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Cayman fund accused of '$106M fraud' by US SEC

June 21, 2021 - Cayman Islands-domiciled Income Collecting 1-3 Months T-Bills Mutual Fund, whose directors reside in the Bahamas and British Virgin Islands, and its Israeli principal, Ofer Abarbanel, have been accused by the U.S. SEC of swindling investors who have been unable to redeem $106 million.

Income Collecting 1-3 Months T-Bills Mutual Fund: Directors

June 21, 2021 - Director Details for Income Collecting 1-3 Months T-Bills Mutual Fund, obtained from the Cayman Islands General Registry on June 21st, 2021.

SEC v. Ofer Abarbanel et al: Complaint

June 21, 2021 - Complaint alleging "a fraudulent investment scheme" in U. S. Securities and Exchange Commission v. Ofer Abarbanel, described as a citizen of Israel residing in California; Victor Chilelli, described as a resident of Delaware, and Income Collecting 1-3 Months T-Bills Mutual Fund,  described as "a mutual fund registered in the Cayman Islands", as Defendants, and Institutional Syndication LLC, North American Liquidity Resources LLC, Institutional Secured Credit LLC, Growth Income Holdings LLC, and Global EMEA Holdings LLC, as Relief Defendants, at the U. S. District Court for the Southern District of New York. Editor's Note: In the complaint, the SEC alleged that "Abarbanel and Chilelli arranged for friends (including a friend's wife) and nominee personnel in the Bahamas and British Virgin Islands to serve as directors of the Fund". Research by OffshoreAlert at the Cayman Islands General Registry showed that the directors of Income Collecting 1-3 Months T-Bills Mutual Fund are Boisy Roberts, of the Bahamas, and "Trevo Liburd", of the British Virgin Islands, which appears to be a typo and a reference to Trevor Liburd.

Canadian regulator seeks fines & ban against crypto platform Bybit

June 21, 2021 - The Enforcement Branch of the Ontario Securities Commission is seeking fines and other penalties against British Virgin Islands-domiciled, Singapore-based cryptocurrency derivatives exchange Bybit for operating "contrary to the public interest".

Bybit Fintech Ltd.: Statement of Allegations

June 21, 2021 - Statement of Allegations alleging unregistered securities activity involving cryptocurrencies in the Enforcement Branch of the Ontario Securities Commission v. Bybit Fintech Limited, described as a British Virgin Islands-domiciled "online crypto asset trading platform", and which appears to be based in Singapore, before the Ontario Securities Commission.

Canyon Balanced Master Fund Ltd. et al v. EQT Corporation et al: Class Action Complaint

June 16, 2021 - Class Action Complaint alleging fraud in Canyon Balanced Master Fund Ltd., of the Cayman Islands; The Canyon Value Realization Master Fund L.P., of the Cayman Islands; Canyon-GRF Master Fund II, L.P., of the Cayman Islands; EP Canyon Ltd., of the British Virgin Islands, and Canyon Value Realization Fund, L.P., of Delaware v. EQT Corporation, described as a Pennsylvania-domiciled "natural gas producer" whose shares are listed on the New York Stock Exchange; Steven T. Schlotterbeck, Robert J. McNally, David L. Porges, and David E. Schlosser, Jr. at the U. S. District Court for the Western District of Pennsylvania.

Universal Marine Center Inc. v. M/Y Deslize et al: Complaint

June 08, 2021 - Complaint in Universal Marine Center Inc., of Florida v. M/Y Deslize and MotorYachsts SA, of the British Virgin Islands, at the U. S. District Court for the Southern District of Florida.

Thomas Doctoroff v. Crown Global Life Insurance Ltd. et al: Ruling

June 07, 2021 - Ruling denying summary judgment against Crown Global Life Insurance and granting summary judgment for $1.7 million against the other defendants regarding investments in the Mauritius-based Belvedere Management Group in Thomas Doctoroff, of New York, USA v. Crown Global Life Insurance Ltd., of Bermuda; Paul Gambles, of Thailand; MBMG Investment Advisory Company Ltd., of Thailand; MBMG Group Singapore Pte, of Singapore; MBMG International Custodians Ltd., of the British Virgin Islands; MBMG Asset Management Limited, of Mauritius, and Garmor Asset Management Ltd., of Mauritius, at Bermuda Supreme Court.

KG Manhattan 126 Finance Ltd.: Chapter 15 Petition

June 07, 2021 - Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the British Virgin Islands by Philip Smith, of the British Virgin Islands, and Cosimo Borelli, of Hong Kong, as the Foreign Representatives of KG Manhattan 126 Finance Limited, which has "failed to repay a secured US$85,000,000 loan given by Bank of Shanghai (Hong Kong) Limited and China Minsheng Bank Corporation Ltd., HK Branch" and was involved in "suspicious transactions", filed at the U. S. Bankruptcy Court for the Southern District of New York.

Aldini AG v. Silvaco, Inc.: Discovery Application

June 02, 2021 - Application by Aldini AG, which is described as having offices in Switzerland, Liechtenstein, and the British Virgin Islands, to take discovery from Silvaco, Inc., described as a Delaware company based in Santa Clara, California, for use in civil and criminal proceedings in France alleging securities fraud, filed at the U. S. District Court for the Northern District of California.

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.