Investment

Company Appointments for Puritan Holdings Limited - Obtained From Companies House for England and Wales on November 23, 2005.

First Amended Complaint in WCN/GAN Partners Ltd. vs. Charles Cathcart, Yuri Debevc, Bancroft Ventures Limited, Bryan Jeeves, and The Jeeves Group of Companies at the U. S. District Court for the District of Wyoming.

Antigua based Stanford International Bank Ltd. and a Miami affiliate are being sued in Florida by victims of an alleged investment scam known in Venezuela as ‘La Vuelta' (‘The Return').A civil complaint was filed at the U. S. District Court

Two British nationals have been charged with defrauding clients of companies in the Bahamas and England in a high yield investment scam.Shinder Gangar, 44, and Alan White, 47, were each charged with two counts of conspiracy to defraud at Leicester

U. S. federal prosecutors have secured convictions against 88% of the 56 people arrested three years ago in one of the biggest ever investigations into financial crime, known as Operation ‘Bermuda Short'.Forty five defendants pleaded guilty to securities fraud and

A Canadian national has been accused of misappropriating $1.6 million from an offshore investment brokerage in the Turks and Caicos Islands that he ran before being fired.The amount that Daniel Tremblay allegedly defrauded from his former employer, Noble Securities Holding

A Cayman Islands registered hedge fund is being sued by the SEC, which claims it helped to perpetrate a multi million dollar fraud.Wood River Partners Offshore, Ltd. was named as a defendant in a civil lawsuit filed at the U.

Article based on an application for the appointment of a Commissioner to collect evidence for a criminal investigation into alleged investment fraud - pursuant to a request for judicial assistance from Poland - that was filed at federal court in the USA on October 20, 2005. Individuals and businesses mentioned in the request for assistance include Piotr Osuch, a.k.a. Peter von Hochburg, a.k.a. Peter von Hochberg; Ian Francis Burns, Michael Kupfer, Harlan Polk, a.k.a. Hap Polk; William Gerald Gamble, Peter Shackleton, Bernard Hardingham, John Townley, Jo Arpino, Erwin Jess, William Long, John Daniel Deuter, Jennifer de Zerne, Robert Dean, Thomas Waples, Luiz Ferreira de Moraes, Bob Dean, David Grow, Rodolfo Oeshlin, Sondej Janusz, Wojcik Janusz, Wieslaw Binek, Czeslaw Adamski, Michal Lewinski, Grzegorz Dziedkinski, Edward Rogowski, Edward Rutkowski, Roland Lambregts, Mobin Shater Ghassem, Noel Collett, Romario De Souza Faria, Jerzy Lejman, Stanislaw Swaczyj, Lin Shih Kuang, Chen Chen-Ming, Geoffrey Busch, Hans Peter Wildrath, Frederico Antunes, Koncern Agro-Fruct, Credex International Limited, Multi-Color Investment Limited, White Horse Trust, Gold Beach Foundation Inc., KB Securities, Farianex, Full-Oil, Sherwood Group PTY Ltd., Swiss Realinvest AG, Multidevelopment Inc., Asset Investment Group Limited, United Collectors, Ambel Group Inc., ITT Group Ltd., Sogevalor, ING Bank Slaski Spolka Akcyjna, GE Capital Bank Spolka Akcyjna, Bank Pekao Spolka Akcyjna, Raiffeisen Bank Polska Spolka Akcyjna, Pictet & Cie Banquiers, Citibank, Banco Bilbao Vizcaya Argentaria, BBVA Bancomer, Bank of Albuquerque, JPMorgan Chase Bank, and Dresdner Bank.

First Amended Complaint in ABN AMRO, Inc. v. Capital International Limited, Eirles Four Limited, Deutsche Bank Aktiengesellschaft, Sarco Holdings, and Dhananjay (Dan) Hajela at the U. S. District Court for the Northern District of Illinois.

An analysis of Operation 'Bermuda Short', including which defendants were convicted or acquitted and length of sentences. These defendants were Serdar Kalaycioglu, Martin Chambers, Anthony Damato, Kevan Garner, Walter Dorow, Bruce Bertman, Michael Reiter, Geoffrey Gazda, James Cary Parrish, Jeffrey Senger, Melvin Levine, Jerry Poole, Charles Cini, Lawrence Gallo, Bruce Cowen, Daniel Charboneau, Thomas Steinbach, Gordon Novak, Harold Joliffe, Howard Kerbel, Greg Balk, Barry Berman, Vincent Barone, Dax Ross, David Rich, George Doumanis, Michael Puorro, Blair Valentine, Ray Hutchison, Frank Dickey Jr., Daniel Bender, Paul Lemmon, Bruce Biddick, John Purdy, Ronaldo Horvat, Mark Valentine, Joseph Huard Jr., Cris Sagnelli, Michael Vlahovic, Douglas Rasberry, Richard Greene, Tim Rice, Ashley Sosner, Andrew Proctor, Marshall Klein, Mario Turcotte, Sheldon Mickelson, Richard Carson, Dennis Epstein, Kenneth Liebscher, Michael Hepburn, Charles Arnold, Les Price, James Kelly, Justyn Feldman, Robert Wilder, and Paul deRome.

Judgment in a Criminal Case in USA v. Thomas E. McMurrain at the U. S. District Court for the Northern District of Georgia.

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Poland into Piotr Osuch, a.k.a. Peter von Hochburg, for alleged investment fraud, check forgery, and using a false passport and driver's license to obtain financing for real estate transactions.

A default judgment has been entered at the Grand Court of the Cayman Islands against one of the directors of failed offshore stock-broker SEGOES Services Ltd., according to the firm's liquidators.The judgment is against James Fontanetta “for his part in the failure to implement proper systems and controls and allowing assets of the Company to be misappropriated”, stated a press release issued by Kenneth Krys and Christopher Stride on October 13, 2005. “The amount of the judgment has not yet been quantified.

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the United Kingdom into alleged fraud and money laundering by Carnegie Fieldhouse and others.

Public Notice by the Cayman Islands Monetary Authority that MTU, Ltd. has been placed into liquidation.

Bahamas resident and former Grenada diplomat Viktor Kozeny faces extradition to the United States after being criminally indicted for a second time in New York.Kozeny, 42, and co-defendants David Pinkerton, 44, who was in charge of American International Group's private equity group, and Frederic Bourke Jr., 59, a private investor, have been accused of participating in a scheme to bribe senior government officials in Azerbaijan from 1997 to 1999 so they could gain control of a state-owned oil company during privatization.

Judgment in Smart Video Technologies, Inc. v. Rene Hamouth at the U. S. District Court for the Northern District of Georgia.

Renaissance Re announced on September 27 that it had received a “Wells Notice” from the staff of the U.S. Securities and Exchange Commission in connection with the SEC's ongoing investigation into the restatement of the firm's financial statements. “Under the

Seven Cayman Islands-registered investment funds are being sued in the United States for $4 million regarding the collapse of the Connecticut-based Bayou Group due to massive fraud.Bayou Offshore Fund A Ltd., Bayou Offshore Fund B Ltd., Bayou Offshore Fund C Ltd., Bayou Offshore Fund D Ltd., Bayou Offshore Fund E Ltd., Bayou Offshore Fund F Ltd., and Bayou Offshore Master Fund Ltd. are all defendants in a civil lawsuit that was filed at the U. S. District Court for the District of Connecticut on September 2, 2005 by the Jewish Federation of Metropolitan Chicago, a not for profit organization based in Chicago, Illinois.

Firms in the Bahamas, Bermuda, the Cayman Islands and Delaware have filed an Enron-related civil lawsuit against JP Morgan and Citigroup in which they are seeking damages of $452 million.That is the amount they lost from loans they issued to Enron after being duped into believing that the Texas-based energy firm was solvent, according to a complaint that was filed at the U. S. District Court for the Southern District of Texas on August 26, 2005.

Life just keeps getting worse for offshore financial services firm Lines Overseas Management Ltd., which is headquartered in Bermuda and also has offices in the Cayman Islands, the Bahamas, and England.In June, LOM became a defendant in another civil complaint in the United States, this one concerning a $140 million investment fraud for which LOM allegedly introduced investors and provided at least one account, despite regulatory warnings about the scheme and unsatisfied judgments against its masterminds, one of whom was already an undischarged bankrupt when LOM allegedly became involved.

Argus Global Equities Limited - Warning by Nevis Financial Services

International Depositors' Reinsurance Corporation (IDIC), Caralfan Group Limited and Caralfan International Bank, Global Currency Trust, and World Wide Trust - Warning by Nevis Financial Services

The High Court in the United Kingdom has issued an order freezing the world wide assets of Bill Godley, a former CEO with the Imperial Consolidated Group. It was entered on July 28, 2005 following an application by Imperial's administrators,

Indictment in USA v. Ian Anthony Scott and Bauduin Noel Antoon Hayen at the U. S. District Court for the Southern District of California.

Securities fraud complaint filed by the U. S. Securities and Exchange Commission against NJ Affordable Homes Corp. and Wayne Puff at the U. S. District Court for the District of New Jersey.

Press Release by RSM Cayman Islands - distributed by the Cayman Islands Monetary Authority - regarding the liquidation of SEGOES Services Ltd., f.k.a. SEGOES Securities Ltd.

Section 304 Petition for Assistance in Insolvency Proceedings in the Cayman Islands by Gordon MacRae and James Cleaver, as the Foreign Representatives of Bayou Offshore Master Fund Ltd., at the U. S. Bankruptcy Court for the District of Connecticut.

St. Kitts and Venezuela, another oil refinery story Venezuela is looking at a joint venture to develop a refinery in St. Kitts. The idea is to replace one state sponsored debacle, sugar, with another one - a refinery for asphalt,

A public official in the United States has filed a complaint against two Cayman Islands companies for allegedly charging him excessive fees for complicated share transactions.Michael R. Peevey, president of energy regulator the California Public Utilities Commission and a resident

Liechtenstein based offshore provider Bryan Jeeves and his group have been named as defendants in a civil complaint filed at federal court in the United States.The complaint was filed by Colorado registered WCN GAN Partners Ltd. at the U. S.

After months of failing to disclose it in SEC filings, a penny stock firm controlled by Bermudian brothers Brian and Scott Lines has given its first hint that an application on its behalf for a Bermuda insurance license has been

Two career criminals whose undercover work for the FBI was the mainstay of Operation ‘Bermuda Short' have been rewarded with light sentences for a securities fraud they committed nearly ten years ago.David William Jones, 44, received a one-year prison term, while Robert Schlien, 56, escaped prison altogether, receiving just five years of probation, during sentencing at the U. S. District Court for the Southern District of Florida on June 17, 2005. They must also jointly and severally pay restitution of $4,591,773. They had each previously pleaded guilty to one count of conspiracy to commit securities fraud concerning criminal activity that ended in February, 1996.

The latest estimate by the liquidators of offshore securities broker SEGOES Services Ltd. puts the firm's insolvency at between US$15 million and US$25 million.The figure was included in a civil lawsuit filed against former SEGOES directors and officers John Kaweske and James Fontanetta at the Grand Court of the Cayman Islands on August 17, 2005.

Article based on an application to collect evidence for a criminal investigation into alleged investment fraud and money laundering - pursuant to a request for judicial assistance from Austria - that was filed at federal court in the USA on July 27, 2005. Individuals and businesses mentioned in the request for assistance include Walter Stumpfer, Wilhelm Bosl, Johann Dollinger, Dr. Bernard Bohler, VIP International TET-Forex Inc., VIP International Profit-Sharing Ltd., Very Innovativ Produkt Handels GmbH, Mercuria Holding & Management GmbH, VIP Management & Business GmbH, and Bank of America.

Plea Agreement in USA v. Gary Bentz at the U. S. District Court for the Southern District of Ohio.

Criminal Information in USA v. Gary Bentz at the U. S. District Court for the Southern District of Ohio.

One of the key figures in an offshore investment fraud has been sentenced to 37 months in prison and ordered to pay restitution of $124 million.Robert W. Boyd was sentenced at the U. S. District Court for the Middle District of Florida on August 22, 2005 for his role in the operation of Evergreen Security Ltd., an unlicensed investment fund that was incorporated in the British Virgin Islands but largely operated from the United States and the Bahamas.

Government's Memorandum in Support of Forfeiture in USA v. James Carroll Sexton, James Carroll Sexton, Jr., Rudolf Walter Ritter, and Egon Walter Fink at the U. S. District Court for the Central District of California.

The owner of a failed offshore securities broker that apparently defrauded clients out of millions of dollars has attempted to breach an asset freeze order, it has been claimed.Details of the allegation against John Kaweske Jr. are contained in the first interim report of the joint official liquidators of SEGOES Services Ltd. to customers and creditors, which is dated July 7, 2005 but only publicly released on August 3.

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the United Kingdom into the alleged laundering of the proceeds of investment fraud by Carnegie Fieldhouse and others.

Bermudian Michael Cash, who resigned as on officer of RenaissanceRe after refusing to accept service of an SEC subpoena, will soon have a few more process servers at his door.Along with four other officers and the company itself, Cash has been named as a defendant in at least two class action complaints filed at the U. S. District Court for the Southern District of New York.

Two Bermuda residents and three Bermuda companies are defendants in a lawsuit in which The Ohio Bureau of Workers' Compensation seeks to recover $215 million allegedly lost in an investment fraud.The Bermuda defendants in the action are MDL Active Duration Fund Ltd., and four of its alleged directors: C. Raymond Morrison, Oskar P. Lewnowski, Warwick Fiduciary Services Ltd., and Hamilton Fiduciary Services Ltd.

A class action lawsuit against a Bermuda-registered investment firm and others has been dismissed in the United States.The complaint against Lloyd George Investment Management (Bermuda) Ltd., Lloyd George Investment Management (B.V.I.) Limited, Eaton Vance Corp., Eaton Vance Management, Boston Management and Research, Eaton Vance Inc., Eaton Vance Distributors Inc., Orbimed Advisors LLC; nine current or past trustees of 81 Eaton Vance funds, and 12 current or past officers and portfolio managers of the Funds was dismissed at the U. S. District Court for the Southern District of New York on July 29, 2005.

Criminal Information in USA v. Derek Guise Turner at the U. S. District Court for the Eastern District of New York.

A former director of the First International Bank of Grenada has been criminally indicted for a second time concerning another alleged offshore scam.The latest indictment against Robert Skirving was brought at the U. S. District Court for the District of Oregon on March 15, 2005 and amended on April 20, 2005.

British national Sendjer Shefket, who has been subject to an outstanding U. S. arrest warrant for two years concerning an alleged investment fraud, has been accused of perpetrating another alleged scam.Shefket is one of several parties in civil litigation that was initially filed at the U. S. District Court for the Western District of Washington on September 23, 2004.

Investment fraudster Ian Renert has been severely criticized by a judge in the Bahamas, who accused him of “duplicity and dishonesty” and of abusing the legal system during four years of litigation.After defrauding investors in his offshore hedge funds, Renert then sought to mislead the judiciary in an effort to impede civil and criminal investigations into his activities by the Securities Commission of the Bahamas, the SEC in the United States and an unidentified U. S. law enforcement agency, stated Mr. Justice Lyons in a ruling on June 21, 2005.

About 80 per cent of all assets realized in the first 12 months of the liquidation of British litigation funding firm Invaro Ltd. have gone to a Canadian shell entity controlled by serial fraudster Bill Godley. That was the statistic that jumped out of the first report to creditors and members by liquidators Tony Murphy, Robert Horton and Henry Shinners, of Smith & Williamson, on July 21, 2005.

An offshore fund administrator in the Netherlands Antilles has been caught up in a second hedge fund scandal in less than two years.Citco Fund Services (Curacao) NV is a defendant in a civil lawsuit filed on June 9, 2005 by investors in Dobbins Offshore, which was registered in the British Virgin Islands. KPMG (Netherlands Antilles), as the Fund's auditor, is also a defendant. The plaintiffs include companies in the Cayman Islands, France, Luxembourg and Switzerland.