A Swiss court has frozen nearly $78 million held by a Nevis firm at Mirabaud Bank that originated from Bermuda Commercial Bank and which the U.S. alleges are the proceeds of a bank fraud, tax evasion, and money laundering scheme involving "two U.S. billionaires, Robert Smith and Robert Brockman".
After indicted owner’s ‘exoneration’, Malta’s Pilatus Bank to sue European Central Bank for license revocation
Following the recent collapse of criminal charges in New York against its beneficial owner, Ali Sadr Hasheminejad, Malta-based Pilatus Bank Plc intends to sue the Germany-based European Central Bank for damages for revoking its license.
Cayman Islands-domiciled cryptocurrency exchange Binance Holdings is suing U.S.-based news provider Forbes and two of its reporters for defamation over a recent article headlined "Leaked 'Tai Chi' Document Reveals Binance's Elaborate Scheme To Evade Bitcoin Regulators".
Winding up petitions have been filed against British firms Rationale Asset Management, Value Asset Management, and Merydion Corporation, which are operated by members of a gang of British and Irish serial investment fraudsters who have been previously exposed by OffshoreAlert.
British fraudster Martin Sampson, who helped to perpetrate a £40 million-plus investment scam by the Privilege Wealth Group, is back in business with three new British companies, operating as Misil Group.
A BVI investment fund has sued Tony Belisle in Florida for alleged fraud after incurring losses "in excess of $7.5 million" in a Bermuda fund that was managed by Markel CATCo Investment Management, from which Belisle was allegedly fired as CEO "for lying to company executives and counsel about a romantic relationship" with a colleague.
US software tycoon Robert Brockman has been criminally indicted in California for an alleged $2 billion offshore tax evasion scheme involving accounts and entities in Bermuda, British Virgin Islands, Cayman Islands, Nevis, and Switzerland. In a related case, billionaire private equity boss Robert Smith agreed to pay penalties of $139 million to avoid prosecution.
The liquidators of Cayman Islands investment fund Madison Asset LLC, which was allegedly swindled out of $200 million by its US-based principals, have sued Deutsche Bank for the entire amount, alleging it "turned a blind eye" to the alleged fraud.
British financial advisors Ian McIntyre, Adam Clark, and Scott Kingsley have been banned from Thailand's investment industry for regulatory breaches while working for the deVere Group, which describes itself as "one of the world's leading independent financial advisory organisations".
Famous computer programmer John McAfee was today sued by the SEC in New York for allegedly swindling his Twitter followers by recommending they buy Initial Coin Offerings by entities in Belize, Nigeria, Romania, U.K. and U.S. without disclosing that he received $23 million in hidden compensation.
The CFTC has sued eight companies and individuals in or from Bermuda, Hong Kong, Seychelles, United Kingdom, and the United States, alleging they operated a cryptocurrency derivatives platform without being registered.
Four months after its shares were delisted from NASDAQ, Luxembourg-domiciled "music streaming" firm Akazoo S.A. has been sued for securities fraud in New York by the SEC, with the alleged scheme also involving individuals and firms in England, Greece, and Scotland.
The U.S. is suing Malcolm Harrison, described as a British national residing in Bermuda, for his alleged failure to pay $49,666 in penalties that he was assessed in 2018 for failing to report foreign bank accounts in Bermuda and the U.K. when he previously lived and worked in the U.S.
Cayman Islands-based Canadian Andrew McAlpine flew this morning from Florida, where he was arrested on September 18th, to California, where he was criminally indicted nearly nine months ago for alleged securities fraud.
Florida residents Jorge Falcon and Leonardo Cornide used insolvent Cayman Islands-domiciled Premier Assurance Group SPC as their own "piggy bank", Cayman's financial regulator has claimed.
Penny stock broker Andrew McAlpine, a Canadian living in the Cayman Islands, is in custody in the U.S. after being criminally indicted for securities fraud. He's also one of 16 individual and corporate defendants accused of a $6M fraud "involving at least 20 penny stock companies" in a related SEC civil complaint.
United Kingdom national Simon Hooper has pleaded guilty to three counts of fraud involving British firm Rationale Investments Limited, which purports to be a property investment firm.
Seattle-based online sports gaming operator Unikrn Inc. has agreed to pay a fine of $6.1 million to settle an administrative action by the SEC alleging it raised $31 million through the sale of unregistered securities by its Bermuda subsidiary in the form of digital tokens.
Cayman Islands-domiciled cryptocurrency exchange Binance Holdings Limited is being sued in California for allegedly laundering more than $9 million of cryptocurrency stolen from a Japanese exchange.
The liquidators of an offshore hedge fund and a "pass-through" tax vehicle that were part of the failed $1 billion U.S.-based Platinum Partners investment group have sued the Cayman Islands and New York operations of auditor BDO.
British Virgin Islands-domiciled commodities trader Yang Ban has been criminally charged with money laundering in the U.S. regarding an alleged scheme to bypass sanctions with North Korea.
Three UK nationals - Timothy Schools, Richard Emmett, and David Kennedy - have been criminally charged with fraud over their involvement with Cayman Islands-domiciled Axiom Legal Financing Fund, whose £100 million litigation funding-based investment scam collapsed after being exposed by OffshoreAlert eight years ago.
Undeterred by fraud charges on which he is due to be tried in England next month, U.K. national Simon Hooper, who is part of an international gang of serial fraudsters previously exposed by OffshoreAlert, recently became a director of eight British firms.
Banco Nacional de Angola, which is the African country's government-owned central bank, has accused two Cayman Islands investment funds - Quantum Global Opportunities Fund SP and Refund Emerging Market Fund SP - of misappropriating $25 million.
Notorious British fraudster Sencer Sevket has changed his name after being released from prison and seemingly gone into business with a member of the ruling family in Abu Dhabi, OffshoreAlert can reveal.
Fraudulent cryptocurrency group Arbitrade, which purchased a seven-floor office building in Bermuda in 2018 that it has apparently never occupied, is being sued for $168,101 in allegedly unpaid "rates" by the municipal government that administers the jurisdiction's capital city of Hamilton, where the property is located.
Blockchain group Uulala, which 22 months ago became the first applicant to be approved to conduct an Initial Coin Offering in Bermuda despite a plethora of red flags, is being sued for alleged indebtedness in California.
Citing insolvency and other regulatory issues, the Cayman Islands Monetary Authority has revoked the Full Mutual Fund Administrators License of Focus Administration Limited, effective July 8th.
British nationals Benjamin Alderson and Bradley Hamilton have agreed to pay penalties totaling $750,000 to settle a fraud complaint by the SEC regarding their employment with investment firm deVere USA.
Cayman Islands law firm Giglioli & Company is being sued by clients David and Michelle Holden, who claim the company's computer server was hacked and emails intercepted, causing them to be swindled out of US$523,998.
Alleging "serious wrongdoing", two creditors claiming to be owed $448,333 under a loan bearing interest at 10% per month have applied to wind up Cayman Islands-based Obelisk Capital Management Ltd., which manages factoring and gold funds for Obelisk Global, whose directors include Jazeb Jones, who was previously dismissed as MD of a Cayman bank over his relationship with a client accused of committing a £50 million fraud.
Creditors in the British Virgin Islands, England, and Guernsey have applied to wind up the Cayman Islands parent company of insolvent Liechtenstein insurer Gable Insurance AG.
The Cayman Islands Monetary Authority has revoked the insurance licenses of Atlas Re SPC and Intrepid Re SPC, which are both managed by USA Risk Group (Cayman) Ltd., for suspected insolvency and breaches of the jurisdiction's Insurance Law.
In a series of regulatory actions announced on Friday, the Malta Financial Services Authority cancelled the licenses of three investment firms and imposed fines on a retirement scheme and its administrator.
ABRAAJ liquidators seek discovery from US banks for Cayman proceedings to recover $385M in alleged fraud proceeds
The liquidators of ABRAAJ Investment Management Ltd. have applied to take discovery from 17 banks and a clearing house in the U.S. for "contemplated litigation" in the Cayman Islands to recover more than $385 million allegedly misappropriated by the Dubai-based ABRAAJ Group's founder, Arif Naqvi.
Two major U.S.-based cryptocurrency exchanges - Bittrex and Poloniex - have been added as defendants to a class action complaint that alleges crypto buyers around the world were collectively swindled out of billions of dollars in an unprecedented "criminal" price manipulation scheme.
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 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".
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 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.
British accountant Mark Munnelly, who played a leading role in a £40 million-plus investment fraud committed by the now-defunct Privilege Wealth group, has formed three new firms in England over the last three months, OffshoreAlert can reveal.
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".
Accountant Karl Schranz and lawyer Christian Ellul have been banned by the Malta Financial Services Authority for their "lack of honesty and integrity".
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".
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.
Cayman Islands-domiciled Benthos Master Fund Ltd. has obtained a $5 million arbitration award against New York attorney Aaron Etra regarding "a purported sale of Bitcoin that turned out to be a scam".
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.
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.
Antigua and Barbuda's banking regulator appears to have fast-tracked a licensing application by one of the country's diplomats - London-based Swiss lawyer Dario Item - after his bank in Labuan ran into regulatory problems and he received a corporate ban, OffshoreAlert can reveal.
Scotland-based Swan Developments Management Limited has become the latest firm to go into liquidation that was operated by, or associated with, the notorious Swan Group of British investment fraudsters.