Taylor Moor Ltd., which received commissions of more than £1.8 million from distributing Axiom Legal Financing Fund before going into liquidation last month, did not ultimately benefit from the Fund and is a "victim", says the firm's Managing Director, Malcolm Dixon.
Isle of Man-based offshore services provider Bob Easton, who promoted the fraudulently-operated Axiom Legal Financing Fund, is embroiled in another investment scandal.
Judgment in Isle of Man Financial Supervision Commission v. Louis Group Structured Fund PLC, Louis Group Structured Capital Limited, LG SP Investments Ltd., Louis Group International (Europe) Limited, Louis Group SLN Limited, Louis Group (IOM) Limited and Louis Asset Management SA at the Isle of Man High Court.
The head of a Cayman Islands fund group that claims to manage $160 million, promotes its investments as "low risk" and boasts of "consistent" 12% net annual returns for investors is being prosecuted for alleged professional misconduct in the United Kingdom. British attorney Tim Schools faces 11 allegations, including that he "failed to act with integrity" and "failed to act in the best interests of his clients".
Buyers of luxury property in Bermuda in 1997 include John Deuss, Reg Grundy, Britons Michael Butt, David Brown, and Ernest Stempel, First Cayman Bank liquidators defend size of fees, Ken Dart turned down for permanent residency in Cayman Islands, John Tugwell wanted to be Bank of Butterfield's Chairman, as well as CEO, say sources; Bermuda Sun newspaper to start publishing twice a week, Thomas Azzara's 'Tax Havens of the World' book contains several inaccuracies, nearly half of all births in Bermuda in 1996 were out of wedlock.
The ability of finite risk reinsurer Stockton Re to continue its impressive growth since it was formed three years ago is in question following the resignations last month of chief underwriters Richard Black and Michael Cascio, who effectively ran the insurance side of the company.Their departures followed differences with senior management over the future direction of the firm following the recent sale of its investment manager and sister company, Commodities Corporation, to Goldman Sachs.