USA v. Benjamin Delo: ‘Surrender & Bail’ Letter

    Letter on behalf of Benjamin Delo regarding his surrender and bail in USA v. Benjamin Delo, described as a citizen of the United Kingdom and Grenada residing in Hong Kong, at the U. S. District Court for the Southern District of New York, where he was indicted for alleged violations of the Bank Secrecy Act regarding a "cryptocurrency derivatives trading platform" known as BitMEX.

    Dorset Charles v. Reynold Benjamin: Judgment

    Judgment against lawyer Reynold Benjamin for failing to pass on to his client any of the $100,000 that he collected from the Grenada Government as partial payment of a $1.6 million judgment in Dorset Charles v. Reynold C. Benjamin, a lawyer trading as R.C. Benjamin & Co., at Grenada High Court.

    USA v. Alexandre Cazes et al: Forfeiture Complaint

    Forfeiture Complaint in USA v. Assets held at Loyal Bank Limited, of Saint Vincent and the Grenadines, and Siam Commercial Bank, of Thailand, in the names of ACE Guide Holdings Limited and/or Alexandre Cazes, a.k.a. Alexander Cazes, a Canadian who allegedly operated an "illegal marketplace" known as AlphaBay, filed at the U. S. District Court for the Eastern District of California.

    VEON Ltd. v. Bank of New York Mellon Corp. et al: Discovery Application

    Ex Parte Application by VEON Ltd., formerly VimpelCom Ltd., to take discovery from The Bank of New York Mellon Corporation, JPMorgan Chase, N.A., Deutsche Bank Trust Co. Americas, Bank of China, Barclays Bank Plc, BNP Paribas USA, Citibank NA, The Clearing House Payments Company LLC, Commerzbank AG, HSBC Bank USA, NA, Société Générale SA, Standard Chartered Bank USA, UBS AG, Wells Fargo Bank, NA, Beltone Financial USA, LLC, and Auerbach Grayson and Company, LLC for use in proceedings in England, Malta, and the Cayman Islands, filed at the U. S. District Court for the Southern District of New York.

    USA v. Jeffrey Webb et al: Criminal Indictment

    Indictment in USA v. Jeffrey Webb, Eduardo Li, Julio Rocha, Costas Takkas, Jack Warner, Eugenio Figueredo, Rafael Esquivel, Jose Maria Marin, Nicolas Leoz, Alejandro Burzaco, Aaron Davidson, Hugo Jinkis, Mariano Jinkis, and Jose Margulies, a.k.a. Jose Lazaro, at the U. S. District Court for the Eastern District of New York.

    Sen. Carl Levin Letter: Closing 10 Offshore Tax Loopholes

    Letter about closing offshore ten tax loopholes from Senator Carl Levin to Senator Harry Reid, Senator Mitch McConnell, Senator Dick Durbin, Senator Jon Kyl, Senator Kent Conrad, Senator Saxby Chambliss, Senator Mark Warner, Senator Mike Crapo, Senator Tom Coburn, Senator Michael Bennet, Senator Mike Johanns, Senator John McCain, Senator Jeanne Shaheen, Senator Lindsey Graham, Senator Sheldon Whitehouse, Senator Kelly Ayotte, Honorable Timothy Geithner, Secretary of the Treasury; Gene Sperling, Director, National Economic Council, dated October 5, 2012.

    Prosecution of Wegelin & Co. is good for the offshore world

    If the U. S. Government's allegations against Switzerland's oldest private bank, Wegelin & Co., are true, i.e. that the bank actively encouraged and helped U. S. taxpayers conceal their assets from the IRS and, it would be logical to assume, their other creditors and victims, the bank represents the worst of the offshore world and it would be convincing evidence that the bank's managers at the time of the conduct were talentless morons.

    Insider Talking: August 26, 2010

    Litigation that has been taking place in Florida over the last 22 months on behalf of victims of various get rich quick investment schemes that substantially targeted Jamaican nationals or their descendants in the Caribbean and the United States is

    British American Insurance Company Ltd.: Chapter 15 Petition

    Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the Bahamas by Juan Lopez, a.k.a. John Lopez, as the Foreign Representative of British American Insurance Company Limited, at the U. S. Bankruptcy Court for the Southern District of Florida.

    Insider Talking: January 12, 2009

    A hedge fund group that has long been on OffshoreAlert's watch list amended its registration of securities totaling $459 million with the US Securities and Exchange Commission on January 8, 2009 to include updated performance and other financial information. For

    Investors scramble to recover up to US$1 billion as Caribbean Forex scams collapse

    An epidemic of investment fraud is causing financial misery to victims who appear to be predominantly Caribbean residents and Caribbean expatriates living in the United States.Tens of thousands of investors are believed to have invested between US$650 million and US$1 billion over the last five years in more than two dozen unlicensed schemes, many of which promised returns of between 6% and 25% per month.

    The United States continues to mop up Grenada’s offshore mess

    Verlin D. Swartzendruber, 66, became the latest person suspected of perpetrating an investment fraud through a Grenada-domiciled company to appear before a federal judge in the United States. Swartzendruber, a.k.a. Joseph Severin, was arrested in Texas on June 26, 2008 - 19 months after a warrant for his arrest was issued at the U. S. District Court for the District of North Dakota.

    Insider Talking: July 2, 2008

    In another example of the extraordinary inability of Grenada to oversee and regulate its banking industry in anything other than a manner that appears to be suspiciously incompetent to many in the outside world, a local judge has vacated  the appointment of a Receiver for a local bank, Capital Bank International, on a technicality, notwithstanding overwhelming evidence that it is hopelessly insolvent and awash with financial irregularities and improprieties, and Grenada's Director of Public Prosecutions has dropped fraud charges against the bank's controlling shareholder and CEO, Finton DeBourg, only a few weeks after he was charged; Cayman Islands Monetary Authority Chairman Tim Ridley has warned local directors that they may face an increased risk of being served with subpoenas while traveling in the United States in the coming months, such is the political climate in the U. S.; A federal court in Pensacola, Florida has entered a preliminary injunction barring Pinnacle Quest International and its principals from publicizing tax fraud schemes that have been promoted to customers throughout the United States, the U. S. Department of Justice announced on May 16, 2008; and Mark Watson, CEO of Argo Group International Holdings Ltd., was the highest-compensated executive officer of any Bermuda-based, publicly-listed insurer in 2007, receiving a package valued at $15 million, according to a compensation review conducted by OffshoreAlert's sister newsletter, InsideBermuda.

    One former Grenada ‘banker’ gets 11 years, another is declared mentally incompetent

    A mortgage broker in Wisconsin and a dentist in Nebraska have become the latest perpetrators of Grenada-based offshore financial scams to be dealt with by the U. S. legal system.First, Daniel Thomas TePoel, 57, a resident of Barnes, Wisconsin, was sentenced to 136 months in prison and ordered to pay $775,000 in restitution at the U. S. District Court for the Western District of Wisconsin on June 4, 2008 - less than three months after a jury found him guilty of one count of conspiracy to commit fraud, four counts of mail fraud, two counts of wire fraud, and one count of filing a false statement.

    Insider Talking: June 5, 2008

    Six years after its offshore financial services sector collapsed under the weight of fraudulent banking and investment schemes by the private and public sector that cheated foreign investors collectively out of hundreds of millions of dollars, the island of Grenada is preparing to re-enter the OFC market, notwithstanding its reputation as one of the most corrupt, dishonest and poorly-managed countries in the Caribbean; and Meanwhile, as Grenada looks into re-launching its offshore banking industry, it is in the grip of a major scandal involving one of its local banks, Capital Bank International, which went into receivership on February 14, 2008 amid allegations of fraud and insolvency.

    Insider Talking: March 10, 2008

    A state-owned bank in Taiwan has obtained a $25.1 million default judgment over the Government of Grenada regarding unpaid loans, OffshoreAlert can disclose; Bahamian Samuel Knowles, 48, was found guilty on one count of conspiracy to import cocaine and one count of conspiracy to distribute cocaine by a jury at federal court in the USA on March 5, 2008; The forced closure by regulators of Colorado's sole remaining 'offshore bank', American Intercapital Depository Trust, on November 19, 2007 was confirmed on January 17, 2008 when no-one turned up to contest the regulatory action at a hearing before the Colorado Division of Banking; and Does anyone remember Alexandre Konanykhine?

    Another Grenada bank collapses in scandalous circumstances

    Long after the scandalous failures of all of Grenada's more than 40 offshore banks with heavy losses to depositors, one of the jurisdiction's local banks has gone the same route, the principal difference being that, this time, the victims will include locals, not just foreigners. Capital Bank International Ltd., which began operating as a bank in 1988, went into receivership by order of the Grenada High Court on February 15, 2008 following an application from the Minister of Finance, Keith Mitchell, who is also the country's Prime Minister. David Holukoff, the Grenada-based Managing Director of Kroll Associates UK Limited, was appointed Receiver.

    Insider Talking: January 4, 2008

    A public hearing is scheduled to be held before the Colorado Banking Board on January 17, 2008 at which a challenge will be heard to the "emergency order of involuntary liquidation and order for possession" that were entered by the Board on November 19, 2007 against the state's sole remaining offshore bank, American Intercapital Holding LLC., d.b.a. American Intercapital Depository & Trust, f.k.a. American International Depository & Trust; Grenada Prime Minister Keith Mitchell, along with his wife, Marietta Mitchell, was dismissed as a defendant in a civil action at the U. S. District Court for the Eastern District of New York on December 5, 2007 after all parties agreed that he is entitled to "head-of-state immunity"; Visitors to the "Warnings" page of a web-site operated by the Nevis Financial Services Regulation & Supervision Department will no longer see a warning that the regulatory agency issued on October 19, 2007 against Global Consultants and Services (Nevis) Limited; and The legal validity of Condor Insurance Limited's Amory-assisted continuance from St. Kitts to Nevis was challenged by Condor's principal, Harvey Milam, in a filing at the U. S. Bankruptcy Court for the Southern District of Mississippi on December 21, 2007.

    David Rowe becomes latest ex-Grenada offshore banker to admit fraud

    David Frank Rowe has become the latest in a long line of former principals of Grenada-licensed banks to admit his involvement in investment fraud in the United States. Rowe, 59, of Brandon, Mississippi, who was indicted as long ago as March 6, 2001, pleaded guilty to one count of wire fraud in a plea agreement at the U. S. District Court for the Northern District of California on December 11, 2007.

    Insider Talking: September 10, 2007

    A jury in Texas has awarded 41 investors clients damages of $8.8 million, plus annual interest of 8.25% backdated to December 12, 2002, against Atlas Financial Group Ltd. and Atlas Private Trust Ltd., which collapsed in the Turks and Caicos

    Offshore bank bribed regulators and Prime Minister, says ex-chief regulator

    Grenada's former chief offshore regulator, Michael Creft, has admitted that the fraudulently operated First International Bank of Grenada bribed regulators and Government members, including Prime Minister Keith Mitchell. Creft has also acknowledged that he committed perjury in support of FIBG's failed

    Ex-FIBG insiders receive prison terms in Oregon

    Eight years after their offshore scam was first exposed by OffshoreAlert, four former officers of the First International Bank of Grenada were sentenced yesterday to prison terms of between one-and-a-half and eight years.

    USA v. Rita Regale et al: USA’s Sentencing Memorandum

    USA's Sentencing Memorandum in USA v. Rita L. Regale, Douglas C. Ferguson, Robert J. Skirving, and Laurent E. Barnabe at the U. S. District Court for the District of Oregon. Editor's Note: This document is notable for its reference to testimony by Grenada's former chief financial services regulator, Michael Creft, in which he acknowledged bribery and corruption.

    Resteiner wants $5 m to turn-over ‘bribe’ video-tape, claims attorney

    Investment fraudster Eric Resteiner wants $5 million before he will turn over a video that allegedly shows him bribing Grenada Prime Minister Keith Mitchell, it has been claimed.Resteiner's apparent reason for demanding payment is that the release of the tape could put his safety at risk and the money will pay for a new identity and a security team when he completes an 87-month prison sentence in 2010.

    Grenada PM sued in US by victim of fraudster

    Grenada Prime Minister Keith Mitchell is being sued in the United States by a victim of conman Eric Resteiner, from whom Mitchell allegedly accepted at least $1 million in bribes.A civil complaint was filed against Mitchell, his wife, Marietta Mitchell, and Resteiner at the U. S. District Court for the Eastern District of New York on June 11, 2007. The sole cause of action is fraudulent transfer.

    Ex-Grenada diplomat sentenced to 87 months in prison for investment fraud

    Former Grenada diplomat Eric Resteiner has been sentenced to serve 87 months in prison and pay restitution of $34 million for carrying out an investment fraud. In accordance with a plea agreement reached with the 48-year-old conman 15 months earlier, prosecutors had only asked for a prison-term of 71 months but U. S. District Judge Nancy Gertner considered that to be “inadequate punishment”. 

    Another ex-Grenada offshore banker goes to prison in U. S.

    A United States national has been sentenced to 33 months in prison and fined $4.7 million for his role in a now defunct, fraudulently operated offshore bank on the Caribbean island of Grenada.The sentence was handed down to John Edward

    USA v. John Brinker: Judgment

    Judgment in a Criminal Case in USA v. John Brinker at the U. S. District Court for the Southern District of Ohio.

    Insider Talking: May 14, 2007

    Nearly three years after obtaining a default judgment for $44,143 against St. Kitts based offshore financial services provider M. Irvin BonCamper, MBNA America Bank NA has finally collected. Attorneys for MBNA acknowledged “full and complete satisfaction” of the judgment in

    FIBG trial averted as final defendants plead guilty

    The final two defendants in the criminal prosecution of five former officers and directors of the First International Bank of Grenada have pleaded guilty in the United States, thereby averting a trial into one of the most notorious offshore banking frauds in recent years.Douglas Christie Ferguson, 74, pleaded guilty to one count of conspiracy to commit money laundering and Laurent Barnabe, a 68-year-old Canadian national, pleaded guilty to two counts of money laundering at the U. S. District Court for the District of Oregon on March 19 and March 27, 2006, respectively. Ferguson's plea agreement carries a recommendation that he serve 52 months in prison, while Barnabe's recommended prison-term is six years.