Bermuda police have recommended that 55 year old Canadian money manager Dr. Hans Black be criminally prosecuted for allegedly defrauding a client of $6 million.Black, whose Montreal based Interinvest group reportedly manages over $2 billion from offices in Canada, Bermuda,
A company formed by British investment fraudsters Lincoln Fraser and Jared Brook to disrupt the administration liquidation of their failed Imperial Consolidated Group, including perpetrating an asset recovery fraud against Imperial's investors, is about to go the way of most,
The liquidators of Bermuda Fire & Marine Insurance Company have disclosed that they received $50 million as settlement of one of the most high profile lawsuits in the island's history.However, $24 million of that went to cover fees and costs
PartnerRe's United States based operation has been dragged into litigation over who is responsible for paying $29 million of losses relating to weather derivative contracts covering 'special events'. PartnerRe was named as a third party defendant in a complaint filed
A new reinsurer provisionally called D'Artagnan has become the latest to form in the Bermuda market, according to a report UK press reports.Insurance Day, The Daily Telegraph and Post Magazine all reported the formation of the reinsurer in reports published
Midasco Gold Corp's dubious offshore private placement participants, Turks & Caicos Islands regulator issues warning against Orion Bank & Trust, Canadian lawsuit filed against Bermuda-based investment firm GulfStream Financial Ltd., prospectus for Bermuda Money Funds identifies long-deceased Bermudian attorney as its chairman, Better Business Bureau in Costa Rica angered by Harris Organization's false claim to be a member, New Utopia scam keeps going and going, superseding indictment brought against Nevis-based offshore provider Robin Cotterell.
One of Bermuda's longest-running farces came to an end this month when the Bermuda Fire & Marine Insurance Company trial ended with an out-of-court settlement. Seven months into the trial, the corporate and individual defendants threw in the towel and appear to have given the liquidators of BFMIC virtually everything they were seeking.
The Bermuda Fire & Marine Insurance trial began, as scheduled, on May 4 and most of the rest of the month was spent hearing allegations of lies, deceit and fraud against people who were at one time considered to be among the crème de la crème of the local business community.
Some of the UK's top attorneys began arriving in Bermuda this month to prepare for the island's biggest ever civil trial, involving the alleged asset-stripping of the failed Bermuda Fire & Marine Insurance Company by some of the island's most prominent businessmen and companies. The trial, which is due to start on May 4, is expected to last four months and there have been no indications in the run-up to the off that the case will be settled.
In what could easily be construed as a shameless snub to foreign insurance buyers, particularly so close to the start of an embarrassing civil fraud trial, the Bermuda Insurance Institute and local insurer BF&M Ltd. have dedicated a room at the BII offices in Hamilton to the late Charles Collis, the attorney who helped to orchestrate the stripping of $50 million of assets from Bermuda Fire & Marine Insurance two years before it went bust owing creditors over $1.4 billion.
Defendants in a fraud lawsuit involving Bermuda Fire & Marine Insurance Company made an offer last year of between $10 million and $15 million to settle the case, OffshoreAlert can reveal. However, Bermuda Fire's liquidators, Ernst & Young, rejected the offer on the grounds that it fell substantially short of what was acceptable, said a source whose company is owed money by Bermuda Fire.
OffshoreAlert's unblemished track record when it comes to publishing exposes, despite letters threatening litigation; human cloning group touts Cayman and Bahamas as potential domiciles, who is disgrunted ex-Bank of Butterfield employee who criticized recently-retired chairman Sir David Gibbons?, Richard Black and Mike Cascio look to form new Bermuda insurance facility, possible bribery in the Turks and Caicos Islands, Cayman Islands Monetary Authority MD Neville Grant accepts no responsibility for collapse of First Cayman Bank, Global Private Banking magazine causes mirth by describing closure of FCB as an example of regulators "acting tough on miscreants", Cayman-based Oxford Advisors opens up office in Bermuda, 18 luxury homes in Bermuda sold for a total of $72 m in 1997, and what effect, if any, will the death of Charles Collis have on Bermuda Fire and Marine Insurance litigation?
If investors who pumped $2.6 million into Bermuda-based hi-tech firm NimsTec on the basis of misleading and inaccurate information are looking for someone to sue for negligence, they could do worse than to explore the role of law firm Conyers Dill & Pearman in helping NimsTec to raise capital. Before parting with their funds, investors in NimsTec who bought shares in two private placements were assured by NimsTec's officers and directors - who included CD&P partners - that no material facts were omitted from a share prospectus and that "all reasonable care" had been taken in its compilation. However, we can reveal that CD&P should have known about the appalling track record of NimsTec's 3-D camera and printing technology and its management that was not disclosed to investors because the law firm previously represented a similar company called Nimslo.
Bermuda Fire & Marine Insurance Company, which was stripped of over $40 million of assets two years before it went bust without Bermuda's regulators so much as batting an eyelid, is now estimated by its liquidators to be insolvent by an astonishing $1.4 billion. If the figures are accurate, Bermuda Fire would become not only by far the biggest insolvency in Bermuda's history but also one of the biggest insurance insolvencies anywhere in the world.
A trial date has finally been set for what will be one of the most eagerly-awaited business-related civil trials in the history of Bermuda.Bermuda Supreme Court has provisionally set aside a date in the spring of 1998 to begin hearing allegations that some of the island's most influential businessmen stripped Bermuda Fire & Marine Insurance of assets valued at over $40 million even though they allegedly knew the firm was insolvent.
One of Bermuda's most influential businessmen, lawyer Charles Collis, has been accused of doctoring the minutes of a crucial committee meeting to hide evidence that directors of Bermuda Fire & Marine Insurance knew the firm was in financial trouble before they stripped it of $40 million in assets.
The focus of the court action filed yesterday against BF&M Ltd. and other co-defendants will be the complex sale of Bermuda Fire & Marine's profitable domestic business in 1991. Bermuda Supreme court must decide whether the sale was done fairly and in the best interests of the firm's policyholders and shareholders, as Bermuda Fire's directors claim, or whether it was a way of avoiding expected claims by U.S. policyholders, as creditors claim.
Prominent Bermudian businessmen and firms accused of asset-stripping in lawsuit by Bermuda Fire & Marine liquidators
A lawsuit has been filed against some of Bermuda's best-known companies and individuals by the liquidators of Bermuda Fire & Marine Insurance Company Ltd. Although no amount has been stated in the legal action filed at Bermuda Supreme Court on Thursday (Oct. 5), the liquidators said earlier this year that Bermuda Fire's debts could exceed $100 million.
Despite the strong criticisms of the collapse of Bermuda Fire & Marine Insurance, the company's vice-chairman, lawyer and former UBP MP William Cox, yesterday maintained his year-long public silence on the affair."I have no comment," said Mr Cox, who is the senior partner in law firm Cox & Wilkinson.Bermuda Fire's chairman, former government Senate leader Charles Collis, the senior partner in law firm Conyers, Dill & Pearman, was not available for comment.Other directors who voted to approve the controversial split-up of the company in 1991 have steadfastly refused to comment publicly on their actions since Bermuda Fire went into provisional liquidation in November, 1993.
Bermuda Fire & Marine chairman Charles Collis said yesterday that the company has between $50 million and $60 million in reserves and was put into liquidation to avoid "a feeding frenzy" by its creditors.