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CFTC sues operators of BitMEX crypto derivatives platform

October 01, 2020 - The CFTC has sued eight companies and individuals in or from Bermuda, Hong Kong, Seychelles, United Kingdom, and the United States, alleging they operated a cryptocurrency derivatives platform without being registered.

CFTC v. BitMEX et al: Complaint

October 01, 2020 - Complaint for alleged unregistered activity by a self-described "world's largest cryptocurrency derivatives platform in the world with billions of dollars' worth of trading each day" in Commodity Futures Trading Commission v. HDR Global Trading Limited, of the Seychelles; 100x Holdings Limited, of Bermuda; ABS Global Trading Limited, of Delaware; Shine Effort Inc. Limited, of Hong Kong; HDR Global Services (Bermuda) Limited, of Bermuda, all d.b.a. BitMEX; Arthur Hayes, described as a citizen of the United States residing in Hong Kong; Ben Peter Delo, described as a citizen of the United Kingdom residing in Hong Kong, and Samuel Reed, described as a U.S. citizen who resided in Milwaukee, WI, and Boston, MA, during the relevant period, at the U. S. District Court for the Southern District of New York.

CFTC v. David Cartu et al: Complaint

September 02, 2020 - Complaint alleging "a massive fraudulent 'binary options' trading scheme" amounting to $165 million and involving individuals and companies in or from Belize, the British Virgin Islands, Canada, Israel, Seychelles, United Kingdom, and USA in Commodity Futures Trading Commission v. David Cartu, Jonathan Cartu, and Joshua Cartu, described as brothers who are all citizens of Canada; Ryan Masten, of Austin, Texas; Leeav Peretz, a.k.a. Lee Cole, and Nati Peretz, both described as being "from Windsor, Ontario, Canada" and currently residing in Israel; All Out Marketing Limited, of the British Virgin Islands; BareIt Media LLC, d.b.a. SignalPush, of Texas; Blue Moon Investments Ltd., of the Seychelles, and Orlando Union Inc., of Belize, at the U. S. District Court for the Western District of Texas.

Invictus Global Insurance PCC Ltd.: License Revocation

July 30, 2020 - Public Notice by the Seychelles Financial Services Authority that it has revoked the Non-Domestic Insurer License of Invictus Global Insurance PCC Limited.

Dmitry Skobelev v. Oksana Murashova et al: Claim Form

July 02, 2020 - Claim Form "seeking to enforce a Russian judgment" for $53 million in Dmitry Skobelev v. Oksana Murashova, Vyacheslav Kirilyuk, Sinalpia Ltd., Gina Sandra Esparon, Sophiatown Industries Ltd., and Lidon Trade Ltd. at the British Virgin Islands High Court.

Custom Marine Ventures Ltd. v. Igor Gitlin et al: Claim Form

June 24, 2020 - Claim Form in Custom Marine Ventures Limited, of the British Virgin Islands v. Igor Borisovitch Gitlin, of Russia, and Storming Assets Limited, of the Seychelles, at the British Virgin Islands High Court.

ABRAAJ Investment Management Ltd. v. Bank of America et al: Discovery Application

June 12, 2020 - Application by the Joint Official Liquidators of ABRAAJ Investment Management Limited, of the Cayman Islands, to take discovery from Bank of America, N.A., The Bank of New York Mellon, Citibank, N.A., Deutsche Bank AG, New York Branch; Deutsche Bank Trust Company Americas, Goldman Sachs and Co., HSBC Bank USA, N.A., JPMorgan Chase Bank, N.A., Mashreqbank PSC, New York Branch; Standard Chartered Bank US, a.k.a. Standard Chartered Bank, New York Branch; Wells Fargo Bank N.A., Barclays Bank PLC, New York Branch; Société Generale North America; BNP Paribas USA Inc.; Bank of Nova Scotia, UBS AG, New York Branch, Commerzbank AG, New York Branch; and The Clearing House Payments Company LLC for use in "contemplated proceedings" regarding an alleged $385 million fraud by Pakistan citizen Asif Masood Naqvi at the Grand Court of the Cayman Islands, filed at the U. S. District Court for the Southern District of New York.

Delta Capital Investments Ltd.: License Revocation

June 09, 2020 - Announcement by the Seychelles Financial Services Authority that it has revoked the license of Delta Capital Investments Ltd.

BMA LLC v. BitMEX et al: Application for Third Party Evidence

June 09, 2020 - Plaintiff's Ex Parte Application for Third Party Evidence Preservation Order on Twilio Inc., its subsidiary SendGrid Inc., and Intercom Inc. regarding a complaint alleging fraudulent misrepresentation, breach of contract, and unjust enrichment involving "one of the largest cryptocurrency trading platforms in the world BitMEX" in BMA LLC, of Puerto Rico v. HDR Global Trading Limited, a.k.a. BitMEX, described as a Seychelles-domiciled "holding company" with "more than a dozen affiliates around the world, including in Hong Kong, Singapore, Bermuda, and the United States"; ABS Global Trading Limited, described as being based in San Francisco, California; Arthur Hayes, described as a citizen of the United States based in Hong Kong; Ben Delo, described as a citizen of the United Kingdom based in Hong Kong; and Samuel Reed, described as a citizen of the United States based in Hong Kong, at the U. S. District Court for the Northern District of California.

Bittrex & Poloniex crypto exchanges added as defendants to 'multi-billion dollar fraud' lawsuit

June 04, 2020 - Two major U.S.-based cryptocurrency exchanges - Bittrex and Poloniex - have been added as defendants to a class action complaint that alleges crypto buyers around the world were collectively swindled out of billions of dollars in an unprecedented "criminal" price manipulation scheme.

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.