Caledonian Bank

Complaint alleging fraud in Mathew Clingerman, as Receiver for Silk Road M3 Fund, a segregated account of Silk Road Funds Limited, of Bermuda v. Alisher Ali, apparently a citizen of Saint Kitts and Nevis residing in New York; Eurasia Capital Ltd., of the Cayman Islands; Eurasia Capital (Mongolia) LLC, of Mongolia; Silk Road Management Limited, of the Cayman Islands; Silk Road Finance Limited, of the Cayman Islands; Apex Fund Services Ltd., of Bermuda, and Peter Hughes, of Bermuda, at the Supreme Court of the State of New York, County of New York.

Status Report in the matter of Caledonian Bank Limited, of the Cayman Islands, at the U. S. Bankruptcy Court for the Southern District of New York.

Third Amended Complaint alleging "a coordinated and elaborate scheme to defraud through a complex series of reinsurance transactions, trust agreements, and investment vehicles" in HM Life Insurance Company, of Pennsylvania, and HM Life Insurance Company of New York v. Wilmington Savings Fund Society, FSB, of Delaware; Christiana Trust, of Delaware; Blue Alternative Asset Management LLC, of Delaware; Blue Capital Management, Inc., of Puerto Rico; Regatta Holdings LLC, of New Jersey; Cygnet 001 Master Trust, of Delaware; Cygnet 001 Master Trust Series 2011-A, of Delaware; Cygnet 001 Master Trust Series 2011-C, of Delaware; Cygnet 001 Master Trust Series 2013-A, of Delaware; Alpha Re Limited, of the Cayman Islands; Alpha Re Holdings (Cayman) Limited, of the Cayman Islands; Ability Insurance Company, of Nebraska; Atlantic Specialty Finance Limited, of the Cayman Islands; Blue Elite Fund Limited, of the Cayman Islands; Blue II Limited, of the Cayman Islands; Mark Graham, of New York; Donald Solow, of New Jersey; John Drake, of Ontario, Canada; Edward Brendan Lynch, of the Bahamas, and Gregory Tolaram, of Bermuda, at the Court of Chancery of the State of Delaware.

Writ of Summons in Caledonian Bank Limited (in Official Liquidation) v. Christina E. Bodden at the Grand Court of the Cayman Islands.

Final Judgment Against Clear Water Securities, Inc. and Legacy Global Markets S.A. in U. S. Securities and Exchange Commission v. Caledonian Bank Ltd., Caledonian Securities Ltd., Clear Water Securities, Inc., Legacy Global Markets S.A., and Verdmont Capital, S.A. at the U. S. District Court for the Southern District of New York.

A U. S. regulator's much-criticized securities fraud complaint against Cayman Islands-based Caledonian Bank and Caledonian Securities is near a conclusion after a federal judge in New York yesterday approved a "seemingly illusory" settlement between the parties and rejected an attempt to block it by the group's "putative owner".

Opinion and Order in U. S. Securities and Exchange Commission v. Caledonian Bank Ltd. and Caledonian Securities Ltd. at the U. S. District Court for the Southern District of New York.

Notice of Motion to Intervene by Sentinel Trust Services Limited in the U. S. Securities and Exchange Commission v. Caledonian Bank Ltd., Caledonian Securities Ltd., Clear Water Securities, Inc., Legacy Global Markets S.A. and Verdmont Capital S.A. at the U. S. District Court for the Southern District of New York.

In filing a winding up petition last week, Bermuda-domiciled Triathlon Limited became the second obscure offshore entity in eight months to sue Cayman Islands-domiciled investment firm B & C Capital Ltd., whose principals include 43-year-old Canadian Ryan Bateman.

Memorandum of Caledonian Bank Ltd. and Caledonian Securities Ltd, in further support of the proposed settlement with the SEC in the U. S. Securities and Exchange Commission v. Caledonian Bank Ltd. and Caledonian Securities Ltd. at the U. S. District Court for the Southern District of New York.

The U. S. SEC and the liquidators of Cayman Islands-domiciled Caledonian Bank have objected to an attempt by Sentinel Trust Services to block their proposed settlement of a securities fraud complaint and have questioned Sentinel's claim to be the bank's "owner".

Liquidators' Response to an attempt by Sentinel Trust Services Limited to intervene in the U. S. Securities and Exchange Commission v. Caledonian Bank Ltd. and Caledonian Securities Ltd. at the U. S. District Court for the Southern District of New York.

SEC Letter opposing attempt to intervene by Sentinel Trust Services Limited in U. S. Securities and Exchange Commission v. Caledonian Bank Ltd. and Caledonian Securities Ltd. at the U. S. District Court for the Southern District of New York.

Cayman Islands-domiciled Sentinel Trust Services - claiming to be the owner of Caledonian Bank - is seeking to block the bank's proposed securities fraud settlement agreement with the SEC and force the regulator to pay damages for causing the bank's collapse.

Attempt to Intervene by Sentinel Trust Services Limited in U. S. Securities and Exchange Commission v. Caledonian Bank Ltd. and Caledonian Securities Ltd. at the U. S. District Court for the Southern District of New York.

Records provided to the U. S. SEC by the liquidators of Cayman Islands-domiciled Caledonian Bank show that "high-level employees" of the bank were "complicit" in a pump-and-dump securities fraud by clients that netted a $38 million profit, says the regulator. Caledonian has agreed to pay $25 m in "disgorgement" but the SEC has agreed to "forgo payment" due to the bank's insolvency.

Proposed Settlement in U. S. Securities and Exchange Commission v. Caledonian Bank Ltd. and Caledonian Securities Ltd. at the U. S. District Court for the Southern District of New York.

Panama-based broker-dealer Verdmont Capital has become the latest offshore defendant in a securities fraud lawsuit filed by the U. S. Securities and Exchange Commission to go into liquidation.

Notice of Liquidation of Verdmont Capital, S.A. in U. S. Securities and Exchange Commission v. Caledonian Bank Ltd., Caledonian Securities Ltd., Verdmont Capital, S.A., Clear Water Securities, Inc. and Legacy Global Markets S.A. at the U. S. District Court for the Southern District of New York.

The SEC's fraud lawsuit against Cayman Islands-based Caledonian Bank has gone from bad to worse for the U. S. regulator, with two of the agency's main attorneys on the case leaving following criticism from a federal judge and an agreed settlement between the parties requiring the bank to make "no monetary payment".

Plan of Discovery regarding Verdmont Capital, S.A. in U. S. Securities and Exchange Commission v. Caledonian Bank Ltd., Caledonian Securities Ltd., Verdmont Capital, S.A., Clear Water Securities, Inc. and Legacy Global Markets S.A. at the U. S. District Court for the Southern District of New York.

Confidential Circular to Creditors of Caledonian Bank by Joint Official Liquidator Keiran Hutchison, of Ernst & Young (Cayman).

A federal judge in New York has again chastised the United States Securities and Exchange Commission for causing the collapse of Cayman Islands-based Caledonian Bank Ltd. "This case offers fertile ground for agency self-examination," stated U. S. District Judge William H. Pauley III in a pre-trial opinion today.

Opinion and Order in U. S. Securities and Exchange Commission v. Caledonian Bank Ltd., Caledonian Securities Ltd., Clear Water Securities, Inc., Legacy Global Markets S.A., and Verdmont Capital, S.A. at the U. S. District Court for the Southern District of New York.

Motion for Default Judgment against Clear Water Securities, Inc. and Legacy Global Markets S.A. in U. S. Securities and Exchange Commission v. Caledonian Bank Ltd., Caledonian Securities Ltd., Verdmont Capital S.A., Clear Water Securities, Inc. and Legacy Global Markets S.A. at the U. S. District Court for the Southern District of New York.

An "agreement in principle" has been reached to settle litigation at federal court in Manhattan between the U. S. Securities and Exchange Commission and Cayman Islands-domiciled Caledonian Bank Ltd. and affiliate Caledonian Securities Ltd.

Complaint in U. S. Securities and Exchange Commission v. Gregg R. Mulholland at the U. S. District Court for the Eastern District of New York.

First Amended Complaint in U. S. Securities and Exchange Commission v. Caledonian Bank Ltd., Caledonian Securities Ltd., Clear Water Securities, Inc., Legacy Global Markets S.A., and Verdmont Capital, S.A. at the U. S. District Court for the Southern District of New York.

A federal judge in the United States has accused the U. S. Securities and Exchange Commission of "incredible government over-reach" in forcing the closure of Cayman Islands-licensed Caledonian Bank and rebuked the bank's counsel for allowing it to happen.

Liquidation Petition in Keiran Hutchinson and Claire Loebell, both of Ernst & Young Ltd., v. Caledonian Global Financial Services Inc. at the Grand Court of the Cayman Islands.

Cayman Islands-based Caledonian Bank has millions of dollars of related-party transactions that typically "can be difficult to recover full value" and is exposed to "a single large loan" of $93.7 million, representing more than half of all loans receivable. The grim news for creditors came in the first report of liquidators Keiran Hutchison and Claire Loebell.

First Report of Joint Official Liquidators Keiran Hutchison and Claire Loebell to Creditors of Caledonian Bank Limited.

Petition to continue the voluntary liquidation of Caledonian Group Services Limited under the supervision of the Grand Court of the Cayman Islands.

Offering Memorandum for Caledonian Bank Limited and Caledonian Securities Limited (both in Official Liquidation) distributed by Ernst & Young. Note: OffshoreAlert has removed Page 4 of the document to protect the identity of the recipient.

Supplement to Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the Cayman Islands by Keiran Hutchison and Claire Loebell, as the Foreign Representatives of Caledonian Bank Limited, at the U. S. Bankruptcy Court for the Southern District of New York.

Research by OffshoreAlert indicates that insolvent Caledonian Bank is controlled by Canadian hedge fund boss and United States citizenship-renouncer Terry Duffy, not Curaçao-based hedge fund services provider Gordon Casey, as claimed by the Cayman Islands Monetary Authority in its petition to wind up the bank.

Verdmont Capital's opposition to SEC's asset freeze application in U. S. Securities and Exchange Commission v. Caledonian Bank Ltd., Caledonian Securities Ltd., Clear Water Securities, Inc., Legacy Global Markets S.A. and Verdmont Capital S.A. at the U. S. District Court for the Southern District of New York.

Winding Up Order in Cayman Islands Monetary Authority v. Caledonian Bank Limited at the Grand Court of the Cayman Islands.

Winding Up Petition in Cayman Islands Monetary Authority v. Caledonian Securities Limited at the Grand Court of the Cayman Islands.

Winding Up Petition in Cayman Islands Monetary Authority v. Caledonian Bank Limited at the Grand Court of the Cayman Islands.

At 3.45 p.m. EST today, a federal bankruptcy judge in Manhattan temporarily stayed an asset freeze in the United States against the assets of Cayman Islands-based Caledonian Bank after an application by its Cayman-based controllers, who have asked for their controllership to be recognized in the U. S.

Order Granting Temporary Restraining Order In the Matter of Caledonian Bank Limited at the U. S. Bankruptcy Court for the Southern District of New York.

Application for a Temporary Restraining Order In the Matter of Caledonian Bank Limited at the U. S. Bankruptcy Court for the Southern District of New York.

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the Cayman Islands by Keiran Hutchison and Claire Loebell, as the Foreign Representatives of Caledonian Bank Limited, at the U. S. Bankruptcy Court for the Southern District of New York.

Caledonian Bank received requests for withdrawals of more than $68 million in the few days after being sued by the SEC in the United States last Friday, it has been disclosed.

A resolution by shareholders of Caledonian Bank and Caledonian Securities to put the companies into voluntary liquidation in an apparent attempt to stymie regulatory action locally has been rejected by the Chief Justice of the Cayman Islands.

Judgment In the Matter of Caledonian Bank Limited (in Voluntary Liquidation) at the Grand Court of the Cayman Islands.

After regulatory action in the U.S. and Cayman Islands, including having its assets frozen by a U.S. judge, the shareholders of Cayman-based Caledonian Bank Ltd. have voted to put the bank into voluntary liquidation, the bank's attorney has disclosed in a court filing at federal court in New York.

Caledonian Bank and affiliate Caledonian Securities have been taken over by their local regulator, the Cayman Islands Monetary Authority, four days after both were sued in the United States for alleged participation in a $75 million stock scam.

Petition for a Court-Supervised liquidation In The Matter of Caledonian Bank Limited at the Grand Court of the Cayman Islands.