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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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Best Plan Sárl: Public Warning

November 05, 2019 - Public Warning by the Swiss Financial Market Supervisory Authority regarding suspected "unauthorized activities" by Best Plan Sárl, a Montreux, Switzerland-domiciled financial services consultant whose corporate records filed with the Swiss Federal Registry of Commerce show that the firm's principals and shareholders have included Jonathan Schneiter and Royal Asset Management SA, the latter of which is a Lausanne, Switzerland-domiciled firm whose principal is identified in corporate filings as Jeff Van Rooyen, of Belgium.

US acts against Swiss crypto exchange First Global Credit, now operating as PanXora

November 01, 2019 - Law enforcement and regulators in the US have taken action against Swiss cryptocurrency exchange First Global Credit, which is controlled by Britons Gavin Smith and Marcie Terman and now operates as PanXora, which claims to have affiliates in the Bahamas, Cayman Islands, Gibraltar, Singapore, and UK.

Kobre & Kim LLP v. CFTC: Complaint

October 31, 2019 - Complaint for "unlawfully withholding documents" regarding the "secret settlement" in the "landmark" market manipulation case of U.S. Commodity Futures Trading Commission v. Kraft Foods Group Inc. and Mondelez Global LLC in Kobre & Kim LLP v. U.S. Commodity Futures Trading Commission at the U. S. District Court for the Southern District of New York.

XBT Corp Sarl: Findings & Sanctions (SEC)

October 31, 2019 - Order Instituting Proceedings, Making Findings and Imposing Sanctions for violating "the registration and exchange trading provisions of the Securities Act and the Exchange Act" against XBT Corp Sarl, d.b.a. First Global Credit, a cryptocurrency exchange firm domiciled in Switzerland, formerly d.b.a. First Global Credit Nevis, before the Securities and Exchange Commission.

XBT Corp. Sarl: Findings & Sanctions (CFTC)

October 31, 2019 - Order Instituting Proceedings, Making Findings and Imposing Remedial Sanctions for failing to register as a Futures Commission Merchant against XBT Corp. Sarl, d.b.a. First Global Credit, a cryptocurrency exchange firm domiciled in Switzerland, before the Commodity Futures Trading Commission.

Antigua & Barbuda Supervisory Authority v. Cresswell Overseas SA et al: Judgment (Oct. 2019)

October 30, 2019 - Judgment on Application for Leave to Appeal on a matter of "Great General or Public Importance" regarding the registration of a Brazilian freezing order known as "the Moro Order" in The Supervisory Authority v. Cresswell Overseas SA, of Panama, and Meinl Bank (Antigua) Ltd. regarding the Operation Car Wash investigation in Brazil, filed at the Antigua & Barbuda Court of Appeal.

Mark Graham: Director Cancellation

October 29, 2019 - Decision Notice by the Cayman Islands Monetary Authority announcing the cancellation of the director registration of Mark R. Graham, of New York, NY, for not being "a fit and proper person". Graham was the majority equity owner of Cayman Islands-domiciled Alpha Re Limited, which has been accused of fraud.

John Geraci: Director Cancellation

October 29, 2019 - Decision Notice by the Cayman Islands Monetary Authority announcing the cancellation of the director registration of John David Geraci, of Pinecrest, Florida, for not being "a fit and proper person".

Roland Kaehler: Director Cancellation

October 29, 2019 - Decision Notice by the Cayman Islands Monetary Authority announcing the cancellation of the director registration of Roland Frederick Kaehler, of Beverstone Fund Management, with an address in the Czech Republic, for not being "a fit and proper person"

SEC v. Benjamin Alderson et al: Motion to Serve Nigel Green et al

October 28, 2019 - Motion by Defendant Benjamin Alderson for an Order Authorizing Alternative Service of Subpoenas on non-parties Nigel Green, deVere Group Ltd., and Beverley Yeomans in U. S. Securities and Exchange Commission v. Benjamin Alderson and Bradley Hamilton at the U. S. District Court for the Southern District of New York.

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.