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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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Privilege Wealth's US law firm withdraws due to administration's 'lack of funds'

August 19, 2019 - New Jersey law firm Cole Schotz has withdrawn from representing the United Kingdom-based administrators of Privilege Wealth Plc due to there being insufficient funds to pay legal fees.

$15M deferred judgment order against Irish litigation funder Garrett Kelleher

August 14, 2019 - Judgment for $15 million will be entered against Irish litigation funder Garrett Kelleher if he has not settled his asset recovery-related, contempt of court liabilities with Cigna Worldwide Insurance Company by the end of next month, a U.S. federal judge has ordered.

Cayman Secrecy: 1/3 of business court cases in 2019 sealed from public view

August 11, 2019 - In what appears to be an ongoing effort to conceal allegations of insolvency against hedge funds and other firms from foreign investors and creditors, one-third of all cases filed at the financial services court in the Cayman Islands for the first seven months of 2019 are sealed from public view, OffshoreAlert can reveal.

Swiss regulator warns about 'financial intermediary' based in Geneva and Dubai

August 05, 2019 - The Swiss Financial Market Supervisory Authority has issued a "Public Warning" against Swiss Global Investments Sàrl, a self-described "financial intermediary and advisory" that was or is controlled by Irishman Paul Kavanagh and Briton Stuart Hamon, whose sprawling offshore group includes firms in the British Virgin Islands, Dubai, England, Malta, Nevis, and Switzerland.

Cayman broker and US promoter plead guilty to securities fraud

August 04, 2019 - Stock broker Oliver-Barret Lindsay, a Canadian residing in the Cayman Islands, and stock promoter Gannon Giguiere, of California, have admitted securities fraud at federal court in San Diego.

Briton Jeremy Leach sued for fraud by Cayman liquidators of Traded Life Policies Fund

July 29, 2019 - British asset manager Jeremy Leach, whom OffshoreAlert has previously exposed for operating what appear to be Ponzi schemes, is being sued for fraud in the Cayman Islands by the liquidators of Traded Life Policies Fund, which is allegedly insolvent by at least $21 million.

Brazilian bankers win summary judgment against Walkers (Cayman), will seek damages of up to $400M

July 25, 2019 - Brazilian bankers Katia Rabello and Fernando Toledo and related companies have obtained summary judgment in the Cayman Islands against major offshore law firm Walkers and will ask the court to award damages of up to $400 million, the plaintiffs' lead attorney has announced.

Cayman discount broker OneTRADEx taken over by financial regulator

July 21, 2019 - Cayman Islands-based online discount broker OneTRADEx Ltd., which is operated by Colin Wilson and Rich Ellison, has been put into Controllership by the Cayman Islands Monetary Authority, with insolvency practitioners Kenneth Krys and Angela Barkhouse, of KRyS Global, appointed to manage the firm's affairs and assess its financial condition.

Cayman crypto firm Kowala sued for securities fraud in California

July 17, 2019 - Cayman Islands cryptocurrency firm Kowala SEZC and its US-based principals - Eiland Glover, John Reitano, and Walker Willse - are being sued for securities fraud in California regarding 'tokens' known as kCoin for which the defendants allegedly raised more than $3 million but never launched.

Bank of Valletta notifies Argentarius Group of 'fraud liability'

July 16, 2019 - The closure of the Malta operations of Argentarius Group, which now operates in the Cayman Islands as iMaps Capital, coincided with preliminary legal action against it by the Bank of Valletta regarding an alleged investment fraud that resulted in losses of at least €79 million, OffshoreAlert can reveal.

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.