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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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Vicki Willard v. UP Fintech Holding Ltd. et al: Class Action Complaint

November 06, 2019 - Complaint alleging securities fraud in Vicki Rongey Willard v. UP Fintech Holding Limited, described as a Cayman Islands-domiciled, China-based "online brokerage"; Tianhua Wu, John Fei Zeng, Yonggang Liu, Lei Fang, David Eric Friedland, and Vincent Chun Hung Cheung at the U. S. District Court for the Southern District of New York.

$150M lawsuit alleges crypto fraud by parties in Antigua, BVI, Hong Kong & US

November 04, 2019 - A complaint for damages of $150M for alleged cryptocurrency futures trading fraud and the operation of an unlicensed money transmitting business has been filed against individuals and companies in Antigua, British Virgin Islands, Hong Kong, and the United States, including Alameda Research and FTX Trading.

Bitcoin Manipulation Abatement LLC v. FTX Trading Ltd. et al: Complaint

November 02, 2019 - Complaint alleging cryptocurrency market manipulation, RICO, and fraud in Bitcoin Manipulation Abatement LLC, of Puerto Rico v. FTX Trading Ltd., of Antigua and Barbuda; Alameda Research LLC, of Delaware; Alameda Research Ltd., of the British Virgin Islands; Samuel Bankman-Fried, of California; Gary Wang, of California; Andy Croghan, of California; Constance Wang, described as a citizen and resident of Hong Kong; Darren Wong, of California, and Caroline Ellison, of California, at the U. S. District Court for the Northern District of California.

Premier Hedge Ltd.: Petition

November 01, 2019 - Petition in the matter of Premier Hedge Ltd. (Dissolved) at the Grand Court of the Cayman Islands.

'Remove defamatory articles about Mark Nichols,' demands attorney

November 01, 2019 - Letter to OffshoreAlert from W. David Mannheim, of Nelson Mullins law firm, in North Carolina, demanding the removal of "defamatory articles" about his client, Mark Nichols.

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.

Xiaohai Yan v. Ruhnn Holding Ltd. et al: Complaint

October 31, 2019 - Complaint alleging securities fraud in Xiaohai Yan v. Ruhnn Holding Limited, of China; Min Feng, Lei Ray Sun, Chao Eric Shen, Zhenbo Nick Chi, Ke Cheng, Shek Yuen Ting, Fengchun Jin, Shangzhen Li, Zhenxing Shao, Pen Hung Tung, Junhong Qi, and Xiaocao Cecilia Xu at the U. S. District Court for the Eastern District of New York.

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.

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.