Investment

Five insiders with the First International Bank of Grenada have been criminally indicted in the United States for allegedly perpetrating a scam that cost investors more than $206 million. Gilbert Allen Ziegler, a.k.a. Van Arthur Brink, a U. S. national formerly of Oregon and Hawaii, now living in Uganda; Douglas C. Ferguson, a U. S. national formerly of Oregon; Laurent E. Barnabe, a.k.a. Larry Barnabe, a Canadian national residing in Las Vegas, Nevada; Rita L. Regale, a.k.a. Rita L. Brunges, a U. S. national formerly of Hawaii; and Robert J. Skirving, a U. S. national residing in Oregon, collectively face 146 counts at the U. S. District Court for the District of Oregon.

Public Announcement about Meridian Income Bond Limited by the British Virgin Islands Financial Services Commission.

Public Announcement about FSC Asian Millennium Ltd., FCS Thailand Fund Ltd. and Waidberg Millennium Fund Ltd. by the British Virgin Islands Financial Services Commission.

Petition in Montaque Securities International Ltd. v. Janet Amore at New York State Supreme Court, Nassau County.

A racketeering lawsuit filed against Bermuda-based investment group Lines Overseas Management has been withdrawn by the plaintiff six months after it was filed. The case against defendants LOM Securities (Bermuda) Ltd., LOM (Holdings) Ltd. and the group's president, Brian Lines, was dismissed at Nevada federal court on November 14, 2003.

Article based on an application to collect evidence - pursuant to a request for judicial assistance from Germany - that was granted at the U. S. District Court for the Northern District of Alabama on November 26, 2003. Individuals and businesses mentioned in the request for assistance include SouthTrust Bank, Ferdinand Hoischen, Jonny Franke, Banc Caribe Ltd., AIF Bank & Trust Ltd., American Investment & Finance Corp., American Investment & Finance Service Corp., Orion Technology & Commerce Corporation, Orion Technology, Handelsgesellschaft GmbH, and Pershing Securities Ltd.

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Germany into Ferdinand Hoischen and Jonny Franke for suspected fraud and money laundering.

Application for the appointment of a Commissioner to collect evidence from Fiserv Correspondent Services Inc. - pursuant to a request for judicial assistance from the United Kingdom - for a criminal investigation into "an alleged fraud scheme executed by a British solicitor, Kevin Dooley, and his firm".

A United Kingdom-based accounting firm accused of fraud involving an offshore bank has gone into liquidation and its two partners declared bankrupt. Orders to wind-up Dobb White & Co., of Leicester and Nottingham, in England, and bankrupt Shinder Singh Gangar and Alan White were issued by the UK High Court on December 2, 2003.

Response from the UK National Identification Service to a Data Protection Act Request by Sendjer Shefket - December 5, 2003

The Zurich Financial Services Group has accused PricewaterhouseCoopers (Bahamas) of failing to pursue claims against several parties who were involved in a failed offshore investment fund.It claims PwC has taken no legal action against the administrator or directors of the

Deloitte & Touche has offered $32 million to settle a class action lawsuit filed on behalf of shareholders of the British Virgin Islands registered Manhattan Investment Fund who bought shares between October, 1995 and January, 2000. D&T's Bermuda office audited

A United States resident claims he lost $22 million as a result of the mis handled restructuring of his offshore account made necessary by Swiss banks agreeing to co operate with the IRS.At the center of the allegations are Bank

A leading UK law firm has pulled out of a dubious asset recovery scheme after OffshoreAlert alerted them it was being organized on behalf of the crooks who were responsible for the loss of assets.Pinsents acted swiftly after being informed

An Austrian investment broker defrauded approximately US$50,000 from at least 20 of his clients, according to investigators.Dieter Pointner has been charged with theft and embezzlement at the Regional Court of Linz, in Austria and faces between six months and ten

An offshore company which collapsed with massive losses amid allegations of fraud is being sued by a purported forex trader who claims he is owed commissions for making it a profit.Igor Toshchakov, of Los Angeles, California, filed a lawsuit against Orion International LLC, of Western Samoa, and its President, Russell B. Cline, at the U. S. District Court for the Central District of California on August 14, 2003.

A Bermuda-based firm has been implicated in the fraudulently-trading of shares of a Nasdaq-listed medical research and manufacturing firm.I.A.T. Reinsurance Syndicate, Ltd. was allegedly used by billionaire Peter Kellogg in a series of "wash and matched trades" of securities issued by Thoratec Corp., which is based in California.

Deloitte & Touche has offered $32 million to settle a class action lawsuit filed on behalf of shareholders of the British Virgin Islands-registered Manhattan Investment Fund who bought shares between October, 1995 and January, 2000.

A financial consultant operating in Switzerland embezzled approximately US$4.4 million from his clients, it has been alleged.Marek Andrzei Hrycak, a 48-year-old Polish national, is currently in prison in Bern while a criminal investigation is carried out into his activities.

KPMG's operations in Bermuda, the United States and the United Kingdom are defendants in a class action lawsuit filed by shareholders of financially troubled Annuity & Life Re (Holdings) Ltd., which it audited. The complaint was filed by Communications Workers of America, and Midstream Investments Ltd. at the United States District Court for the District of Connecticut on October 23, 2003.

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Switzerland into Ulrich Wymann, Martin Wymann and Juerg Rothen for suspected investment fraud.

Offshore services provider Marc M. Harris, 38, was today found guilty of 16 counts of money laundering and tax evasion.A jury at the United States District Court for the Southern District of Florida, in Fort Lauderdale, found him guilty of

Unlicensed fund manager Ian Renert has abandoned his defense of a $22 million securities fraud lawsuit in the United States and apparently moved overseas to start a new investment scheme.After more than two years of fighting an action filed by

The United Kingdom has requested evidence from banks in the United States as part of a criminal investigation into the collapse of Versailles Group PLC. Details are contained in an application for the appointment of a Commissioner to collect evidence

Amended Complaint filed by the U. S. Securities and Exchange Commission against Agora Inc., Pirate Investor, LLC and Frank Porter Stansberry at the U.S. District Court for the District of Maryland.

An SEC appointed Receiver has been criticized by a judge for not doing enough to recover assets of an $87 million fraud that were transferred offshore, including $61 million to Barclays Bank in the Bahamas.The target of the criticism is

Application for the appointment of a Commissioner to collect evidence - pursuant to a request for judicial assistance from New Zealand - for a criminal investigation into William Papple, Margarite Huia, a.k.a. Lee Papple; and Tina Marie West for suspected fraud.

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Switzerland into Marek Andrzei Hrycak for alleged investment fraud.

Nevis continues to strive for independence A long anticipated vote for independence in Nevis will be coming. So here is the why, what will happen, and the some dark clouds. Nevis is part of the Federation of St. Kitts and

The United States Government has applied to seize $438,035 controlled by a United States-based attorney with close ties to a Grenada-based offshore bank and a convicted money launderer in Barbados.The funds are held at the Fifth Third Bank, of Evansville, Indiana, in an escrow account in the names of Price & Associates and Price & Collins law firms and controlled by attorney David E. Price, of Santa Claus, Indiana.

The manager of a Nauru-licensed bank that was operated illegally in Nevis has been criminally indicted in the United States for alleged fraud concerning another bank that he operated.Dennis L. Shollenburg was arrested on August 18, 2003 - five months after a sealed indictment was brought against him at the U. S. District Court for the Central District of California.

Promotional spiel used by two former insiders of the First International Bank of Grenada to promote a separate fraudulent investment scheme has been likened to a legendary comedy sketch by a judge.Their tale of purported high-reward, no-risk trading in "mid-term notes" resembled "the old Abbot and Costello routine of 'who's on first'", stated Circuit Judge Frank L. Bearden.

An offshore hedge fund whose Board includes a director of the agency that regulates it has gone into liquidation. Beacon Hill Master Ltd. filed a voluntary winding-up petition at the Grand Court of the Cayman Islands on October 27, 2003. Theodore Bullmore and Simon Whicker, both of KPMG, have been appointed liquidators.

Complaint alleging securities fraud in Anthony Defries, a citien of the United Kingdom residing in Virginia, as the principal beneficiary and beneficial owner of the assets of Laurasca Foundation, of Liechtenstein v. Swiss Partners Investment Network, of Switzerland; Swiss Partners Insurance Company SPC Ltd., described as a "Swiss corporation" with "principal offices in Cayman Islands"; Liechtensteinische Landesbank Ltd., of Liechtenstein; Karp & Grenauer PA, of Florida; Bank Julius Baer & Company Ltd., of Switzerland; Dexia PrivatBank Switzerland, of Switzerland; Rainer H. Moser, of Switzerland; Martin P. Egli, of Monaco; Simon Newson, of Switzerland; Benno K. Raeber, of Switzerland; Anthony B. Stelling, described a citizen of the United Kingdom residing in the Cayman Islands; Elfried Hasler, of Switzerland; Norman Oehri, of Switzerland; Joel J. Karp, of Florida; Raymond J. Baer, of Switzerland; Armin Weber, of Switzerland; Marcel Wieduwilt, of Switzerland; Sigrid Baur, of Switzerland, and Alfons Widmer, of Switzerland, at the U. S. District Court for the Eastern District of Virginia.

Second Superseding Indictment in USA vs. Gilbert Allen Ziegler, a.k.a. Van Arthur Brink; Rita Regale, a.k.a. Rita Brunges; Douglas Ferguson, Robert Skirving and Laurent Barnabe, a.k.a. Larry Barnabe, at the U. S. District Court for the District of Oregon.

Two years after obtaining a $67.5 million settlement from the Bank of Bermuda, victims of the Ponzi scheme known as Cash 4 Titles have filed a class action lawsuit against another offshore bank.The target this time is Bahamas-based Leadenhall Bank & Trust, which is a defendant along with its credit card processing affiliate, Axxess International, also of the Bahamas.

Complaint in Sandra V. Boylan, Aidan J. Greaney, Paul A. Carnegie, Kevin Cleary, Dale Cochard, John R. Combes, Cynthia Crough, Robert Drake, Eddie Ewell, Ruth Frank, Daniel Zlotnick, Roger Gilmore, Jaime Hamame, Linda Hoitt, Jerry Holladay, Kenyield Limited, Curt Landberg, Helen Louros, Marlow, Davis & Byrd, Ltd., William D. McPeak, Mid America Capital Trust, Ida Ruth Morehouse, Stephen Schulte, Douglas Shortt, A. G. Skinner, Robert Stein, and Paul W. Vandermolen, Jr. v. Kevin McGeever, Douglas Johnson, James C. Sexton, Kenneth J. Adler, Liechtensteinische Landesbank, Gabriel Marxer, James McKiernan, Michael Miller, Raiffeissen Bank, Rudolf Ritter, and James C. Sexton, Jr. at the U. S. District Court for the Northern District of Illinois.

Three ex-offshore bankers who were criminally indicted in 'Operation Bermuda Short' in 2002 have each pleaded guilty to one count of conspiracy to commit wire fraud.They are Sheldon Mickelson, 44, a former plumber of West Palm Beach, Florida; Mario Turcotte, 49, of Canada; and Richard Carson, of Westmount, Quebec, Canada, who helped to operate Meridian Investment Bank Ltd., a now-defunct bank once licensed in the crime-ridden Caribbean island of Grenada.

Accused investment fraudster David H. Siegel has been held in contempt of court in the United States for failing to repatriate assets believed to be concealed offshore.The order was issued by the U. S. District Court for the Southern District of Florida on September 30, 2003 following a three-day hearing.

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Germany into Hans-Ulrich Schafer, Christian Zogg, Marianna Martin and Alfred Sturwold for alleged fraud.

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in New Zealand into Lakeland Wealth Creators Ltd., WesPap Ltd., William Papple, Margarite Lee Papple and Tina West for allegedly perpetrating a $10 million investment fraud.

Bahamas resident Viktor Kozeny has been criminally indicted in Manhattan on charges that he stole $182 million from clients of a New York investment firm.He has been indicted on 15 counts of Grand Larceny in the First Degree and two counts of Criminal Possession of Stolen Property in the First Degree.

Private Placement Memorandum for Grand Island Commodity Trading Fund.

Legal proceedings at the U. S. District Court for the Southern District of Florida involving a $170 million claim by Cayman Islands licensed Bank Espirito Santo International Ltd. against United States based receivables factoring firm E. S. Bankest LC et

As the criminal trial of two former executives of Bermuda domiciled Tyco International Ltd. got underway in New York this month, the firm's former Bermuda auditor was seeking the dismissal of a civil lawsuit in which it is a defendant

A U. S. Bankruptcy Court in New York has issued a preliminary injunction freezing the assets of the Imperial Consolidated Group in the United States. The injunction, issued in September, 2003, also prohibits "all persons and parties in interest" from

A former director of the fraudulently operated First International Bank of Grenada has apparently committed suicide while awaiting sentence for another banking fraud, according to his attorney.DuSean Berkich apparently killed himself on August 10, 2003 - less than two months

A New York real estate businessman is seeking $136 million in damages against a provider of offshore hedge fund services and its alleged associates.In a civil complaint filed at the U. S. District Court for the Eastern District of New

The Bank of Bermuda, whose gross losses due to fraud over the last five years are in the region of $90 million, came close to being exposed to one of the biggest offshore scandals in recent times, if a suspected

Article based on an application to collect evidence for a criminal investigation into alleged investment fraud - pursuant to a request for judicial assistance from Switzerland - that was filed at federal court in the USA on September 10, 2003. Individuals and businesses mentioned in the request for assistance include Northern Trust Bank of Florida, Markus Erich Haueter, Ulrich Habedank, Eyk Himmel, Stefan Jutz, Rocko Holdings Corp., Dinamica Directiva, Futop GmbH, and Dr. Sporri.