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Guernsey regulator suspends investment fund Remus Horizons

April 15, 2021 - The registration of investment fund Remus Horizons PCC Limited, which is part of a group that includes individuals and companies in or from Australia, England, Guernsey, Hong Kong, India, Ireland, Italy, Texas, and the United Arab Emirates, has been suspended by the Guernsey Financial Services Commission less than five months after it was granted.

Solutions 30 Eastern Europe SRL et al v. Muddy Waters Capital LLC et al: Complaint

April 02, 2021 - Complaint alleging defamation and unfair competition regarding an "anonymous report" that, as part of a "short-sale scheme", "falsely and baselessly accused Solutions SE and its related companies" of "facilitating activities of money laundering" and "employing former or current criminals as representatives" in Solutions 30 Eastern Europe SRL, of Romania; Swordfish Advisory Services SRL, of Romania, and Federico Salmoiraghi, a citizen of Italy and "beneficial owner of Salmo Services Group" v. Muddy Waters Capital LLC, described as a Delaware company based in California, and Carson C. Block, described as the "founder, research director, and sole member and member-manager of Muddy Waters", at the U. S. District Court for the Northern District of California.

Moody's Investors Service Ltd. et al: Penalties

March 23, 2021 - Public Notice by the European Securities and Markets Authority that it has imposed penalties on Moody's Investors Service Ltd., Moody's France S.A.S., Moody's Deutschland GmbH, Moody's Italia S.r.l., and Moody's Investors Service España S.A.

Buenos Aires sued by investors for '$366M bonds default'

March 23, 2021 - The Province of Buenos Aires, in Argentina, is being sued for allegedly defaulting on bonds totaling $366 million by investment vehicles in the British Virgin Islands, Cayman Islands, Delaware, Denmark, England, Ireland, Italy, Jersey, and Luxembourg.

Amia Capital Macro Master Fund Ltd. et al v. Buenos Aires: Complaint

March 23, 2021 - Complaint for damages of $336 million alleging the default of bonds in Amia Capital Macro Master Fund Limited, of the Cayman Islands; Amundi Funds - Emerging Markets Bond, of Luxembourg; Amundi Fondi Italia - Amundi Obbligazionario Paesi Emergenti a distribuzione, of Italy; Amundi Funds - Emerging Markets Blended Bond, of Luxembourg; Amundi Funds - Emerging Markets Hard Currency Bond, of Luxembourg; Amundi Funds - Emerging Markets Short Term Bond, of Luxembourg; Amundi Funds - Strategic Bond, of Luxembourg; Fondi Amundi - Amundi Obbligazionario Dinamico, of Italy; Amundi Funds - Optimal Yield Short Term, of Luxembourg; Amundi S.F. - Emerging Markets Bond 2024, of Luxembourg; Amundi S.F. - Emerging Markets Bond 2025, of Luxembourg; Caius Capital Master Fund, of the Cayman Islands; Callaway Strategic Opportunity Fund I, LP, of the Cayman Islands; BayernInvest Alternative Loan Fonds-Segment GoldenTree 2, of Luxembourg; Corbin ERISA Opportunity Fund, Ltd., of the Cayman Islands; Crown Managed Accounts SPC - Crown/GT Segregated Portfolio, of the Cayman Islands; FS Credit Income Fund, of Delaware; Ginkgo Tree, LLC, of Delaware; GN3 SIP Limited, of Jersey, in the Channel Islands; GoldenTree Co-Invest Master Fund II Ltd., of the Cayman Islands; GoldenTree Distressed Master Fund III Ltd., of the Cayman Islands; GoldenTree Distressed Onshore Master Fund III LP, of Delaware; GoldenTree Emerging Markets Master Fund ICAV, of Ireland; GoldenTree Insurance Fund Series Interests of the SALI Multi-Series Fund, L.P., of Delaware; GoldenTree Master Fund, Ltd., of the Cayman Islands; GoldenTree Multi Sector-C LP, of Delaware; GoldenTree NJ Distressed Fund 2015 LP, of Delaware; GoldenTree Vl Master Fund, L.P., of the Cayman Islands; GT Credit Fund LP, of the Cayman Islands; GT G Distressed Fund 2020 LP, of Delaware; GT NM, LP, of Delaware; Guadalupe Fund, LP, of Texas; High Yield and Bank Loan Series Trust, of the Cayman Islands; Kapitalforeningen Industriens Pension Portfolio - Emerging Markets Obligationer I, of Denmark; Louisiana State Employees Retirement System, of Louisiana; MA Multi-Sector Opportunistic Fund, LP, of Delaware; Pinehurst Partners, L.P., of Delaware; San Bernardino County Employees Retirement Association, of California; Greylock Global Opportunity Master Fund, Ltd., of the British Virgin Islands; Greylock Global Focus Master Fund, Ltd., of the Cayman Islands; Beauregarde Holdings LLP, of England; Beauregarde Holdings II LLP, of England, and Mandrake Holdings, LLC, of Delaware v. The Province of Buenos Aires, in Argentina, at the U. S. District Court for the Southern District of New York.

Maria Foglia v. Matteo Cerri et al: Judgment

March 22, 2021 - Summary Judgment in Maria Alessandra Foglia, described as "the victim of a substantial fraud pursuant to which €15m was misappropriated from her account with a Cayman bank, CITCO Bank and Trust Company Ltd." v. The Family Officer Limited, Wechsler & Co Limited, C&C Family Holdings Limited, Matteo Cerri, Italians Clubhouse Limited, ITS Fashion Street Café Limited, Shield Risk Management Limited, and St Charles Luxembourg SA at the High Court of Justice, for England and Wales.

Phoenix Payments Ltd.: Inspector Appointment

March 12, 2021 - Public Notice by the Malta Financial Services Authority that it has appointed an Inspector "investigate and report on the affairs of" Phoenix Payments Limited. Editor's Note: Research by OffshoreAlert in the Malta Business Registry showed that Phoenix Payments Ltd. was incorporated in Malta on November 21st, 2016, its directors are Francesc Xavier Alabart Lopez, a citizen of Spain; Keith Farrugia, a citizen of Malta, and Marco Lavanna, a citizen of Italy residing in Switzerland, its previous directors include Alexander Vella, who resigned effective May 8th, 2020, Ivan Fsandi, John Pollacco, who both resigned effective December 1st, 2019, and Dmitrij Kozelkin, who resigned effective September 2nd, 2019, and its shareholders are Fenice Holding SA, of Switzerland, and Marco Lavanna.

Phoenix Payments Ltd.: €32K Fine

March 12, 2021 - Public Notice by the Malta Financial Services Authority that it has imposed a fine of €32,400 on Phoenix Payments Limited for regulatory breaches. Editor's Note: Research by OffshoreAlert in the Malta Business Registry showed that Phoenix Payments Ltd. was incorporated in Malta on November 21st, 2016, its directors are Francesc Xavier Alabart Lopez, a citizen of Spain; Keith Farrugia, a citizen of Malta, and Marco Lavanna, a citizen of Italy residing in Switzerland, previous directors include Alexander Vella, who resigned effective May 8th, 2020, Ivan Fsandi, John Pollacco, who both resigned effective December 1st, 2019, and Dmitrij Kozelkin, who resigned effective September 2nd, 2019, and its shareholders are Fenice Holding SA, of Switzerland, and Marco Lavanna.

Stream TV Networks Inc.: Chapter 11 Petition

February 25, 2021 - Chapter 11 Petition by Stream TV Networks Inc., which "was founded in 2009 as a "new media" company to pursue new technologies that enhance user entertainment and communications experiences", at the U. S. Bankruptcy Court for the District of Delaware. Creditors include those from Bermuda, Dubai, England, France, Germany, Guernsey, India, Ireland, Jersey, in the Channel Islands; Italy, Kuwait, Liechtenstein, Switzerland, and Taiwan.

New York AG v. Bitfinex et al: Settlement Agreement

February 25, 2021 - Settlement Agreement between the New York State Attorney General and seven cryptocurrency firms, namely iFinex Inc., the operator of a cryptocurrency exchange known as Bitfinex; BFXNA Inc., BFXWW Inc., Tether Holdings Limited, Tether Operations Limited, Tether International Limited, all of the British Virgin Islands, and Tether Limited, of Hong Kong. A copy of the agreement was attached to a letter filed by class action plaintiffs in a separate but related civil action alleging fraud.

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.