Bermuda

USA v. May Salehi: Criminal Information

Criminal Information alleging fraud regarding "a multi-million dollar construction project known as a compound security upgrade to be performed at the United States Consulate in Hamilton, Bermuda" in USA v. May Salehi at the U. S. District Court for the Southern District of New York.

USA v. May Salehi: Plea Allocation

Consent to Plea Allocation in USA v. May Salehi at the U. S. District Court for the Southern District of New York.

Ewart Brown v. Director of Public Prosecutions et al: Recusal Ruling

Ruling on Ewart Brown's application for the recusal of the judge in Ewart Frederick Winslow Brown, a former Premier of Bermuda who was criminally indicted for alleged corruption in March 2021 v. The Director of Public Prosecutions, Attorney General, and Deputy Governor at Bermuda Supreme Court.
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Three indicted in NY for ‘$155M Biscayne Capital fraud’

Three men have been indicted in New York for allegedly perpetrating a $155 million fraud and money laundering scheme involving entities in or from Argentina, Bahamas, Belgium, Bermuda, British Virgin Islands, Cayman Islands, Ecuador, Germany, Switzerland, Uruguay, and the United States.

Think Capital Ltd.: Public Warning

Public Warning by the Bermuda Monetary Authority against Think Capital Limited, part of the "ThinkMarkets group of companies", which "falsely claimed to have a licence issued by the Bermuda Monetary Authority" and which, when contacted by the BMA, claimed that "the statement was made in error and that, instead, it should have stated that it had been issued a licence by the Cayman Islands Monetary Authority". Editor's Note: On its website at www.thinkmarkets.com, ThinkMarkets claims to operate "a premium multi-asset online brokerage with headquarters in London and Melbourne and hubs in the Asia-Pacific, Middle East and North Africa, Europe and South America", and identifies group companies as: TF Global Markets Int Limited, of the Seychelles; TF Global Markets (UK) Limited, of England; TF Global Markets (Aust) Limited, of Australia; TF Global Markets (South Africa) (Pty) Ltd., of South Africa; Think Capital Limited, of Bermuda, and TFG (Payments) Limited, of England. Research by OffshoreAlert also discovered other group companies, including one in the Cayman Islands called TF Global Markets (International) Ltd., which is identified on CIMA's website as receiving a "Securities - Full" license on April 12th, 2021.

USA v. Roberto Cortes et al: Criminal Indictment

Criminal Indictment alleging conspiracy to commit wire fraud, bank fraud and money laundering involving entities in or from Argentina, Bahamas, Belgium, Bermuda, British Virgin Islands, Cayman Islands, Ecuador, Germany, Switzerland, Uruguay, and the United States in USA v. Roberto Gustavo Cortes Ripalda, described as a citizen of Ecuador and the U.S.; Fernando Haberer Bergson, described as a citizen of Germany and Uruguay and a resident of Argentina, and Ernesto Heraclito Weisson Pazmino, described as a citizen of Ecuador and the U.S., at the U. S. District Court for the Eastern District of New York.

Techview Investments Ltd. et al v. Amstar Poland Property Fund I LP et al: Judgment

Judgment on motions to dismiss allegations of fraud and negligence in Techview Investments Limited, which was incorporated in the Bahamas and later moved to the British Virgin Islands, and Prime Overseas Investments and Enterprises Limited, of Cyprus v. Amstar Poland Property Fund I LP, Amstar Poland Property Fund I GP LP, Amstar Poland Fund I GP LP, all of the Cayman Islands; Amstar Global Partners Limited, of Bermuda, and Amstar Group LLC, a Delaware-domiciled, Colorado-based company, at the Superior Court of the State of Delaware, County of New Castle County.

AmTrust North America Inc. v. Signify Insurance Ltd. et al: Complaint

Complaint alleging breach of contract in AmTrust North America Inc., on behalf of Technology Insurance Company Inc. and Security National Insurance Company v. Employers HR LLC, described as a Florida company based in New York, and Signify Insurance Ltd., of Bermuda, at the U. S. District Court for the Southern District of New York.

Murchinson Ltd. et al: $9M Settlement

Administrative Order by the U. S. Securities and Exchange Commission stating that Murchinson Ltd., of Toronto, Canada; Marc Bistricer, and Paul Zogala, described as citizens and residents of Canada, have agreed to pay penalties totaling $9 million to settle a regulatory investigation that, inter alia, involved an unidentified Bermuda "hedge fund".

HSCM Bermuda Fund Ltd. v. 24 Capital LLC et al: Complaint

Complaint that "arises from HSCM's loans of more than $150,000,000.00 to Seeman Holtz Property and Casualty, Inc. and its successor entity Seeman Holtz Property and Casualty, LLC" in HSCM Bermuda Fund Ltd., of Bermuda v. 24 Capital LLC, Business Advance Team LLC, d.b.a. Everyday Capital, and Newco Capital Group VI LLC, all of New York, at the U. S. District Court for the Southern District of New York.

Allianz Life Bermuda Ltd.: $1.7M Fine

Press Release by the Bermuda Monetary Authority announcing that it has imposed "civil penalties" totaling $1.7 million on Allianz Life Bermuda Limited for regulatory breaches, including the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing Supervision and Enforcement) Act 2008, and that the company has agreed to go into liquidation. Editor's Note: Research by OffshoreAlert showed that, on the Allianz Group's website, the address for Allianz Life Bermuda Limited is given as "105, Allianz SNA Bldg 56, Jisr el Bacha Hazmieh Beirut, Lebanon P.O.Box: 16-6516".

FinCEN v. BitMEX et al: $100M Fine

Public Notice by FinCEN that it has imposed a fine of $100 million on HDR Global Trading Limited, of the Seychelles; 100x Holdings Limited, ABS Global Trading Limited, of Delaware; Shine Effort Inc. Limited, of Hong Kong, and HDR Global Services (Bermuda) Limited, of Bermuda, d.b.a. BitMEX, described as "a convertible virtual currency derivatives exchange".

CFTC v. BitMEX et al: $100M Settlement

Consent Order imposing a civil penalty of $100 million against the operators of the BitMEX cryptocurrency trading platform in Commodity Futures Trading Commission v. HDR Global Trading Limited, of the Seychelles; 100x Holdings Limited, of Bermuda; ABS Global Trading Limited, of Delaware; Shine Effort Inc Limited, of Hong Kong, and HDR Global Services (Bermuda) Limited, of Bermuda, at the U. S. District Court for the Southern District of New York.

BitMEX agrees to pay $100M to settle US regulatory action

Companies in Bermuda, Hong Kong, the Seychelles, and USA have agreed to pay $100 million to settle a complaint by the CFTC alleging they operated an unregistered cryptocurrency trading platform known as BitMEX.

SEC v. Uulala Inc. et al: Complaint

Complaint alleging "the fraudulent and unregistered offer and sale of digital asset securities known as UULA tokens" that raised "more than $9 million from over a thousand investors" in U. S. Securities and Exchange Commission v. Uulala Inc., Oscar Garcia, and Matthew Loughran at the U. S. District Court for the Central District of California.

SEC v. Uulala Inc.: Proposed Settlement

Consent to Judgment of Uulala Inc. in U. S. Securities and Exchange Commission v. Uulala Inc., Oscar Garcia, and Matthew Loughran at the U. S. District Court for the Central District of California.

SEC v. Matthew Loughran: Proposed Settlement

Consent to Judgment of Matthew Loughran in U. S. Securities and Exchange Commission v. Uulala Inc., Oscar Garcia, and Matthew Loughran at the U. S. District Court for the Central District of California.

SEC v. Oscar Garcia: Proposed Settlement

Consent to Judgment of Oscar Garcia in U. S. Securities and Exchange Commission v. Uulala Inc., Oscar Garcia, and Matthew Loughran at the U. S. District Court for the Central District of California.

SEC sues Uulala for ‘$9 million crypto fraud’

A group called Uulala, which was the first applicant to be approved to conduct an Initial Coin Offering in crypto-friendly Bermuda, has been accused of perpetrating a $9 million digital tokens fraud in a complaint filed at federal court in California by the SEC - two-and-a-half years after the scheme was exposed by OffshoreAlert.

USA v. $4.9M Butterfield Bank: Amended Forfeiture Complaint

Forfeiture Complaint in USA v. $4.9 million belonging to The Bank of N.T. Butterfield & Son Limited, of Bermuda, to settle tax evasion allegations involving its Bermuda and Cayman Islands operations, filed at the U. S. District Court for the Southern District of New York.

USA v. $4.9M Butterfield Bank: Forfeiture Complaint

Forfeiture Complaint in USA v. $4.9 million belonging to The Bank of N.T. Butterfield & Son Limited to settle tax evasion allegations, filed at the U. S. District Court for the Southern District of New York.

Butterfield Bank admits ‘criminal conduct’, turns over client records & agrees to pay $5.6M to settle tax evasion investigation

Butterfield Bank has turned over client records and agreed to forfeit $4.9 million that it received in fees and pay restitution of $704,000 under a Non-Prosecution Agreement with the U. S. Department of Justice in which the bank admitted "criminal conduct" by fraudulently helping U.S. taxpayers evade taxes via its Bermuda and Cayman Islands operations.

Elliott Associates LP et al v. Bank of America: Discovery Application

Application by Elliott Associates LP, of Delaware; Elliott International LP, of the Cayman Islands, and The Liverpool Limited Partnership, of Bermuda, to take discovery from the Bank of America for use in legal proceedings in Germany regarding "what the financial press called 'a short squeeze of historic proportions', as Porsche orchestrated a takeover of Volkswagen AG at the height of the financial crisis", filed at the U. S. District Court for the Western District of North Carolina.

FourWorld Event Opportunities LP et al v. General Atlantic LLC et al: Discovery Application

Application by FourWorld Event Opportunities LP and Genesis Emerging Markets Investment Company to take discovery from General Atlantic LLC, General Atlantic Service Company, L.P., GASF Interholdco Ltd., General Atlantic Partners (Bermuda) III, LP, General Atlantic Partners (Bermuda) IV LP, Inc., GAP Coinvestments CDA LP, GAP Coinvestments III LLC, GAP Coinvestments IV LLC, GAP Coinvestments V LLC, GAP (Bermuda) Ltd., General Atlantic GenPar (Bermuda) LP, General Atlantic Singapore Fund Pte. Ltd., General Atlantic Singapore 58 Pte. Ltd., and General Atlantic Singapore 58TP Pte. Ltd., Warburg Pincus LLC, Warburg Pincus China-Southeast Asia II (Cayman) LP, Warburg Pincus China-Southeast Asia II-E (Cayman) LP, WP China-Southeast Asia II Partners (Cayman) LP, Warburg Pincus China-Southeast Asia II Partners LP, Warburg Pincus (Callisto) Global Growth (Cayman) LP, Warburg Pincus (Europa) Global Growth (Cayman) LP, Warburg Pincus Global Growth-B (Cayman) LP, Warburg Pincus Global Growth-E (Cayman) LP, WP Global Growth Partners (Cayman) LP, Warburg Pincus Global Growth Partners (Cayman) LP, and Polarite Gem Holdings Group, Ltd. for use in "an appraisal proceeding filed in the Grand Court of the Cayman Islands" at the U. S. District Court for the Southern District of New York.

Gustavo Lopez v. Uulala Inc.: Judgment

Judgment for $700,000, plus interest, in Gustavo Lopez v. Uulala Inc. at the Superior Court of the State of California, County of Los Angeles. Editor's Note: The Uulala Group became the first applicant to be approved for an Initial Coin Offering in Bermuda in October, 2018, with Bermuda's Premier, David Burt, recording a video for the group that it used for promotional purposes on its website. Uulala was exposed by OffshoreAlert in January, 2019.

Fort Worth Employees’ Retirement Fund v. James River Group Ltd. et al: Class Action Complaint

Class Action Complaint alleging securities fraud regarding "a new type of insurance policy that covered Rasier LLC, a subsidiary of the ride-sharing company Uber Technologies, Inc" in Employees' Retirement Fund of the City of Fort Worth, d.b.a. Fort Worth Employees' Retirement Fund v. James River Group Holdings Ltd., described as "a Bermuda-based holding company that owns and operates a group of specialty insurance and reinsurance companies"; Robert P. Myron, J. Adam Abram, Frank N. D'Orazio, and Sarah C. Doran at the at the U. S. District Court for the Eastern District of Virginia.

Universal Life Insurance Company v. Global Growth Holdings Inc. et al: Complaint

Complaint that "arises out of a massive fraudulent scheme devised by Defendant Greg E. Lindberg and co-conspirators" and allegedly involved companies in Bermuda, Cayman Islands, Ireland, Malta, and the USA in Universal Life Insurance Company v. Global Growth Holdings Inc., Eli Global LLC, Greg E. Lindberg, UBS Financial Services Inc., Treatment Resources of Margate Inc., Alpine Capital LLC, Itech Funding LLC, Standard Financial Limited, of Malta; Academy Financial Assets LLC, Atlas Financial Investments LLC, Capital Asset Management I LLC, Global Insurance Capital LLC, Standard Advisory Services Ltd., of Malta; Triton Financial Limited, of Ireland; Hutchison Law Group PLLC, Satori Waters LLC, CSI Interco LLC, Forsyth LLC, Kite Asset Management Inc., Carnation Three LLC, Flowery Branch LLC, Goldman Sachs Bank USA, Morgan Stanley Senior Funding LLC, Verdesian Life Sciences LLC, Goldman Sachs Lending Partners LLC, Credit Suisse AG Cayman Islands Branch, AGH Parent LLC, Daisy Seven LLC, Dahlia Ten LLC, Tybee Island Asset Management Inc., Augusta Asset Management Inc., Pershing LLC, Macon LLC, Parallel Capital Assets LLC, Capital Asset Management II LLC, Standard Investment Capital Ltd., of Malta; New England Capital LLC, Global Bankers Insurance Group LLC, RevolverCap Partners Fund LP, Capital Assets Management III LLC, BLH Capital LLC, Netherlands Insurance Holdings Inc., Iron City Asset Management Inc., Hampton Asset Management Inc., Jackson Asset Management Inc., Chris Herwig, Bryn Mawr Trust Company, Begonia Eight LLC, CBI Group LLC, CBIG Capital LLC, and CBIG Holdings Inc. at the U. S. Bankruptcy Court for the Southern District of New York.

Diversified Real Estate Development Ltd. et al v. Deutsche Bank AG et al: Complaint

Complaint on behalf of entities in Bermuda, British Virgin Islands and Cayman Islands "to recover damages from Defendants for their participation in a global fraud that resulted in hundreds of millions of dollars of investor losses, looting of the Companies on a massive scale, and the creation of staggering liabilities for the Companies" in Michael Pearson, Andrew Childe, and Anna Silver, as Joint Official Liquidators of Diversified Real Estate Development Ltd. (in Official Liquidation), GMS Global Market Step Up Note Ltd. (in Official Liquidation), Preferred Income Collateralized Interest Ltd. (in Official Liquidation), Sentinel Investment Fund SPC (in Official Liquidation), SG Strategic Income Ltd. (in Official Liquidation), Sports Aficionados Ltd. (in Official Liquidation), Vanguardia Group Inc. (in Official Liquidation), and Michael Pearson, as Liquidator of Sentinel Mandate and Escrow Ltd. (in Liquidation), Vanguardia Holdings Ltd. (in Liquidation), Spyglass Investment Management Ltd. (in Liquidation), North Pointe Holdings (BVI) Ltd. (in Liquidation), Biscayne Capital Holdings Limited (in Creditor Voluntary Liquidation), and Biscayne Capital (B.V.I.) Ltd. (in Liquidation) v. Deutsche Bank AG, Deutsche Bank AG (London Branch), Deutsche Bank Luxembourg S.A., Deutsche Bank AG (New York Branch), Deutsche Bank Switzerland, Deutsche Bank Trust Companies Americas at the U. S. District Court for the Southern District of Florida.

Scopia Windmill Fund LP et al v. EQT Corporation et al: Class Action Complaint

Class Action Complaint alleging securities fraud in Scopia Windmill Fund LP, of Delaware; Scopia PX LLC, of Delaware; Scopia PX International Master Fund LP, of Bermuda; Scopia Partners LLC, of Delaware; Scopia LB LLC, of Delaware; Scopia LB International Master Fund LP, of Bermuda; Scopia International Master Fund LP, of Bermuda; Scopia Long QP LLC, of Delaware; Scopia Long LLC, of Delaware; Scopia Long International Master Fund LP, of Bermuda v. EQT Corporation, Steven T. Schlotterbeck, Robert J. McNally, David L. Porges, and David E. Schlosser, Jr. at the U. S. District Court for the Western District of Pennsylvania.

Capstone Capital Group LLC et al v. dck worldwide holdings Inc. et al: Complaint

Complaint in Capstone Capital Group LLC, Capstone Business Funding, LLC, and Capstone Credit, LLC, which claim to be owed $71 million v. dck worldwide holdings, Inc., DCK Worldwide, LLC, DCK North America LLC, DCK International LLC, DCK International SKN Limited, DCK California Construction, Inc., James Todman Construction (SPV) Limited, DCK Building Solutions Jamaica Limited, DCK Pacific Region, LLC, DCK Pacific Construction, LLC, dck Jamaica, LLC, DCK Carribbean Holding, Ltd., DCK Bermuda, Ltd., DCK/Bird Group, LLC, DCK Antigua Limited, Arena Investors, L. P., Arena Limited SPV, LLC, Daniel Zwirn, Andre Fang, Vincent DeVito, Jeff Hoopes, Purlin 2, LLC, and Liberty Mutual Insurance Company at the Supreme Court of the State of New York, County of New York.

Hudson Transport Real Asset Master Fund LP et al v. Ares Management LLC et al: Complaint

Complaint for damages of "not less than $14.279 million"alleging "a sham foreclosure sale of a fleet of ten Boeing 737-800 aircraft that was designed by Defendants to deprive Plaintiffs of any recovery and allow an affiliate of Ares Management's parent company to obtain the collateral at a $50,000,000 discount to its recently appraised market value" in Hudson Transport Real Asset Master Fund LP, of Bermuda; CVI AA Cayman Securities LP, CVI AV Cayman Securities LP, CVIC Cayman Securities Ltd., CarVal GCF Cayman Securities Ltd., CVI CVF VI Cayman Securities Ltd., CVI CVF V Cayman Securities Ltd., and CarVal CCF Cayman Securities Ltd., all of the Cayman Islands v. Ares Management LLC, of Delaware; ASOF Holdings I, L.P., of Delaware; ACOF VI Holdings, L.P., of Delaware; Vmo Aircraft Leasing, LP, of Delaware; Vmo Aircraft Leasing Holdings (Cayman), LP, of the Cayman Islands, and Wilmington Trust Company, of Delaware, at the Supreme Court of the State of New York, County of New York.

Thomas Doctoroff v. Crown Global Life Insurance Ltd. et al: Ruling

Ruling denying summary judgment against Crown Global Life Insurance and granting summary judgment for $1.7 million against the other defendants regarding investments in the Mauritius-based Belvedere Management Group in Thomas Doctoroff, of New York, USA v. Crown Global Life Insurance Ltd., of Bermuda; Paul Gambles, of Thailand; MBMG Investment Advisory Company Ltd., of Thailand; MBMG Group Singapore Pte, of Singapore; MBMG International Custodians Ltd., of the British Virgin Islands; MBMG Asset Management Limited, of Mauritius, and Garmor Asset Management Ltd., of Mauritius, at Bermuda Supreme Court.

Priosma Ltd.: License Revocation

Public Notice by the Bermuda Monetary Authority that it has cancelled the insurance broker registration of Priosma Ltd. for regulatory breaches. Editor's Note: Research by OffshoreAlert showed that, in the Directors Register maintained by the Government of Bermuda, the directors of Priosma Ltd. are identified as Graham McKean, of Kent, England, and Mark D. Terrey, of Bermuda.

Matthew Loughran v. Uulala Inc.: Complaint

Complaint for $9,915 in Matthew Loughran v. Uulala Inc., a California-based company that is part of a group that was the first applicant to be approved for an Initial Coin Offering in Bermuda, at the Superior Court of California, County of Sacramento.

PB Life and Annuity Co. Ltd. v. Erie Properties LLC et al: Complaint

Complaint in John Johnston and Rachelle Frisby, as Joint Provisional Liquidators of PB Life and Annuity Co. Ltd., of Bermuda v. Erie Properties LLC, Global Growth, formerly Eli Global LLC; Greg E. Lindberg, and Century 21 Riverstone at the U. S. Bankruptcy Court for the Southern District of New York.

SEC v. BTIG LLC: Complaint

Complaint alleging "misconduct" involving an unidentified "hedge fund" that is "organized under the laws of Bermuda and headquartered in Toronto, Canada" in U. S. Securities and Exchange Commission v. BTIG LLC, described as a broker-dealer based in San Francisco, California, at the U. S. District Court for the Southern District of New York.

Madison Asset LLC v. Deutsche Bank AG: Second Amended Complaint

Second Amended Complaint "against Deutsche for its role in aiding a fraudulent trading scheme orchestrated by Madison's former principals and principals of related entities between 2014 and 2017 that caused Madison to suffer more than $200 million in damages" in Martin Trott and Christopher Smith, as Joint Official Liquidators of Madison Asset LLC (in Official Liquidation), of the Cayman Islands v. Deutsche Bank AG, of New York, at the U. S. District Court for the Southern District of New York.