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Kenneth Weare criminally indicted

March 31, 2003
A man suspected of operating an investment scam based in Colorado and Belize has been criminally indicted in the United States. Kenneth Roy Weare, 56, of Lakewood, Colorado, was indicted on March 25, 2003 for wire fraud, mail fraud and engaging in Monetary Transactions in Property Derived from Unlawful Activity.

Has anyone seen Steve Saemmler Klein?

January 31, 2003
Belize-based offshore provider Grupo CAT appears to have gone out of business following the disappearance of its principal, Steve Saemmler Klein. Over the last month, the group's telephone lines have been disconnected and several of its web-sites are no longer accessible.

Insider Talking: December 31, 2002

December 31, 2002
UK-based Capital City Finance Limited, which was formed on August 20, 2001 as a spin-off from the Imperial Consolidated Group, is three and a half months overdue with the filing of its annual return with Companies House for England and Wales; If clients of St. Vincent-licensed Omnicorp Bank needed further evidence that they are being taken to the cleaners by the bank's management, there has been plenty of it recently; Investment fraudster Tracy Calvin Dunlap, Jr. was sentenced to 27 years in federal prison on December 19, 2002 at the United States District Court for the Middle District of North Carolina.; Steve Saemmler Klein, who operates a dubious Belize-based offshore group known as Grupo CAT, has apparently gone missing; and Alyn Richard Waage, 56, of Canada, and James Michael Webb, 40, of California, were extradited on December 19, 2002 from Costa Rica to Sacramento, California to face numerous federal charges relating to the Tri-West Investment Club, an Internet-based investment fraud scheme that allegedly netted more that $60 million.

Terry Dowdell pleads guilty to fraud

December 31, 2002
A business associate of the now-closed Overseas Development Bank & Trust Ltd., of Dominica, has pleaded guilty to 20 felony charges, including securities fraud, money laundering and wire fraud.The charges relate to a multi-million dollar fraudulent trading program that Terry L. Dowdell operated through his Bahamas-registered firm, Vavasseur Corporation, starting in 1998.

Three convicted drug dealers own preferred shares in The Harris Organization

August 31, 2002
New evidence obtained by OffshoreAlert shows that THREE convicted drug dealers are beneficial owners of the British Virgin Islands-registered parent of The Harris Organization financial services group. The traffickers all own preferred shares, which purport to pay annual interest of 10% in the case of Wallace Stull and James Somerville, and 7% for Lawrence Boulanger.

Insider Talking: June 30, 2002

June 30, 2002
The Harris Organization financial services group has been evicted from its offices in Panama City for non-payment of rent; The revocation of the banking license of Baltic Bank Ltd. earlier this year by the Offshore Finance Authority of St. Vincent and the Grenadines has been stayed by Justice Brian Alleyne, sitting in the local High Court, according to a source familiar with the action; The battle for control of $6.5 million of frozen assets of a now-defunct, Dominica-based Ponzi scheme known as Stock Generation is dragging on through the United States District Court for the District of Massachusetts; Grenada Prime Minister Keith Mitchell and several other members of his Cabinet have received an award of $200,000, plus legal costs of $10,000, after winning a libel action brought against local journalist Stanley Charles, businessman and radio talk show producer Eddie Frederick and Grenada Broadcasting Network; The Central Bank of Belize has issued warnings about two entities that may be incorrectly holding themselves out to be licensed financial institutions: Trinity Savings Bank and Goldman & Stein; A Bermuda resident has accused the island's biggest law firm, Conyers, Dill & Pearman, of charging exorbitant fees for taking two trustees off her will, reported The Royal Gazette newspaper; A new date of July 15, 2002 has been set for the resumed hearing in the Bahamas of the appeal brought by the directors of Suisse Security  Bank & Trust Ltd. against the decision of the Central Bank revoking SSBT's licence; and The lack of concern shown by the operators of the Financial Times web-site for the financial well-being of its visitors continues.

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

March 31, 2002
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.

Insider Talking: January 31, 2002

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.

Insider Talking: December 31, 2001

December 31, 2001
Anglo American Bank has had its banking license reinstated by the Grenada International Financial Services Authority; Nevis-based offshore provider Robin Cotterell recently established an insurance company called Old Pacific Insurance Ltd.; Former Lines Overseas Management (Cayman) salesman Scott Oliver has popped up in Costa Rica as President of 'Somerset, Tighe and Campbell', which describes itself as a firm of "professional investment advisors" at its web-site at www.offshorecostarica.com; Inter Caribbean Business Management/Global Dominion Group in Nevis, which has been accused by at least one client of not redeeming her investment, has left Nevis and also closed down its web-sites; and Vladislav Popovic, the director of Richard & Partners, which is accounting firm Pannell Kerr Forster's representative in Montenegro, has confirmed that his firm has never carried out any auditing work for Montenegro-licensed Goldstar Commercial Bank AD, as claimed by the bank's principal, Gerardo Rodriguez Reynante, who is based in Uruguay.

Overseas Development Bank & Trust facing liquidation

November 30, 2001
An application may be made to wind up Dominica based Overseas Development Bank & Trust in the first week of December if it does not honor a demand for payment from a creditor, we have been told.Attorney Michael Bruney told

British Columbia Securities Commission declares Tri-West fraudulent

October 31, 2001
The British Columbia Securities Commission has found that Tri-West Investment Club, which operated from addresses in Belize and the Bahamas, committed investment fraud.In a ruling dated October 23, 2001, the Commission ruled against the Club, Haarlem Universal Corporation, Jason Kingsley, Mark Goldman, Alan Richards, Alex Harlem and John Byron. The Commission is scheduled to rule on sanctions on November 9 after giving the parties an opportunity to respond to the ruling.

USA: Alyn Richard Waage et al

October 2, 2001
Letter Rogatory to Costa Rica for the prosecution of Alyn Richard Waage, James Michael Webb, Lynn Waage Johnston, and Tri-West Investment Club and related entities, filed at the U. S. District Court for the Eastern District of California.

Securities fraud lawsuit filed against Tri-West Investment Club

September 30, 2001
A securities fraud civil lawsuit has been filed in the United States against an investment firm that used addresses in the Bahamas and Belize while raising money in an alleged high yield investment scam. The action was filed by the SEC against Tri-West Investment Club, Alyn Richard Waage and Haarlem Universal Corp. at the U. S. District Court for the Northern District of California on September 6, 2001.

Tri-West courier arrested while carrying $4.5 million

June 30, 2001
Tri-West Investment Club, which raised approximately $50 million from more than 6,000 people by promising monthly returns of ten per cent, has stopped payments after its founder was arrested in Mexico.Alyn Richard Waage, 55, was arrested carrying $4.5 million in cashiers' checks and money orders after he landed at Puerto Vallarta on a leased Lear Jet in April, according to international press reports.

Fraud lawsuit filed against Kenneth Weare and J&K Global Marketing

April 30, 2001
A civil complaint alleging fraud has been filed by the U. S. Securities and Exchange Commission against J&K Global Marketing Corp., its president, Kenneth R. Weare, a.k.a. Roy Weaver, and an affiliate, AAA Auction.com.In the complaint, which was brought at

Canadian regulator acts against Tri-West Investment Club

April 30, 2001
The British Columbia Securities has issued a Temporary Cease Trade Order against an offshore investment scheme run by Tri-West Investment Club that offers "risk-free" annual returns of up to 300 per cent. The Order relates to Tri-West Investment Club, its President, Jason Kingsley; Haarlem Universal Corp., its founder, Alex Haarlem, Alan Richards and Mark Goldman.

Insider Talking: March 31, 2001

March 31, 2001
Former Bermuda insurance boss John McGarrity resurfaces in the Bahamas, Turks & Caicos Islands regulators issue warning about Petro Funds, Bahamas resident Yank Barry goes on trial in Texas, default judgment entered in U. S. against American International Bank (in receivership), Bahamas union boss negotiates for employees of Suisse Security Bank & Trust, a private letter from FIBG principal Van Brink hints at corrupt payments to influential individuals in Grenada.

Failed $200 million fund linked with Bahamas bank

March 31, 2001
An offshore mutual fund that has collapsed amid debts of $200 million and allegations of massive fraud had close links with Bahamas-based Surety Bank & Trust, OffshoreAlert can reveal. SBT's relationship with British Virgin Islands-registered Evergreen Security Ltd. appears to be the reason why the bank chose voluntary liquidation late last year over being sold as a going concern.

Belize: Dan Michael

February 14, 2001
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Belize into Dan Michael for allegedly failing to report his interest in foreign accounts.

Undischarged bankrupt linked with Grenada bank

September 30, 2000
An undischarged bankrupt, whose debts include $4 million owed to a now-defunct Cayman Islands bank, has resurfaced as a director of Grenada-registered Sterling International Bank & Trust. Robert Leroy Bandfield Jr., 56, known as 'Bob Bandfield', went into voluntary bankruptcy in his home state of Oregon on October 30, 1992 with assets of $282,681 and liabilities of $8,610,000.

Omega Trust and Trading investment farce ends after six-year run

August 31, 2000
One of the longest-running investment farces ever ended this month when 19 people were criminally indicted in relation to a so-called 'offshore trading program' known as Omega Trust and Trading Ltd. The scheme has been going on since at least January, 1994 and has raised at least $12.5 million, according to an indictment filed at the US District Court for the Central District of Illinois on August 18.

SEC lawsuit leads to closure of 21st Century Banking Group

August 31, 2000
Grenada-registered 21st Century Banking Group is closing down after the US Securities & Exchange Commission froze the assets of the investment group that operated the offshore bank. In a lawsuit filed at the US District Court for the Southern District of Indiana, the SEC has accused six defendants of defrauding 330 investors out of $29.1 million raised since January, 1998.

OECD backs off publishing an offshore ‘hit list’

April 30, 2000
The much-vaunted publication of a tax haven 'hit list' by the Organisation for Economic Co-operation and Development has been put off for at least a year. The OECD had planned to name those territories deemed to engage in "harmful tax practices" in June of this year, after which the 29 OECD member countries would seek to punish those on the list by introducing "defensive measures".

Insider Talking: September 30, 1999

September 30, 1999
Dominica-registered Overseas Development Bank & Trust has yet to satisfy three judgments totalling US$1.24 million that were entered against it in favor of creditors on January 29, 1999, sham New Utopia jurisdiction claims it is launching "the New Utopia Investment Fund of the Cayman Islands", Ralph Sherman's involvement in the First International Bank of Grenada, comparisons between Van Brink's First International Bank of Grenada and Michael Randy's Canadian Trade Bank, alleged investment fraudster Brent Wagman surfaces in Panama, '60 Minutes' television show goes soft on Alexandre Konanykhine.

TCI Police asked to investigate alleged stock fraud against Asian investors

July 31, 1999
Police in the Turks & Caicos Islands are to be asked to investigate a company that was allegedly used to defraud mainly Asian investors, according to a recent report in the South China Morning Post in Hong Kong."Peddlers of worthless shares in the Grand Financial Fund, Equity Mutual Trust and Mercantile Securities now appear to be working from the Turks and Caicos Islands," stated the newspaper in an article published on July 12, 1999.

Insider Talking: July 31, 1999

July 31, 1999
Global Village Market and the World Investors' Stock Exchange, Global Prosperity Group charges attendees $17,000 each for its get-rich-quick conferences, John Mathewson and the FBI, Cayman bank officer lived in home owned by client, says source; Harris Organization tries to subscribe to Offshore Alert, journalists seek information on Michael Ashcroft, Harris Organization officer Alan McAloon professes ignorance over Florida property ownership.
antigua-and-barbuda

‘Caribbean Bank of Crooks’

November 30, 1998
Offshore Alert can this month reveal further details about an Internet bank in Antigua that is perpetrating a fraud so crude that it illustrates why the island has developed such a poor reputation in the offshore world. The fraud is all the more disturbing because the bank's legal representative in Antigua is Steadroy Benjamin, who is a Senator for the ruling Antigua Labour Party and is the Deputy Speaker of the Antiguan House of Representatives.

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.

Caribbean hotels insurer goes into run-off

December 30, 1997
The Caribbean Hotel Association Insurance Company Ltd., which hit financial trouble soon after it started, has stopped writing new business after just two and a half years in business. The news comes after many member countries of the Caribbean Hotel Association, for whom the company was specifically set up to insure, failed to put their money where their mouths were and buy insurance from CHAIC.