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USA v. Colorado Property et al: Forfeiture Complaint

Forfeiture Complaint in USA v. Property in Colorado and $77 million held in the name of Edge Capital Investments Ltd., of Nevis, at Mirabaud Bank, in Switzerland, that are "directly traceable" to a "debt buyback fraud scheme" involving, inter alia, Robert Brockman, Robert Smith, Evatt Tamine, and companies and accounts in Bermuda, British Virgin Islands, Nevis, and Switzerland at the U. S. District Court for the District of Colorado.

USA v. Edge Capital Investments Ltd.: Forfeiture Application

Application for a warrant to seize $77.8 million held at Mirabaud Bank, in Switzerland, that originated from Bermuda Commercial Bank and is the suspected proceeds of an alleged fraud and money laundering scheme involving "two U.S. billionaires, Robert Smith and Robert Brockman" in USA v. Edge Capital Investments Ltd., of Nevis, at the U. S. District Court for the District of Colorado.

US tycoon Robert Brockman indicted for ‘$2B offshore tax fraud scheme’

US software tycoon Robert Brockman has been criminally indicted in California for an alleged $2 billion offshore tax evasion scheme involving accounts and entities in Bermuda, British Virgin Islands, Cayman Islands, Nevis, and Switzerland. In a related case, billionaire private equity boss Robert Smith agreed to pay penalties of $139 million to avoid prosecution.

USA v. Robert Brockman: Criminal Indictment

Criminal Indictment alleging conspiracy to defraud the USA, tax evasion, wire fraud, FBAR violations, money laundering, evidence tampering, and destruction of evidence regarding an alleged scheme to conceal approximately $2 billion of capital gains income and involving entities and accounts in Bermuda, British Virgin Islands, Cayman Islands, Nevis, and Switzerland, in USA v. Robert T. Brockman, of Houston, Texas, at the U. S. District Court for the Northern District of California.

NY-based participant in deal to buy Bermuda Commercial Bank sued again

A participant in a group that has received regulatory approval to purchase Bermuda Commercial Bank was sued by American Express two months ago over an allegedly unpaid credit card debt of $64,854 - the latest of several allegations of indebtedness against Logan Sugarman over the last 20 years.

Addington Trading LLC et al v. Bermuda Commercial Bank: Writ of Summons

Specially Endorsed Writ of Summons in Addington Trading LLC, Cabot Global Investments Ltd., Cascade Holdings LLC, Edge Capital Investments Ltd., Harrison Capital Investments Limited, Kiama Management LLC, Legend Investments LLC, Chancellor Trust Company (Pvt) Limited, as Trustee for the Outdoor Rehabilitation Trust; Point Investments Ltd., Regency Management Ltd., Spanish Steps Holdings Limited, St. John's Trust Company (Pvt) Limited, and Tangarra Consultants Limited v. Bermuda Commercial Bank Limited at Bermuda Supreme Court.

LVAR, L.P. v. Bermuda Commercial Bank Ltd. et al: Complaint

Complaint in LVAR, L.P. v. Bermuda Commercial Bank Limited, BCB Paragon Trust Limited, formerly BCB Trust Company Limited; Neil de ste Croix, Andrew Peat Finanz Consultants GmbH, a.k.a. Andrew Peat Group Holdings; Andrew Peat, Stanley Chesed, and Profco International, a.k.a. Chesed Financial at the U. S. District Court for the Southern District of New York.

UK Gov’t Committee expresses concern over corruption and fraud in Bermuda

The United Kingdom Government has been asked to provide details of any and all steps it has taken to ensure that corruption and fraud in Bermuda is "properly investigated".The request was made in a new report on British Overseas Territories by the Foreign Affairs Committee, which is appointed by the House of Commons to examine the administration, expenditure and policy of the Foreign and Commonwealth Office and its associated agencies.

BVI prepares criminal charges against IPOC, seeks to confiscate $40 m

Criminal charges are being prepared in the British Virgin Islands against a Bermuda domiciled investment fund that is suspected of being a money laundering vehicle for Russia's Telecommunications Minister, Leonid Reiman.The BVI authorities have drafted "preliminary charges" against IPOC International

British Virgin Islands: IPOC International Growth Fund Ltd. et al

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the British Virgin Islands into IPOC International Growth Fund Ltd., Jeffrey Galmond, Michael Ludwig Rudolf North, Lapal Limited, Albany Invest Limited and Mercury Import Limited for allegedly laundering the proceeds of corruption by Russia's Minister of Telecommunications, Leonid Reiman.

Offshore banker released on $10 m bail, agrees to waive extradition to Netherlands

Offshore banker and oil tycoon John Deuss has been released on $10 million bail in Bermuda - three days after his arrest as part of an investigation into alleged money laundering and other financial crimes.Deuss, a 64-year-old Dutch national who has resided in Bermuda since the 1970s, has agreed to waive extradition to the Netherlands, where he is wanted for questioning about alleged money laundering and other financial crimes.

Offshore banker John Deuss is ‘head of criminal organization’, claim Dutch investigators

Dutch investigators suspect offshore banker and oil trader John Deuss of being in charge of a criminal organization, his attorney told a Bermuda court yesterday.The revelation came during a hearing at which his attorneys were attempting for a second time to over-turn a Bermuda magistrate's decision to issue an arrest warrant for 64-year-old Deuss on October 2, 2006. Deuss has been in hiding since then and Bermuda police have appealed to the public for help in trying to locate him. The total area of Bermuda is just 21 square miles.

John Deuss steps down from bank due to money laundering probe

Oil tycoon John Deuss has “temporarily” stepped down as Chairman and CEO of Bermuda Commercial Bank due to an investigation into alleged money laundering and illegal banking, BCB has disclosed. BCB's Chief Operating Officer, Timothy W. Ulrich, and a director,

KPMG drops bribery lawsuit against US PI firm, but Bermuda Fund files similar complaint

A civil lawsuit in the United States that was notable for the unusual level of secrecy afforded to the parties by the judge has been dismissed.Bermuda-based KPMG Financial Advisory Services Limited and its two managing directors, Malcolm Butterfield and Michael Morrison, had been seeking $11 million in compensatory and punitive damages against Diligence LLC, a Washington, D.C.-based private investigative agency/risk management firm whose employees and advisers include former high-ranking officials within the CIA, FBI, US Government, UK Government and UK special forces.

US court denies motion to dismiss IPOC ‘bribery’ lawsuit

A U. S.-based intelligence-gathering firm has failed to have a civil lawsuit dismissed in which it is accused of bribing an employee of KPMG (Bermuda) to disclose information about an investigation into alleged money laundering by a sham mutual fund group known as IPOC. Diligence LLC had asked the U. S. District Court for the District of Columbia to dismiss a complaint brought by KPMG Financial Advisory Services Ltd. and its Managing Directors, Malcolm Butterfield, and Michael Morrison, on the grounds that Bermuda was a more convenient forum and that an “indispensable party” is missing from the action, namely the Bermuda Government, which commissioned KPMG FAS to investigate IPOC.

Insider Talking: August 3, 2005

Banc Caribe liquidator & National Bank of Dominica settle litigation with Cash 4 Titles receiver; former house painter Russell Cline enters into plea agreement in Oregon concerning fraud and money laundering charges; and US authorities continue with attempt to seize assets of former Ukraine Prime Minister Pavlo Lazarenko.

US applies to freeze $7.8 m at Bermuda Commercial Bank

The United States has applied to seize $7.81 million from two accounts at Bermuda Commercial Bank that are believed to be the proceeds of insurance fraud.It is part of an investigation into the activities of William A. Ledee Jr., who is currently out on bail of $500,000 pending a trial on two separate criminal indictments at federal court in the U. S.

Lawsuits filed against Horizon Bank International

Four civil lawsuits have been filed in Bermuda against Horizon Bank International, which is licensed in St. Vincent & The Grenadines. The separate actions were filed at Bermuda Supreme Court  on December 7, 2004 by FX Bridge Limited, Transworld Management Consultants Corporation, International Monetary Services Inc., and Four Square Partners Inc.

Horizon Bank International has $11.9 m of assets frozen in Bermuda

A Caribbean offshore bank closely associated with the Bermuda-based Grosvenor Group has been accused of perpetrating a $20 million fraud against two of its clients. The allegation against Horizon Bank International Limited, which is licensed in St. Vincent & the Grenadines, was made in a civil complaint filed at Ontario Superior Court of Justice, in Canada.

Bermuda Gov’t suspected of whitewashing alleged $1 b money laundering scheme

A James Bond-like tale involving allegations of corporate espionage, bribery, corruption, and a Bermuda Government whitewash of a suspected $1 billion money laundering scheme is unfolding in a U. S. court. Among the cast of characters are Russia's Telecommunications Minister, Leonid Reiman; a Bermuda-based, so-called mutual fund in which Reiman appears to be the only investor and which he may have used to launder the proceeds of corruption, IPOC International Growth Fund Ltd.; IPOC's banker, fund administrator, custodian, and accountant, Bermuda Commercial Bank; IPOC's Bermuda representative and provider of various services, including directors and officers, Wakefield Quin; the firm appointed by Bermuda's Minister of Finance to investigate IPOC, KPMG Financial Advisory Services Ltd.; and Diligence LLC, a Washington, D.C.-based intelligence-gathering firm that is headed by a former officer of the U.K. Security Service known as MI5 and whose advisors include a former Director of the CIA and the FBI.

How to get around Bermuda’s 60:40 rule without breaking sweat

The farcical nature of the Bermuda law that is supposed to restrict foreign ownership of local companies to 40 per cent was exposed this month in a transaction regarding Bermuda Commercial Bank.On June 15, 2001, BCB announced that Netherlands Antilles-registered First Curacao International Bank N. V. had increased its shareholding from 33.74 per cent to 48.08 per cent of common shares.

St. George’s Club timeshare firm sues Bermuda Commercial Bank

The St. George's Club Limited, which owns a timeshare resort in Bermuda, is seeking $14.8 million in a lawsuit filed last month against Bermuda Commercial Bank and International Trust Company of Bermuda Limited, which is a subsidiary of the bank.

Insider Talking: August 31, 1998

We devote a large portion of this month's Insider Talking to Lines Overseas Management, which is based in Bermuda and also has offices in the Cayman Islands and Guernsey, including a letter from one of the company's Cayman-based financial advisors that makes inaccurate claims and promotes illegal activity; We end this segment on LOM by revealing the contents of a letter written this month to a potential US client by Joe P. Montgomery, a financial advisor with LOM (Cayman), whose services as advertised by Montgomery would appear to be a money launderer's dream; The frequency with which Robert Pires, owner of stock broker/financial adviser Bermuda Investment Advisory Services, and members of his staff fall out, leading to staff departures, continues to occur at an alarming rate; We have reported in the past about John Deuss' courting of the Progressive Labour Party in the run up to this year's General Election; a relationship that has involved wining and dining PLP leader Jennifer Smith on his luxury schooner and paying off the mortgage of the PLP's party headquarters; The first of two lawsuits that are being brought against Cayman Minister of Land John McLean is due to be filed at the Grand Court of the Cayman Islands during September, not August, as we had previously expected; and The government of Nevis narrowly failed to take the island independent in a referendum held on August 10.

Bermuda Commercial Bank in joint venture with Merrill Lynch

Bermuda Commercial Bank and Merrill Lynch Asset Management yesterday signed a shareholders agreement to establish BCB Merrill Lynch Asset Management Ltd., which is expected to be incorporated as a local company by today.
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