Investment

Article based on an application for an order appointing a Commissioner to collect evidence - pursuant to a request for judicial assistance from the Netherlands - that was filed at federal court in the USA on November 13, 2006. Individuals and businesses mentioned in the request for assistance include Dan Owen Erickson, Jacobus Johannes Broekhuis, Woonzeker Hypotheken BV, and Triple Plus GmbH.

A Bermuda-domiciled hedge fund is being sued by the United States Securities and Exchange Commission for an alleged $6.5 million securities fraud. The complaint against the Gryphon hedge fund group was filed at the U. S. District Court for the Southern District of New York on December 12, 2006.

A Colorado-based financial institution that promotes itself as the first ‘offshore bank' in the United States is living up to its billing - by becoming involved in controversy. American International Holding LLC, d.b.a. American International Depository & Trust, has only been in business since 2003 but has already been sued twice at U. S. federal courts.

Regulation D Securities Filing with the U. S. Securities and Exchange Commission by Caribbean Sustainable Fisheries Corporation.

U. S. Government's Trial Memorandum in USA v. Ali A. Yawar at the U. S. District Court for the Central District of California.

The Ontario Securities Commission has ordered a suspected fraudster and his associates to stop selling offshore investment products that have raised more than C$23 million from investors over the last five years.Peter Sabourin, a former school janitor, and his Sabourin and Sun group offered investors annual returns of up to 22%, according to the Commission.

Agreed Final Judgment in Cantania Investments Ltd., Alto Holdings, Ltd., Whimster Nield & Co., Ltd., Weril Investments, Ltd., Doug Pflaum, Rajish Mohan, Luxor Ltd., Michael Kuglitch, Kensington Investments Ltd., Kiyo Chen, Jaime Vicente, Jack Borno, Peter Crealy, Arnold Ames, Nancy Ames, Biltmore Industries, Ltd., Brunel Investments, Ltd., Buckingham Management, Ltd., Calico Management, Ltd., Camden Investments, Ltd., Cuzco Holdings, Ltd., Enclave Holdings, Ltd., Epic Mines, Ltd., Flagstaff Investments, Ltd., G&J, Ltd., Galicia Management, Ltd., Galino Resources, Ltd., Genisis Investments, Ltd., Ben Hansel, Hartford Holdings, Ltd., Hastings Resources, Ltd., Infinity 2000 Ltd., Michael Kelly, Kingsbury Management, Ltd., Lancaster Capital Holdings, Ltd., M&S Trust Company Limited, Midhurst Industries, Ltd., Moonlight Management, Ltd., Morse Systems, Ltd., Navva NV, Nevada Capital Ltd., David Nickerson, Dianne O'Neill, Panther Industries, Ltd., Isabelle Perreault, Lise Pineau, Gaston Perreault, Pinehurst Resources, Ltd., Rochester Holdings, Ltd., Sirocco, Ltd., Sleepy Hollow Holdings, Ltd., Walter Stern, Talbot Consulting International Ltd., Tyrone Resources, Ltd., Zed, Ltd. v. Atlas Financial Group Ltd., Atlas Trust and KPMG LLP at the District Court for the 164th Judicial District, Harris County, Texas.

Public Notice by the Cayman Islands Monetary Authority announcing the liquidation of Amerindo Internet Growth Fund Ltd.

The legal version of ‘Pirates of the Caribbean' is being played out in a Florida court case involving a Bahamas studio where scenes from two movies of the same name were shot. Among the cast of characters is a Bermuda Stock Exchange-listed company, a British Virgin Islands shell company that operates as an “underwriting” vehicle; a dubious Nevis-based insurer that is facing liquidation in a separate, unrelated action; and a Florida attorney who is currently suspended from practicing law for allegedly misappropriating client funds.

A Toronto-based group controlled by a former janitor that specialized in helping Canadians move their money offshore has collapsed owing more than US$10 million to at least 25 creditors.Details are contained in court filings at the Ontario Superior Court of Justice, where Sabourin and Sun is in litigation with Judith Laiken, an elderly client who claims to have been defrauded.

Grenada authorities have turned down the offer of a video tape showing their Prime Minister receiving a $500,000 cash ‘bribe' from investment fraudster Eric Resteiner, OffshoreAlert can reveal.They were notified more than 12 months ago by Resteiner's attorney, John Amabile, that a copy of the six-year-old tape still existed and that it could be obtained through a formal request for assistance to the authorities in the United States, where Resteiner is in custody awaiting sentencing for seven counts of mail and wire fraud to which he pleaded guilty earlier this year at the U. S. District Court for the District of Massachusetts.

Article based on an application to collect evidence for a criminal investigation into alleged investment fraud - pursuant to a request for judicial assistance from the Netherlands - that was filed at federal court in the USA on November 13, 2006. Individuals and businesses mentioned in the request for assistance include Dan Owen Erickson, Jacobus Johannes Broekhuis, Woonzeker Hypotheken B.V., and Triple Plus GmbH.

A civil complaint alleging securities fraud has been brought against three former senior officers of the Bermuda based RenaissanceRe insurance group by the United States Securities and Exchange Commission.The action was filed at the U. S. District Court for the

A former director of a fraudulently operated, offshore stock broker has agreed to pay US$74,000 - purportedly 75% of his total assets - to settle a civil complaint brought by the firm's liquidators.As part of his settlement agreement, James Fontanetta

Final Judgment in U. S. Securities and Exchange Commission v. Andrew Joseph Zahn at the U. S. District Court for the Northern District of Illinois.

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the Netherlands into Jacobus Johannes Broekhuis and others for alleged fraud involving Woonzeker Hypotheken BV and Triple Plus GmbH.

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the Netherlands into Jacobus Johannes Broekhuis and others for alleged investment fraud regarding Woonzeker Hypotheken BV and Triple Plus GmbH.

Investors in a failed Bahamas based investment fund have secured a $3.8 million settlement of a civil complaint filed in the United States against the Fund's liquidator and its former banker.Under the terms of the settlement, investors in MJ Select

The share price of Max Re Capital Ltd. has been largely unaffected by the resignation of the company's Chairman and CEO, Robert Cooney, and negative news about an internal investigation into possible accounting irregularities. In the first day of trading

Iranian businessman Mohamad Harajchi and his son, Michel, whose family's scandal plagued offshore bank was closed down by Bahamas regulators in 2001, are back in the financial services business, OffshoreAlert can disclose.They are involved with a Bahamas based business called

The cold reality of life behind bars has persuaded former offshore banker Paul Morgan Jones to start turning over his assets to the Receiver of Cash 4 Titles, which perpetrated one of the biggest Ponzi schemes in history, operating from

The Bank of Cyprus is being sued for $40 million in damages concerning services it provided to an accused fraudster.A civil complaint was filed against the bank at the U. S. District Court for the Southern District of New York

A senior officer with the Bahamas based Banakor Swisse financial group has been criminally charged with fraud in his native Canada concerning an alleged high yield investment scam.Ted Chadwick, a 77 year old Canadian national residing in Beeton, Ontario, was

A 51 year old German national misappropriated approximately 4.6 million Euros (US$5.86 million) in an investment scam, it has been alleged.Details are contained in an application for the appointment of a Commissioner to collect evidence - pursuant to a request

Consent of Andrew Zahn to Entry of Final Judgment in U. S. Securities and Exchange Commission v. Andrew Joseph Zahn at the U. S. District Court for the Northern District of Illinois.

Defendant's Sentencing Memorandum in USA v. Eric Resteiner at the U. S. District Court for the District of Massachusetts.

Indictment in USA v. Phillip Bennett and Robert Trosten at the U. S. District Court for the Southern District of New York.

Despite taking Bermuda-based broker AlphaStar Insurance Group public in a $50 million IPO and being its biggest shareholder during an astonishing crime spree that caused losses estimated at more than $1 billion to the world insurance markets, Goldman Sachs is not accepting any responsibility for what happened.In fact, the actions of its two directors on AlphaStar's board, Reuben Jeffery III and Jean de Pourtales, were “a textbook illustration” of how to govern a company, according to Goldman's motion to dismiss the action on September 15, 2006.

Application for the appointment of a Commissioner to collect evidence from Turnberry Bank - pursuant to a request for judicial assistance from Germany - for a criminal investigation into Josef Muller, a.k.a. Leon Deane, for suspected investment fraud.

The liquidators of offshore stockbroker SEGOES Services Ltd. have obtained a court judgment for US$3.9 million against the firm's principal director, John Kaweske, Jr. “This decision brings the total amount of judgments against Mr. Kaweske and related parties, including his

The Serious Fraud Office in the United Kingdom has asked for records from a United States bank that was allegedly used to launder the proceeds of investment fraud by insiders at a now defunct offshore banking and mutual fund group.

Company Announcement by Liongate SPC regarding a questionable $254 million related-party arrangement and resignation of the Fund's administrator.

Application for the appointment of a Commissioner to collect evidence for a criminal investigation into Jared Brook, Lincoln Fraser and others for alleged investment fraud involving the Imperial Consolidated Group.

The head of an offshore financial services group said he is selling his group and “retiring” from the business after being asked about his criminal record by OffshoreAlert.Timothy von Kaay, a 40 year old Canadian national and resident of Ontario,

A U. S. based intelligence firm agreed to pay $1.7 million in damages to settle an allegation that it corrupted a Bermuda government investigation into a local mutual fund, OffshoreAlert can reveal.Two sources have confirmed the size of the payment

Norway has requested information about an Arizona corporation for use in a criminal investigation into alleged fraud and breach of trust. Details are contained in an application for the appointment of a Commisioner to collect evidence - pursuant to a

Revocation of the Securities Investment Business License of Pacific World Fund Manager Limited by the Cayman Islands Monetary Authority.

A former offshore banker was taken into custody in the United States yesterday and an arrest warrant was issued for his Caribbean based former business partner after they were held in contempt of court. In addition, an order has been

Libel complaint filed by Kevin Hamilton against KYC News, Inc. and David Marchant at Ontario Superior Court of Justice, Canada.

Two former offshore bankers have been ordered to appear before a United States federal court in Illinois on August 31, 2006 to explain how they intend to pay a financial penalty of $7.2 million.If David Pollock and Paul Jones fail to show up, warrants for their arrest will be issued for contempt of court, stated U. S. District Judge Ronald A. Guzman in a judgment on August 3. Both are U. S. citizens, with Pollock currently residing in St. Lucia and Jones, a former bank examiner for the state of Ohio, living in Cape Coral, Florida, according to court records.

Complaint in Cobalt Multifamily Investors I, LLC, Cobalt Multifamily Co. I, LLC, Cobalt Capital Funding, LLC, and Vail Mountain Trust v. Lisa Arden, Jason Block, Ryan Bellina, Wyman Bethea, Jeff Broome, Brandon Cohen, Steven Cohen, Comvest Financial Corp., Brigham Coombs, Susan DeSienna, DTA Holdings Ltd., John Dundon, Thomas Dzwilewski, Michael Eisemann, Equitrade Holdings Inc., David Farhi, Ruben Forte, Terrence Gray, Maureen Heffernan, Kris Howard, John Jefferson, Susan Kagan, Fareah Khan, H. Stephen Kirschner, David Kirschner, Alex Korick, Michael J. Kwon, Arthur Landsman, Jason Miller, Alexander Mitzner, Sam Nakhleh, Ralph Rodriguez, Diane Santulli, Devorah Shalev, Adam J. Stein, Brett Stitsky, Jared Stitsky, Adam Swickle, The Wiser Now Corp., Anthony Torricelli, Greg Weinstein, Jennifer Wilkov, and Nathan Youngs at the U. S. District Court for the Southern District of New York.

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Hong Kong into Mike Chiang Kwee Seng and others for alleged fraud regarding 'The Landinvestor Society'.

Criminal Indictment in USA v. Charles Nolon Bush at the U. S. District Court for the Western District of Washington.

An offshore insurer whose directors include former Chairman of the Cayman Islands Monetary Authority Michael Austin may have been used to help an American family worth billions of dollars break U. S. tax, securities and money laundering laws.The allegations were

A class action lawsuit alleging securities violations has been filed in the United States against an offshore reinsurer whose directors include former Chairman of the Cayman Islands Monetary Authority Michael AustinIt was brought at the U. S. District Court for the Southern District of New York on August 2, 2006 - just two days after the share price of Bermuda-based life reinsurer Scottish Re Group Ltd. fell by 75% from $16 to $3.99 on the New York Stock Exchange in one trading day.

RenaissanceRe has offered to pay $15 million to settle an investigation by the United States Securities and Exchange Commission into the firm's restatement of its financial results for 2001, 2002 and 2003.“Pursuant to the offer of settlement, which the SEC staff has indicated that it will recommend to the SEC Commissioners, the Company will consent, without admitting or denying any wrongdoing, to entry of a final judgment enjoining future violations of certain provisions of the federal securities laws and ordering the Company to pay disgorgement of $1 and a civil penalty of $15 million,” RenRe announced in a news release on July 31, 2006.

Bahamas-based attorney Anthony Thompson has emerged as a key player in another securities scheme by a group whose allegedly fraudulent activities were exposed in the previous edition of OffshoreAlert. Thompson is the sole officer and director of two offshore companies that beneficially own 43.8% of the common stock of Reliant Home Warranty Corporation, a Florida-registered, Canada-based “mortgage banking” firm whose shares are currently trading for six cents each on the Over-The-Counter Bulletin Board in the United States.

An offshore financial services group that wound down its Bahamas-based business following legal action by the United States Government has resurfaced in Panama and England under a new name.Prosper International League Limited, widely known as PILL, has dismantled its web-site at www.pill.net and morphed into Alliance Asset Management, which has a site at www.allianceasset.com.

The Bank of Bermuda was a “key financial institution” in a scheme that allowed the billionaire founders of Bermuda-based life reinsurer Scottish Re Group Ltd. to avoid tens of millions of dollars in taxes and possibly break securities and anti-money laundering laws in the United States, it has been claimed.

A class action lawsuit alleging securities violations has been filed in the United States against Bermuda-based life annuity reinsurer Scottish Re Group Ltd.It was brought at the U. S. District Court for the Southern District of New York on August 2, 2006 - just two days after Scottish Re's share price fell by 75% from $16 to $3.99 on the New York Stock Exchange in one trading day.