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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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Petition to wind up British £40M fraud firm Privilege Wealth Plc

January 07, 2020 - Nearly two years after their appointment and having run out of cash, the Joint Administrators of Britain's Privilege Wealth Plc have applied to wind up the company, which collapsed after its £40 million-plus investment fraud was exposed by OffshoreAlert.

Elliot Broidy et al v. Global Risk Advisors LLC et al: Complaint

December 27, 2019 - Complaint alleging "In an effort to retaliate against and silence Mr. Broidy, Qatar hired its go-to firm for underhanded cyber-operations, Defendant GRA, to unlawfully hack into Mr. Broidy’s emails and into his company's servers to steal private communications, business documents, and other material" in Elliot Broidy, of Beverly Hills, California, and Broidy Capital Management LLC, of Los Angeles, California v. Global Risk Advisors LLC, of Delaware; GRA Maven LLC, described as "a military consulting firm" based in North Carolina; GRA Quantum LLC, described as "a full-service cybcersecurity company" based in New York, NY; Global Risk Advisors EMEA Limited, described as a Gibraltar company based in Qatar, and Kevin Chalker, described as "a former CIA officer" who is based in New York, at the U. S. District Court for the Southern District of New York.

Estate of Platon Elenin v. Mainstay Ltd.: Judgment

December 11, 2019 - Judgment in Michael Thomas Leeds, Nicholas Stewart Wood, and Kevin John Hellard, as Joint Trustees of the insolvent Estate of Platon Elenin, a citizen of Russia formerly known as Boris Berezovsky (deceased) v. Mainstay Trust Limited, as Defendant, and Church Lane Trustees Limited and Sugarbay Ventures Limited, of the British Virgin Islands, as Applicants, at Gibraltar Supreme Court.

Elite Insurance Company Ltd.: Administration

December 11, 2019 - Public Statement by the Gibraltar Financial Services Commission announcing that Elite Insurance Company Limited has been found to be "insolvent" and was "placed into Administration on 11 December 2019".

US acts against Swiss crypto exchange First Global Credit, now operating as PanXora

November 01, 2019 - Law enforcement and regulators in the US have taken action against Swiss cryptocurrency exchange First Global Credit, which is controlled by Britons Gavin Smith and Marcie Terman and now operates as PanXora, which claims to have affiliates in the Bahamas, Cayman Islands, Gibraltar, Singapore, and UK.

Manchester United Football Club Ltd. v. Select Management Resources LLC et al: Complaint

September 20, 2019 - Complaint regarding a sponsorship agreement with Addison Global Limited, of Gibraltar, in Manchester United Football Club Limited, of England v. Select Management Resources LLC and Roderick Aycox, both of Alpharetta, Georgia, USA, at the U. S. District Court for the Northern District of Georgia. OffshoreAlert Note: In its most recent annual return for the period ended December 22nd, 2018, Addison Global Limited's directors were identified as Juergen Reutter, CEO, a citizen of Germany, and Nyreen Llamas, a citizen of the United Kingdom and a lawyer, both residing in Gibraltar, and its sole shareholder as Addison Global Holdings Limited, a Gibraltar company whose annual return for the period ended September 29th, 2018 identified its directors as Reutter and Llamas and its shareholder as Line Holdings Limited, a Gibraltar corporate services provider.

British fraud firm Etaireia Investments goes into administration

August 29, 2019 - British firm Etaireia Investments Plc has gone into administration - four years after being exposed by OffshoreAlert for perpetrating a property-based investment fraud involving firms and individuals in the BVI, England, Gibraltar, Isle of Man, Scotland, Seychelles, and Spain.

Privilege Wealth Plc: Third Progress Report of Administrators

August 16, 2019 - Administrators' Progress Report by insolvency practitioners Stephen Katz and John Kelmanson regarding Privilege Wealth Plc, a British firm that collapsed after being exposed as the perpetrator of an investment fraud by OffshoreAlert in 2016.

CFTC v. Yukom Communications Ltd. et al: Complaint

August 12, 2019 - Complaint for "an illegal and fraudulent 'binary options' trading scheme" involving companies in Anguilla, Bulgaria, Cyprus, Gibraltar, Israel, Malta, Marshall Islands, Mauritius, Saint Vincent and the Grenadines, and the United Kingdom in Commodity Futures Trading Commission v. Yukom Communications Ltd., of Israel; Linkopia Mauritius Ltd., of Mauritius; Wirestech Limited, d.b.a. BigOption, of the Marshall Islands; WSB Investments Ltd., d.b.a. BinaryBrook, of Anguilla, Gibraltar, St. Vincent and the Grenadines, and the United Kingdom; Zolarex Ltd., d.b.a. BinaryOnline, of the Marshall Islands; Yakov Cohen, an Israeli residing in Israel and Mauritius; Yossi Herzog, of Israel; Lee Elbaz, of Israel, currently incarcerated in the USA, and Shalom Peretz, of Israel, at the U. S. District Court for the Northern District of Illinois.

Towerbridge Group Ltd. v. Duane Morris: Complaint

August 02, 2019 - Claim Form and Particulars of Claim alleging breach of fiduciary duty resulting in losses in excess of £1.3 million in Towerbridge Group Limited, domiciled in the British Virgin Islands, based in Cyprus v. Duane Morris, a London-based law firm, at the High Court of Justice for England and Wales.

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.