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Insider Talking: June 30, 1998

June 30, 1998
Offshore regulators apparently uninterested in scams exposed by OffshoreAlert; NimsTec's 3-D cameras offered for sale as "collector's items" over the Internet; Marc Harris has t-shirt with the slogan: "David Marchant is alive because killing him would be a crime"; As General Election looms, Progressive Labour Party tipped to win power in Bermuda for the first time; Dominion of Melchizedek offers a variety of fraudulent products and services; and Little Switzerland contemplates legal action after proposed purchase of Colombian Emeralds International falls through.

John Deuss lays off staff at Transglobal Insurance after disappointing results

June 30, 1998
Transglobal Insurance (Holdings), which is owned by Bermuda-based oil magnate John Deuss, is changing its senior management, cutting back expenses and altering its marketing focus in the wake of disappointing results in its first 18 months in business.Transglobal president Lionel ‘Kip' Herring is being laid off shortly and the company's controller, Beau Franklin, left recently to join another firm in Bermuda.

US government battles for jurisdiction over Swiss American Bank

June 30, 1998
A battle for legal jurisdiction between the US government and four offshore financial institutions in a $7 million forfeiture case contains a number of important issues that will affect all companies and individuals who operate offshore but have US clients.Among arguments being put forward by the US government for jurisdiction over banking entities located in Antigua, Switzerland and Panama is the fact that the offshore companies sell their services over the Internet, which can be accessed in the US; that Swiss American Bank has advertised in the in-flight magazine of American Airlines; and that SAB has correspondent banking relationships with banks in the States.

Kemper Re settles with EMLICO liquidators

June 30, 1998
Kemper Reinsurance and the Bermuda-based joint liquidators of Electric Mutual Liability Insurance Company have announced a settlement of their long and acrimonious dispute over EMLICO's insolvency.

Denmark: Theodor Jens-Jorgen Madsen et al

June 29, 1998
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Denmark into Theodor Jens-Jorgen Kruse Madsen and Kjeld Kornum Larsen for alleged fraud and tax fraud, including allegedly selling distribution rights to films they did not own.

Insider Talking: May 31, 1998

May 31, 1998
Former Cayman banker John Mathewson's sentencing hearing for helping to launder the proceeds of crime has been delayed yet again. Mathewson was due to be sentenced on April 30 by a court in New Jersey in the US but the matter was adjourned until later in the year; If figures compiled by The Wall Street Journal are to be relied upon for accuracy, the Cayman Islands is not the world's fifth largest financial center, as it claims, but is actually the eighth largest; Six months after US$9 million of its assets were frozen in British Columbia as part of an investigation into fraudulent trading, the Cayman-based broker/dealer Harris McLean Financial Group has filed a lawsuit in the Grand Court of the Cayman Islands against one of its principals, Richard Harris, and his mother, Ana Harris; and Those of you who have been following our articles on The Harris Organization of Panama might like to read a three-page article on the subject that appeared in the June 1 edition of Business Week.

Insider Talking: April 30, 1998

April 30, 1998
David Walsh, the former head of Bre X Minerals, tried to close a bank account in the Bahamas and take out his entire deposit of $25.3 million two weeks after an audit revealed concluded that the supposedly rich Busang gold

UPS faces $1 billion liability from its Bermuda reinsurer

April 30, 1998
United Parcel Service could be liable for as much as $1 billion in federal income taxes if it loses a case now before the US Tax Court in Atlanta that involves Bermuda based reinsurer, Overseas Partners Ltd., which reinsures UPS

Dumb and Dumber: How not to conduct a private investigation

April 30, 1998
Prior to, and following, the publication of last month's edition of Offshore Alert, private investigators have been making an unsuccessful attempt to dig up dirt on its publisher and founder, David Marchant. So hapless has the investigation been that Marchant was actually able to track down one of the investigators - Darren Brost, of Renton, Washington - and gave him a call to say ‘hello' and to inform him that he faced the possibility of prosecution for suspected fraud. A criminal complaint against the man has been made with police in his home-town of Renton, Washington State, alleging that he obtained telephone records by wire fraud.

Turks & Caicos firm used for alleged fraud

April 30, 1998
The U. S. Securities and Exchange Commission has obtained a preliminary injunction and other relief against an Austrian national and three of his companies, including one in the Turks & Caicos Islands, in connection with an alleged multi-million fraud targeted primarily at German-speaking Europeans.

Stirling Cooke accountant Brian Hynes has conviction for fraud

April 30, 1998
An accountant who participated in one of the world's best-known insurance frauds is currently working for Bermuda-based insurance group Stirling Cooke Brown Holdings as a financial accountant, we can disclose. Brian J. Hynes, former managing director of Carlos Miro-owned Anglo-American International Reinsurance Co., is employed by Stirling Cooke at its London office.

US government brings test case against offshore gaming operators

April 30, 1998
In what is being seen as a test case, the U. S. Government has charged 14 owners and managers of six sports betting companies headquartered in the Caribbean and Central America with conspiracy to transmit bets and wagers on sporting events via the Internet and telephones. The cases are the first federal prosecutions of sports betting over the Internet and they will be watched closely by offshore centers that have embraced gambling as a way of earning much-needed foreign currency.

SEC v. Austria Trust Company Ltd. et al: Complaint

April 23, 1998
Complaint alleging fraud in U. S. Securities and Exchange Commission v. Austria Trust Company Ltd., of Belize; Bobby Lee Rodgers, and Glen Moyer, as Defendants, and City (U.K.) Ltd., as Relief Defendant, at the U. S. District Court for the Western District of Tennessee.

Evidence of insider trading in Mid Ocean shares prior to take-over

March 31, 1998
Investors apparently acting on inside knowledge made a killing in the derivatives market on the last day of trading before it was announced that EXEL was buying Mid Ocean, we can reveal. The volume of contracts traded in Mid Ocean call options on the American Stock Exchange increased from an average daily volume of 30 contracts to 950 contracts on Friday, March 13 - two days before the deal was signed and three days before it was announced.

Mystery over Clarendon’s dubious producer

March 31, 1998
Anyone doing business with the Clarendon Insurance Group should take a close look at further evidence we have obtained which clearly shows that either a senior officer of the group is lying about its relationship with a dubious business producer or the producer is submitting fraudulent documents to the London insurance market. Either way, the Clarendon officer who may have lied to us, Thomas Corteville, vice president/financial operations of Clarendon National Insurance Company, seemed more concerned with attacking this newsletter than analyzing the facts.

Swiss American seeks dismissal of US lawsuit

March 31, 1998
Swiss American Bank Limited and Swiss American National Bank of Antigua filed on March 16 a motion to dismiss a complaint filed against them in Massachusetts by the US government alleging theft of $7 million of drugs money.

US government sues Swiss American Bank-Inter-Maritime Bank group

January 30, 1998
The US government has filed a landmark civil lawsuit against banks in Antigua, Panama and Switzerland in an attempt to recover $7 million that it claims are the proceeds of criminal activity.The lawsuit is considered to be of significance to other offshore tax havens because it will test the ability of the US government to enforce home-based judgements in foreign territories against offshore companies who collaborate with money launderers.The US government is suing Swiss American Bank Ltd. and Swiss American National Bank Ltd., which are both registered in Antigua; Swiss American Holding Company S. A. of Panama and Inter-Maritime Bank of Geneva.

Bahamas firms part of prime bank securities scam

January 30, 1998
Bahamas-based Loomis Ltd. has been ordered to pay $874,515 following a default judgement against it in the US District Court for the Southern District of New York.Loomis and other companies, including fellow Bahamas-registered Comcar International Ltd., fraudulently obtained more than $2.1 million through a scheme involving fictitious ‘prime bank' securities.

Bahamas accounts used to pay share ramp bribes

January 30, 1998
Bank accounts in the Bahamas was used to bribe brokers who were paid to ramp up the share prices of small companies by promoting them to their unsuspecting clients.Details of the scheme emerged this month after two men pleaded guilty to various offences in the US, including conspiracy, wire fraud, commercial bribery and securities fraud.Leonard Ruge, a 40-year-old Canadian living in Florida, and Theodore Heitzman, 51, of California, each face up to five years in prison and a maximum fine of $250,000.

Western Union stops money transfers to offshore gambling operations

December 30, 1997
Western Union has cut off money transfer services to 40 offshore bookmakers in an attempt to curb unlawful sports gambling in Florida.The action was taken at the request of the attorney general to combat the proliferation of sports betting operations headquartered in the Caribbean and soliciting wagers from Florida residents.

Insider Talking: December 30, 1997

December 30, 1997
Former 'Acting CEO' of the Cayman Islands Stock Exchange applies to head Bahamas International Stock Exchange, Bermuda Government wants a Bermudian, not British, Governor' Cayman judge rebukes attorney F. Lee Bailey, First Cayman Bank liquidators may want to look at two properties in Florida that belong to the Quraeshi family, further evidence emerges of Cayman Islands Government incompetence in collapse of First Cayman Bank, the hypocrisy of Bermuda's Home Affairs Minister Quinton Edness, Euro Bank Corp. receives Class 'A' banking license in Cayman.

New guidelines to US banks with offshore relationships

December 30, 1997
In a bid to cut down on illegal activity, the US Federal Reserve has produced new guidelines designed to tighten up the practices of American banks who extend cheque-writing privileges to the customers of a foreign bank through ‘Payable Through Accounts'.The guidelines were published in September and form part of the latest edition of the Federal Reserve's ‘Bank Secrecy Act Manual'.

Financial troubles of Steven Blumhagen

December 30, 1997
Was Buffalo-based businessman Steven Blumhagen really the source of $30 million that was to have been the start-up capital of Resource Underwriters, as the company's Bermudian front-man, Robin Spencer-Arscott, would have us believe? Highly unlikely, we can report. Unless, that is, 46-year-old Blumhagen has recently won the New York state lottery and checked the ‘no publicity' box.

USA v. Lorne Banks et al: Criminal Indictment

December 5, 1997
Indictment in USA v. Lorne Banks, Michael Bell, Howard Bidloff, Kevin Bregman, Russell Bronson, Charles Courville, Howard Dick, Walter Fantin, Michael Hamley, Joe Kelley, Thomas Laquer, a.k.a. Wayne Arnold, a.k.a. Wayne Donaldson; Steve Millgram, a.k.a. Steve Louis; Gordon Orwin, a.k.a. Gordon Thomas; Marshall Alexander (Sandy) Reid, Martin Seagal, Marvin Simon, Walter Smolarek, a.k.a. Bob Winters, a.k.a. Walter Shaw; Victor Tomasicchio, a.k.a. Victor Thomas; Brian Wilson, John Doe #1, a.k.a. Andrew Barrington; John Doe #2, a.k.a. Bill Crandall; John Doe #3, a.k.a. Gordon Sinclair; and John Doe #4, a.k.a. Andrew Noble, at the U. S. District Court for the Western District of New York.
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Stirling Cooke – What you won’t find in its prospectus

November 30, 1997
Investors contemplating taking part in the $50 million IPO of Bermuda-based insurance broker/risk manager Stirling Cooke Brown Holdings Limited, which is 24 per cent owned by Goldman Sachs, may be interested in a few details they will not find in the company's share prospectus. Perhaps the most noteworthy is the involvement of its subsidiary Raydon Underwriting Management in one of the world's largest insurance frauds. Raydon, which shares offices with Stirling Cooke at Victoria Hall, Hamilton, had the dubious distinction of managing reinsurer North American Fidelity & Guarantee.

Insider Talking: November 30, 1997

November 30, 1997
US depositors withdraw $14 million after losing confidence in Cayman Islands, John Jefferson Jr. seeks to sell his shares in Cayman fast-food franchises, mystery surrounds the awarding of a Class 'A' bank license in Cayman to Euro Bank Corp. following a $2 million payment, John Tugwell says he quit as Bank of Bermuda CEO for "personal reasons", Bermuda Gov't Minister Quinton Edness makes difficult-to-believe claim about why Police Commissioner was fired, Bermuda Governor Thorold Masefield takes the public for idiots, did Maples & Calder senior partner Tony Travers really receive $6 million in annual dividends?, profits of First Bermuda Securities revealed, Bermuda lawyer Lynda Milligan-Whyte turns $67,200 into $500,000 at First Bermuda Securities.

SEC v. Jerome Pinckney, et al: Order, Findings of Fact and Conclusions of Law

November 3, 1997
Order, Findings of Fact and Conclusions of Law in U. S. Securities and Exchange Commission v. Jerome Pinckney, Richard L. Arnold, Donald E. Elder, Fernando Cruz, Shaun K. R. Maxwell, Anthony Bukovich, and Six Capital Corporation at the U. S. District Court for the Eastern District of North Carolina.

The crooked empire of Charles Gordon-Seymour

October 31, 1997
Regulators might want to take a close look at Bermuda-based insurance management firm Sussex International Ltd. following the collapse by fraud over the last six months of an Antigua-registered insurer and another company based in Nevada.All three were run by Charles Gordon-Seymour, a discredited British businessman and former Bermuda resident whose ventures frequently collapse in suspicious circumstances with debts of millions of dollars.

‘Stolen’ Cayman bank records in hands of the IRS

October 31, 1997
The liquidator of Cayman-based Guardian Bank & Trust (in liquidation) has lost a petition he filed against the US government for the return of a computer tape containing details of accounts held at the bank.John Mathewson, the former chairman of the bank, handed over the tape to the FBI in June, 1996, as part of a plea bargain agreement after he was charged with money laundering offences in New Jersey.

Netherlands: Friedrich Adolf Specht

October 10, 1997
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the Netherlands into Friedrich Adolf Specht and others for alleged involvement in a scheme to sell fraudulent bonds on behalf of Panama-domiciled Colon Impex, Inc. to third parties through a European company named AGIG Foundation, Private Investment Banking International.
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BSX de-lists NimsTec shares

October 3, 1997
The Bermuda Stock Exchange yesterday announced that it was de-listing the shares of 3-D firm NimsTec Limited for publishing an inaccurate and misleading share prospectus. The de-listing of NimsTec's shares is a direct result of an investigation carried out by Offshore Business News & Research which publishes Offshore Alert and Inside Bermuda, into NimsTec earlier this year.

Cayman businessmen reunite (in prison)

September 29, 1997
Ernest Foster, a Caymanian citizen who was sentenced to 14 years in prison by a US court in 1992 for money-laundering offences, has been returned to Cayman to serve out the remainder of his sentence in Northward Prison, where he will be reunited with his former business partner, Barry Randall.

Cayman delegation meets with US officials

July 30, 1997
A series of recently-concluded talks between the US government and a Cayman government/private sector delegation that began last week in Washington have been termed "extremely beneficial" by Cayman governor John Owen, who headed the delegation.The meetings were designed to "continue to foster good relations with the US government" and to discuss problems of mutual interest, said Owen, who initiated the first series of talks last year.

Cayman trust company caught up in money laundering case

June 26, 1997
AMEX International Trust (Cayman) Limited and Cayman International Trust Company Limited were innocently used to launder the proceeds of cocaine trafficking from Mexico to the US in the early 1990s, it has been alleged in a Texas court case. Jose Jesus Echegollen and Guillermina Chavez are accused of using a string of Cayman companies to help launder $30 million in cocaine proceeds which were transferred to Cayman from banks in the US and Mexico.

Italy: ACNA Chemical Company

June 23, 1997
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Italy into several individuals who allegedly caused the burual of a large quantity of toxic/noxious waste at and around ACNA Company's chemical plant in Italy.

Douglas Leese v. Lady Granchester et al: Complaint & Other Filings

June 19, 1997
Complaint and Other Filings in Douglas Leese v. Lady Granchester, James Suenson-Taylor, John Moores, John D. Nettleton, Leonard Wailing Van Geest, Network Security Management Limited, James J. Rapp, a.k.a. Daniel Peel; Christopher More, Commercial Data Services Limited, Winter Information Network Corp., Action Autoline Inc., d.b.a. Action Research Group; Brown and Associates Inc., Robert Brown, Alistair Brown, and Bermuda Research Services Limited at the U. S. District Court for the Southern District of Florida.