Money Laundering

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    Italy: Mauricio Raggio et al

    Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Italy into Mauricio Raggio and Rocio Zaldivar Mercado for alleged money laundering regarding the proceeds of corruption by the former Secretary of the Italian Socialist Party Benedetto Craxi, a.k.a. Bettino Craxi.

    Germany: Edmund Ballier et al

    Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Germany into Edmund Ballier, Friedrich-Karl Gradl, Detlev Pinnow, Gerd Ullrich, Fritz-Heinz Bosking, Wolfgang Hummer, Philipp Schauer, Ludwig Schauer and others for alleged fraud.

    Arrested Bahamas-based accountant has history of involvement with fraudulent companies

    Bahamas accountant Michael M. Hepburn, who has been arrested and charged with money laundering in Miami, has a history of involvement with crooked companies, OffshoreAlert can reveal. Hepburn, 54, has provided fake audits for several offshore insurers that have collapsed amid heavy losses and allegations of impropriety, including Paramount Reinsurance Ltd., formerly First Reinsurance Ltd., of Barbados; and Alpine Assurance Ltd. and Savoy Reinsurance Co. Ltd., both of the Turks & Caicos Islands.

    Dominica regulators take over Investors Bank and Trust

    Investors Bank and Trust Ltd., formerly known as Overseas Development Bank and Trust Ltd., has been taken over by regulators in its home jurisdiction of Dominica.PricewaterhouseCoopers was appointed controller of the bank on August 20, 2002 because IBT was "insolvent" and "unable to meet its obligations", according to Prime Minister Pierre Charles.

    Canadian policeman praises offshore authorities for ‘Operation Bermuda Short’ co-operation

    Canadian authorities who took part in Operation 'Bermuda Short' which led to 58 indictments, including two directors of a Bermuda-based firm, have praised offshore regulators for their level of co-operation."It's a fallacy that offshore centers do not co-operate with such investigations," said Garry W. G. Clement, Superintendent with the Royal Canadian Mounted Police, told OffshoreAlert. 

    Three convicted drug dealers own preferred shares in The Harris Organization

    New evidence obtained by OffshoreAlert shows that THREE convicted drug dealers are beneficial owners of the British Virgin Islands-registered parent of The Harris Organization financial services group. The traffickers all own preferred shares, which purport to pay annual interest of 10% in the case of Wallace Stull and James Somerville, and 7% for Lawrence Boulanger.

    58 suspected fraudsters and money launderers indicted in ‘Operation Bermuda Short’

    Fifty-eight people have been criminally indicted in the United States following a two-year undercover investigation into white-collar crime. As of lunch-time today, 53 of those indicted had been arrested, including Bahamas-based accountant Michael Hepburn, who helps to operate Barbados-licensed Keywest Swiss Investment Bank.

    Asset freeze order issued against Imperial Consolidated founders

    A worldwide mareva injunction has been issued in the United Kingdom against Lincoln Fraser and Jared Brook, who co-founded the fraudulently-operated Imperial Consolidated Group. The injunction freezes all personal and business assets belonging to Fraser and Brook.

    Colombia: Humberto Pava Camelo

    Application for the appointment of a Commissioner to collect evidence for a criminal investigation into Humberto Pava Camelo for suspected involvement in the laundering of proceeds of narcotics trafficking by Gilberto Rodriguez Orejuela and Miguel Gilberto Rodriguez Orejuela, of the Cali Cartel.

    Brazil: Nelson Sakaguchi

    Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Brazil into Nelson Sakaguchi for allegedly stealing over $240 million from his employer, Banco Noroeste.

    Colombia: Guillermo Ortiz Gaitan

    Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Colombia into Guillermo Ortiz Gaitan and members of his family for suspected illegal enrichment, narcotics trafficking and money laundering.

    Former BTCB boss gets 30 months in prison, another banker admits laundering

    Rodolfo Requena, the former Chairman/President of now-defunct British Trade and Commerce Bank, of Dominica, has been sentenced to 30 months in prison for money laundering.Requena, 51, was sentenced on July 17, 2002 at the United States District Court for the Southern District of Florida, in Miami. He also received two years of supervised release. 

    Police raid offices of ‘The Brothers’

    Police investigating money laundering and drug trafficking have raided the offices of a Costa Rica-based money exchange operated by Luis Enrique Villalobos.The action has led to financial uncertainty for hundreds of foreigners who have collectively invested millions of dollars in a long-running high yield investment scheme operated by Villalobos and his brother, Oswaldo, who are known locally as 'The Brothers'.

    Turks and Caicos Islands: Dwight Rigby

    Application for the appointment of a Commissioner to collect evidence for a criminal prosecution in the Turks and Caicos Islands into Dwight Rigby for alleged forgery, theft and money laundering while employed by Temple Securities.

    Euro Bank liquidators pay first dividend

    The liquidators of Euro Bank Corporation have paid a first dividend totaling US$70 million to creditors, representing 80 cents on the dollar to recognized claimants.Liquidators Michael Pilling and Ian Wight, of Deloitte & Touche, told creditors in a letter dated May 13, 2002 to expect a final return of at least 100 per cent of their respective claims.

    Yank Barry criminal case takes a further bizarre turn

    One of the most unusual criminal cases ever - involving Bahamas-based offshore promoter Yank Barry - has taken another bizarre twist. Barry's sentencing at the U. S. District Court for the Southern District of Texas has been delayed yet again because the court transcripts of the nine-day trial - which took eight months to produce - have been found to be inaccurate.

    Brazil: Improver International Fund Ltd.

    Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Brazil into British Virgin Islands-domiciled Improver International Fund Ltd. for suspected involvement in corruption, securities fraud, tax evasion and money laundering.

    Latin America Round Up: May 31, 2002

    Corruption in Argentina Since it was founded in 1999, the Argentinean Anti Corruption Office has handled 1,784 cases that generated 489 complaints but none of them has produced a sentence. The last index by Transparency International — which classifies countries

    AvantGuard Bank goes into liquidation in Grenada

    Grenada licensed AvantGuard Bank and Trust Ltd. has gone into voluntary liquidation following a review of its operations by accounting firm PricewaterhouseCoopers, acting on behalf of Grenada's Ministry of Finance. Pierre Gauthier, a spokesman for the bank, told OffshoreAlert on

    Spain: Juan Carlos Escruceria Gutierrez

    Application for the appointment of a Commissioner to collect evidence - pursuant to a request for judicial assistance from Spain - for a criminal investigation into Juan Carlos Escruceria Gutierrez and Margarita Villegas Restrepo for suspected narcotics trafficking and money laundering.

    Three offshore bankers plead guilty to money laundering

    Dominica-based offshore bankers Julien Giraud, Brian Boeger and Rodolfo Requena have all pleaded guilty to money laundering offenses at Federal Court in Miami, Florida.Giraud and Boeger were both involved with Overseas Development Bank and Trust, while Requena is the former CEO of British Trade and Commerce Bank (in Receivership).

    USA v. Alvin Irwin Moss et al: Criminal Indictment

    Indictment filed by USA against Alvin Irwin Moss, Frederick John Collier, Avraham Zohar, a.k.a. Avy Zohar; Richard Titterington, Geoffrey L. Feldman, Sherrie-Lee Doreen Cave, Peter James O'Sullivan, Rosalind Rose, Wayne Budd, Thomas Montgomery Bayer, Robert Murray Bohn, Stacy Layne Beavers, Beverly Ann Moss, Jeffery Allen Moss, Larry Charles Moss, Michael Joseph Harkin and Michael Elliot Cole at the U. S. District Court for the Western District of Tennessee.

    Change of Plea Hearing for Rodolfo Requena

    A change of plea hearing has been set for May 9 for Rodolfo A. Requena, the former Chairman and President of Dominica-based British Trade and Commerce Bank who is charged with money laundering.Requena, 51, previously pleaded not guilty to one count of money laundering and one count of conspiracy to commit money laundering at the U. S. District Court for the Southern District of Florida.

    USA: Tim Ray Sacora et al

    Application for the issuance of Letters Rogatory by the USA regarding evidence in Costa Rica that is required for a criminal investigation into Tim Ray Sacora, Michael Wolf, Gibraltar Bank of Commerce, Banco Solidario de Costa Rica, Florida Secured Funding, and Senior Marketing Consultants Inc. for suspected fraud and money laundering.

    United Kingdom: Kentaro Matsumoto et al

    Application for the appointment of a Commissioner to collect evidence for a money laundering investigation in the United Kingdom into Kentaro Matsumoto and Illy Chakrabarty.

    Belgium: Wazir Hussain Khan

    Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Belgium into Wazir Hussain Khan for alleged money laundering by assisting illegal aliens to obtain employment contrary to Belgium law.

    United Kingdom: Mohinder Singh Basra et al(2)

    Application for the appointment of a Commissioner to collect evidence for a criminal investigation into Mohinder Singh Basra and Javaid Akhtar Chaudhary regarding the alleged laundering of the proceeds of narcotics trafficking.

    United Kingdom: Mohinder Singh Basra et al

    Application for the appointment of a Commissioner for to collect evidence for a money laundering investigation in the UK into Mohinder Singh Basra and Javaid Akhtar Chaudhary.

    Brazil: Jose Samuel Benzecry

    Application for the appointment of a Commissioner to collect evidence for a criminal investigation into Marcos Marcelino De Oliveira, Jose Samuel Benzecry,Ourvoida Serruya Benzecry, Leonardo Dias Mendonca and others for suspected money laundering, smuggling, foreign currency evasion, and tax evasion.

    United Kingdom: Paul Winter Morris

    Application for the appointment of a Commissioner to collect evidence for a money laundering investigation in the United Kingdom into solicitor Paul Winter Morris.

    Former BTCB CEO arrested in US & charged with money laundering

    A Venezuelan businessman who was CEO of Dominica-based British Trade and Commerce Bank before it was forced into Receivership has been charged with money laundering in the United States. Rodolfo A. Requena, 51, was arrested on November 13, 2001 after a sealed complaint was filed against him eight days earlier at the United States District Court for the Southern District of Florida, in Miami.

    Hamilton Bank’s ‘unsafe banking practices’

    Recently-unsealed court documents have thrown up allegations of money laundering and "unsafe banking practices" that led to the forced closure in January of Miami-based Hamilton Bank, which provided correspondent services to many offshore banks. This activity included receiving deposits of approximately $1.9 billion per year via courier from Latin American countries without conducting any checks as to its legitimacy, it has been alleged.

    Updates on cases against Giraud, Boeger, Downes, Butson and Nano

    Following the convictions of William Abraczinskas and Malcolm West for money laundering only three months after their arrest, five more offshore bankers who were indicted in the same month must wait to see how the cases against them develop. Julien Giraud, of Dominica; Brian Boeger, of the United States; Richard F. Downes and Pamela Butson, who live in Spain; and Thierry Nano, formerly of St. Vincent & The Grenadines, all still have cases pending.

    State of Montana consultant found guilty of money laundering

    A banking consultant whose firm is under contract with the Montana Department of Commerce to vet applicants for its Foreign Capital Depository Program has been convicted of money laundering. William Joseph Abraczinskas, 38, was found guilty of one count of money laundering and one count of conspiracy to commit money laundering at the U. S. District Court for the Southern District of Florida, in Miami, on February 13.

    Mohamad Harajchi sues Bahamas Prime Minister for libel

    Suisse Security Bank and Trust chairman Mohamad Harajchi and the bank's CEO, Christopher Lunn, filed a civil complaint against Bahamas Prime Minister Hubert Ingraham in October, alleging that Ingraham defamed them in a public speech that he gave in Nassau.