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SEC v. Airborne Wireless Network et al: Complaint

March 02, 2021 - Complaint alleging fraud involving, inter alia, "Cayman Islands bank accounts" in U. S. Securities and Exchange Commission v. Airborne Wireless Network, of Nevada; Kalistratos Kabilafkas, a.k.a. Kelly Kabilafkas, a.k.a. Mark McKinney, of California; Timoleon Kabilafkas, a.k.a. Tim Kabilafkas, of California; Chrysilios Chrysiliou, of California; Panagiotis Bolovis, pf Greece; Jack Edward Daniels, of California; Eric Scheffrey, described as a resident of Colorado and Switzerland, and Moshe Rabin, of Florida, as Defendants, and Timoleon Kabilafkas, in his capacity as trustee of the Tim Kabilafkas Revocable Trust Dated July 24, 2001, and Magdaline Kabilafkas, in her capacity as trustee of the Magdaline Kabilafkas 1989 Trust Dated May 27, 1989, a.k.a. the Magdaline Kabilafkas Revocable Trust, at the U. S. District Court for the Southern District of New York.

Lombard Bank Malta Plc: €340K Fine

October 30, 2020 - Publication Notice by the Malta Financial Intelligence Analysis Unit that it has imposed a fine of €340,058 on Lombard Bank Malta Plc for regulatory breaches. Editor's Note: Research by OffshoreAlert in the Malta Business Registry showed the the directors of Lombard Bank Malta Plc are identified as Michael Bonello, Graham Fairclough, Joseph Said, Michael Zammit, all citizens of Malta, and Kimon Palamidis, a citizen of Greece.

Luxembourg firm Akazoo sued for securities fraud in US by SEC

September 30, 2020 - Four months after its shares were delisted from NASDAQ, Luxembourg-domiciled "music streaming" firm Akazoo S.A. has been sued for securities fraud in New York by the SEC, with the alleged scheme also involving individuals and firms in England, Greece, and Scotland.

SEC v. Akazoo SA: Asset Freeze Application

September 30, 2020 - SEC's Emergency Application for an Order to Show Cause, Asset Freeze, and Other Relief in U. S. Securities and Exchange Commission v. Akazoo SA, of Luxembourg, at the U. S. District Court for the Southern District of New York.

SEC v. Akazoo SA: Complaint

September 30, 2020 - Complaint alleging the defendant "defrauded multiple groups of investors out of millions of dollars" in U. S. Securities and Exchange Commission v. Akazoo SA, described as a Luxembourg company "with its purported principal place of business in London, United Kingdom and its actual principal place of business in Athens, Greece", at the U. S. District Court for the Southern District of New York. Editor's Note: Research by OffshoreAlert in the Luxembourg Business Register showed that Akazoo S.A. was incorporated on February 6th, 2019 and its directors are identified as Lewis W. Dickey, Jr., of Atlanta, Georgia; Panagiotis Dimitropoulos, of London, England; Maja Lapcevic, of Luxembourg; Asit Mehra, of New York; Colin Miles, of Singapore; Athan Stephanopoulos, of Luxembourg, and Apostolos N. Zervos, of Greece.

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.

Piraeus Bank SA v. NASDAQ et al: Discovery Application

September 23, 2020 - Application by Piraeus Bank SA, of Greece, to take discovery from The NASDAQ Stock Market LLC and OTC Markets Group for use in "an anticipated foreign judicial proceeding that will be commenced by Piraeus against Newlead Holdings, Ltd. [of Bermuda] before the High Court of Justice, Business and Property Courts of England and Wales, Commercial Court pursuant to a Guarantee and Indemnity agreement", filed at the U. S. District Court for the Southern District of New York.

Piraeus Bank SA v. Bendora SA et al: Complaint

September 11, 2020 - Complaint for Recognition and Enforcement of a Foreign Judgment in Piraeus Bank S.A., of Greece v. Bendora Constructions Technical Commercial Societe Anonyme Imports-Exports-Dealerships, a.k.a. Bendora S.A., and Ioannis Efthymiadis, both of Greece, at the Supreme Court of the State of New York, County of New York.

Speedcast Cyprus Ltd. v. M/V Contship Air et al: Complaint

August 20, 2020 - Complaint in Speedcast Cyprus Ltd., of Cyprus v. M/V Contship Air, of Liberia, formerly M/V Vega Luna; Verona Shiptrading Inc., of Liberia, and Contships Management Inc., of Greece, at the U. S. District Court for the Southern District of Florida.

Novartis AG: $112M Penalties

June 25, 2020 - Administrative Order imposing penalties against Novartis AG, described as a Switzerland-based "global provider of pharmaceutical and healthcare products", for "improper activities", including "improper payments", "forged contracts", and "false books and records", involving its subsidiaries and affiliates in Greece, Singapore, South Korea, and Vietnam, before the U. S. Securities and Exchange Commission.

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.