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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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Sorenson Media Inc. v. IPONWeb: Complaint

October 16, 2020 - Complaint for $277,943 in Gil A. Miller, as Liquidating Trustee of the bankruptcy estate of Sorenson Media Inc. v. IPONWeb, of Switzerland, at the U. S. Bankruptcy Court for the District of Utah,

US tycoon Bob Brockman indicted for '$2B offshore tax fraud scheme'

October 15, 2020 - US software tycoon Bob Brockman has been criminally indicted in California for an alleged $2 billion offshore tax evasion scheme involving accounts and entities in Bermuda, British Virgin Islands, Cayman Islands, Nevis, and Switzerland. In a related case, billionaire private equity boss Robert Smith agreed to pay penalties of $139 million to avoid prosecution.

Traded Life Policies Fund v. Diversified Settlements Fund: Judgment

October 12, 2020 - Judgment granting a winding up petition in Traded Life Policies Fund (in Official Liquidation) v. Diversified Settlements Fund at the Grand Court of the Cayman Islands.

Mallinckrodt Plc et al: Chapter 11 Petition

October 12, 2020 - Chapter 11 Petition by Mallinckrodt Plc,Acthar IP Unlimited Company, IMC Exploration Company, INO Therapeutics LLC, Infacare Pharmaceutical Corporation, Ludlow LLC, MAK LLC, MCCH LLC, MEH, Inc., MHP Finance LLC, MKG Medical UK Ltd, MNK 2011 LLC, MUSHI UK Holdings Limited, Mallinckrodt APAP LLC, Mallinckrodt ARD Finance LLC, Mallinckrodt ARD Holdings Inc., Mallinckrodt ARD Holdings Limited, Mallinckrodt ARD IP Unlimited Company, Mallinckrodt ARD LLC, Mallinckrodt Brand Pharmaceuticals LLC, Mallinckrodt Buckingham Unlimited Company, Mallinckrodt CB LLC, Mallinckrodt Canada ULC, Mallinckrodt Critical Care Finance LLC, Mallinckrodt Enterprises Holdings, Inc., Mallinckrodt Enterprises LLC, Mallinckrodt Enterprises UK Limited, Mallinckrodt Equinox Finance LLC, Mallinckrodt Group S.a.r.l., Mallinckrodt Holdings GmbH, Mallinckrodt Hospital Products IP Unlimited Company, Mallinckrodt Hospital Products Inc., Mallinckrodt IP Unlimited Company, Mallinckrodt International Finance SA, Mallinckrodt International Holdings S.a.r.l., Mallinckrodt LLC, Mallinckrodt Lux IP S.a.r.l., Mallinckrodt Manufacturing LLC, Mallinckrodt Pharma IP Trading Unlimited Company, Mallinckrodt Pharmaceuticals Ireland Limited, Mallinckrodt Pharmaceuticals Limited, Mallinckrodt Quincy S.a r.l., Mallinckrodt UK Finance LLP, Mallinckrodt UK Ltd, Mallinckrodt US Holdings LLC, Mallinckrodt US Pool LLC, Mallinckrodt Veterinary, Inc., Mallinckrodt Windor S.a.r.l., Mallinckrodt Windsor Ireland Finance Unlimited Company, Ocera Therapeutics, Inc., Petten Holdings Inc., ST Operations LLC, ST Shared Services LLC, ST US Holdings LLC, ST US Pool LLC, SpecGx Holdings LLC, SpecGx LLC, Stratatech Corporation, Sucampo Holdings Inc., Sucampo Pharma Americas LLC, Sucampo Pharmaceuticals, Inc., Therakos, Inc., Vtesse LLC, and WebsterGx Holdco LLC at the U. S. Bankruptcy Court for the District of Delaware.

USA v. Robert F. Smith: Deferred Prosecution Agreement

October 09, 2020 - Deferred Prosecution Agreement in which the defendant agreed to pay tax, penalties, and interest totaling $139.2 million regarding "an illegal scheme to conceal income and evade taxes he owed by using an offshore trust structure with related foreign corporations and offshore bank accounts, and by willfully filing a series of false documents with the Internal Revenue Service" involving entities and accounts in Belize, Bermuda, British Virgin Islands, Cayman Islands, Nevis, and Switzerland in USA v. Robert F. Smith, of Austin, Texas, at the U. S. District Court for the Northern District of California.

Selecta Finance UK Ltd. et al: Chapter 15 Petition

October 08, 2020 - Chapter 15 Petition for Recognition of a Foreign Main Proceeding in England by Andreas Schneiter, as the Foreign Representative of Selecta Finance UK Limited, of England, and Selecta Group B.V., of the Netherlands, described as being part of a group that "is the leading route-based, unattended, self-service coffee and convenience food provider in Europe by revenue", at the U. S. Bankruptcy Court for the Southern District of Texas.

National Bank Trust v. Connecticut Shotgun Manufacturing Company et al: Discovery Application

October 08, 2020 - Application by National Bank Trust to take discovery from Connecticut Shotgun Manufacturing Company, Wells Fargo Bank, and Summit Investment Management Ltd. for use in legal proceedings in England alleging fraud against Ilya Yurov, Sergey Belyaev, Nikolay Fetisov, Nataliya Yurova, Irina Belyaeva, and Elena Pischulina and "in aid of enforcement of a judgment entered in the U.K. Action in the approximate amount of U.S. $900 million", filed at the U. S. District Court for the District of Connecticut.

Strachans SA: Guilty Plea

October 06, 2020 - News Release by the U.S. Department of Justice entitled 'Jersey/Swiss Financial Services Firm Admits to Conspiring with U.S. Taxpayers to Hide Assets and Income in Offshore Accounts - Strachans SA in Liquidation Pleads Guilty'.

UrtheCast Corp. et al: Chapter 15 Petition

October 06, 2020 - Chapter 15 Petition for Recognition of Foreign Main Proceedings in Canada by Sai Chu, of Ernst & Young, as the Foreign Representative of UrtheCast Corp., of Canada, "a technology company developing world-first technologies in data services, geo-analytics, machine learning and artificial intelligence" whose shares are listed on the Toronto Stock Exchange; Geosys-Int'l Inc., of Delaware; Geosys Australia Pty., of Australia; Geosys Europe SARL, of Switzerland; Geosys S.A.S., of France; Geosys do Brasil Sistemas de Informacao Agriocola Ltda, of Brazil, and Deimos Imaging S.L.U., of Spain, at the U. S. Bankruptcy Court for the District of Minnesota.

Public Private Real Estate Fund SICAV Plc: License Revocation

October 06, 2020 - Public Announcement by the Malta Financial Services Authority that it has cancelled the Collective Investment Scheme License of Public Private Real Estate Fund SICAV Plc for regulatory breaches. Editor's Note: Research by OffshoreAlert in the Malta Business Registry showed that Public Private Real Estate Fund SICAV Plc was incorporated on June 1st, 2007, its directors are Paolo Bruckner, a citizen of Switzerland; Jonathan de Giovanni, a citizen of Malta, and Charles Ingham, a citizen of the United Kingdom, and its shareholders are Novium AG, of Switzerland and Paolo Bruckner, while previous directors include Anthony O'Driscoll, a citizen of Ireland who resigned effective December 14th, 2016, and Mark Meyer, a resident of Switzerland who resigned effective October 30th, 2015. The Swiss Commercial Register showed that the sole director of Novium AG (in Liquidation) is Paolo Brückner, whose nationality is listed as Italian, while previous directors include Marc Stefan Dätwyler, Raul Cortes Moreno, Michael Cohen, of Switzerland; Markus Meyer, Michele Mugnai, and Werner Mathys.

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.