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Providers of nominee services sued by alleged fraud victims

June 24, 2011 - Offshore providers who allegedly supplied nominee officers and directors for firms accused of perpetrating a $16 million fraud have been added as defendants to a civil lawsuit filed by alleged victims.

Tamil Tigers terrorist attack leads to insurance claim against Hellenic Mutual

April 30, 2003 - A Bermuda-based mutual insurer is involved in a claims dispute with a member whose freight vessel M/S Athena was blown up in Sri Lanka in a suspected attack by Tamil Tiger terrorists.Hellenic Mutual War Risks Association (Bermuda) Ltd., its manager, Thomas Miller; brokers and others are being sued in New York by Sea Trade Maritime Corp. after its claim was only partially satisfied.

Grenada-Montenegro banker plays down links to Melchizedek

December 31, 2001 - A principal of two offshore banks has told OffshoreAlert that he no longer has anything to do with the Dominion of Melchizedek, despite his name appearing on literature associated with the fake nation.Peter Drakoulakos, who heads Euro Credit Bank A.D., of Montenegro, and Euro Caribbean Bank Ltd., of Grenada, was once listed as the South American "Ambassador" for Melchizedek on its web-site.

ACE and XL face $245 m liability over Sri Lankan vandalism

July 31, 2001 - ACE and XL Capital face an estimated combined liability of $245 million following the destruction by rebels of several airplanes belonging to Sri Lankan Airlines, according to a report by Goldman Sachs. "Through our sources, we have learned that the loss could easily reach $570 million," reported Goldman Sachs on July 24. 

Bermuda tops Year 2000 Telecommunications Review

February 29, 2000 - Telecommunications Review in Bermuda-Caribbean region: Bermuda continues to offer by far the cheapest overseas telecommunications rates compared with its rival offshore jurisdictions in the Caribbean, we can disclose. While rates have generally fallen in many islands since our last survey in April, 1997, the gap between Bermuda and the pack remains huge, largely due to the introduction of competition for international calls. 

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 crypto firm ICOBox sued by US regulator for 'unregistered' activity
Cayman Islands cryptocurrency "incubator" ICOBox and its founder, Nikolay Evdokimov, have been sued by the U.S. SEC for alleged illegal involvement in digital token offerings that raised $665 million. In a separate lawsuit last year, a former CEO of an ICOBox subsidiary claimed the group's "main shareholders" were "all funded by Russian money laundered through bitcoins and other cryptocurrencies".
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.