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NY-based participant in deal to buy Bermuda Commercial Bank sued again

April 02, 2020 - A participant in a group that has received regulatory approval to purchase Bermuda Commercial Bank was sued by American Express two months ago over an allegedly unpaid credit card debt of $64,854 - the latest of several allegations of indebtedness against Logan Sugarman over the last 20 years.

New lawsuit against Delaware predecessor of Bermuda crypto firm Uulala

March 31, 2020 - A Delaware company controlled by the California-based head of Bermuda cryptocurrency firm Uulala, Oscar Garcia, is being sued for allegedly defaulting on an agreement to pay $700,000 to settle a lawsuit brought by minority shareholder Gustavo Lopez, who claimed that Garcia swindled him.

Gustavo Lopez v. Uulala Inc.: Complaint

March 30, 2020 - Complaint for non-payment of a promissory note of $700,000 regarding a dispute involving a cryptocurrency group that is domiciled in Bermuda in Gustavo Lopez, individually and on behalf of Uhhlala Holdings LLC v. Uulala Inc., of Delaware, at the Superior Court of the State of California, County of Los Angeles.

Bermuda crypto firm Arbitrade sues SION Trading for alleged fraud

March 30, 2020 - Bermuda-domiciled cryptocurrency firm Arbitrade Ltd. has filed a legal action in New York against Max Barber and his firm, SION Trading FZE, of Ras Al Khaimah, alleging fraud.

Development owned by AIG CEO collapses owing $168M to Bermuda Gov't

March 27, 2020 - A "partially complete" luxury hotel and residences development on "prime real estate" in Bermuda whose principal beneficial owner is AIG CEO Brian Duperreault has gone into provisional liquidation owing at least $168 million to the local government.

George's Bay Ltd.: Chapter 15 Petition

March 26, 2020 - Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Bermuda by Keiran Hutchison and Chris Maiato, both of Ernst & Young Ltd., as the Foreign Representatives of George's Bay Limited, at the U. S. Bankruptcy Court for the Southern District of New York.

Vincent Lowry et al v. OppenheimerFunds Inc. et al: Complaint

March 13, 2020 - Complaint alleging breach of contract regarding the sale of VTL Associates, LLC in Vincent T. Lowry and Joseph N. Gompers v. OppenheimerFunds Inc., described as a Colorado company based in New York; Invesco Ltd., described as a Bermuda-domiciled investment manager based in Atlanta, and MM Asset Management Holding LLC, of Delaware, at the U. S. District Court for the Southern District of New York.

PB Life and Annuity Co. Ltd. v. Universal Life Insurance Company: Complaint

March 13, 2020 - Complaint regarding a reinsurance agreement in PB Life and Annuity Co. Ltd., formerly known as Private Bankers Life and Annuity Co. Ltd., of Bermuda v. Universal Life Insurance Company, of Puerto Rico, at the U. S. District Court for the Southern District of New York.

MJM Ltd. v. Apex Fund Services Ltd.: Reasons For Ruling

March 12, 2020 - Reasons For Ruling in MJM Limited v. Apex Fund Services Ltd. at Bermuda Supreme Court.

'Billion Dollar' crypto gold firm sued for unpaid rent of $6,632

March 04, 2020 - Scotia International of Nevada, which claims to own gold worth billions of dollars as part of a cryptocurrency-based investment fraud by Bermuda/Canada-domiciled Arbitrade and Delaware-domiciled Dignity Holdings, is being sued for unpaid rent of $6,632 in Utah. It's the fifth lawsuit against the SION group over the last eight months.

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.