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UAE 'gold supplier' SION Trading sued for '$5M fraud'

January 21, 2021 - UAE-domiciled purported gold supplier SION Trading FZE, which has been implicated in several fraudulent schemes, including a cryptocurrency scam involving Bermuda-based Arbitrade, is being sued in Utah along with individuals and companies in or from Barbados, Canada, England, Panama, St. Lucia, and the USA for allegedly perpetrating a $5 million 'advance fee' scam.

Blackbird Capital LLC v. SION Trading FZE et al: Complaint

January 20, 2021 - Complaint alleging fraud in Blackbird Capital LLC, of Iowa v. Worth Group Capital LLC, of Wyoming; Justin Ely, of Utah; Halls Law Office, of Idaho; Scotia International of Nevada, Inc., of Utah; Sion Trading FZE, of Ras Al Khaimah, in the United Arab Emirates; Max Warren Barber, of Utah; NaPo Limited, described as "a company located and incorporated in Bridgetown, Barbados, and Saint Lucia"; Nikolas Korakianitis, described as a citizen of Canada; GT Foundation, described as "a private interest foundation founded in Panama City, Panama" that "may have an office in London, England and/or New York", and Kumar Singh at the U. S. District Court for the District of Utah.

Zim Integrated Shipping Services Ltd. v. M/V Seroja Lima: Amended Discovery Application

January 04, 2021 - Amended Ex Parte Emergency Application by Zim Integrated Shipping Services Ltd. to take discovery from the Master of the M/V Seroja Lima, described as being flagged in Panama and owned by "Leo Ocean/Tokei Kaiun which were and are business entities organized and existing under the laws of Panama and Japan respectively", for use in "foreign and international legal proceedings soon to be commenced against and also by Zim", filed at the U. S. District Court for the Southern District of Florida.

Mossack Fonseca & Co. et al v. Netflix Inc.: Order Striking Complaint

December 23, 2020 - Order Granting Defendant's Special Motion to Strike Plaintiff's Second Amended Complaint alleging defamation and trademark infringement regarding the movie 'The Laundromat' about the 'Panama Papers' investigation by the International Consortium of Investigative Journalists in Mossack Fonseca & Co. SA, Bufete MF & Co., Jürgen Mossack, and Ramón Fonseca, all of Panama v. Netflix Inc. at the U. S. District Court for the District of Connecticut.

Stanford International Bank v. Michael Raffa: Discovery Application

December 22, 2020 - Application by Hugh Dickson and Mark McDonald, as Joint Liquidators of Stanford International Bank Limited, of Antigua and Barbuda, to take discovery from Michael Rafa, described as a former employee of Toronto-Dominion Bank, residing in Massachusetts, for use in legal proceedings in Canada "against TD Bank for negligence, breach of contract, and knowing assistance" regarding a "Ponzi scheme orchestrated by Robert Allen Stanford and his affiliates", filed at the U. S. District Court for the District of Massachusetts.

SEC v. Karina Chairez: Complaint

December 15, 2020 - Complaint alleging "a multi-level marketing scheme that targeted Latinx and Spanish-speaking communities with promises of high returns from algorithmic digital asset day-trading by "automated robots" connected to "international exchanges"; and from a recruitment compensation plan that incentivized members to attract others to the scheme" involving an "investment club" known as AirBit in the U. S. Securities and Exchange Commission v. Karina Chairez, of Modesto, California, at the U. S. District Court for the Southern District of New York.

Grupo Unidos por el Canal SA et al v. Autoridad del Canal de Panama: Petition to Vacate Arbitration Award

November 25, 2020 - Petition to Vacate Arbitration Award in Grupo Unidos por el Canal, S.A., of Panama; Sacyr S.A., of Spain; Webuild S.p.A., formerly Salini-Impregilo S.p.A., of Italy, and Jan De Nul N.V., of Belgium v. Autoridad del Canal de Panama, of Panama, at the U. S. District Court for the Southern District of Florida.

British fraudster Martin Sampson sets up new group

October 30, 2020 - British fraudster Martin Sampson, who helped to perpetrate a £40 million-plus investment scam by the Privilege Wealth Group, is back in business with three new British companies, operating as Misil Group.

Dismatrix SPC et al v. Equiti Capital UK Ltd.: Complaint

October 29, 2020 - Complaint for $12.7 million alleging "Defendant is in receipt of funds as part of a fraudulent investment scheme at the expense of the Claimants" in Dismatrix SPC, Asyndeton, and Polysyndeton, all of the Cayman Islands v. Equiti Capital UK Limited, of England, at the High Court of Justice of England and Wales.

USA v. FCI Holdings Inc.: Forfeiture Complaint

October 23, 2020 - Forfeiture Complaint regarding proceeds derived from "a fraudulent telemarketing 'boiler room' in Costa Rica" operated by "Jeffrey Pearson and others" in USA v. An Account at Butterfield Bank (Bahamas) Limited in the name of FCI Holdings Limited at the U. S. District Court for the Southern District of Florida.

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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UAE 'gold supplier' SION Trading sued for '$5M fraud'
UAE-domiciled purported gold supplier SION Trading FZE, which has been implicated in several fraudulent schemes, including a cryptocurrency scam involving Bermuda-based Arbitrade, is being sued in Utah along with individuals and companies in or from Barbados, Canada, England, Panama, St. Lucia, and the USA for allegedly perpetrating a $5 million 'advance fee' scam.
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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.