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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.

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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.

Bulgaria: PNC Bank

April 30, 2020 - Application for the appointment of a Commissioner to collect evidence from PNC Bank - pursuant to a request for judicial assistance from Bulgaria - for a criminal investigation into "unknown subjects for fraud".

KlickDeals GmbH: Public Warning

March 19, 2020 - Public Warning by the Swiss Financial Market Supervisory Authority regarding KlickDeals GmbH, which is "suspected of conducting unauthorised activities in the financial market. Editor's Note: Research by OffshoreAlert showed that, in filings with the Swiss Commercial Registry, KlickDeals GmbH's Managing Director and shareholder is identified as Habteyesus Hailemelekot, of Eritrea, having taken over from previous MD and shareholder Katerina Atanasova, of Bulgaria, in 2017.

Dooga Ltd.: Chapter 15 Petition

February 14, 2020 - Chapter 15 Petition for Recognition of a Foreign Main Proceeding in England by Steven Parker and Trevor Binyon, of Opus Restructuring, as the Foreign Representatives of Dooga Ltd., a Maltese-owned British firm whose "Cubits" cryptocurrency exchange closed down in 2018 following an alleged €27 million fraud involving "payment processor" Pay Secure Online Limited, d.b.a. Paysec, and "three Chinese nationals called Lui Caifeng, Liu Lin, and Yajuan She", at the U. S. Bankruptcy Court for the Northern District of California. Editor's Note: Research by OffshoreAlert showed that, in the Malta Business Registry, the owner of Pay Secure Online Limited is identified as David Murphy, a British national with an address in Thailand, while directors have included Richard John Barry, a British national residing in Dubai, and Dimitar Stefanov Georgiev, a citizen and resident of Bulgaria, who both resigned on March 2nd, 2018, and the auditor is Antoine Borg, of Malta. On May 15th, 2019, the Malta Financial Services Authority issued a "warning" that Paysec "is NOT licenced NOR authorised by the MFSA to provide any investment or other financial services which are required to be licenced or otherwise authorised under Maltese law".

Bulgaria: Wells Fargo Bank

February 05, 2020 - Application for the appointment of a Commissioner to collect evidence from Wells Fargo Bank - pursuant to a request for judicial assistance from Bulgaria - for a criminal investigation into "unknown subjects" for suspected fraud.

Bulgaria: Apple Inc.

January 27, 2020 - Application for the appointment of a Commissioner to collect evidence from Apple Inc. - pursuant to a request for judicial assistance from Bulgaria - for a criminal investigation into the theft of "36 portable computers" by an "unknown perpetrator".

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.