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

SEYCHELLES

eMail Alerts  

Sign-Up for eMail Alerts

RSS Feed  

Subscribe to feed

Investors sue Cayman crypto firm Crowd Machine for 'massive investment fraud'

June 25, 2021 - In a lawsuit filed in Florida, investors are suing Cayman Islands-domiciled cryptocurrency start-up Crowd Machine and others, including two crypto exchanges in the Seychelles, Australian Craig Sproule, and American Charlie Shrem, alleging they are victims of "a massive investment fraud".

Jason Bonayer et al v. Crowd Machine SEZC et al: Complaint

June 24, 2021 - Complaint alleging fraud involving cryptocurrency in Jason Bonayer, a U. S. citizen residing in New York, NY, and George Bachiashvili, a citizen of Georgia residing in Tbilisi v. Crowd Machine Inc., of Delaware; Crowd Machine SEZC, of the Cayman Islands; Metavine Inc., of Delaware; Craig Sproule, described as a citizen of Australia residing in San Jose, California; James Hanley, Anne Osborne, Ben Gorlick, Kurt Pfluger, Camden Dore, Roger Tichenor, Charlie Shrem, Bittrex, described as "a cryptocurrency exchange based in the Seychelles", and HitBTC, also described as "a cryptocurrency exchange based in the Seychelles", at the U. S. District Court for the Middle District of Florida.

Briton Jonathan Ellis sues Binance and other crypto firms

June 23, 2021 - United Kingdom national Jonathan Ellis has sued cryptocurrency firms domiciled in the Cayman Islands, Estonia, Lithuania, Seychelles, Switzerland, and United Kingdom, including cryptocurrency exchange Binance.

Mek Global Ltd. et al: Allegations

June 07, 2021 - Statement of Allegations in the matter of Mek Global Limited, of the Seychelles, and PhoenixFin Pte. Ltd., of Singapore, collectively doing business as KuCoin, described as "an online crypto asset trading platform", before the Ontario Securities Commission.

Exential Investments Inc.: Chapter 15 Petition

May 27, 2021 - Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the British Virgin Islands by Russell Crumpler and David Standish, as the Foreign Representatives of Exential Investments Inc., which is part of the Dubai-based Exential Group that allegedly perpetrated a fraud in which "investors lost investments in the range of at least $250 - $500 million", filed at the U. S. Bankruptcy Court for the Southern District of Florida.

Polo Digital Assets Ltd.: Statement of Allegations

May 25, 2021 - Statement of Allegations "for disregarding Ontario securities law and to signal that crypto asset trading platforms flouting Ontario securities law will face regulatory action" in Ontario Securities Commission v. Polo Digital Assets Ltd., a.k.a. Poloniex, described as a Seychelles-domiciled "online crypto asset trading platform", before the Ontario Securities Commission.

La Dolce Vita Fine Dining Company et al v. Zhang Lan et al: Petition to Confirm Arbitral Awards (April 13, 2021)

April 13, 2021 - Petition to Confirm Arbitral Awards in Hong Kong and Singapore totaling $142 million in La Dolce Vita Fine Dining Company Limited and La Dolce Vita Fine Dining Group Holdings Limited, both of the Cayman Islands v. Zhang Lan, described as a citizen and resident of China; Grand Lan Holding Group (BVI) Limited, of the British Virgin Islands; Qiao Jiang Lan Development Limited, formerly South Beauty Development Limited, of the British Virgin Islands, and Apex Lead Investment Holdings Limited, of the Seychelles, at the U. S. District Court for the Southern District of New York.

Novasigma Limited: Unlicensed Activity

February 25, 2021 - Public Warning by the Gibraltar Financial Services Commission that Novasigma Limited "appears to be purporting to offer company management services in Gibraltar" without a license. Editor's Note: Research by OffshoreAlert at Companies House Gibraltar showed that Novasigma Limited was incorporated in Gibraltar on May 21st, 2015 and, in its most recent annual return dated May 4th, 2018, the company's sole director was identified as Jussi Olavi Hallikas, described as a Finnish "tax advisor" residing in Tbilisi, Georgia, and its sole shareholder as Novasigma Limited, of the Seychelles. The company's website at www.novasigma.com is no longer operational. In his LinkedIn profile, Hallikas is currently described as "Managing Director" of "Fidelcrest", a company purportedly domiciled in Hungary that offers "forex trading" products and services at www.fidelcrest.com.

The Deposit Guarantee Fund v. Citibank NA et al: Discovery Application

February 23, 2021 - Application by The Deposit Guarantee Fund, of Ukraine, to take discovery from Citibank, N.A., The Bank of New York Mellon, Société Générale, New York, HSBC Bank USA, N.A., BNP Paribas USA, JPMorgan Chase Bank, N.A., Barclays Bank PLC, Deutsche Bank Trust Co. Americas, Bank of Nova Scotia, UBS AG, Bank of America, N.A., Standard Chartered Bank US, Commerzbank AG US and The Clearing House Payments Company, LLC for use in a "contemplated proceeding ... against PJSC National Credit Bank, Eastmond Sales LLP, Bank Frick & Co. AG, and other unknown fraudsters" in England for suspected fraud involving several jurisdictions, including England, Liechtenstein, Marshall Islands, Seychelles, Switzerland, and Ukraine, filed at the U. S. District Court for the Southern District of New York.

Nikolay Falin v. Magnus Thorstenn: Discovery Application

February 15, 2021 - Ex Parte Application by Nikolay Anatolyevich Falin, described as "a Russian businessperson and the owner of the Maximum Group, a group of Russian companies engaged in the transportation of oversized and industrial cargo", to take discovery from Magnus Gylfi Thorstenn, described as a lawyer in New York, for use in legal proceedings in the British Virgin Islands involving allegations of fraud, filed at the U. S. District Court for the Eastern District of New York.

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

BAHAMAS  
BERMUDA  
BRITISH VIRGIN ISLANDS  
CAYMAN ISLANDS  
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.