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Cecile Bouskila v. USA: Complaint

November 18, 2019 - Complaint regarding tax liabilities in Cecile Bouskila, a participant in the IRS' 'Offshore Voluntary Disclosure Program' v. USA at the U. S. District Court for the Eastern District of New York. Editor's Note: Bouskila was a shareholder in British Virgin Islands-domiciled, Switzerland-based Dorchester Gallery Limited, according to the International Consortium of Investigative Journalists, per its 'Panama Papers' leaked data.

USA v. Bruce Bagley: Criminal Indictment

November 18, 2019 - Criminal Indictment for alleged money laundering regarding "proceeds of a Venezuelan bribery and corruption scheme" involving bank accounts in Switzerland and the United Arab Emirates in USA v. Bruce Bagley, a University of Miami professor and author of a book called 'Drug Trafficking, Organized Crime, and Violence in the Americas Today', at the U. S. District Court for the Southern District of New York.

Best Plan Sárl: Public Warning

November 05, 2019 - Public Warning by the Swiss Financial Market Supervisory Authority regarding suspected "unauthorized activities" by Best Plan Sárl, a Montreux, Switzerland-domiciled financial services consultant whose corporate records filed with the Swiss Federal Registry of Commerce show that the firm's principals and shareholders have included Jonathan Schneiter and Royal Asset Management SA, the latter of which is a Lausanne, Switzerland-domiciled firm whose principal is identified in corporate filings as Jeff Van Rooyen, of Belgium.

US acts against Swiss crypto exchange First Global Credit, now operating as PanXora

November 01, 2019 - Law enforcement and regulators in the US have taken action against Swiss cryptocurrency exchange First Global Credit, which is controlled by Britons Gavin Smith and Marcie Terman and now operates as PanXora, which claims to have affiliates in the Bahamas, Cayman Islands, Gibraltar, Singapore, and UK.

First Global Credit: Domain Seizure

November 01, 2019 - Announcement on the website of Switzerland-domiciled cryptocurrency exchange operator XBT Corp. Sarl, d.b.a. First Global Credit, at that the domain name has been seized by the Federal Bureau of Investigation, of the United States. XBT Corp. is controlled and operated by Gavin John Smith and Marcie Debra Terman, both citizens of the United Kingdom.

XBT Corp Sarl: Findings & Sanctions (SEC)

October 31, 2019 - Order Instituting Proceedings, Making Findings and Imposing Sanctions for violating "the registration and exchange trading provisions of the Securities Act and the Exchange Act" against XBT Corp Sarl, d.b.a. First Global Credit, a cryptocurrency exchange firm domiciled in Switzerland, formerly d.b.a. First Global Credit Nevis, before the Securities and Exchange Commission.

XBT Corp. Sarl: Findings & Sanctions (CFTC)

October 31, 2019 - Order Instituting Proceedings, Making Findings and Imposing Remedial Sanctions for failing to register as a Futures Commission Merchant against XBT Corp. Sarl, d.b.a. First Global Credit, a cryptocurrency exchange firm domiciled in Switzerland, before the Commodity Futures Trading Commission.

PJSC Uralkali v. Lawrence Stroll et al: Discovery Application

October 29, 2019 - Ex Parte Application by PJSC Uralkali, of Russia, to take discovery from Lawrence Stroll, a citizen of Canada apparently residing in Switzerland, and Silas Chou, of Hong Kong, during their expected attendance at the Formula 1 United States Grand Prix in Austin, Texas, for use in legal proceedings in the United Kingdom involving Geoffrey Rowley and Jason Baker, as administrators of the Force India Formula One Team Limited, filed at the U. S. District Court for the Western District of Texas.

US taxpayer admits fraud involving 'offshore Swiss insurance wrapper'

October 24, 2019 - A 74-year-old U.S. citizen faces up to 18 months in prison for failing to report $1.4 million in income that he earned from an "offshore Swiss 'insurance wrapper' policy".

USA v. Imaad Shah Zuberi: Plea Agreement

October 22, 2019 - Plea Agreement in USA v. Imaad Shah Zuberi at the U. S. District Court for the Central District of California.

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.