United Arab Emirates

Dubai takes action over ‘unauthorized’ promotion of Cayman-domiciled fund

Regulators in Dubai have taken action against a British national for promoting a Cayman Islands-domiciled, Iran-focused investment fund in the jurisdiction without authorization.The Dubai Financial Services Authority has accepted an enforceable undertaking from Rupert Neil Bumfrey, 52, concerning his activities in the Dubai International Financial Centre.

Insider Talking: October 11, 2007

The U. S. Commodity Futures Trading Commission has announced that its Division of Enforcement was awarded “a record total of more than $540 million in civil monetary penalties, restitution, and disgorgement from respondents and defendants in actions involving fraud, manipulation, and other misconduct” for its fiscal year ended September 30, 2007; In other regulatory news, here's a list of actions taken recently by regulators in offshore financial centers; and Microsoft Corp. has become the latest big company to sue a business, purportedly domiciled in the Cayman Islands, that registers and warehouses domain names that are confusingly similar to registered Trademarks of established enterprises.

Joseph P. LaSala, et al v. Bank of Cyprus: Complaint

Complaint in Joseph P. LaSala and Fred S. Zeidman, as Co-Trustees of the AremisSoft Corporation Liquidating Trust, v. Bank of Cyprus at the U. S. District Court for the Southern District of New York.

Newt Utopia: St. Kitts & Drug Trafficking

St. Kitts: Noel Heath and Glenroy Matthew finally extradited to USA; Costa Rica: New tax bill on its way to becoming law; Anguilla: New laws passed dealing with insurance, protected cell companies and mutual funds; Dubai: Dubai International Financial Centre issues first hedge fund license.

Norwegian ‘fraud victims’ seek evidence from NY attorney

Forty-six Norwegian parties are seeking evidence from a New York attorney as part of an attempt to recover millions of dollars allegedly defrauded from them in an investment scam.They filed a motion for the issuance of letters rogatory at the U. S. District Court for the Eastern District of New York, in Brooklyn, on November 18, 2005.

Newt Utopia: The tale of Jawad Mahmoud Hashim

Jawad Mahmoud Hashim has a doctorate in Economics from the London School of Economics and, by all accounts, he is a smooth and very sophisticated individual who has kept his head while many around him lost theirs.

France: Jean-Pierre Chariou et al

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in France into Jean-Pierre Chariou and others for the alleged production and circulation of counterfeit currency.

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.

United Kingdom: Stephen Anthony Trutch et al

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the United Kingdom into alleged fraud, money laundering and perjury concerning Stephen Anthony Trutch and Jeanne Mary Trutch.