Bermuda Monetary Authority

The Bermuda Monetary Authority and two of its employees - Gerald Gakundi and Susan Davis-Crockwell - are being sued for $25 million in California for allegedly rejecting U.S.-based Newpoint Financial Corp's proposed acquisition of Bermuda's Citadel Reinsurance Company after, among other things, receiving information from "the Gibraltar Regulatory Authority".

Complaint for damages of $25 million alleging "blatant, intentional bad faith malfeasance in denying Plaintiff’s Newpoint Financial Corp. application to obtain a controlling interest in a Bermudian insurance company [Citadel Reinsurance Company Limited] without any, much less good, cause" in Newpoint Financial Corp., a Delaware company based in California v. Bermuda Monetary Authority, Gerald Gakundi, described as "Director for the Insurance Supervision Department at the BMA", and Susan Davis-Crockwell, described as "Deputy Director of Enforcement for the Legal Services and Enforcement Department at the BMA", at the U.S. District Court for the Central District of California.

Originating Summons in Bermuda Monetary Authority v. Intrepidus Insurance Services (Bermuda) Limited at Bermuda Supreme Court.

Writ of Summons in Craig Orlando Walls v. Bermuda Monetary Authority at Bermuda Supreme Court.

A few years ago, the then head of enforcement for the Bermuda Monetary Authority was rendered apoplectic on stage at an OffshoreAlert Conference after being asked to name a single individual or legal entity that the financial services regulator had ever penalized or disciplined since it was established in 1969. It's difficult to come up with names off the top of your head when they number so few. Financial regulators in the United States penalize more financial miscreants in a typical afternoon than the BMA has in its entire 46-year history. For promotional purposes, the BMA's message is 'We have one of the three biggest insurance markets in the world. Yes indeed, sniff, sniff, we're the world's risk capital'. For regulatory purposes, the message seems to be 'Insurance market? What insurance market?'.

Kevin Bean-Walls v. Bermuda Monetary Authority - Bermuda Supreme Court

Accounts at banks in Bermuda and the British Virgin Islands have been frozen as part of an investigation into an alleged $75 million fraud that involves funds in the BVI and Nevis and an investment adviser in the Cayman Islands.

Reasons for Winding-Up Order in Bermuda Monetary Authority v. The South of England Protection and Indemnity Association (Bermuda) Limited at Bermuda Supreme Court.

Evidence has emerged that a major securities fraud on the New York Stock Exchange could have been prevented if regulators in Bermuda and the Cayman Islands had been more diligent.It appears that a complaint alleging improprieties against offshore reinsurer Gerova

Any lingering hope anyone had that details of the Bermuda Monetary Authority's investigation into Lines Overseas Management in 2004 2005 would ever become public knowledge faded when LOM settled a fraud complaint brought by the U. S. Securities and Exchange

The Hedge Hog and Conserve Fund has become the latest example of the extraordinary reluctance of the Bermuda Monetary Authority to take any meaningful action against locally domiciled financial services firms that are suspected of illegal activity, no matter how

Bermuda based husband and wife financial advisors were charged with stealing $360,000 from one of their companies, Emerald Capital International Ltd., and laundering the proceeds during a hearing at Bermuda Magistrates Court on July 9, 209. David Bolden, 44, a

Minister of Finance Paula Cox announced that "Bermuda is engaged in negotiating a further 10 Tax Information Exchange Agreements with OECD states and two with EU states". She also pointed out that Bermuda's TIEA with the United States was signed

With the inauguration of the new President of the United States of America, Barack Obama, the world anticipates a major change in the US's economic and foreign policies. The average person in the street in Bermuda wonders how these changes

Investment group Lines Overseas Management, which claims to have nearly $1 billion of assets under administration, is refusing to provide information about allegedly illegal trading activities to its own auditor, as well as the Bermuda Monetary Authority and the SEC

Supervisor of Finance and Bermuda Monetary Authority vs. Enron Re Limited - Bermuda Supreme Court

Bermuda Monetary Authority vs. Fountain Blake Ltd. et al. - Bermuda Supreme Court

Bermuda-based companies offering investment services had until June 30 to be licensed by the Bermuda Monetary Authority under the Investment Business Act or otherwise seek an exemption.

The Bermuda Monetary Authority has announced an updated Code of Conduct to assist in the detection and disclosure of information in relation to money laundering.

The Bermuda Monetary Authority has announced an updated Code of Conduct to assist in the detection and disclosure of information in relation to money laundering.

British police investigating an alleged fraud that could run into billions of pounds are looking into whether some of the money may have been laundered in Bermuda.But they have been criticized by Bermuda Monetary Authority general manager Malcolm Williams for making allegations about the island which appear unsupported by any evidence.

The likelihood of foreign exchange controls being lifted in their entirety in the Budget on February 14 is considered to be virtually non-existent by Bermuda's financial community. While a complete overhaul of Bermuda's financial regulations may have been the Government's intention as recently as a few months ago, the issue has been turned on its head by talk of independence, according to businessmen.

Tempting as it is to believe that international banking competition is next to impossible on a tiny island served by just three licensed banks, the belief could not be further from the truth.Bermuda's domestic banks compete for international business not only among themselves, but, increasingly, against powerful overseas financial institutions, some of which access the Bermuda market through local corporate vehicles that do not require banking licences.