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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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Alejandro Martinez Araiza v. Citibank USA et al: Discovery Application

May 29, 2020 - Application by Alejandro Martinez Araiza to take discovery from Citibank USA, King Baudouin Foundation, BBVA Compass Bank, JPMorgan Chase Bank, N.A., Wells Fargo, Standard Chartered Bank U.S., Bank of America, N.A., The Bank of New York Mellon, Northern Trust International Banking Corporation, Deutsche Bank Trust Company of America, HSBC Bank USA, and UBS AG for use in "an ongoing Mexican criminal proceeding" against The Non-Violence Foundation, of Switzerland, and the Non-Violence Project Mexico involving suspected fraud, filed at the U. S. District Court for the Southern District of New York.

Cayman regulator revokes license of Hinduja Bank

May 28, 2020 - The Cayman Islands Monetary Authority has revoked the banking license of Hinduja Bank & Trust (Cayman) Ltd. for suspected insolvency, its Switzerland-based sole director, Gilbert Pfaeffli, not being "fit and proper", and other regulatory breaches

Hinduja Bank & Trust (Cayman) Ltd.: License Revocation

May 27, 2020 - Decision Notice by the Cayman Islands Monetary Authority revoking the banking license of Hinduja Bank & Trust (Cayman) Ltd., whose "sole director" was identified as Gilbert Pfaeffli, who appears to be based in Switzerland.

USA v. Executor of Marc Ratzersdorfer's Estate: Complaint

May 22, 2020 - Complaint for damages of $4 million regarding failure to disclose accounts at Swiss banks in USA v. Jane Doe, as the Executor of the Estate of Marc Ratzersdorfer, at the U. S. District Court for the District of Columbia.

Benjamin Steinmetz v. Vale SA et al: Discovery Application

May 21, 2020 - Application by Benjamin Steinmetz, of Israel, described as an "adviser" to BSG Resources Limited, "a Guernsey-based international mining and natural resources company", to take discovery from Vale SA, described as a Brazil company that is "one of the largest mining companies in the world"; Vale Americas Inc., Rio Tinto Plc, and Rio Tinto Limited for use in legal proceedings in the United Kingdom involving Vale S.A., of Brazil; Vale Holdings B.V., of the Netherlands, and Vale International S.A., of Switzerland, filed at the U. S. District Court for the Southern District of New York.

Intelligence firm Diligence accuses ex-CEO Nick Day of 'outrageous legal spending'

May 21, 2020 - Intelligence and investigations firm Diligence has accused its former CEO, Nick Day, of trying to "sink the business with his outrageous legal spending" after it was forced to advance him $788,377 to satisfy legal bills that he incurred at a rate of approximately $12,500 per day in the first two months of defending a lawsuit that the company brought against him for allegedly swindling it out of "millions of dollars".

Flat Innovations AG: Public Warning

May 20, 2020 - Public Warning by the Swiss Financial Market Supervisory Authority that Flat Innovations AG is "suspected of conducting unauthorised activities in the financial market". Editor's Note: Research by OffshoreAlert showed that, in the Swiss Commercial Registry, Flat Innovations AG, was previously called RS Management Group AG and its sole member is identified as Rolf Schwab. On its website at www.flatmining.com, the company is described as a provider of "Hosted Cloud Mining" services that allows each client to become "a digital gold digger" and "is the most straightforward way for private investors to mine cryptocurrencies". Ownership of the domain name is concealed using a privacy service.

USA v. Bank Hapoalim BM et al: $160M Forfeiture Complaint

May 20, 2020 - Forfeiture Complaint regarding $160 million of "gross proceeds from its scheme to defraud the United States" in USA v. Bank Hapoalim BM, of Israel, and Hapoalim (Switzerland) Ltd., of Switzerland, at the U. S. District Court for the Southern District of New York.

Player To Ne Named Later LLC et al v. UBS AG et al: Complaint

May 19, 2020 - Complaint alleging "the UBS Defendants substantially contributed to a successful scheme to defraud Plaintiffs of $3.5 million that they had raised and contributed as part of their efforts to stage theatrical productions of 'Bull Durham' and 'Smokey Joe's Café'" in Player To Ne Named Later LLC and Smokey Joe's Café Broadway Revival LLC v. UBS Financial Services Inc. and UBA AG, of Switzerland, at the U. S. District Court for the Southern District of New York.

Diligence Inc. v. Nicolas Day: Amended Complaint Stipulation

May 19, 2020 - Stipulation to file Amended Complaint regarding allegations of "corporate looting" involving Switzerland-domiciled Diligence Global Business Intelligence SA in Diligence Inc., a Delaware company majority owned by Cayman Islands-domiciled Information Security Investments Company v. Nicholas Day, a citizen of the United Kingdom residing in Chamonix, France, at the Court of Chancery of the State of Delaware.

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.