX Holdings Inc., Centerbridge Partners LP, CCP III AIV VII Holdings LP, CB Blizzard Co-Invest Holdings LP, Blizzard Aggregator LLC, Centerbridge Associates III LP,  CCP III Cayman GP Ltd., of the Cayman Islands; Goldman Sachs & Co. LLC, BofA Securities Inc., and Morgan Stanley & Co. LLC at the U. S. District Court for the Northern District of Illinois.

Spencer Capital Holdings Ltd.: Chapter 15 Petition

September 25, 2020 - Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Bermuda by Rachelle Frisby and John Johnston, as the Foreign Representatives of Spencer Capital Holdings Ltd., at the U. S. Bankruptcy Court for the Southern District of New York.

Spencer Capital Ltd.: Chapter 15 Petition

September 25, 2020 - Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Bermuda by Rachelle Frisby and John Johnston, as the Foreign Representatives of Spencer Capital Ltd., at the U. S. Bankruptcy Court for the Southern District of New York.

Ecuador: Esteban Sachs Lizarzaburo et al

September 25, 2020 - Application for the appointment of a Commissioner to collect evidence from JPMorgan Chase Bank - pursuant to a request for judicial assistance from Ecuador - for a criminal investigation into Esteban Sachs Lizarzaburo, Marina Vedani de la Torre, Juan Xavier Ribas Domenech, Jose Luis Romo Rosales Castillo, Veronica Priscila Haro Herrera, Felipe Moncaleano Botero, CONTROLASEG S.A., a.k.a. Seguros Sucre S.A., and Casa Mobeloft S.A. for suspected money laundering.

Greg Taylor: Disqualification

September 25, 2020 - Public Statement by the Isle of Man Financial Services Authority that it has disqualified Greg Nicholas Taylor, who worked as an insurance administrator.

US founders used insolvent Cayman insurer as 'piggy bank', claims regulator

September 23, 2020 - Florida residents Jorge Falcon and Leonardo Cornide used insolvent Cayman Islands-domiciled Premier Assurance Group SPC as their own "piggy bank", Cayman's financial regulator has claimed.

Premier Assurance Group SPC Ltd.: Public Notice

September 23, 2020 - Public Notice by the Cayman Islands Monetary Authority announcing it has appointed Jeffrey Stower and Jason Robinson, of KPMG, to assume control of Premier Assurance Group SPC Ltd. and "found Jorge Eduardo Falcon and Leonardo Cornide, two of Premier's directors, not fit and proper to hold the position of director of a licensee".

Premier Assurance Group SPC Ltd.: Chapter 15 Petition

September 22, 2020 - Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the Cayman Islands by Jeffrey Stower and Jason Robinson, as the Foreign Representatives of Premier Assurance Group SPC Ltd. (in Controllership), at the U. S. Bankruptcy Court for the Southern District of Florida. Editor's Note: The "Foreign Main Proceeding" in this matter, which includes allegations of fraud, was filed under seal at the Grand Court of the Cayman Islands on September 17th, 2020 and remains sealed as of today, with the entry in the Court's public register reading "Confidential Matter". It is often only when Cayman insolvency practitioners seek recognition in the United States that the mere existence of cases becomes publicly-known.

Phoenix CRetro Reinsurance Company Ltd.: Registration Cancellation

September 22, 2020 - Press Release by the Bermuda Monetary Authority announcing that it has "cancelled the insurance registration of Phoenix CRetro Reinsurance Company Limited" for regulatory breaches. Editor's Note: Research by OffshoreAlert in the "Directors Register" maintained by the Government of Bermuda showed that the directors of Phoenix CRetro Reinsurance Company Limited were identified as Nicholas Mark Frost, of Bermuda; Janita K. Burke, of Bermuda; Timothy Roger Riddell, c/o Randall & Quilter Investment Holdings, of England, and Kirill Savrassov, of London, England.

Financial Conduct Authority v. Arch Insurance (UK) Ltd. et al: COVID-19 Business Interruption Test Case Judgment

September 15, 2020 - Approved Judgment regarding "a test case to determine issues of principle in relation to policy coverage under various specimen wordings underwritten by the defendants in respect of claims by policyholders to be indemnified for business interruption losses arising in the context of the COVID-19 pandemic and the advice of and restrictions imposed by the UK Government in consequence" in The Financial Conduct Authority, in the United Kingdom v. Arch Insurance (UK) Limited, Argenta Syndicate Management Limited, Ecclesiastical Insurance Office Plc, Hiscox Insurance Company Limited, MS Amlin Underwriting Limited, QBE Limited, Royal & Sun Alliance Insurance Plc, Zurich Insurance Plc, Hospitality Insurance Group Action, and Hiscox Action Group at the High Court of Justice, in London.

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.