Corporate Services

Conyers Bermuda HQ

Conyers fined $2.1M by Bermuda regulator for AML breaches

The Conyers legal and corporate services group, which is one of the offshore industry's biggest professional service providers, has been fined $2.1 million by the Bermuda Monetary Authority for failure to comply with anti-money laundering regulations and legal "obligations".

Elmo Pensions Ltd.: €1,800 Fine

Public Notice by the Malta Financial Services Authority that it has imposed a fine of €1,800 on Elmo Pensions Limited for regulatory breaches.

BDO Consult Ltd.: €61,763 Fine

Public Notice by the Malta Financial Intelligence Analysis Unit that it has imposed a fine of €61,763 on BDO Consult Limited for regulatory breaches.

N Trust Ltd.: €94,868 Fine

Public Notice by the Malta Financial Intelligence Analysis Unit that it has imposed a fine of €94,868 on N Trust Limited for regulatory breaches.

AlleyBe Ltd.: €500 Fine

Public Notice by the Malta Financial Services Authority that it has imposed a fine of €500 on AlleyBe Limited.

EMCS Ltd.: €500 Fine

Public Notice by the Malta Financial Services Authority that it has imposed a fine of €500 on EMCS Limited.

Cymaplus Malta Ltd.: €500 Fine

Public Notice by the Malta Financial Services Authority that it has imposed a fine of €500 on Cymaplus Malta Limited.

CSB International Ltd.: €3K Fine

Public Notice by the Malta Financial Services Authority that it has imposed a fine of €3,000 on CSB International Limited.

ECDP Malta Ltd.: €2K Fine

Public Notice by the Malta Financial Services Authority that it has imposed a fine of €2,000 on ECDP Malta Limited.

Business Serving Ltd.: $4.5K Fine

Public Notice by the Malta Financial Services Authority that it has imposed a fine of €4,500 on Business Serving Limited for regulatory breaches.

Felicitas Corporate Ltd.: €3,750 Fine

Public Notice by the Malta Financial Services Authority that it has imposed a fine of €3,750 on Felicitas Corporate Limited for a regulatory breach.
Stuart Brankin Profile

Circumference Group removes Stuart Brankin from website after $212M fraud allegation

Stuart Brankin appears to have left Cayman Islands corporate services provider Circumference FS after OffshoreAlert revealed allegations of fraud against one of their clients. All references to Brankin, including his name, photo, and profile, were removed from Circumference's website one day after we reported that Asia Momentum Fund, of which Brankin was a director and to which Circumference provided services, had been accused of swindling Malaysian citizens out of more than $212 million as part of a wider $4.5 billion fraud involving 1MDB.

‘Remove image of Stuart Brankin,’ writes Circumference Group

Letter from Charlotte Hoffman, Group General Counsel of corporate services provider Circumference, requesting the removal from an article of an image of Circumference employee Stuart Brankin, who was a director of a fund - Asia Momentum Fund - that had been accused in a lawsuit of swindling an investor out of $212 million as part of a wider $4.5 billion fraud against a Malaysian Government-operated company known as 1MDB. Brankin's image was "taken directly from our website without permission by us or by Mr. Brankin", wrote Hoffman, whose group provided various corporate services to Asia Momentum Fund.

Walkers Corporate Ltd. v. Cayman Islands Minister of Financial Services and Commerce et al: Originating Summons

Originating Summons in which a Cayman Islands corporate services provider plaintiff "seeks the determination of the Court as to the meaning and effect of Section 255 and Section 281 D of the Companies Act (2022 Revision)" in Walkers Corporate Limited v. The Minister of Financial Services and Commerce, The Registrar of Companies, and The Attorney General of the Cayman Islands at the Grand Court of the Cayman Islands.

Agir Luxembourg SA: €40K Fine

Public Notice by the Luxembourg CSSF that it has imposed a fine of €40,000 on PFS Agir Luxembourg S.A. for regulatory breaches.

McNamara Corporate Services Ltd.: $20K Fine

Public Notice by the British Virgin Islands Financial Services Commission that it has imposed a fine of $20,000 on McNamara Corporate Services Limited for regulatory breaches.

Robert Sinclair: £196K Fine & Industry Ban

Public Notice by the Guernsey Financial Services Commission that it has imposed a fine of £196,000 and disqualification on Robert Archibald Gilchrist Sinclair.

Conlegia Ltd.: €2.5K Fine

Public Notice by the Malta Financial Services Authority that it has imposed a fine of €2,500 on Conlegia Limited for a regulatory breach.

Amber Services (Malta) Ltd.: €500 Fine

Public Notice by the Malta Financial Services Authority that it has imposed a fine of €500 on Amber Services (Malta) Limited for a regulatory breach.

Acta Fidelia Ltd.: €6,150 Fine

Public Notice by the Malta Financial Services Authority that it has imposed a fine of €6,150 on Acta Fidelia Limited for regulatory breaches.

Family Office Malta Ltd.: €3,750 Fine

Public Notice by the Malta Financial Services Authority that it has imposed a fine of €3,750 on Family Office Malta Limited for a regulatory breach.

Hansard Ltd. et al: £398K Fines

Public Statement by the Guernsey Financial Services Commission that it has imposed fines totaling £398,300 on Hansard Limited, Andrew Neil Parr, Alan Peter Northmore, Philip Clive Blows, David Samuel Lloyd, and Lynn Giovinazzi for regulatory breaches.

Vistra (BVI) sued over audits of DC Solar’s “multi-billion-dollar fraud”

British Virgin Islands-based corporate services provider Vistra and accountant Indervir Basra, who works for the group in California, are being sued in the United States regarding audits of DC Solar, which collapsed after swindling investors out of an estimated $1 billion. The audits were allegedly conducted by a group that Vistra acquired just seven months before DC Solar's headquarters was raided by the FBI in December, 2018.

East West Bank et al v. Vistra (BVI) et al: Complaint

Complaint alleging aiding and abetting fraud, concealment, and negligence regarding the auditing of "a multi-billion-dollar fraud" by DC Solar Funds and DC Solar Solutions in East West Bank, East West Bancorp Inc., Progressive Casualty Insurance Company, GEICO Corporation, The Sherwin-Williams Company, People's United Bank NA, People's United Financial Inc., Adhi-Solar LLC, DV VNB Community Renewables Fund LLC, DV VNB Community Renewables Fund III LLC, and Pardee Solar 1 LLC v. Vistra Group Holdings (BVI) Limited, of the British Virgin Islands; Vistra Group Holdings (BVI) I Limited, of the British Virgin Islands, and Indervir Basra, of California, at the Superior Court of the State of California, County of Los Angeles.

Trevor Pace: €2K Fine

Public Notice by the Malta Financial Services Authority that it has imposed a fine of €2,000 on Trevor Pace for a regulatory breach.

Triglav Management Ltd.: €4.5K Fine

Public Notice by the Malta Financial Services Authority that it has imposed a fine of €4,500 on Triglav Management Ltd. for regulatory breaches.

W.J. Parnis England Ltd.: €2.5K Fine

Public Notice by the Malta Financial Services Authority that it has imposed a fine of €2,500 on W.J. Parnis England Ltd. for failure "to submit the Audited Financial Statements and Auditors’ Management Letter for the year ended 31 December 2019 within the regulatory deadline".

Solon Director (Malta) Ltd.: €2.5K Fine

Public Notice by the Malta Financial Services Authority that it has imposed a fine of €2,500 on Solon Director (Malta) Limited for a regulatory breach.

ACT Advisory Services Ltd.: €5.7K Fine

Public Notice by the Malta Financial Services Authority that it has imposed a fine of €5,700 on ACT Advisory Services Ltd. for regulatory breaches.
brett-armitage-stephen-corran

Bridgewater (IOM) Ltd.: £225K Fine & Disqualification of Directors

Public Statement by the Isle of Man Financial Services Authority that it has imposed a fine of £225,085 on financial services provider Bridgewater (IOM) Limited and disqualified Matthias Bolliger, Stephen Corran, and Brett Armitage as directors for regulatory breaches.

‘We’re appealing our fine and have surrendered our Malta license,’ writes Amagis Capital Services representative

Letter to OffshoreAlert from Andrea Vianelli, on behalf of Amagis Capital Services Ltd., stating that the company intends to appeal a fine of €2,500 that was imposed by the Malta Financial Services Authority for failure to submit its 2019 audited financial statements on time and that the firm has voluntarily surrendered its 'Company Services Providers' license.

Amagis Capital Services Ltd.: €2.5K Fine

Public Notice by the Malta Financial Services Authority that it has imposed a fine of €2,500 on Amagis Capital Services Ltd. for a regulatory breach.

Mare Services Ltd.: €500 Fine

Public Notice by the Malta Financial Services Authority that it has imposed a fine of €500 on Mare Services Limited.