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11 class actions against 42 defendants in 16 countries alleging sale of unregistered cryptocurrencies

April 04, 2020 - The cryptocurrency industry experienced its own 'Red Wedding' on April 3rd when 11 class action complaints alleging the sale of unregistered securities were filed at federal court in Manhattan against 42 parties in the BVI, Canada, Cayman Islands, China, Estonia, Hong Kong, Israel, Japan, Malta, Seychelles, Singapore, South Africa, Switzerland, Taiwan, USA, and Vietnam.

USA v. Dusko Bruer: Plea Agreement & Factual Proffer

April 03, 2020 - Plea Agreement and Factual Proffer for tax evasion and failure to report foreign bank accounts in Croatia, Germany, Serbia, and Switzerland in USA v. Dusko Bruer, described as "a Croatian national and naturalized citizen of the United States", at the U. S. District Court for the Southern District of Florida.

Colombia: Reficar SA et al

April 03, 2020 - Application for the appointment of a Commissioner to collect evidence from Standard Chartered Bank, Wells Fargo Bank, Bank of Oklahoma, HSBC, Bank of America, Commerzebank, Credit Agricole, Fifth Third Bank, and BNP Paribas regarding transfers from an account at Bank Mendes Gans NV in the name of CBI Colombiana SA - pursuant to a request for judicial assistance from Colombia - for a criminal investigation into "Reficar S.A. and Colombian public officials for embezzlement by appropriation, improper interest in signing contracts, and illicit enrichment of private individuals".

JSC United Chemical Company Uralchem v. TD Bank: Discovery Application

April 03, 2020 - Ex Parte Application by JSC United Chemical Company Uralchem, of Russia, to take discovery from TD Bank NA for use in legal proceedings in Russia "against majority shareholders, management, and de facto management of Togliattiazot" regarding an allegedly fraudulent scheme involving Nitrochem Distribution AG, of Switzerland, filed at the U. S. District Court for the District of New Jersey.

William Zhang v. BProtocol Foundation et al: Class Action Complaint

April 03, 2020 - Class Action Complaint alleging the sale of unregistered securities involving digital tokens known as Bancor Network Tokens in William Zhang v. BProtocol Foundation, described as a Switzerland-domiciled "blockchain-focused software development company"; Eyal Hertzog, Yehuda Levi, Guy Benartzi, and Galia Benartzi, described as residents of Israel, at the U. S. District Court for the Southern District of New York.

Alexander Clifford v. Status Research & Development GmbH et al: Class Action Complaint

April 03, 2020 - Class Action Complaint alleging the sale of unregistered securities involving digital tokens known as SNT in Alexander Clifford v. Status Research & Development GmbH, Jarrad Hope, and Carl Bennetts, all of Switzerland, at the U. S. District Court for the Southern District of New York.

Credit Suisse AG v. SPV Sam Eagle Inc.: Complaint

April 01, 2020 - Complaint in Credit Suisse AG, of Switzerland v. SPV Sam Eagle Inc., of Panama, described as the owner of the Liberia-flagged M/V Sam Eagle, at the U. S. District Court for the Southern District of Texas.

Robert Harrison et al v. IRS et al: Complaint

March 27, 2020 - Complaint seeking, inter alia, a refund of payments made under the IRS' Offshore Voluntary Disclosure Program by clients of United Bank of Switzerland in Robert Harrison and Julianne Sprinkle, both of Virginia v. Internal Revenue Service, Charles P. Rettig, in his capacity as Commissioner of the IRS; U. S. Department of the Treasury, and Steven Mnuchin, in his capacity as U. S. Secretary of the Treasury, at the U. S. District Court for the District of Columbia.

Dario Item et al: Regulatory Update

March 24, 2020 - Update by the Labuan Financial Services Authority regarding a lessening of previously-imposed penalties against Dario Item, a London-based, Swiss attorney who serves as Antigua and Barbuda's Ambassador to Spain, Monaco, and Liechtenstein; Andrea Mezzi, a citizen of Italy; Mauro Giacomo Silva, a citizen of Italy; Blue Investment Bank Inc., and Blue Wealth Management Ltd., including the cessation of corporation disqualifications.

Diligence Inc. v. Nicholas Day: Diligence Opposition to Day's Motion To Dismiss

March 24, 2020 - Diligence Inc.'s Opposition to Nicholas Day's Motion to Dismiss regarding a dispute over ownership of 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 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.