Rani Jarkas

In 2010, OffshoreAlert revealed that Lebanese-American Rani Jarkas, a securities broker with a long history of complaints for dishonesty from regulators, customers and former employees in the U.S., had moved his operations from California to the Cayman Islands, leaving behind substantial unpaid corporate and personal debts. In one case, a 70-year-old client who alleged fraud and elder abuse had been awarded $512,000 by an NASD arbitration panel in 2007. When OffshoreAlert began investigating Jarkas’ new Cayman firm, Cedrus Investments, one of its directors, local attorney Michael Alberga, provided OffshoreAlert with what he claimed was a copy of the company’s register of members, certifying its purported authenticity via his signature and the corporate stamp of his law firm, Thorp Alberga. We confirmed that the document was fraudulent when we exercised our legal right to view the original at Alberga’s office and noticed the original included Rani Jarkas while the ‘copy’ did not. It was obvious that Alberga had provided us with a fraudulent document. Four years after we exposed Jarkas, he was banned from the U.S. securities industry by FINRA.
Timeline
06

July

2010

Scandal-plagued, debt-ridden U. S. securities broker moves business to Cayman

A securities broker with a long history of complaints for dishonesty from regulators, customers and former employees in the United States has moved his operations to the Cayman Islands, leaving behind substantial unpaid corporate and personal debt. Rani Tarek Jarkas, 38, closed down Delaware-domiciled, San Francisco-based Global Crown Capital LLC last year after nearly eight years in business and moved to Grand Cayman, where he now operates GC Research Ltd. and Cedrus Investments Ltd., which were formed in Cayman on October 31, 2008 and January 30, 2009, respectively.
07

July

2010

Cedrus Investments Ltd.: Register of Members (Falsified): July 7, 2010

Purported Register of Members for Cedrus Investments Ltd. obtained from registered agent on July 7, 2010.  Note: Although this document was certified as a "True and Correct Copy" of the Register of Members by Michael Alberga, on behalf of Cedrus Investments' registered agent, International Corporation Services Ltd., it is not; specifically it is missing entries from its registration on January 30, 2009 to March 15, 2010, inclusive. Alberga, who was also a director of Cedrus Investments, refused repeated requests to provide the missing information, in contravention of Section 44 of Cayman's Companies Law, until OffshoreAlert eventually obtained it nearly three years later.
24

March

2011

Insider Talking: March 24, 2011

Alleged fraudster Michael Guard rises to the top at dubious Capital Conservator Group; The sordid tale of disbarred Bahamas attorney Jan Ward; Arnold Forbes claims he intends to sue Canadian broadcaster CTV for implicating him in an alleged investment fraud; Stanford University Professor Dr. Thomas Kenney accepts advisory role with dubious offshore investment firm Cedrus Investments; and Cayman Islands-domiciled Alacrity Capital Offshore Fund and related parties are sued in a dispute over administrative fees.
24

June

2011

Insider Talking: June 24, 2011

Retired FBI Agent Jerry Forrester's fondness for fraudsters; Cayman Finance's former Head of Marketing Denise Gower gushes about how wonderful Cayman's financial service sector is and then leaves to join one of its most dubious participants, Cedrus Investments; US court issues forfeiture warrant for narcotics trafficking-related funds held at Butterfield Bank and Scotia Bank & Trust (Cayman).
06

June

2013

Cedrus Investments Ltd.: ‘Current Register of Members’: June 6, 2013

Incomplete Register of Members for Cedrus Investments Ltd. - Obtained From Registered Agent on June 6, 2013. You will notice that Michael Alberga's International Corporation Services Ltd. has started using the phrase "Current Register of Members" in an apparent attempt to justify withholding information about past members.
22

July

2013

Cayman company manager produced sham share register to protect client with huge debts in U.S.

The company management arm of Cayman Islands law firm Travers Thorp Alberga passed off a falsified document as a "true" copy of a share register, thereby concealing the name of a client - Rani Jarkas - who was fleeing debts to a swindled customer, the IRS and others in the United States, OffshoreAlert can reveal.