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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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USA v. Dusko Bruer: Plea Agreement & Factual Proffer

April 03, 2020 - Plea Agreement and Factual Proffer for tax evasion and failure to report foreign bank accounts in Croatia, Germany, Serbia, and Switzerland in USA v. Dusko Bruer, described as "a Croatian national and naturalized citizen of the United States", at the U. S. District Court for the Southern District of Florida.

GW Grundbesitz AG v. A. Investments LLC et al: Complaint

March 23, 2020 - Complaint for recognition of Foreign Money Judgment Award in GW Grundbesitz AG, of Switzerland v. A. Investments LLC, described as "a dissolved Nevada limited liability company", and Lezlie Jane Gunn, as Trustee for A. Investments, LLC, at U. S. District Court for the District of Nevada.

Germany: Trimed Technology AG

March 19, 2020 - Application for the appointment of a Commissioner to collect evidence from City National Bank - pursuant to a request for judicial assistance from Germany - for a criminal investigation into "unknown subjects for fraud" regarding the sale of shares in Trimed Technology AG, of Switzerland. Editor's Note: Research by OffshoreAlert showed that, in the Swiss Commercial Registry, the company currently has no managers and that previous managers have included Manuel Bernert, a citizen of Germany; Anastasia Anderson, a citizen of Russia, and Anton Josef Niederberger.

Portugal: Wells Fargo Bank

March 10, 2020 - Application for the appointment of a Commissioner to collect evidence from Wells Fargo Bank - pursuant to a request for judicial assistance from Portugal - for a criminal investigation into "an unknown person" using the name 'Larry Ryan' for suspected fraud involving bank accounts in Germany, the United Kingdom, and the United States.

Global Network Management, Ltd. v. CenturyLink Latin American Solutions LLC: Notice of Removal

February 20, 2020 - Defendant's Notice of Removal, including a copy of the complaint, in Global Network Management, Ltd., of the British Virgin Islands v. CenturyLink Latin American Solutions LLC, formerly known as Level 3 Latin American Solutions LLC, of Delaware, at the U. S. District Court for the Southern District of Florida.

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".

Coöperatieve Rabobank UA et al v. The Clearing House Payments Company LLC et al: Discovery Application

February 14, 2020 - Application by Coöperatieve Rabobank UA, of Argentina; Credit Agricole Corporate and Investment Bank, of New York; ING Bank NV, of Brazil; the International Finance Corporation, of Washington, DC; Natixis, New York Branch, and Nederlandse Financierings-Maatschappij Voor Ontwikkelingslanden NV, of the Netherlands, to take discovery from The Clearing House Payments Company LLC, of New York; Banco Bilbao Vizcaya Argentina SA, of Spain; Banco do Brasil SA, of Brazil; Bank Leumi US, of New York; Bank of America, NA, of North Carolina; Barclays Bank PLC, of England; Citibank, NA, of New York; Deutsche Bank AG, of Germany; Deutsche Bank Trust Co Americas, of New York; HSBC Bank USA, of New York; Itau Unibanco SA - New York Branch, of Brazil; JPMorgan Chase Bank, NA, of New York; Mizuho Bank, Ltd., of Japan; MUFG Bank, Ltd., of Japan; MUFG Union Bank, NA, of New York; Sumitomo Mitsui Banking Corporation, of Japan; The Bank of New York Mellon, of New York; UBS AG, of Switzerland; Wells Fargo Bank NY INTL, of New York, and Wells Fargo Bank, of California, for use in legal proceedings in Argentina regarding suspected "major international financial impropriety" involving Vincentin SAIC, filed at the U. S. District Court for the Southern District of New York.

PES Holdings LLC et al v. Allianz Global Risks US Insurance Co. et al: Complaint

February 12, 2020 - Complaint to recover insurance "arising out of a catastrophic incident" whose losses "will likely exceed" $1.25 billion in PES Holdings LLC, North Yard GP, LLC, North Yard Logistics LP, PES Administrative Services, LLC, PES Energy Inc., PES Intermediate, LLC, PES Ultimate Holdings, LLC, and Philadelphia Energy Solutions Refining and Marketing LLC v. Allianz Global Risks US Insurance Company, of Illinois; AXA Corporate Solutions Assurance, of France; Lloyd's of London Underwriters, of England; General Security Indemnity Company of Arizona, Great Lakes Insurance SE, of Germany; HDI Global Insurance Company, of Illinois; HDI Global Specialty SE, of Germany; Helvetia Swiss Insurance Company in Liechtenstein Ltd., of Liechtenstein; Lancashire Insurance Company (UK) Limited, of England; Liberty Mutual Insurance Company, of Massachusetts; Mapfre Re Compania de Reaseguros, SA, of Spain; PartnerRe Ireland Insurance DAC, of Ireland; Starr Technical Risks Agency, Inc., of New York; Westport Insurance Corporation, of Missouri; XL Insurance America, Inc., of Connecticut, and Zurich American Insurance Company, of New York, at the U. S. Bankruptcy Court for the District of Delaware.

USA v. Dusko Bruer: Criminal Information

January 30, 2020 - Criminal Information alleging tax evasion and failure to report a Foreign Bank or Financial Account regarding accounts in Croatia, Germany, and Switzerland in USA v. Dusko Bruer at the U. S. District Court for the Southern District of Florida.

ROX Capital AG: Public Warning

January 29, 2020 - Public Warning by the Swiss Financial Market Supervisory Authority regarding ROX Capital AG, formerly known as Algovia AG, which is "suspected of conducting unauthorised activities in the financial market". Editor's Note: Research by OffshoreAlert showed that, on its website at www.roxcapital.io, ROX Capital AG offers a "Stable Coin" and a "Decentralised Token Exchange" and, in filings with the Swiss Commercial Registry, the company's directors are identified as Aleksei Liakhovnenko and Anton Katin, both of Russia, while previous directors are identified as Reto Daniel Winkler, of Switzerland; Günther Weber, a citizen of Germany, and Vladimir Helber, a citizen of Germany

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.