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Hedge funds try to locate Argentina’s ‘$LIBRA crypto fraud proceeds’ to partially collect on €1.5B judgment

July 15, 2025

Hedge funds in the Cayman Islands, British Virgin Islands, and Delaware are attempting to locate and seize proceeds of an alleged $251 million $LIBRA crypto fraud to partially collect on a  €1.5 billion judgment they hold over the Republic of Argentina.

MARS FX sues BVI forex platform operator Tech RealFX over ‘$598M failed withdrawal’

July 15, 2025

British Virgin Islands-domiciled forex trading platform operator Tech RealFX Ltd., which was owned and operated by Malaysian nationals Tan Jit Chun and his wife, Ing Yong Wee, is being sued for $598 million in the BVI by three investment funds in the Cayman Islands and United States that are operated by MARS FX.

Distressed crypto investor Thomas Braziel settles claims that he misappropriated $5.5M+ from Fund.com

July 13, 2025

Distressed crypto investor Thomas Braziel has agreed to pay an additional $3.6 million in cash and other concessions to settle claims that he embezzled at least $5.5 million while serving as Receiver of U.S. firm Fund.com, Inc., bringing the total cash amount that Braziel has paid, or is due to pay, to more than $6 million, which includes a prior interim payment.

‘Insolvent’ Bank of Asia jeopardized BVI’s credit ratings & reputation, claims liquidation applicant

July 10, 2025

The Bank of Asia in the British Virgin Islands was likely insolvent for several months or even years before it was petitioned into provisional liquidation on May 29th by the Virgin Islands Deposit Insurance Corporation, which argued that allowing it to continue operating while insolvent could jeopardize the credit ratings and reputation of the jurisdiction, OffshoreAlert can reveal.

Soccer club owner John Textor sues Cayman firm and others for ‘fraud over $75M put option agreement’

July 4, 2025

U.S. businessman John Textor is suing hedge fund manager James Dinan, investment banker Alex Knaster, and Cayman Islands firm Iconic Sports Eagle Investment LLC for "securities fraud" involving British firm Eagle Football Holdings Limited, which owns soccer clubs in Belgium, Brazil, England, France, and USA.

Liquidators of Bermuda’s Custodian Life slam Swedish principal Joakim Samuelsson for ‘campaign of misinformation’

July 4, 2025

The Joint Provisional Liquidators of Bermuda life insurer Custodian Life Ltd., which allegedly borrowed $12.1 million from policyholders without their consent to fund its operations, have hit back at an alleged "campaign of misinformation" to disrupt the winding up by its Swedish principal, Joakim Samuelsson.

FTX Recovery Trust sues African payments provider AZA Finance over ‘$50M brazen fraud’

July 2, 2025

Luxembourg-domiciled, Africa-focused financial services group AZA Finance, its senior management, and directors have been accused of defrauding failed crypto exchange FTX out of $50 million.

Directors investigated after ‘millions stripped’ from Cayman’s JBAM Global Income Fund

June 26, 2025

An Australian real estate agent - Patrick Hunt - and a Ukraine national who "is no longer contactable" after allegedly being "conscripted to the Ukrainian army" - Oleksandr Levchenko - are being investigated by the liquidators of Cayman Islands mutual fund JBAM Global Income Fund, formerly known as RAUS Capital Fund Ltd., after millions of dollars allegedly disappeared in "suspicious" circumstances.

Bermuda’s Haitong Group accuses China’s Shuge Jiao of misappropriating $45M from Cayman joint venture

June 24, 2025

Chinese businessman Shuge Jiao has been accused of misappropriating $45 million from a Cayman Islands joint venture - Energy Evolution - to the detriment of his business partner, Bermuda-domiciled, Hong Kong Stock Exchange-listed Haitong International Securities Group.

Liquidators of Cayman fund linked to $1B Asian Ponzi scheme sue PwC over ‘audit misrepresentations’

June 23, 2025

The liquidators of Cayman Islands-based Spectra SPC, which claims to be owed more than $337 million by an Asian group - Malaysia's City Credit - that allegedly perpetrated a $1 billion Ponzi scheme, are suing the Fund's auditor, PricewaterhouseCoopers. The Fund was operated by Hong Kong-based, Chinese national Clement Tung.

All Blue Investments liquidators sue Brit Daniel Cookson & Canadian Matt Novak for $126M in BVI

June 19, 2025

The liquidators of Dubai-based, British Virgin Islands-domiciled All Blue Investments North Star I Ltd. are suing its former directors - United Kingdom citizen Daniel Cookson and Canadian Matthew Novak - in the BVI for losses suffered by the fund, which are estimated at $126 million.

Hong Kong-based AMLBot sues Greek client for ‘failing to pay $1M fee after recovering $5M of stolen crypto’

June 19, 2025

Hong Kong-based crypto services firm AMLBot is suing a client, 33-year-old Greek national Robert Thompson, for allegedly refusing to pay a "20% success fee" after it recovered crypto worth $5 million that was allegedly stolen from him by his Filipino partner.

Margaritaville Beach Resort Cayman liquidators sue former directors for alleged fraud

June 17, 2025

The liquidators of the owner and operator of the short-lived Margaritaville Beach Resort in the Cayman Islands have filed a fraud complaint against former directors Hugh Hart, Jonathan Murphy, and Howard Sitzer.

Cayman regulator closes down crypto payment processor and asset manager HAYVN

June 16, 2025

A few months after regulators in the United Arab Emirates closed down crypto payments and trading group HAYVN due to fraud, the Cayman Islands has followed suit, revoking the registrations of two of its companies, including mutual fund HAYVN Funds SPC, and two of its principals, Australian Christopher Flinos and South African Jonathan Wood.

Singapore fund for ultra-wealthy petitions to wind up Cayman’s Ancile Fund over ‘$6.8M redemption failure’

June 4, 2025

Singapore fund Hawksburn VCC – Fishers Island Strategic Holdings, whose investors are "ultra-high net worth individuals, family offices and institutions", has petitioned to wind up Ancile Fund in the Cayman Islands, claiming it has been unable to redeem its full investment of $8.5 million for over 10 months, receiving just $1.7 million four weeks ago, leaving an outstanding balance of $6.8 million. Ancile is managed by INOKS Capital, of Switzerland.

Amid fraud allegations & $75M+ investor losses, British fund manager Jeremy Leach declared bankrupt

June 3, 2025

British fund manager and suspected fraudster Jeremy Leach, whose Cayman Islands mutual funds group collapsed owing over $75 million, has been declared bankrupt in England.

Italian fund manager Andrea Tirelli seeks to quash U.S. summonses for Swiss tax investigation

May 31, 2025

Italian fund manager Andrea Tirelli and his Swiss consultancy IQ Global Consulting SAGL are seeking to quash IRS summonses in California that sought telephone and other records from U.S. computer and cloud storage firms Apple and Dropbox to share with Switzerland for a tax investigation.

Canadian lawyer Damian Lopez settles U.S. regulator’s securities fraud complaint for $323K

May 29, 2025

Toronto-based, Canadian securities lawyer Damian Lopez has agreed to pay $323,356 to settle a fraud complaint brought against him at federal court in California by the U.S. Securities and Exchange Commission in which the regulator accused him of secretly compensating newsletter writers to promote two securities offerings. He settled the action "without admitting or denying the allegations".

Labuan regulator orders ACE Investment Bank to halt ‘licensed activities’

May 28, 2025

The Labuan Financial Services Authority has ordered ACE Investment Bank Ltd. to stop conducting business due to for "non-compliance to minimum capital and/or other regulatory requirements".

Canadian aluminum supplier Sinobec cites U.S.-China tariffs war as contributing factor to its insolvency

May 27, 2025

Although it has been having financial problems since at least 2023, Canadian aluminum supplier Sinobec Group cited the impact of the U.S.-China tariffs war on its U.S. operations as a contributing factor to its insolvency when filing for Chapter 15 bankruptcy recognition in Illinois on May 26th.

Amid investor ‘grievances’, Rasmala Trade Finance Fund goes into liquidation in Cayman

May 25, 2025

Dubai-based Rasmala Trade Finance Fund has gone into voluntary liquidation in the Cayman Islands, where its liquidators have asked the Grand Court to supervise the liquidation, which will include an investigation into an allegation of mismanagement made by customers of Dubai Islamic Bank who invested $315 million.

Crypto funds managed by £8M+ insolvent British firm Aaro Capital go into liquidation in Cayman

May 19, 2025

Two crypto funds that were managed by United Kingdom nationals Peter Habermacher and Ankush Jain via their £8 million-plus insolvent British firm Aaro Capital Limited have gone into liquidation in the Cayman Islands.

Bankrupt Brazilian firm Indeal seeks Chapter 15 recognition in U.S. amid criminal investigation into ‘$200M+ crypto investment fraud’

May 12, 2025

Amid a criminal investigation into its principals on suspicion of swindling tens of thousands of Brazilians out of more than $200 million in a crypto-based investment scam, the administrator of bankrupt Brazilian crypto firm Indeal Consultoria em Mercados Digitais Ltda. has applied for Chapter 15 recognition in the United States as he seeks to recover assets for creditors.

‘Insolvent’ Sagehi Equity Fund petitioned into liquidation by Bermuda’s financial regulator

May 11, 2025

Bermuda's financial regulator has obtained a winding up order against Sagehi Equity Fund Ltd., an allegedly insolvent investment vehicle whose directors are Harishankar Ganeshprasad Shahi, a.k.a. Hari Shankar Shahi, of India, and Mangital Kalani, a.k.a. Kalani Lal, of Dubai, United Arab Emirates.

U.S. investors in Cayman fund Charitable DAF call for investigation into ‘management misconduct’

May 8, 2025

Citing the need for "an investigation into allegations of misconduct on the part of management", four U.S. charities that invested in a Cayman Islands investment fund for philanthropists called Charitable DAF have applied to replace the voluntary liquidators of its limited partner and have the liquidation supervised by the local court. The limited partner's directors are Mark Patrick and Paul Murphy.

Liquidators of Cayman fund Navigator Global apply to wind up Joe Kelly’s Mollitium Investment as part of £60M+ fraud investigation

May 5, 2025

The liquidators of Cayman Islands mutual fund Navigator Global Fund Manager Platform SPC have applied to wind up another Cayman Islands entity as part of an investigation into suspected fraud in which tens of millions of dollars was allegedly swindled from victims, who include failed British pre-paid funeral plan provider Safe Hands Plans.

Sandals Resorts sues own captive insurer in Cayman over COVID 19 losses

April 7, 2025

Jamaica-based hotel operator Sandals Resorts is suing its own Cayman Islands-domiciled captive insurer over losses suffered as a result of COVID 19 by 18 of its resorts in Antigua, the Bahamas, Barbados, Grenada, Jamaica, St Lucia, and the Turks & Caicos Islands.

‘Dishonest’ Bank of Asia founder Carson Wen fails to have asset freeze order discharged in BVI

April 2, 2025

Hong Kong-based, Bank of Asia founder Carson Wen and his wife, Julia Yuet Shan Fung, have failed to overturn a worldwide asset freeze order against them in the British Virgin Islands, where they were declared bankrupt in January and a judge determined they had acted dishonestly and taken extreme measures to avoid satisfying a judgment in favor of U.S. businessman Chad Holm.

Luxembourg’s Prudent Investment Fund liquidator sues Jacob Gitman in Florida over ‘$40M outstanding loans’

March 28, 2025

The liquidator of Luxembourg's Prudent Investment Fund - which is part of Dennis Klemming's scandal-plagued Miami-based Prudent Group - is suing Jacob Gitman and associated companies at federal court in the United States in an attempt to recover allegedly outstanding loans totaling $40 million.

Blockchain firm Chainalysis sued by bankrupt crypto lender Celsius over ‘sham audit confirming $3.3B AUM’

March 23, 2025

Blockchain analysis firm Chainalysis is being sued by the litigation administrators of bankrupt crypto lender Celsius Network's entities in England and the United States for allegedly assisting "one of the biggest cons in cryptocurrency" by "falsely claiming" in 2020 it had conducted an audit that confirmed Celsius had $3.3 billion in assets under management.

Gibraltar accountant Karel Manasco facing custodial sentence for contempt of court

March 14, 2025

Gibraltar accountant Karel Manasco is facing a "custodial sentence" after being found in contempt of court for breaching an asset freeze order and lying in a witness statement in legal proceedings brought by his former employer, online gaming operator Mansion Group.

Russian billionaire’s daughter seeks evidence in U.S. for actions against ‘corrupt Antigua Gov’t’ regarding sale of ‘$120M yacht for $40M’

March 11, 2025

Citing "corruption and self-dealing within the Antiguan government", the daughter of Russian billionaire Andrey Guryev is seeking evidence in the United States for use in legal proceedings in Antigua and Barbuda, Russia, and the United Arab Emirates regarding the seizure and sale of a Cayman Islands-registered 266-foot motor yacht for '$80 million below market value'.

Deltec Bank sues digital platform provider Ibanera & its CEO, Michael Carbonara, for ‘$18M theft’

March 4, 2025

Bahamas-based Deltec Bank & Trust Ltd. has sued the Wyoming and Singapore operations of digital banking platform Ibanera and its CEO, Michael Carbonara, at federal court in Florida for allegedly stealing $18 million.

Swiss-Canadian fund manager Marc-André Pepin under criminal investigation again in Switzerland after already being convicted of forgery

February 27, 2025

Canadian-Swiss asset manager Marc-André Pépin was criminally convicted in Switzerland in 2023 for falsifying the financial statements of his failed Cayman Islands-domiciled SPI Investment Fund and is under criminal investigation again in the same country after three of the Fund's investors who invested approximately $7 million filed complaints for suspected fraud, OffshoreAlert can reveal.

Russian billionaire Andrey Guriev seeks to hold litigation funders liable for £12M costs award in failed English lawsuit by Alexander Gorbachev

February 26, 2025

Russian billionaire businessman Andrey Guriev has applied to take discovery from Miami-based investment firm 777 Partners LLC and co-founder Joshua Wander at federal court in Florida in an attempt to make litigation funders in the British Virgin Islands, Isle of Man, Jersey, Netherlands, United Arab Emirates, and United States pay some or all of a £12 million legal costs award in England for funding a "frivolous" lawsuit brought by a former friend, Alexander Gorbachev. Guriev is also contemplating filing an action of his own "for wrongful and malicious prosecution".

Petition to wind up Argentina-based oil & gas firm San Antonio Internacional filed in Bermuda by Cayman Islands private equity fund GP Capital Partners IV

February 24, 2025

Cayman Islands-domiciled private equity fund GP Capital Partners IV, LP has filed a petition at Bermuda Supreme Court to wind up Argentina-based, Bermuda-domiciled oil and gas exploration and drilling company San Antonio Internacional Ltd., whose directors are Brazilians Fersen Lambranho and Antonio Bonchristiano.

Cayman court asked to supervise liquidation of AXIA crypto group amid ‘$41M fraud’ allegations

February 21, 2025

In anticipation of "legal challenges" from creditors, the Voluntary Liquidators of two Cayman Islands entities that are part of the AXIA Group which raised $41 million from investors for a crypto project that collapsed following regulatory action in Canada and a securities fraud complaint in the United States have asked a Cayman court to supervise the liquidation.

Cayman funds seek to quash Morgan Stanley summonses for ‘Canadian tax investigation into Senvest Capital’

February 20, 2025

Two Cayman Islands hedge funds - Senvest Master Fund, L.P. and Senvest Technology Partners Master Fund, L.P. - have applied to a federal court in New York to quash IRS summonses that were issued to Morgan Stanley apparently in support of an investigation by Canada Revenue Agency into the tax liabilities of Toronto Stock Exchange-listed Senvest Capital Inc., senior officer and major shareholder Richard Mashaal, and an affiliate, Jefferson Northern, Inc.

Bahamas-based Deltec Bank and Trust & U.S. Gov’t fight for ownership of $13.5M ‘crypto fraud proceeds’

February 18, 2025

Bahamas-based Deltec Bank and Trust is attempting to stop the U.S. Government from taking ownership of $13.5 million that was seized from Deltec Bank's U.S. correspondent account 18 months ago because it was allegedly traceable to crypto fraud and laundering.

Bankrupt British fund manager Greg Bryce sentenced to 15 months in prison for contempt of court (but refuses to return from Dubai)

February 17, 2025

Bankrupt British fund manager Greg Bryce has been sentenced to 15 months in prison in England for breaching a €3 million asset freeze order - a sentence he has not started serving because he refuses to travel to England from Dubai, where he is now based.

Winding Up Petition filed against another Cayman Islands mutual fund operated by Briton Jeremy Leach

February 16, 2025

A winding up petition has been filed against another Cayman Islands mutual fund - Vita Nova Hedge Fund - operated by British fund manager Jeremy Leach, who is a serial operator of failed investment schemes that are littered with red flags.

Dubai-based U.K. national Richard Fagan ordered to pay £62M by Gibraltar judge for Kijani Commodity Fund fraud

February 13, 2025

Dubai-based, British national Richard Fagan has been ordered to pay £62 million by a Gibraltar court for swindling investors in Kijani Commodity Fund, a Mauritius and then Cayman Islands-domiciled fund that raised $123 million from pension funds and private investors before collapsing after being exposed by OffshoreAlert in 2015.

Kobre & Kim law firm sues English barrister and former partner Nick Cherryman over ‘£140K outstanding loan’

February 7, 2025

Kobre & Kim is suing one of its former partners - English barrister Nick Cherryman - for alleged failure to repay a £140,000 loan after leaving the law firm.

Counsel for suspected $5.5M+ crypto embezzler Thomas Braziel accused of frustrating investigation into ‘diverted funds’

January 31, 2025

Counsel for distressed crypto investor Thomas Braziel - New York law firm Amini LLC and one of its attorneys, Jeffrey Chubak - have allegedly failed to respond to subpoenas from the new Receiver of Fund.com, Inc., who is trying to find out what happened to millions of dollars Braziel is suspected of embezzling from the firm while serving as its Receiver from 2016 until he was removed by a Delaware Chancery Court judge in 2024.

Richard Kim ‘misappropriated majority of assets’ from Cayman crypto start-up Zero Edge Corp. that raised $8.3M, say liquidators

January 30, 2025

Cayman Islands online crypto casino start-up Zero Edge Corp. raised $8.3 million from investors and the sale of tokens and then quickly collapsed after one of its founders - U.S. national Richard Kim - allegedly misappropriated most of its assets and disappeared, the company's liquidators claimed in a court filing.

Cayman law firm Travers Thorp Alberga sues investment bankers & lawyer over ‘XIO’s $522K unpaid legal fees’

January 28, 2025

Three investment bankers in China, Hong Kong, and England - Murphy Qiao, Joseph Pacini, and Carsten Geyer - and a lawyer in Germany - Gero van Pelchrzim - are being sued by Cayman Islands law firm Travers Thorp Alberga regarding allegedly outstanding legal fees and expenses of $522,000 incurred by London-based alternative investment group XIO.

Singapore investor applies to wind up Singaporean David Sin’s Cayman firm SIN Capital over ‘$4.6M debt’

January 28, 2025

Singapore investor TH Investments has applied to wind up Singaporean accused fraudster David Sin's SIN Capital in the Cayman Islands regarding an alleged debt of $4.6 million.

Luxembourg’s Polaris Financial Investments touts ‘success’ of Cayman ‘ancestor’ fund SPI (even though it failed amid allegations of fraud and ‘$118M+ missing’)

January 26, 2025

Insolvent Cayman Islands fund SPI, which collapsed in 2023 amid allegations of fraud and its liquidators claiming over $118 million has "disappeared", is being held out as a success in promotional material for a successor Luxembourg scheme operated by two of its former principals, Swiss asset manager Marc-André Pepin and British fund director Gareth Williams, via their Luxembourg firm Polaris Financial Investments.

Bermuda regulator applies to wind up Martin Pitoňák’s Stonebridge Capital Hedge Fund

January 21, 2025

Bermuda's financial regulator has applied to wind up Stonebridge Capital Hedge Fund Limited, which is operated by Slovakian Martin Pitoňák.

Carey Olsen sues Three Arrows Capital crypto fund founders Su Zhu & Kyle Davies for ‘unpaid legal fees’

January 19, 2025

British Virgin Islands law firm Carey Olsen has sued the principals of failed crypto fund Three Arrows Capital - Su Zhu and Kyle Davies - for "outstanding professional fees and disbursements" of $348,605.