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

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.

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

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.

Cayman regulator closes down crypto payment processor and asset manager HAYVN

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’

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.

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

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".

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

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.

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

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.

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

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.

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

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'.

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

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

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".

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

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.

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

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.
Polaris Team

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

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.