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HSBC agrees to pay $192M & admits tax fraud after being criminally charged by US

December 10, 2019 - Switzerland-based HSBC Private Bank (Suisse) SA has agreed to pay $192 million and cooperate with tax investigations under a deferred prosecution agreement with the USA after being criminally charged with conspiracy to commit tax fraud.

USA v. HSBC Private Bank (Suisse) SA: Motion to Defer Prosecution

December 10, 2019 - Joint Motion for Deferral of Prosecution in USA v. HSBC Private Bank (Suisse) SA, of Switzerland, at the U. S. District Court for the Southern District of Florida.

USA v. HSBC Private Bank (Suisse) SA: Criminal Information

December 02, 2019 - Criminal Information alleging conspiracy to defraud the USA in USA v. HSBC Private Bank (Suisse) SA, of Switzerland, at the U. S. District Court for the Southern District of Florida.

La Piña Bohemia v. HQ Brands LLC: Discovery Application

November 27, 2019 - Application by La Piña Bohemia, of Guatemala, to take discovery from HQ Brands LLC, d.b.a. House of Quirky, for use in "on-going criminal proceedings brought against it by the Guatemalan tax authority", filed at the U. S. District Court for the Central District of California.

Denmark's tax agency sues US pension plans that received $120M from 'tax refund fraud'

November 20, 2019 - Denmark's tax collection authority filed a complaint yesterday at federal court in New York against 14 U.S. pension plans and their advisers who allegedly received $120 million from a fraudulent tax refund scheme.

USA v. Panayiotis Kyriacou: Guilty Plea Letter

November 19, 2019 - Letter regarding travel from the United Kingdom to the USA, guilty plea, and bail conditions in USA v. Panayiotis Kyriacou, a.k.a. Peter Kyriacou, of England, at the U. S. District Court for the Eastern District of New York.

SKAT v. John van Merkensteijn et al: Complaint

November 19, 2019 - Complaint regarding a "fraudulent tax refund scheme that deceived SKAT into paying out over 12. 7 billion Danish Kroner, the equivalent of approximately $2.1 billion (US), of allegedly withheld dividend tax" in Skatteforvaltningen, a.k.a. SKAT, Denmark's tax collection agency v. John van Merkensteijn, Richard Markowitz, Bernina Pension Plan Trust, RJM Capital Pension Plan Trust, 2321 Capital Pension Plan, Bowline Management Pension Plan, California Catalog Company Pension Plan, Clove Pension Plan, Davin Investments Pension Plan, Delvian LLC Pension Plan, DFL Investments Pension Plan, Laegeler Asset Management Pension Plan, Lion Advisory Inc. Pension Plan, Mill River Capital Management Pension Plan, Next Level Pension Plan, Rajan Investments LLC Pension Plan, Spirit on the Water Pension Plan, and Traden Investments Pension Plan at the U. S. District Court for the Southern District of New York.

Cecile Bouskila v. USA: Complaint

November 18, 2019 - Complaint regarding tax liabilities in Cecile Bouskila, a participant in the IRS' 'Offshore Voluntary Disclosure Program' v. USA at the U. S. District Court for the Eastern District of New York. Editor's Note: Bouskila was a shareholder in British Virgin Islands-domiciled, Switzerland-based Dorchester Gallery Limited, according to the International Consortium of Investigative Journalists, per its 'Panama Papers' leaked data.

DW Construction Inc. Retirement Plan et al v. ED&F Man Capital Markets Ltd.: Amended Third-Party Complaint

November 13, 2019 - Amended Third-Party Complaint regarding an allegedly fraudulent tax refund scheme in Denmark in DW Construction, Inc. Retirement Plan, Kamco Investments, Inc. Pension Plan, Kamco LP Profit Sharing Pension Plan, Linden Associates Defined Benefit Plan, Moira Associates 401(K) LLC Plan, Riverside Associates Defined Benefit Plan, American Investment Group of New York, L.P. Pension Plan, Stacey Kaminer, Joan Schulman, and David Schulman v. ED&F Man Capital Markets Ltd., of England, at the U. S. District Court for the Southern District of New York.

Newsong Fellowship Church 401(K) Plan et al v. ED&F Man Capital Markets Ltd.: Amended Third-Party Complaint

November 12, 2019 - Amended Third-Party Complaint regarding an allegedly fraudulent tax refund scheme in Denmark in Newsong Fellowship Church 401(K) Plan and Alexander Jamie Mitchell III v. ED&F Man Capital Markets Ltd., of England, 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.