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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.

BRITISH VIRGIN ISLANDS

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BVI fund sues Bermuda reinsurance investment manager for '$7.5M fraud'

October 25, 2020 - A BVI investment fund has sued Tony Belisle in Florida for alleged fraud after incurring losses "in excess of $7.5 million" in a Bermuda fund that was managed by Markel CATCo Investment Management, from which Belisle was allegedly fired as CEO "for lying to company executives and counsel about a romantic relationship" with a colleague.

Eugenia II Investment Holdings Ltd. v. Anthony Belisle: Complaint

October 23, 2020 - Complaint for $7.5 million in compensatory damages, plus punitive damages, alleging "fraud and negligent misrepresentation" involving Limited Diversified Arbitrage Fund, of Bermuda, which was managed by Markel CATCo Investment Management Limited, of Bermuda, in Eugenia II Investment Holdings Limited, of the British Virgin Islands v. Anthony Belisle, of Naples, Florida, at the U. S. District Court for the Middle District of Florida.

Mark Messier v. BVI Registrar of Corporate Affairs: Restoration Application

October 19, 2020 - Fixed Date Claim Form regarding Wani Kanati Ltd. in Mark Messier, a Canadian former professional ice hockey player, of Greenwich, Connecticut, USA v. The Registrar of Corporate Affairs at the British Virgin Islands High Court.

Sumner Group Mining Ltd. v. Zica SA: 'Set Aside' Application

October 16, 2020 - Originating Application in Sumner Group Mining Limited v. Zica SA at the British Virgin Islands High Court.

Ian Landy v. BVI Registrar of Corporate Affairs: Restoration Application

October 16, 2020 - Fixed Date Claim Form regarding Genista International Limited in Ian Fraser Landy, of Great Falls, Virginia, USA v. The Registrar of Corporate Affairs at the British Virgin Islands High Court.

The Bank of New York Mellon et al v. Nuoxi Capital Ltd.: Liquidation Application

October 16, 2020 - Originating Application in The Bank of New York Mellon, London Branch, and DBS Bank Ltd. v. Nuoxi Capital Limited at the British Virgin Islands High Court.

US tycoon Bob Brockman indicted for '$2B offshore tax fraud scheme'

October 15, 2020 - US software tycoon Bob Brockman has been criminally indicted in California for an alleged $2 billion offshore tax evasion scheme involving accounts and entities in Bermuda, British Virgin Islands, Cayman Islands, Nevis, and Switzerland. In a related case, billionaire private equity boss Robert Smith agreed to pay penalties of $139 million to avoid prosecution.

Francis & Anna Kwong Family Trust et al v. BVI Registrar of Corporate Affairs: Restoration Application

October 14, 2020 - Fixed Date Claim Form regarding Jamanak Investments Inc. in AMS Trustees, as Trustees of The Francis and Anna Kwong Family Trust, and Kwong Anna Heung Lan v. The Registrar of Corporate Affairs at the British Virgin Islands High Court.

Cayman fund liquidators sue Deutsche Bank for $200M for 'turning a blind eye to fraud'

October 14, 2020 - The liquidators of Cayman Islands investment fund Madison Asset LLC, which was allegedly swindled out of $200 million by its US-based principals, have sued Deutsche Bank for the entire amount, alleging it "turned a blind eye" to the alleged fraud.

Madison Asset LLC v. Deutsche Bank AG: Motion to Seal

October 14, 2020 - Motion to File Complaint Under Seal in Martin Trott and Christopher Smith, of RHSW (Cayman) Limited, as Joint Official Liquidators of Madison Asset LLC (in Official Liquidation), described as "a Cayman investment fund that is now in official liquidation proceedings before the Grand Court of the Cayman Islands" v. Deutsche Bank AG at the U. S. Bankruptcy 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.