Bahamas

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    Northern Rock pulls out of Bahamas after just 17 months

    Northern Rock PLC, which is the ninth largest publicly-listed bank in the United Kingdom, is pulling out of the Bahamas after just 17 months on the island.A spokesman for the company told OffshoreAlert: "I can confirm that with effect from 2 April 2002, Northern Rock (Bahamas) Ltd ceased to accept additional deposits or open new accounts.

    Client claims that Keywest Swiss Investment Bank will not redeem funds

    OffshoreAlert has received a complaint that a client of Barbados-based Keywest Swiss Investment Bank is unable to redeem approximately $200,000 placed with the bank.Keywest Swiss Investment Bank Inc. was licensed in Barbados on January 25, 1995 under the Offshore Banking Act, according to the Central Bank of Barbados.The Central Bank stated that KSIB's directors of record are Garet O. Finlayson, Barbara Y. Hepburn,  Harold R. Longley, Robert L Morris and Cecil A. B. Smith.

    Insider Talking: April 30, 2002

    Business associated with Imperial Consolidated founders Lincoln Fraser and Jared Brook applies for permission to use a property on an old Royal Air Force base in England to store and test military equipment, Offshore Finance Authority of St. Vincent & the Grenadines revokes licenses of nine offshore banks, BVI Financial Secretary L. Allen Wheatley suspended from his duties after being arrested and charged with conspiracy to defraud, Bahamas International Securities Exchange reports net loss of $2.24 million for the 11 monthsended June 30, 2001, criminal action against Yank Barry drags on in Texas, British businessman Sean Quinn charged with US$3 million fraud in Barbados, former FIBG principals fail to comply with subpoeans, and the ego of Marc Harris apparently knows no bounds.

    AvantGuard spokesman discusses possible liquidation

    A spokesman for AvantGuard Bank and Trust has said it may go into liquidation whatever the outcome of recent action taken against it by regulators in Grenada.The administrative functions of AvantGuard Bank were taken over for an initial 15-day period by the Grenada Ministry of Finance at the end of April in a clampdown that saw similar action taken against Imperium Bank and CornerStone International Savings and Investment Bank.

    Four plead guilty to Evergreen Security charges

    Four men have agreed to plead guilty to criminal charges relating to the 'Evergreen Security' investment scam, which defrauded approximately $200 million from more than 2,000 investors.They are Thomas Spencer, 51; Robert W. Boyd, 55; and Martin W. Boelens Jr., 45, all of Orlando, Florida; and Anthony V. Micciche, 72, of Tampa, Florida.Spencer and Boyd are shareholders of Bahamas-based Surety Bank and Trust (in liquidation), which ended up with some of the proceeds from the fraud.

    Canada’s ‘W-Five’ program to feature offshore promoter Yank Barry

    Bahamas-based businessman Yank Barry, who is a twice convicted criminal, will be the subject of an investigative Canadian television program due to air at 10 PM EST, Sunday, April 21, 2002.   Barry will be featured on CTV's 'W-Five' program, which is Canada's equivalent of '60 Minutes' in the United States.

    US court approves application to serve summonses on VISA International for tax evasion investigation

    A California court has approved a request by the Internal Revenue Service for leave to file "John Doe" summonses on VISA International as part of an investigation into tax evasion using offshore credit cards. The order, issued on March 28, 2002, allows the IRS to examine the records of VISA credit or debit cards issued "by, through, or on behalf of banks or other financial institutions" in 31 offshore jurisdictions.

    Arms dealer obtains asset freeze order against Imperial Consolidated Group

    A Spanish court has issued an order that allows an international arms dealer and a related firm to freeze $8.5 million of assets belonging to the Imperial Consolidated Group. The order was issued on March 8, 2002 by the Court of the First Instance, in Marbella against Imperial Consolidated Inc., of Delaware; Imperium Bank, of Grenada; and Consolidated Mining Corporation Inc., of the Bahamas.

    Ernst & Young (Bahamas) settle racketeering lawsuit for $3 million

    Ernst & Young (Bahamas), its Senior Partner, Paul Clarke; and its former Managing Partner, Bahamian politician Philip Galanis, have agreed to pay $3 million to settle a civil lawsuit alleging racketeering. Details of the settlement are contained in documents that were recently filed at the United States District Court for the District of Arizona.

    Steps taken to recover SSBT assets in United States

    The Provisional Liquidator of Bahamas-based Suisse Security Bank and Trust has taken steps to recover approximately $13 million of the bank's assets held in the United States. Raymond Winder filed a petition at the United States Bankruptcy Court for the Southern District of New York on February 22, 2002.

    Merrill Scott reinvents itself with a new name and allegedly stolen property

    Items that were stolen from the premises of Merrill Scott and Associates four days after an SEC lawsuit was filed against the firm were allegedly found in the office of a new firm set up by former employees. That is a claim being made by the attorney who has been appointed Receiver for the Merrill Scott group, which was based in Salt Lake City, Utah, and the Bahamas.

    Enron’s Cayman liquidation petitions

    OffshoreAlert has obtained further details of two petitions filed at the Grand Court of the Cayman Islands on January 25, 2002 in relation to two subsidiaries of failed energy firm Enron Corp. The actions, which were filed by Huntlaw Corporate Services Ltd., are applications to wind up Enron Bahamas LNG Ltd. and Enron LNG Shipping Company in order to preserve and sell their assets.

    Litigation involving Montaque Securities International

    Bahamas-based investment firm Montaque Securities International is involved in two unrelated lawsuits filed over the last five months, one as a plaintiff and the other as a defendant. In an action filed in the United States, Montaque claims that it was defrauded of $1.5 million that it loaned a client to establish a mutual fund in Germany.

    Southwest Income Trust et al v. Philip Galanis et al: Motion for Determination of Good Faith Settlement

    Motion for Determination of Good Faith Settlement in Jack G. Larsen, as Receiver for Southwest Income Trust, Advantage Income Trust, and Investors Trading Trust v. Lauriel Investments, Inc., Charles Smith, Standard Industrial Capital, Inc., Glen Roger Thompson, Progressive Growth Management Group, Ltd., Richard M. Kubany, Paul W. Floyd, III; James M. Floyd, Philip C. Galanis, Paul F. Clarke, and Ernst & Young at the U. S. District Court for the District of Arizona.

    Power Securities clients chase their money

    Investors who placed over US$2 million with Power Securities Ltd. in the Bahamas are preparing to take legal action against the firm and its principal, Canadian businessman Les McIntosh. They have told OffshoreAlert that they have been unable to redeem their investments with the firm, which has since closed down its Nassau office.

    Offshore News Briefs: January 31, 2002

    Bahamas enteres into Tax Information Exchange Agreement with the United States; UBS is reducing its number of staff in the Cayman Islands; The trial of former officers and clients of Euro Bank Corp. is scheduled to begin in May, 2002; and Creditors of First Cayman Bank may receive up to 60 cents in the dollar.

    US court freezes assets of Merrill Scott & Associates

    A United States court has appointed a receiver for and frozen the assets of an offshore investment group that has been accused by the SEC of operating a Ponzi scheme that took in at least $25 million. David K. Broadbent was appointed receiver on January 23, 2002 for the defendants in a civil lawsuit that had been filed eight days earlier by the SEC at the U.S. District Court for the District of Utah.

    Keem Kalfon denies involvement in fraudulent letter

    Conman Keem Kalfon is being falsely passed off as the chairman of The Sovereign Society investment group as part of a fund-raising effort for get-rich-quick schemes, OffshoreAlert can reveal. Those responsible are also falsely claiming they control British-based investment trust Gresham House PLC, which has been one of the world's best-performing investment vehicles over the last ten years.

    Insider Talking: January 31, 2002

    Less than a month after they were taken down as a result of an OffshoreAlert investigation, references to Grenada-registered Euro Caribbean Bank have been reinstated on the web-site of the 'Stock Exchange' of the sham country known as the Dominion of Melchizedek; Caribbean Media Corporation, which operated the Caribbean News Agency, popularly known as CANA, has suspended operations; Another web-site that has shut down, albeit for different reasons, is that of Prosperitas Internationale Credit Union at www.prosperitasinternationale.com; Vanuatu-domiciled International Seminars Ltd., which organizes offshore seminars at which get-rich-quick schemes are promoted, is operating under a new name - Global Wealth Education Ltd.; John Bourbon resigned as Managing Director of the Cayman Islands Monetary Authority, effective January 16, 2002 - 18 months after taking up the position, citing "personal reasons"; An ex-SEC officer is critical of his former employer in a book he has written about how the stock markets and the Internet are used to commit fraud against the unsuspecting public; Clyde Hood, the 67-year-old retired electrician from Mattoon, Illinois who persuaded thousands of people from all around the world to collectively send him more than $12 million by offering a return of 5,000 per cent in 275 days, has been sentenced to serve 14 years in prison; A web-site has been set up to raise funds to defend Kenneth R. Weare, of Belize-based J&K Global Marketing, against an SEC lawsuit filed on April 10, 2001, even though the case has ended without the defendants or their legal representatives ever putting in an appearance; The Isle of Man government has granted an online gaming license to Action Online Entertainment (IOM) Limited, which is the fifth firm to receive such a license; Imperial Consolidated is blaming its lawyers for its loss of a libel lawsuit in New Zealand, in which the judge determined they had fabricated documents submitted as evidence and questioned the legitimacy of their investment products; and Justice Hugh Small, sitting at the Bahamas Supreme Court, issued an order on December 20, 2001 that the voluntary liquidation of Americas International Bank Corporation Ltd. be continued but under the supervision of the court.

    Clients seek return of money from Addison International & Triology Fund

    OffshoreAlert has received a complaint from a client who claims he is unable to redeem an investment made with Bahamas-registered Addison International Ltd., which is apparently run from the United States. The client, who is based in the U.S., claims that he placed $400,000 with Addison International in mid-1999 after the firm's principal told him: "If I don't return four per cent per month, you should fire me."

    Imperial Consolidated loses lawsuit, accused by judge of backdating documents

    Imperial Consolidated, whose operations include an offshore bank and offshore mutual funds, has lost a defamation lawsuit that it brought in New Zealand against a former broker. In a judgment in the High Court of New Zealand on December 18, 2001, Judge William Young ruled that defendant David Frederick Stewart was being truthful when he criticized the group on a web-site.

    First Cayman Bank loot used to pay off fraud judgment, claim liquidators

    Part of the estimated $5.5 million allegedly looted from the First Cayman Bank/Gulf Union Bank group in 1997 went to satisfy a $1.75 million fraud judgment in the United States, according to the liquidators.The fraud had been committed by Sheikh Abdus Shimmy Qureshi and his now defunct Florida firm Escue Management Inc., it was alleged.

    Grenada-Montenegro banker plays down links to Melchizedek

    A principal of two offshore banks has told OffshoreAlert that he no longer has anything to do with the Dominion of Melchizedek, despite his name appearing on literature associated with the fake nation.Peter Drakoulakos, who heads Euro Credit Bank A.D., of Montenegro, and Euro Caribbean Bank Ltd., of Grenada, was once listed as the South American "Ambassador" for Melchizedek on its web-site.

    Evergreen Trustee wants offshore trust company to turn over documents

    OffshoreAlert reported last month that R.W. Cuthill, Jr., the Trustee of Evergreen Security Ltd., had filed an Adversary Proceeding against Costa Rica-based Intrados S.A. at the United States Bankruptcy Court for the Middle District of Florida, where Evergreen has been in bankruptcy since January 23, 2001.

    Reorganization continues at scandal-plagued Imperial Consolidated

    Michael Gilbert, who was severely criticized by a New Zealand judge in a recent court ruling (see separate story), is part of a reorganization that involves the Imperial Consolidated Group and companies with the prefix 'Alpha'.The firm that he is a director of changed its name from Imperial Consolidated (New Zealand) Ltd. to Alpha Equities Asia-Pacific (NZ) Ltd. on November 29, 2001.

    Newt Utopia: November 30, 2001

    Bahamian financial woes The economy stinks and it's getting worse. The once thriving downtown area along Bay Street has empty buildings and those with merchandise have 50% off sales and "going out of business" sales. The huge gap left by

    Mohamad Harajchi sues Bahamas Prime Minister for libel

    Suisse Security Bank and Trust chairman Mohamad Harajchi and the bank's CEO, Christopher Lunn, filed a civil complaint against Bahamas Prime Minister Hubert Ingraham in October, alleging that Ingraham defamed them in a public speech that he gave in Nassau.

    Insider Talking: November 30, 2001

    Imperial Consolidated founders Lincoln Fraser and Jared Brook have been given additional time to wind up their business affairs before their four year disqualification as company directors in England and Wales becomes effective. A judge sitting at Blackpool County Court

    Canadian Venture Exchange blocks offshore firm’s reverse merger attempt

    The Canadian Venture Exchange has blocked a reverse merger attempt by a firm offering online stockbroking products to offshore investment firms.British Virgin Islands domiciled Blue Chip Online Ltd., whose President is Canadian businessman Richard Czerlau, had been trying to reverse

    Americas International Bank is insolvent, used to launder fraud proceeds, says liquidator

    Bahamas-based Americas International Bank Corporation Ltd. is insolvent and was used primarily as "a vehicle to launder funds" received from investment fraud, according to its liquidator.Accountant Clifford Culmer painted a bleak picture of the bank's activities in an affidavit filed with the Bahamas Supreme Court on November 19, 2001.

    Offshore fund manager Geoffrey Warne commits suicide

    A man who was kidnapped earlier this year in a dispute over a fraudulently-operated offshore mutual fund has committed suicide.Geoffrey Hamilton Warne, 41, died at his home near Kingston, Ontario on October 4.

    Insider Talking: October 31, 2001

    More has become known about the re branding of the First Nevisian Group, which is now known as The FN Group, and the partial move from Nevis to the Dominican Republic, where its "strategic partner" is H. E. Partners, which

    SEC lawsuit against Crescent Capital Offshore Fund

    A Bahamas-domiciled firm that purported to be an "offshore hedge fund" has been named as a defendant in a civil lawsuit filed by the SEC in the United States.Crescent Capital Offshore Fund participated in a fraudulent investment scheme that raised more than $11.6 million from approximately 350 investors, it has been alleged.

    Bahamas firm has assets frozen in Florida

    Bahamas-domiciled Global Asset Partners Ltd., which described itself as "a private asset management company located in The Bahamas", has had its assets frozen in the United States.The freeze order was issued after a lawsuit was filed against the firm by the SEC at the US District Court for the Southern District of Florida on September 28, 2001.

    Ernst & Young (Bahamas) fails to have action dismissed

    Ernst & Young (Bahamas), partner Paul Clarke and former partner Philip Galanis have failed to obtain the dismissal of a civil lawsuit filed against them in the United States.They now face a trial on allegations of investment fraud that were brought under the Racketeering Influenced and Corrupt Organizations Act.

    Investors in alleged stock scam asked to fund ‘asset recovery’ effort

    Investors who bought shares in a Bahamas-based firm whose principals promptly closed shop and disappeared are being asked for $100,000 to finance what is being described as an 'asset recovery' effort.It might be a case of throwing good money after bad, however, given the track record of the people spearheading the venture.

    Americas International Bank goes into liquidation

    Americas International Bank Corporation Ltd. has become the latest Bahamas-based private bank to stop operating.AIBC's shareholders passed a special resolution on October 11, 2001 that the bank, which was licensed on September 23, 1994, should go into voluntary liquidation.

    Americas International Bank closes for business

    Americas International Bank Corporation Ltd. has become the latest Bahamas-based private bank to stop operating.AIBC passed a special resolution on October 13, 2001 that the bank should go into voluntary liquidation.

    Insider Talking: September 30, 2001

    How concerned is the Financial Times newspaper about being used to facilitate fraud? Not enough to stop publishing bogus valuations for the Cayman Islands domiciled Aristocrat Endeavor Fund. The FT is continuing to accept and publish sham Net Asset Values

    Criminal complaints filed against former Bahamas-based stockbrokers

    Criminal complaints for alleged securities offenses have been filed against nine people in Thailand, including two who were once involved with a fraudulent Bahamas based stockbroker.Pierre Gonyou and Kimberly Gonyou, formerly of Equity Management Group, of the Bahamas, are among

    Bahamas mail-drop firm raises capital in illegal offering, then folds

    Bahamas-based mail-drop firm ASAP Services Ltd., which only 10 months ago was selling unregistered shares that valued the tiny firm at $135 million, has collapsed after four years in business. Visitors to the firm's web-site at www.asapbahamas.com are greeted with an announcement stating that "as of August 31, 2001, A.S.A.P. Services, Ltd. is officially closed for business".