Daily news, documents and intelligence about Offshore Financial Centers and those who conduct business in them that you will not find anywhere else.


eMail Alerts  

Sign-Up for eMail Alerts

RSS Feed  

Subscribe to feed

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Arrest warrants withdrawn against BVI asset recovery attorney & Irish litigation funder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Virgin Islands-based asset recovery attorney Martin Kenney and Irish litigation funder Garrett Kelleher have been withdrawn.

Accused offshore banker Adrian Baron extradited to US

July 23, 2018 - Offshore banker Adrian Baron, Chief Business Officer of Caribbean-based Loyal Bank, is in custody in New York after being extradited from Hungary to face fraud and money laundering charges.

US arrests three alleged fraudsters for Cayman Islands-related schemes

July 23, 2018 - Three people were criminally charged in the United States over a 13-day period recently concerning two separate alleged investment frauds involving the Cayman Islands.

US insurer claims to be victim of $135M offshore reinsurance fraud

July 11, 2018 - Bermudian businessman Gregory Tolaram, Bahamas-based financial adviser Edward Lynch, and seven insurers and investment funds in the Cayman Islands have been accused of participating in a $135 million fraud against U.S. insurer Great Western Insurance Company.

Two Privilege Wealth companies go into liquidation in Gibraltar

June 26, 2018 - Two key components of a $40 million-plus investment fraud exposed by OffshoreAlert - Privilege Wealth One Limited Partnership and its general partner, Privilege Wealth Management Limited - have gone into liquidation in Gibraltar.

Privilege Wealth investors' capital insurer Affinity PCC struck off in Guernsey

June 22, 2018 - In further bad news for investors in the failed Privilege Wealth investment scam, the company that purportedly insured investors' capital was today compulsorily struck off Guernsey's corporate register.

Another red flag concerning Bahamas-based investment firm Touchstone Advisory

June 14, 2018 - Zachary Zanghi, the New York-based business partner of British investment advisor Benjamin Alderson, who was recently accused of securities fraud by the U.S. Securities and Exchange Commission, was himself involved in impropriety a few years ago for which he was fired by Citigroup, OffshoreAlert can reveal.

OffshoreConnect Free Sign Up

Stay informed & connected

  • Free Email Alerts on Breaking News
  • Free Access to Blogs by Industry Leaders
  • Free Contribute to Due Diligence Forums
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.