Articles

Cayman crypto exchange Binance sues Forbes for defamation

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".

UK Gov’t applies to wind up 3 firms operated by fraudsters

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 sets up new group

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.

BVI fund sues Bermuda reinsurance investment manager for ‘$7.5M fraud’

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 tycoon Robert Brockman indicted for ‘$2B offshore tax fraud scheme’

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.

Thailand SEC bans British financial advisors for conduct at deVere Group

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".

SEC sues John McAfee for ‘$23M ICO fraud’ in New York

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.

CFTC sues operators of BitMEX crypto derivatives platform

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.

Luxembourg firm Akazoo sued for securities fraud in US by SEC

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.

Cayman penny stock broker Andrew McAlpine arrested in US for alleged fraud

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.

Simon Hooper pleads guilty to fraud in England

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.

Platinum Partners liquidators sue BDO in the Cayman Islands

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.

Fraud charges brought against three Axiom Legal Financing Fund insiders

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.

Cryptocurrency group Arbitrade sued in Bermuda for ‘unpaid rates’

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 firm Uulala sued for indebtedness in California

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.

Former deVere USA officers settle SEC fraud complaint

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.

Creditors apply to wind up Cayman’s Obelisk Capital Management

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.

Cayman regulator revokes licenses of Atlas Re & Intrepid Re

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.

Cayman regulator revokes license of Hinduja Bank

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 firm Diligence accuses ex-CEO Nick Day of ‘outrageous legal spending’

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".

Insolvent Bermuda Digicel firm files for Chapter 15 bankruptcy in New York

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.
mark-munnelly

British fraudster Mark Munnelly forms new firms

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.

US crypto investor sues 18-year-old for allegedly stealing $24M (when he was 15)

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".
Max Warren Barber

Judgment for $427K against firms involved in Bermuda/US crypto scam

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 Ambassador Dario Item given bank license despite corporate ban

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.