Banakor Swisse

Bahamas-based Banakor Swisse was neither a bank nor Swiss but wanted you to believe it was both. The group used cold-callers to sell worthless shares in shell companies to unsuspecting victims, who included the elderly. Banakor Swisse's principal, Giuseppe Joseph Castiglione, was a convicted criminal in the U.S. and Canada and a banned company director in the United Kingdom for prior scams. OffshoreAlert exposed Banakor Swisse in 2000 and again in 2004, the latter of which prompted death threats to OffshoreAlert's publisher, David Marchant. Marchant knew that Banakor Swisse was behind the threats because, after the anonymous caller said Marchant would be killed unless stories were removed, Marchant asked what stories the caller was referring to, which elicited the response ‘I’m not saying this is who I’m calling about but let’s just say the stories concern Banakor Swisse’. A few weeks after OffshoreAlert’s 2004 exposé, the Bahamas Attorney General obtained an asset freeze order against Banakor Swisse but, disturbingly, Bahamas judge Jon Isaacs unfroze them six months later, awarded the group costs, and invited it to apply for damages. It was one of several crime-friendly rulings by Isaacs over the years, some of which have been overturned on appeal, including his 2005 judgment that the US-Bahamas Extradition Treaty was null and void.
Timeline
30

June

2000

Sale of unregistered stock in Bahamas-based IBC comes to a halt

An offering memorandum for shares in a Bahamas-registered IBC was taken off the Internet recently immediately after Offshore Alert began asking questions about it.Offshore Alert had downloaded a "Memorandum" relating to the sale of up to 2.5 million shares for $10 each in a company called ecombahamas.com Ltd., which was incorporated on August 3, 1999.
31

October

2004

Securities fraud scheme by Joseph Castiglione’s Bahamas-based Banakor Swisse

An unlicensed offshore broker that is headed by a convicted criminal and banned company director appears to be peddling worthless securities to the public, OffshoreAlert can reveal.Evidence suggests that Bahamas-based Banakor Swisse S. A. is cold-calling residents of the United States and attempting to sell them shares in companies that appear to have no bona fide activity.
08

December

2004

Bahamas Attorney General v. Banakor Swisse SA et al: Affidavit of D.I. Michael Moxey

Affidavit of Det. Insp. Michael Moxey in The Attorney General v. Giuseppe Joseph Castiglione, Michael Castiglione, Banakor Swisse SA, BSB Corporate Services Limited, Banakor Swisse Holdings (Nassau) Limited, and Royal Bank of Canada (Bahamas) Limited at Bahamas Supreme Court.
28

February

2005

Insider Talking: February 28, 2005

Former Caribbean banker Thierry Nano, for whom there is an outstanding arrest warrant issued at the U. S. District Court for the Southern District of Florida in November, 2001, appears to be involved in a luxury yacht business based in the south of France; Surprisingly enough, given our focus on exposing hard-core, financial crime, OffshoreAlert's staff do not receive as many obscene telephone calls as you might expect; A spokesperson for the British Columbia Securities Commission told OffshoreAlert on February 8 that its staff had not applied for a contempt of court order against Lines Overseas Management at the British Columbia Supreme Court, as a BCSC panel had suggested in a ruling on an enforcement action on January 12, 2005; and Creditors of Terry Lindon who are seeking his assets in the wake of the collapse last June of U. K. litigation funding firm Invaro Ltd. ought to pay a visit to http://www.perfectplaces.com/vacation-rentals/a_Villa_Rentals/4314.htm, where they can see an advertisement for his villa in Machico, Madeira, Portugal, which is available for rent for $300 to $500 per night or $2,100 to $3,500 per week, depending on the season.
13

May

2005

Bahamas Attorney General v. Banakor Swisse SA et al: Supplemental Affidavit of D.S. Bernard Young

Supplemental Affidavit of Det. Sgt. Bernard Young in The Attorney General of the Bahamas v. Giuseppe Joseph Castiglione, Michael Castiglione, Banakor Swisse SA, BSB Corporate Services Limited, Banakor Swiss Holdings (Nassau) Limited, and Royal Bank of Canada (Bahamas) Limited at Bahamas Supreme Court.
08

June

2005

Bahamas Attorney General v. Banakor Swisse SA et al: Affidavit of Sydney Saunders

Affidavit of Sydney Saunders in The Attorney General of the Bahamas v. Giuseppe Joseph Castiglione, Michael Castiglione, Banakor Swisse SA, BSB Corporate Services Limited, Banakor Swiss Holdings (Nassau) Limited, and Royal Bank of Canada (Bahamas) Limited at Bahamas Supreme Court.
04

January

2006

OffshoreAlert Awards: Best and Worst of 2005

It was the usual round of lies, broken promises, incompetence, and losses in 2005 in the murky world that OffshoreAlert forces itself to inhabit to investigate and expose financial crimes. As each year passes, it becomes increasingly obvious to us that illegal, immoral, unethical, and incompetent behavior in business are the norm, rather than the exception. OffshoreAlert has dumpster-dived through all the trash that we have found during the year, picked out the smelliest items, and used them as the basis for our ‘Best and Worst' awards.
04

February

2006

Banakor Swisse raises money around firms that no longer exist

A scam by Bahamas-based Banakor Swisse is so low-budget that several shell firms it raises money around have been struck off for non-payment of their $350 annual government fee, OffshoreAlert can reveal. The fact that these sham entities are no longer legally in existence has not stopped Banakor Swisse from continuing to raise funds in their names by holding them out to the public as bona fide businesses.
04

February

2006

Insider Talking: February 4, 2006

A U. S.-based professional organization for private investigators has revoked the membership of Cayman Islands-based PI William Claude C. Myles for “professional misconduct” and violations of its code of ethics; What is the going rate for climbing into bed with crooks to ‘throw' a liquidation so the bad guys can continue to profit at the expense of true creditors? Try £1,624 (US$2,870) per day!; A victim of 72-year-old serial fraudster Keem Kalfon, a.k.a. Chaim Kalfon, a.k.a. Chaim Chalfon, has set up a web-site at www.chaimchalfontaxevader.com following the collapse of his latest scheme, known as LifeStyle Master Inc.; Once again proving that there is no hiding place for financial criminals, no matter which country they flee to when looking for a rock to hide under, the U. S. Government recently arranged the deportation from Panama of accused fraudster David Alan Struckman, a co-founder of the Global Prosperity Group; and If Bahamas-based investment scam group Banakor Swisse is indeed behind several menacing telephone calls that have been anonymously made to OffshoreAlert's publisher over several months, as evidence indicates, it would not be the first time that the group has reacted crudely to an investigative journalist writing negatively about its fraudulent activities.
06

April

2006

Insider Talking: April 6, 2006

Nicolas Eugene Grant St. James charged with cannabis possession in UK, a look at the record of criminal-friendly judge Jon Isaacs in the Bahamas, liquidator of Suisse Security Bank and Trust charges creditors extra if they want to receive his creditors' reports, long after denying it, Marcus Queree acknowledge's fraudster Robert Raven's involvement in the group of companies known as 'Sidera'; and a look at CFTC Chairman Reuben Jeffery III's role in one of the biggest insurance frauds in history.
06

April

2006

Bahamas judge unfreezes fraud group’s assets, invites it to apply for damages

An attempt by the Attorney General of the Bahamas to confiscate the criminal proceeds of securities fraud firm Banakor Swisse S.A. spectacularly backfired last year after the group supplied the court with false information and the judge chose to believe the fraudsters over regulators and law enforcement agents. The AG obtained an order at Bahamas Supreme Court freezing the group's assets at The Royal Bank of Scotland (Bahamas) Ltd. on December 8, 2004 - just a few weeks after OffshoreAlert first exposed Banakor. However, after Banakor submitted affidavits that are replete with inaccurate and misleading information, Justice Jon Isaacs reversed his decision on June 13, 2005 and even awarded the crooks costs and invited them to apply for damages.
06

July

2010

Insider Talking: July 6, 2010

Nevis Court of Appeals issues bizarre ruling against Millennium Financial fraud victims and in favor of their alleged tormentor (Ian Scott, who is currently under indictment in California); in a separate action, asset planners in the US allegedly portrayed Nevis as the perfect place to hide money from creditors, according to a client who claimed to have been defrauded by those selling him the plan; The U. K. Serious Fraud Office suffers another reverse as a jury acquits former Imperial Consolidated principals Jared Brook and Lincoln Fraser on one fraud count and is undecided on another; and the SFO hopes to have better luck with recently-filed fraud charges against Terry Lindon and Giles Hutchinson, who were involved in an Imperial Consolidated spin-off known as Invaro.