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Malta FSA cancels licenses of three investment firms, fines two others

June 14, 2020 - In a series of regulatory actions announced on Friday, the Malta Financial Services Authority cancelled the licenses of three investment firms and imposed fines on a retirement scheme and its administrator.

Spectra Premium Industries Inc. et al: Chapter 15 Petition

March 11, 2020 - Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Canada by Eric St-Amour, of Ernst & Young, as the Foreign Representative of Spectra Premium Industries Inc., Spectra Premium Holdings (USA) Corp., Spectra Premium (USA) Corp., and Spectra Premium Properties (USA) Corp., at the U. S. Bankruptcy Court for the District of Delaware.

Trajkovski Invest AB et al v. I.Am.Plus Electronics, Inc.: Petition for Recognition of Arbitration Award

January 06, 2020 - Petition for Recognition and Enforcement of a Foreign Arbitral Award regarding a "failed" deal to purchase "one of the world's first manufacturers of wireless Bluetooth headphones" in Trajkovski Invest AB, OPK Holding AB, Lindén Invent AB, CapMate Aktiebolag, Christian Ask, Christian Månsson, Granitor Invest AB, Jimmie Landerman, Johan Kjell, Jussi Ax, LMK Forward AB, LUSAM Invest AB, Martin Bengtsson, Midroc Finans AB, Muirfield Ventures AB, Råsunda Förvaltning Aktiebolag, and Expassum Holding AB, collectively described as "a group of Swedish technology start-up entrepreneurs and investors" v I.Am.Plus Electronics, Inc., described as a Delaware company "founded by William James Adams, also known as, a professional rapper, singer, songwriter, record producer, and founder and lead member of the music group The Black Eyed Peas", at the U. S. District Court for the Central District of California.

SEC v. Telefonaktiebolaget LM Ericsson: Complaint

December 06, 2019 - Complaint arising from "violations of the anti-bribery, recordkeeping, and internal accounting controls provisions of the Foreign Corrupt Practices Act" in U. S. Securities and Exchange Commission v. Telefonaktiebolaget LM Ericsson, of Sweden, at the U. S. District Court for the Southern District of New York.

USA v. Margareta Tonisson: FBAR Complaint

September 17, 2019 - Complaint alleging failure to file with the IRS a Report of Foreign Bank and Financial Accounts regarding accounts at BNP Paribas, France; Swed Bank, Sweden; SEB, Sweden; Nordea, Denmark, and Handelsbank, Sweden in USA v. Margareta B. Tonisson, a resident of Oregon who, according to the complaint, opted in, then out of, the Offshore Voluntary Disclosure Initiative, at the U. S. District Court for the District of Oregon.

Christine Grablis et al v. OneCoin Ltd. et al: First Amended Class Action Complaint

August 02, 2019 - First Amended Class Action Complaint regarding an alleged cryptocurrency fraud in which much of the proceeds were allegedly laundered in the Cayman Islands and Ireland in Donald Berdeaux, of Montana, and Christine Grablis, of Tennessee v. OneCoin Ltd., of Bulgaria; Ruja Ignatova, of Bulgaria; Konstantin Igantov, of Bulgaria; Sebastian Greenwood, of Sweden; Mark Scott, of Coral Gables, Florida; Irina Andreeva Dilinska, David Pike, of Coral Gables, Florida, and Nicole J. Huesmann, of Coral Gables, Florida, at the U. S. District Court for the Southern District of New York.

Skandinaviska Enskilda Banken AB v. Weavering Macro Fixed Income Fund Ltd.: Judgment

July 29, 2019 - Judgment in an appeal from the Court of Appeal of the Cayman Islands regarding redemption payments in Skandinaviska Enskilda Banken AB, of Sweden v. Weavering Macro Fixed Income Fund Ltd. (in Liquidation), of the Cayman Islands, at the Privy Council, in the United Kingdom.

Poland: Enom LLC

July 24, 2019 - Application for the appointment of a Commissioner to collect evidence from Enom LLC - pursuant to a request for judicial assistance from Poland - for a criminal investigation into an unknown suspect for fraud.

Bank of Valletta notifies Argentarius Group of 'fraud liability'

July 16, 2019 - The closure of the Malta operations of Argentarius Group, which now operates in the Cayman Islands as iMaps Capital, coincided with preliminary legal action against it by the Bank of Valletta regarding an alleged investment fraud that resulted in losses of at least €79 million, OffshoreAlert can reveal.

Claes Magnusson et al v. Registrar of Corporate Affairs et al: Order

July 08, 2019 - Order regarding Baron Bray Inc. in Claes Stefan Gustaf Magnusson and Eva Agneta Magnusson v. The Registrar of Corporate Affairs and Financial Secretary at the British Virgin Islands High Court.

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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.