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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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SEC v. Tomer Feingold et al: Complaint

March 03, 2020 - Complaint alleging "an international insider trading scheme" involving individuals and companies in the British Virgin Islands, Cayman Islands, Cyprus, England, France, Hong Kong, Switzerland, and Thailand in U. S. Securities and Exchange Commission v. Tomer Feingold, and Dov Malnik, both described as citizens of Israel residing in Switzerland, as Defendants, and Adamas Healthcare Fund, of the Cayman Islands; Amiservice Development Limited, Ample Vantage Trading Limited, Bravo Business Limited, Kuray Investments Limited, Mignon Group Limited, and Upbeat Worldwide Investments Limited, all of the British Virgin Islands, as Relief Defendants, at the U. S. District Court for the Southern District of New York.

KrisEnergy (Gulf of Thailand) Ltd. v. Rubicon Vantage International Pte Ltd.: Originating Summons

February 21, 2020 - Originating Summons regarding a statutory demand for $2.8 million in principal and interest in KrisEnergy (Gulf of Thailand) Ltd., a Cayman Islands company based in Bangkok v. Rubicon Vantage International Pte Ltd., of Singapore, at the Grand Court of the Cayman Islands.

Dooga Ltd.: Chapter 15 Petition

February 14, 2020 - Chapter 15 Petition for Recognition of a Foreign Main Proceeding in England by Steven Parker and Trevor Binyon, of Opus Restructuring, as the Foreign Representatives of Dooga Ltd., a Maltese-owned British firm whose "Cubits" cryptocurrency exchange closed down in 2018 following an alleged €27 million fraud involving "payment processor" Pay Secure Online Limited, d.b.a. Paysec, and "three Chinese nationals called Lui Caifeng, Liu Lin, and Yajuan She", at the U. S. Bankruptcy Court for the Northern District of California. Editor's Note: Research by OffshoreAlert showed that, in the Malta Business Registry, the owner of Pay Secure Online Limited is identified as David Murphy, a British national with an address in Thailand, while directors have included Richard John Barry, a British national residing in Dubai, and Dimitar Stefanov Georgiev, a citizen and resident of Bulgaria, who both resigned on March 2nd, 2018, and the auditor is Antoine Borg, of Malta. On May 15th, 2019, the Malta Financial Services Authority issued a "warning" that Paysec "is NOT licenced NOR authorised by the MFSA to provide any investment or other financial services which are required to be licenced or otherwise authorised under Maltese law".

SEC v. Steve Bajic et al: Motion To Freeze Assets

January 06, 2020 - SEC's Motion for an Order Freezing and Repatriating Assets in the U. S. Securities and Exchange Commission v. Steve M. Bajic, Rajesh Taneja, Norfolk Heights Ltd., Fountain Drive Ltd., Island Fortune Global Ltd., Crystalmount Ltd., Wisdom Chain Ltd., SSID Ltd., Sure Mighty Ltd., Tamarind Investments Inc., Kenneth Ciapala, Anthony Killarney, BlackLight SA, Christopher Lee McKnight, and Aaron Dale Wise at the U. S. District Court for the Southern District of New York.

SEC v. Steve Bajic et al: Complaint

January 02, 2020 - Complaint alleging securities fraud in U. S. Securities and Exchange Commission v. Steve M. Bajic, described as a dual citizen of Canada and Croatia; Rajesh Taneja, described as a citizen of Canada residing in Vietnam; Norfolk Heights Ltd., described as "a Seychelles company owned by a dual Mexican and Canadian citizen"; Fountain Drive Ltd., Island Fortune Global Ltd., Crystalmount Ltd., and Wisdom Chain Ltd., each described as "a Seychelles corporation with a registered address in Hong Kong"; SSID Ltd., of Hong Kong; Sure Mighty Ltd., described as "a Seychelles corporation owned by a Japanese citizen"; Tamarind Investments Inc., described as "an Anguillan corporation with registered addresses in Hong Kong and Thailand"; Kenneth Ciapala, described as "a citizen of Switzerland and the United Kingdom"; Anthony Killarney, described as "a citizen of the United Kingdom, a resident of Switzerland"; Blacklight SA, of Switzerland; Christopher Lee McKnight, of Canada, and Aaron Dale Wise, of Florida, at the U. S. District Court for the Southern District of New York.

WSD Holdings Ltd. v. Grand Decade Finance Ltd. et al: Claim Form

November 19, 2019 - Claim Form in WSD Holdings Ltd. v. Grand Decade Finance Limited and Thrive Century Limited at the British Virgin Islands High Court.

Austria: PNC Bank

November 15, 2019 - Application for the appointment of a Commissioner to collect evidence from PNC Bank - pursuant to a request for judicial assistance from Austria - for a criminal investigation into "unknown subjects" for aggravated fraud.

SEC v. Benjamin Taylor et al: Complaint

October 22, 2019 - Complaint regarding allegations that "investment bankers in London, England ... participated in an international insider trading scheme that netted its participants tens of millions of dollars in illicit profits from trading in the securities of U.S. companies" in U. S. Securities and Exchange Commission v. Benjamin Taylor, a resident of France; Darina Windsor, a citizen of Thailand, and Joseph Abdul Noor El-Khouri, described as a citizen of Lebanon residing in Monaco and England, at the U. S. District Court for the Southern District of New York.

Vitaly Anaykin et al v. Nikolay Evdokimov et al: Complaint

September 20, 2019 - Complaint alleging cryptocurrency-related securities fraud in Vitaly Anaykin, a citizen of Russia residing in Montenegro, and Konstantin Bondarev, a citizen of Russia residing in Thailand v. Nikolay Evdokimov, a citizen of Russia residing in Beverly Hills, California, and Cryptonomics Capital, of Switzerland, which appears to be incorporated as Crypto Economics AG, whose principal director in corporate filings is identified as Patrick Storchenegger, of Zug, Switzerland and whose initial capital was claimed to be 14 Bitcoins, at the U. S. District Court for the Central District of California. OffshoreAlert Note: On its website at www.cryptonomics.io, Cryptonomics Capital's "management" is identified as Yurii Golovko, CEO; Nikolay Evdokimov, Strategic Advisor; Alexander Forostin, Head of Sales; and Denis Klevtsov, Executive Director.

NY client sues offshore firms over failed Belvedere Management investments

August 30, 2019 - Thailand-based British financial adviser Paul Gambles and his MBMG Group, including firms in the BVI, Mauritius, Singapore, and Thailand, are being sued for $3.5M in Bermuda by a U.S. client whose cash was invested in funds managed by the Belvedere Management Group, whose fraudulent operations were exposed by OffshoreAlert in 2015.

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.