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.
COLOMBIA: Secondary mortgage firm; COSTA RICA: Brotherly love; MEXICO: "Towelgate"; PANAMA: Ocean Disgrace I; PERU: Montesinos saga continues; and REGIONAL: Black market peso brokers; US bank downsizes in Latin America.
ARGENTINA: Trouble in Aerolineas Argentinas; ARGENTINA & BRAZIL: Brazil and Argentina to renegotiate Mercosur Tariff Policy; PANAMA: New controversy in Panama's Maritime Authority; PERU: Alejandro Toledo wins election; REGIONAL: Andean community improves position in South Florida; VENEZUELA: Court ruling causes alarm for journalists.
Three businessmen have been criminally indicted in the United States for allegedly stealing $27.7 million from British Virgin Islands-registered mutual fund Evergreen Security Ltd.William J. Zylka, James P. Conroy and Martin W. Boelens Jr. were each charged with two or more counts of Grand Larceny at the Supreme Court of the State of New York on June 7, 2001.
A Grenada-registered bank that is operated from St. Vincent without a license is being sued for alleged fraud in the United States.DIAK Bank and one of its directors, Kenneth R. Lagonia, are both defendants in a lawsuit filed at the US District Court for the District of Montana on January 17, 2001.
Costa Rica-registered Elfindepan S. A., which, inter alia, provides debit card services to Nevis-based Liberty International Bank & Trust, has been held in civil contempt of court in the United States. Co-defendants Southern Financial Group and Tracy Calvin Dunlap Jr. were also held in contempt of court in a ruling issued on March 15, 2001 at the U. S. District Court for the Middle District of North Carolina.
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.
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.
Midasco Gold Corp's dubious offshore private placement participants, Turks & Caicos Islands regulator issues warning against Orion Bank & Trust, Canadian lawsuit filed against Bermuda-based investment firm GulfStream Financial Ltd., prospectus for Bermuda Money Funds identifies long-deceased Bermudian attorney as its chairman, Better Business Bureau in Costa Rica angered by Harris Organization's false claim to be a member, New Utopia scam keeps going and going, superseding indictment brought against Nevis-based offshore provider Robin Cotterell.
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.
There are increasing indications that The Harris Organization financial services group of Panama is edging closer to collapse. Several of the group's clients have contacted Offshore Alert recently to complain that their requests to redeem all or part of their investments have been ignored.
A criminal lawsuit has been filed against the head of the Costa Rica office of The Harris Organization financial services group after an elderly US investor claims she was unable to redeem her investment. Floyce Capmany, 72, who lives in Nevada, claims she is still owed $37,668 of a $70,000 investment she made through The Harris Organization's sales office in Costa Rica in 1998.
The Harris Organization's $30 million libel action against Offshore Business News & Research, Inc. and its principal, David Marchant, is scheduled to go to trial in May of this year at the Federal District Court for the Southern District of Florida (Miami).
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.
Indictment by USA against William A. Kilpatrick, Michael Alberga, Declan O'Donnell, John Pettingill, Sheila Lerner, CS Gill, CM Smith and The Bank of Nova Scotia for allegedly participating in a tax shelter fraud.