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US construction group dck in $2.5M tax dispute with IRS over offshore operations

October 18, 2018 - Pennsylvania-based global construction firm dck worldwide has taken legal action against the IRS concerning a $2.5 million payroll tax dispute involving offshore companies in the Bahamas, Belize, Bermuda, Jamaica, Nevis, Palau, St. Lucia, St. Maarten, and the Turks and Caicos Islands.

Hiscox Bermuda obtains $1.8M judgment against ex-CFO accused of fraud

October 08, 2018 - Bermuda-based, London Stock Exchange-listed insurance group Hiscox has obtained summary judgment for $1.5 million and CHF 334,000 against its former Chief Financial Officer, Yuval Abraham, whom it has accused of fraud.

Four more British attorneys struck off over Axiom Legal Financing Fund scam

September 19, 2018 - Four more solicitors have been struck off in the United Kingdom due to involvement with the Cayman Islands-based Axiom Legal Financing Fund, which defrauded investors of more than £100 million before collapsing in 2012 after being exposed by OffshoreAlert.

First-ever FATCA conviction in US: Offshore banker Adrian Baron pleads guilty

September 12, 2018 - Offshore banker Adrian Baron faces up to five years in prison after becoming the first-ever person to be convicted in the United States under the Foreign Account Tax Compliance Act.

Bahamas broker Seton Securities International fined in Canada for unlicensed operations

September 10, 2018 - Bahamas-based broker/dealer Seton Securities International Ltd., which is operated by Canadian Jay Gotlieb, has agreed to pay C$35,000 to the Alberta Securities Commission for operating without a license.

Cayman Court unseals dozens of cases after OffshoreAlert exposé

August 30, 2018 - In the first seven months of this year alone, the international business court of the Cayman Islands concealed 21 insolvency petitions in which the liabilities collectively exceeded $1.2 billion, including five against companies listed on foreign stock exchanges. Their existence is only now known because the Court unsealed dozens of cases after OffshoreAlert's exposé of its draconian secrecy practices.

Grant Thornton (Chicago) & two US law firms sued over Providence Financial fraud

August 14, 2018 - Accountants Grant Thornton and law firms Cadwalader, Wickersham & Taft and Greene Espel are being sued for allegedly aiding and abetting a $150 million fraud perpetrated by the Providence Financial Group, which was primarily based in Guernsey, Miami, and Brazil.

Cayman court secrecy on the rise: 55% of recent financial cases are sealed

August 06, 2018 - The court that hears international business disputes in the Cayman Islands is sealing records of liquidation petitions and other cases at unprecedented levels, meaning that foreign investors, creditors, and clients of Cayman-domiciled hedge funds and other companies are not alerted to insolvencies and other problems, OffshoreAlert can reveal. Secrecy has escalated to the point where more than half of all cases filed in recent months are sealed.

Privilege Wealth's UK administrators apply for US recognition, identify litigation targets

August 03, 2018 - The administrators of British firm Privilege Wealth Plc, which collapsed earlier this year after being exposed as a fraud by OffshoreAlert, have applied for recognition at federal bankruptcy court in the USA and identified several potential litigation targets.

Arrest warrants withdrawn against BVI asset recovery attorney & Irish litigation funder

July 26, 2018 - Arrest warrants in the United States for criminal contempt against British Virgin Islands-based asset recovery attorney Martin Kenney and Irish litigation funder Garrett Kelleher have been withdrawn.

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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.