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Satabank Plc: €851K Fine

December 23, 2020 - Public Notice by the Malta Financial Intelligence Analysis Unit that it imposed a fine of €3.7 million on Satabank Plc for regulatory breaches, which was reduced to €851,792 by the Court of Appeal. Editor's Note: Research by OffshoreAlert in the Malta Business Registry showed that Satabank Plc was incorporated in Malta on October 7th, 2014 and its shareholders are Signia Holding Ltd., of Malta, and Christo Georgiev Georgiev, a citizen of Bulgaria with an address in Zurich, Switzerland. No directors are listed. Previous directors include Christo Georgiev Georgiev, who resigned effective October 11th, 2018; Anthony Paris, who resigned effective October 12th, 2018; Christoph Boeckle, who resigned effective October 21st, 2018; Mario Gauci, who resigned effective October 30th, 2018; Herbert Weininger, a citizen of Germany, who resigned effective October 21st, 2018, and Susanne Lehmann, who resigned effective April 8th, 2015. Signia Holding Ltd. was incorporated in Malta on December 5th, 2013, its directors are Eugene M. Alexander, a citizen of the United States with an address in Marathon, Florida, USA, and Christo Georgiev Georgiev, and its shareholders are E E Capital Limited, of Jersey, in the Channel Islands; Net-M Privatbank 1891 AG, of Germany; Signia Group AG, of Zurich, Switzerland, and Eugene Alexander.

Bulgaria: Fast West Bank

October 01, 2020 - Application for the appointment of a Commissioner to collect evidence from Fast West Bank - pursuant to a request for judicial assistance from Bulgaria - for a criminal investigation into "unknown subjects" for a suspected advance fee fraud.

USA v. Nika Nazarovi et al: Indictment

September 29, 2020 - Criminal Indictment against "citizens of multiple countries, including Georgia, Latvia, Romania, Bulgaria, and Belgium" who were described as being "members of a transnational organized crime network known as 'QQAAZZ'" that "provided money laundering services to significant cybercriminal organizations that stole money from unwitting victims in the United States and abroad" involving accounts at financial institutions in Belgium, Germany, Portugal, Spain, the Netherlands, Turkey, and the United Kingdom in USA v. Nika Nazarovi, a.k.a. Nika Utiashvili, a.k.a. Mihail Atansov, a.k.a. Stefan Trifonov Zhelyazkov; Martins Ignatjevs, a.k.a. Yordan Angelov Stoyanov, a.k.a. Aleksander Tihomirov, a.k.a. Svetlin Iliyanov Asenov; Aleksandre Kobiashvili, a.k.a. Antonios Nastas, a.k.a. Ognyan Krasimirov Trifonov; Dmitrijs Kuzminovs, a.k.a. Parush Gospodinov Genchev; Valentins Sevecs, a.k.a. Marek Jaswilko, a.k.a. Rafal Szczytko; Dmitrijs Slapins, Armens Vecels, Artiom Capacli, Ion Cebanu, Tomass Trescinkas, Ruslans Sarapovs, Silvestrs Tamenieks, Andelhak Hamdaoui, and Petar Iliev at the U. S. District Court for the Western District of Pennsylvania.

Christine Grablis et al v. OneCoin Ltd. et al: Second Amended Class Action Complaint

September 25, 2020 - Second Amended Class Action Complaint alleging the defendants perpetrated "a massive fraud perpetrated on millions of individual investors throughout the world causing injuries in excess of $4 billion through a densely-packed multi-level marketing system" in Donald Berdeaux and Christine Grablis v. OneCoin Ltd., of Dubai; Ruja Ignatova, of Bulgaria; Sebastian Greenwood, "currently being held in federal custody in New York pending trial"; Mark Scott, "believed to have been domiciled in Coral Gables, Florida" who allegedly laundered fraud proceeds through accounts "in the Cayman Islands and the Republic of Ireland, among other locations"; David Pike, "believed to be domiciled in Coral Gables, Florida"; Nicole J. Huesmann, "believed to be domiciled in Coral Gables, Florida"; Gilbert Armenta, "believed to be domiciled in Lauderdale-by-the-Sea, Florida", and The Bank of New York Mellon Corporation, of New York, at U. S. District Court for the Southern District of New York.

Philip Mihaylov Liskov v. BVI Registrar of Corporate Affairs: Restoration Application

July 15, 2020 - Fixed Date Claim Form regarding Rental Invest & Trade Ltd. in Philip Mihaylov Liskov, of Bulgaria v. Registrar of Corporate Affairs at the British Virgin Islands High Court.

Valla PTC Ltd. v. HSBC et al: Discovery Application

June 04, 2020 - Application by Valla PTC Limited, of Bermuda, as Trustee of the Westline Trust, to take discovery from HSBC Bank USA, HSBC Private Bank (Suisse) SA, HSBC Holdings PLC, UBS AG, Bank of New York Mellon, JPMorgan Chase Bank, NA, Citibank NA, Deutsche Bank (and its affiliates Deutsche Bank Trust Company Americas and Bankers Trust Company), Wells Fargo Bank, NA, Barclays Bank PLC, Lloyd's Bank USA, Lloyd's Bank Commercial Banking, Commerzbank AG, and Bank of America, NA for use in legal proceedings in the United Kingdom against Jonathan Moss Faiman, described as a citizen of the United Kingdom residing in Monaco, over the alleged failure to repay $30 million in loans, filed at the U. S. District Court for the Southern District of New York.

Grand Capital Asset Management Ltd. v. Citibank NA et al: Discovery Application

May 22, 2020 - Application by Grand Capital Asset Management Ltd., of Bulgaria, to take discovery from Citibank N.A., The Bank of New York Mellon, Société Générale, HSBC Bank USA, N.A., BNP Paribas USA, JPMorgan Chase Bank, N.A., Barclays Bank PLC, Deutsche Bank Trust Co. Americas, Bank of Nova Scotia, UBS AG, Bank of America, N.A., Standard Chartered Bank US, Commerzbank AG US, and The Clearing House Payments Company, LLC for use in a "contemplated proceeding against Gulf Technical Commercial Printing Press LLC before the Sharjah Court of First Instance, major circuit, in the United Arab Emirates", filed at the U. S. District Court for the Southern District of New York.

CFTC v. Daniel Fingerhut et al: Motion To File Combined Memorandum

May 06, 2020 - Plaintiff's Expedited Motion for Leave to File Combined Memorandum regarding allegations of fraud involving binary options and cryptocurrencies in Commodity Futures Trading Commission v. Daniel Fingerhut, of Miami Beach, Florida; Digital Platinum Inc., of Florida; Digital Platinum Ltd., of Israel; Huf Mediya Ltd., a.k.a. Hoof Media Ltd., of Bulgaria; Tal Valariola, of Israel, and Itay Barak, of Israel, as Defendants, and Aicel Carbonero, of Miami Beach, Florida, as Relief Defendant, at the U. S. District Court for the Southern District of Florida.

CFTC v. Daniel Fingerhut et al: Preliminary Injunction Motion

May 06, 2020 - Plaintiff's Motion for Preliminary Injunction in Commodity Futures Trading Commission v. Daniel Fingerhut, of Miami Beach, Florida; Digital Platinum Inc., of Florida; Digital Platinum Ltd., of Israel; Huf Mediya Ltd., a.k.a. Hoof Media Ltd., of Bulgaria; Tal Valariola, of Israel, and Itay Barak, of Israel, as Defendants, and Aicel Carbonero, of Miami Beach, Florida, as Relief Defendant, at the U. S. District Court for the Southern District of Florida.

CFTC v. Daniel Fingerhut et al: Complaint

May 05, 2020 - Complaint alleging fraud involving binary options and cryptocurrencies in Commodity Futures Trading Commission v. Daniel Fingerhut, of Miami Beach, Florida; Digital Platinum Inc., of Florida; Digital Platinum Ltd., of Israel; Huf Mediya Ltd., a.k.a. Hoof Media Ltd., of Bulgaria; Tal Valariola, of Israel, and Itay Barak, of Israel, as Defendants, and Aicel Carbonero, of Miami Beach, Florida, as Relief Defendant, at the U. S. District Court for the Southern District of Florida.

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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UAE 'gold supplier' SION Trading sued for '$5M fraud'
UAE-domiciled purported gold supplier SION Trading FZE, which has been implicated in several fraudulent schemes, including a cryptocurrency scam involving Bermuda-based Arbitrade, is being sued in Utah along with individuals and companies in or from Barbados, Canada, England, Panama, St. Lucia, and the USA for allegedly perpetrating a $5 million 'advance fee' scam.
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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.