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

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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.

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.

Aldabra Consulting Services Ltd.: License Revocation

May 25, 2020 - Announcement by the Seychelles Financial Services Authority that it has revoked the license of Aldabra Consulting Services Limited. Editor's Note: Research by OffshoreAlert showed that, according to an article by German news service Suddeutsche Zeitung on June 20th, 2018, Aldabra Consulting Services Limited was previously known as Mossack Fonseca but changed its name after the Mossack Fonseca group became involved in a global scandal as a result of the 'Panama Leaks' investigation that was co-ordinated by the International Consortium of Investigative Journalists.

Aleksandr Kanyshev et al v. BitMEX et al: Complaint

May 19, 2020 - Complaint alleging fraud involving a "cryptocurrency derivatives exchange platform" in Aleksandr Kanyshev, Nikita Luzhbin, and Miguel Villagra, all of Russia v. HDR Global Trading Limited, d.b.a. BitMEX, of the Seychelles, and Arthur Hayes at the Superior Court of the State of California, County of San Francisco.

BMA LLC v. BitMEX et al: Amended Complaint

May 18, 2020 - Amended Complaint alleging fraud, racketeering, and money laundering involving the "cryptocurrency derivatives exchange platform BitMEX" in BMA LLC, of Puerto Rico v. HDR Global Trading Limited, a.k.a. BitMEX, of the Seychelles; 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.

BMA LLC v. BitMEX et al: Complaint

May 16, 2020 - Complaint alleging fraud, racketeering, and money laundering involving the "cryptocurrency derivatives exchange platform BitMEX" in BMA LLC, of Puerto Rico v. HDR Global Trading Limited, a.k.a. BitMEX, of the Seychelles; 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.

Brett Messieh et al v. BitMEX et al: Class Action Complaint

April 23, 2020 - Class Action Complaint alleging securities fraud involving "one of the largest crypto-asset exchanges in the world, with a daily trading volume that regularly surpassed $3 billion in January 2020" in Brett Messieh, of Florida, and Drew Lee, of New York v. HDR Global Trading Limited, d.b.a. BitMEX, of the Seychelles; ABS Global Trading Limited, described as a Delaware corporation based in Hong Kong; Arthur Hayes, Ben Delo, and Samuel Reed at the U. S. District Court for the Southern 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.

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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.