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Grand Harbour Trustees Ltd.: €15,000 Fine

June 19, 2020 - Announcement by the Malta Financial Services Authority that it has imposed a €15,000 fine on Grand Harbour Trustees Limited for several regulatory breaches. Editor's Note: Research by OffshoreAlert in the Malta Business Registry showed that the directors of Grand Harbour Trustees Limited are Rodney Lee Berger, a citizen of the United Kingdom with an address in Middlesex, England; Matthew Paris, a citizen of Malta residing in Malta, and Suzanne Wolfe Martin, a citizen of Switzerland with an address in Malta, and its shareholders are Pelican Management Limited, of Malta, and Rodney Berger. Pelican Management Limited's directors and shareholders are Rodney Berger and Corinne Hilary Berger, the latter of whom is also a citizen of the United Kingdom.

Malta FSA cancels licenses of three investment firms, fines two others

June 14, 2020 - In a series of regulatory actions announced on Friday, the Malta Financial Services Authority cancelled the licenses of three investment firms and imposed fines on a retirement scheme and its administrator.

Plegt-Vos Retirement Scheme: €5,000 Fine

June 12, 2020 - Announcement by the Malta Financial Services Authority that it has imposed a €5,000 fine on Plegt-Vos Retirement Scheme.

Worldwide Pensions Ltd.: €5,000 Fine

June 12, 2020 - Announcement by the Malta Financial Services Authority that it has imposed a €5,000 fine on Worldwide Pensions Limited.

Ariadne Capital Malta Ltd.: License Cancellation

June 12, 2020 - Announcement by the Malta Financial Services Authority that it has cancelled the Alternative Investment Fund Manager License of Ariadne Capital Malta Limited.

MCM Global Opportunities Fund SICAV Plc: License Cancellation

June 12, 2020 - Announcement by the Malta Financial Services Authority that it has cancelled the Collective Investment Scheme License of MCM Global Opportunities Fund SICAV Plc, including its "only Sub-Fund", Global Equity Opportunities Fund.

Malta Capital Management Ltd.: License Cancellation

June 12, 2020 - Announcement by the Malta Financial Services Authority that it has cancelled the Investment Services License of Malta Capital Management Ltd.

SEC v. Nelson Gomes et al: TRO Motion

June 09, 2020 - Emergency Ex Parte Motion for a Temporary Restraining Order regarding accounts in Canada, the Cayman Islands, Hong Kong, Isle of Man, Malta, and the USA in U. S. Securities and Exchange Commission v. Nelson Gomes, described as a citizen of Canada who "resides at various times in the Bahamas and Hong Kong"; Michael Luckhoo-Bouche, a citizen of Canada residing in Mississauga, Ontario; Shane Schmidt, a citizen of Canada residing in Vancouver, British Columbia; Douglas Roe, a citizen of Canada residing in Vancouver, British Columbia; Kelly Warawa, a citizen of Canada residing in Vancouver, British Columbia; FFS Capital Limited, of Hong Kong; Paifang Trading Limited, of Hong Kong; Atlantean Management Corporation, of Canada; Meadow Asia Limited, of Hong Kong, and Thyme International Limited, of Hong Kong, at the U. S. District Court for the District of Massachusetts.

Setanta Insurance Company Ltd.: €475,192 'Notional Penalty'

June 02, 2020 - Announcement by the Malta Financial Services Authority that it has imposed a "notional penalty" of €475,192 against Setanta Insurance Company Limited. Editor's Note: Research by OffshoreAlert in the Malta Business Registry showed that Setanta Insurance Company Limited was incorporated on June 21st, 2007 and went into liquidation on April 30th, 2014, with its net liabilities estimated at €63.5 million in the most recent statement by liquidator Paul Mercieca, dated March 2nd, 2020. Its directors are listed in corporate filings as Hugh Attard Montalto, of Malta; Martin Azzopardi, of Malta, and Peter Melling, of Ireland, and its shareholders as Setanta Holdings Limited, of Malta, and Ganado Trustees & Fiduciaries Limited, of Malta. Setanta Holdings Limited was incorporated in Malta on May 31st, 2007 and has not had any directors since Hugh Attard Montalto, Martin Azzopardi, and Evander Borg, all of Malta, resigned on August 1st, 2014. The company's shareholders are identified in corporate filings as Corporate Services Limited, of Malta, on behalf of "beneficial owner", and John V. Flood Ltd., of Ireland, both holding "Promoter Class" shares, and Ocorian Corporate Services (Malta) Limited, of Malta; SNSTRY Limited, of Ireland, and Irish citizens Charles Bourke, Deirdre Bourke, James Byrne, Tommy Conway, Concepta Doyle, James Doyle, John Flood, Margaret Flood, David Garahy, Ann-Marie Murphy, Matilda O'Farrell, John Burke O'Leary, and Myles Roban. The company's status is listed as "inactive" in the Malta Business Registry.

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.

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.