Daily news, documents and intelligence about Offshore Financial Centers and those who conduct business in them that you will not find anywhere else.


eMail Alerts  

Sign-Up for eMail Alerts

RSS Feed  

Subscribe to feed

David Mapley Response to Luxembourg CSSF Ban

May 26, 2020 - News Release by David Mapley in response to administrative measure against him by the Luxembourg CSSF.

Bal Harbour Shops LLC v. Escada Luxembourg Sarl et al: Complaint

May 21, 2020 - Complaint in Bal Harbour Shops LLC v. Escada America LLC, of Delaware, and Escada Luxembourg Sarl, of Luxembourg, at the Circuit Court for the 11th Judicial Circuit, in and for Miami-Dade County, Florida.

David Mapley: Four-Year Ban

May 20, 2020 - Administrative Measure by the Luxembourg CSSF regarding David Mapley, a citizen of the United Kingdom.

Brightwell Portfolio Fund SICAV Plc: License Cancellation

May 19, 2020 - Public Notice by the Malta Financial Services Authority that it has cancelled the Collective Investment Scheme Licence of Brightwell Portfolio Fund SICAV Plc, a license that was suspended, on regulatory grounds nearly six years ago, on July 15th, 2014, "following the resignation of key officials and service providers". Editor's Note: Research by OffshoreAlert at the Malta Business Registry showed that Brightwell Portfolio Fund SICAV Plc has not had any directors or a secretary since they resigned in May, 2014. The company was originally incorporated in the British Virgin Islands on May 18th, 2006 as Brightwell Portfolio Fund Ltd. and continued to Malta on May 10th, 2011, changing its name at the same time. In its most recent annual return, dated May 10th, 2013, the company's shareholders were identified as Paolo Faldini, a citizen of Italy residing in Monaco, and Conseulo Nardon, a citizen of Italy with addresses in the Netherlands and Luxembourg; its directors as Faldini, Nardon, and Stephen Muscat, of Malta, and its Secretary as Valetta Fund Services Limited. Faldini committed suicide on his luxury yacht - apparently bought with investors' funds - in Monte Carlo on December 31st, 2013, shortly after which Nardon, Muscat, and Valetta Fund Services all resigned their positions and the company's auditor, KPMG (Malta), represented by partner Ray Azzopardi, withdrew its audit opinions for 2011 and 2012 due to "fraudulent misrepresentations", evidently by Faldini, regarding the company and its subsidiaries, Beaumont Cash Management Limited, Beaumont Systematic Trading Limited, Beaumont Discretionary Trading Limited, Beaumont Equity Trading Limited, and Beaumont Homeland Security Limited. Brightwell Portfolio Fund's professional services providers included Princes Gate Investment Management Ltd., of the BVI, as Investment Manager; Arcari Fund Solutions BV, of the Netherlands, as Administrator; Credit Suisse, of Switzerland, as Custodian, and Ganado & Associates, Advocates, of Malta, as Legal Adviser. In the BVI, the company's directors were Curado Trust (Tortola) Limited, represented by Yuck Leen Sprock-Chang and Mavis Reed-Castro, and GM General Management Limited, represented by Mario Bottiroli, c/o Trust Company Complex, in the Marshall Islands, with Harneys Corporate Services Ltd., represented by Kimberly Crabbe-Adams, serving as registered agent. Corporate records show that the company authorized the following lawyers to obtain its Collective Investment Scheme license in Malta: James Farrugia, Andre Zerafa, Henry Saydon, and Stephanie Micallef, now known as Stephanie Farrugia, all of Ganado & Associates.

Intelsat SA et al: Chapter 11 Petition

May 14, 2020 - Chapter 11 Petition by Intelsat SA, of Luxembourg; Intelsat Virginia Holdings LLC, of Virginia; Intelsat Connect Finance SA, of Luxembourg; Intelsat (Luxembourg) SA, of Luxembourg; Intelsat Envision Holdings LLC, of Luxembourg; Intelsat US LLC, of Virginia; Intelsat Investment Holdings Sarl, of Luxembourg; Intelsat Holdings SA, of Luxembourg; Intelsat Investments SA, of Luxembourg; Intelsat UK Financial Services Ltd., of England; Intel Jackson Holdings SA, of Luxembourg; Intelsat Align Sarl, of Luxembourg; Intelsat License Holdings LLC, of Luxembourg; Intelsat Subsidiary (Gibraltar) Limited, of Gibraltar; Intelsat Holdings LLC, of Luxembourg; Intelsat Finance Bermuda Ltd., of Bermuda; Intelsat Satellite LLC, of Luxembourg; Intelsat License LLC, of Luxembourg; Intelsat Ventures Sarl, of Luxembourg; Intelsat Global Sales & Marketing Ltd., of England; Intelsat International Systems, LLC, of Virginia; PanAmSat International Holdings, LLC, of Virginia; Intelsat International Employment LLC, of Virginia; PanAmSat Europe Corporation, of Virginia; Intelsat Genesis GP LLC, of Virginia; Intelsat Service and Equipment LLC, of Virginia; Southern Satellite LLC, of Virginia; Southern Satellite Licensee LLC, of Virginia; PanAmSat International Sales, LLC, of Virginia; Intelsat Genesis Inc., of Virginia; Intelsat Alliance LP, of Virginia; Intelsat US Finance LLC, of Virginia; PanAmSat India LLC, of Virginia; PanAmSat India Marketing LLC, of Virginia, and Intelsat Asia Carrier Services, LLC, of Virginia, at the U. S. Bankruptcy Court for the Eastern District of Virginia.

Rehan Chaudhri v. Gordon Investments Ltd. et al: Complaint

May 07, 2020 - Complaint alleging fraud involving Prodea Systems Inc., "reconstituted as Nashville S.a.r.l. in Luxembourg", in Rehan Chaudhri, of Bedford Corners, NY v. Gordon Investments Limited, of Cyprus; Giuseppe Dessi, of London, England, and Hamid Ansari, of Plano, Texas, at the U. S. District Court for the Southern District of New York.

Quantum Business Advisory LUX Ltd. Sarl v. Bio-key International Inc.: Complaint

May 05, 2020 - Complaint alleging unjust enrichment in Quantum Business Advisory LUX Ltd. Sarl, of Luxembourg v. Bio-key International Inc., of Delaware, at the Circuit Court for the Thirteenth Judicial Circuit, in and for Hillsborough County, Florida.

Gregory Dunn v. Blue Mountain Credit Alternatives Master Fund LP et al: Petition to Quash Subpoenas

May 04, 2020 - Petition for Protective Order Quashing Subpoenas in Gregory W. Dunn, former Chief Operating Officer of Regal Entertainment Group v. Blue Mountain Credit Alternatives Master Fund LP, BlueMountain Foinaven Master Fund L.P., BlueMountain Fursan Fund L.P., all of the Cayman Islands; BlueMountain Guadalupe Peak Fund L.P.;, of Delaware; BlueMountain Kicking Horse Fund L.P., of Delaware; BlueMountain Logan Opportunities Master Fund L.P., of the Cayman Islands; BlueMountain Montenver Master Fund SCA SICAV-SIF, of Luxembourg; BlueMountain Summit Trading L.P., of Delaware; GKC Strategic Value Master Fund L.P., of the Cayman Islands, and GKC SV ASMA I, LLC at the Circuit Court for the Sixth Judicial Circuit, in and for Pinellas County, Florida.

USA v. Bank Hapoalim BM et al: Plea Agreement

April 30, 2020 - Plea Agreement in USA v. Bank Hapoalim BM, of Israel, and Hapoalim (Switzerland) Ltd., of Switzerland, at the U. S. District Court for the Southern District of New York.

LFP I SICAV SIF SA: Shareholder Letter (April 29, 2020)

April 29, 2020 - Letter to Shareholders of LFP I SICAV SIF S.A. by David Mapley and Tudor Fedeles, who are seeking to recover assets for investors, 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.

View Recent Digests

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.