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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

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".

Insolvent Bermuda Digicel firm files for Chapter 15 bankruptcy in New York

May 16, 2020 - An insolvent Bermuda holding company within the Digicel Group, which provides mobile phone, cable television, Internet, and other communications services in the Caribbean and South Pacific, has filed for Chapter 15 recognition of its Bermuda provisional liquidation at bankruptcy court in Manhattan as part of a plan to restructure debt that totals $7.4 billion.

Blockchain firm Uulala claims 'viability at risk' after 'investors seek withdrawals'

May 15, 2020 - Blockchain group Uulala, which has operations in Bermuda, Canada, Mexico, and the United States, has claimed in a lawsuit that its future is "at risk" after "multiple" investors asked to withdraw "approximately $800,000" and are threatening legal action due to a "campaign of disparagement" by three former employees.

SEC sues '$500M' TCA Fund Management & four Cayman funds for alleged fraud

May 11, 2020 - The SEC has sued Florida-based TCA Fund Management Group, which claims to have over $500 million of assets under management, and four affiliated funds in the Cayman Islands alleging they swindled "approximately 470 investors".

Malta regulator bans service providers Karl Schranz & Christian Ellul

May 10, 2020 - Accountant Karl Schranz and lawyer Christian Ellul have been banned by the Malta Financial Services Authority for their "lack of honesty and integrity".

US crypto investor sues 18-year-old for allegedly stealing $24M (when he was 15)

May 07, 2020 - In a lawsuit, Los Angeles-based blockchain investor Michael Terpin has alleged that he lost "nearly $24 million of cryptocurrency" in a hack whose "evil mastermind" was "a then 15-year-old high school student" in New York who "boasted" of stealing "over $100 million worth of cryptocurrency through scores of hacks".

Guernsey regulator bans wealth managers Mark Penney and Marc Roxby

May 04, 2020 - The Guernsey Financial Services Commission has fined and disqualified Mark Penney and Marc Roxby over self-dealing and misleading clients while operating failed financial services firm Criteria Wealth Management Ltd.

Denmark's tax agency seeks discovery from BVI & Cayman firms for '$2B fraud' litigation

April 30, 2020 - Denmark's national tax agency has applied to take discovery from 21 corporate services providers in the British Virgin Islands and Cayman Islands whose clients are suspected of participating in a $2 billion tax refund fraud.

Judgment for $427K against firms involved in Bermuda/US crypto scam

April 29, 2020 - A judgment for $427,552 has been entered against UAE-domiciled SION Trading and Utah-based Scotia International of Nevada for non-payment of gold and silver that was used for a cryptocurrency scam that began in Canada, moved to Bermuda, and is currently being conducted by firms in 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.