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USA v. Ulrik Debo: Superseding Indictment

January 02, 2020 - Superseding Indictment alleging securities fraud in USA v. Ulrik Debo, a.k.a. Molgaard Debo, a.k.a. Ulrik Molgaard, described as "a Danish citizen ... employed by a Cayman Islands-based financial services firm", at the U. S. District Court for the Southern District of New York.

SEC v. Ulrik Debo: Complaint

January 02, 2020 - Complaint alleging fraud regarding "a microcap shell company" called Herbatech Life Inc. in U. S. Securities and Exchange Commission v. Ulrik Debo, a citizen of Denmark residing in Monaco, at the U. S. District Court for the Southern District of New York.

USA v. Kenneth Ciapala et al: Indictment

December 05, 2019 - Indictment alleging securities fraud and money laundering in USA v. Kenneth Ciapala, described as "a citizen of the United Kingdom and of Switzerland"; Ulrik Debo, a.k.a. Molgaard Debo, a.k.a. Ulrik Molgaard, described as "a Danish citizen ... employed by a Cayman Islands-based financial services firm", and BlackLight, SA, of Switzerland, at the U. S. District Court for the Southern District of New York.

Denmark's tax agency sues US pension plans that received $120M from 'tax refund fraud'

November 20, 2019 - Denmark's tax collection authority filed a complaint yesterday at federal court in New York against 14 U.S. pension plans and their advisers who allegedly received $120 million from a fraudulent tax refund scheme.

SKAT v. John van Merkensteijn et al: Complaint

November 19, 2019 - Complaint regarding a "fraudulent tax refund scheme that deceived SKAT into paying out over 12. 7 billion Danish Kroner, the equivalent of approximately $2.1 billion (US), of allegedly withheld dividend tax" in Skatteforvaltningen, a.k.a. SKAT, Denmark's tax collection agency v. John van Merkensteijn, Richard Markowitz, Bernina Pension Plan Trust, RJM Capital Pension Plan Trust, 2321 Capital Pension Plan, Bowline Management Pension Plan, California Catalog Company Pension Plan, Clove Pension Plan, Davin Investments Pension Plan, Delvian LLC Pension Plan, DFL Investments Pension Plan, Laegeler Asset Management Pension Plan, Lion Advisory Inc. Pension Plan, Mill River Capital Management Pension Plan, Next Level Pension Plan, Rajan Investments LLC Pension Plan, Spirit on the Water Pension Plan, and Traden Investments Pension Plan at the U. S. District Court for the Southern District of New York.

DW Construction Inc. Retirement Plan et al v. ED&F Man Capital Markets Ltd.: Amended Third-Party Complaint

November 13, 2019 - Amended Third-Party Complaint regarding an allegedly fraudulent tax refund scheme in Denmark in DW Construction, Inc. Retirement Plan, Kamco Investments, Inc. Pension Plan, Kamco LP Profit Sharing Pension Plan, Linden Associates Defined Benefit Plan, Moira Associates 401(K) LLC Plan, Riverside Associates Defined Benefit Plan, American Investment Group of New York, L.P. Pension Plan, Stacey Kaminer, Joan Schulman, and David Schulman v. ED&F Man Capital Markets Ltd., of England, at the U. S. District Court for the Southern District of New York.

Newsong Fellowship Church 401(K) Plan et al v. ED&F Man Capital Markets Ltd.: Amended Third-Party Complaint

November 12, 2019 - Amended Third-Party Complaint regarding an allegedly fraudulent tax refund scheme in Denmark in Newsong Fellowship Church 401(K) Plan and Alexander Jamie Mitchell III v. ED&F Man Capital Markets Ltd., of England, at the U. S. District Court for the Southern District of New York.

Del Mar Asset Management Savings and Retirement Plan et al v. ED&F Man Capital Markets Ltd.: Third-Party Complaint

November 12, 2019 - Third-Party Complaint regarding an allegedly fraudulent tax refund scheme in Denmark in Del Mar Asset Management Savings and Retirement Plan, Federated Logistics LLC 401K Plan, and David Freelove v. ED&F Man Capital Markets Ltd., of England, at the U. S. District Court for the Southern District of New York.

Sheldon Goldstein et al v. ED&F Man Capital Markets Ltd.: Amended Third-Party Complaint

November 05, 2019 - Amended Third-Party Complaint regarding an allegedly fraudulent tax refund scheme in Denmark by The Goldstein Law Group PC 401(K) Profit Sharing Plan and Sheldon Goldstein v. ED&F Man Capital Markets Ltd., of England, at the U. S. District Court for the Southern District of New York.

USA v. Margareta Tonisson: FBAR Complaint

September 17, 2019 - Complaint alleging failure to file with the IRS a Report of Foreign Bank and Financial Accounts regarding accounts at BNP Paribas, France; Swed Bank, Sweden; SEB, Sweden; Nordea, Denmark, and Handelsbank, Sweden in USA v. Margareta B. Tonisson, a resident of Oregon who, according to the complaint, opted in, then out of, the Offshore Voluntary Disclosure Initiative, at the U. S. District Court for the District of Oregon.

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 ISLANDS  
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.