Clifford Culmer

Complaint in Raymond Massi and Clifford Culmer, as Receivers and Liquidators of the Norshield Receivership Companies, v. Lowell Holden at the U. S. District Court for the District of Minnesota.

Investment fraudster Ian Renert has been severely criticized by a judge in the Bahamas, who accused him of “duplicity and dishonesty” and of abusing the legal system during four years of litigation.After defrauding investors in his offshore hedge funds, Renert then sought to mislead the judiciary in an effort to impede civil and criminal investigations into his activities by the Securities Commission of the Bahamas, the SEC in the United States and an unidentified U. S. law enforcement agency, stated Mr. Justice Lyons in a ruling on June 21, 2005.

The owner of a Hilton hotel in the Bahamas was the recipient of a $3 million fraudulent preference from a Bahamas-based offshore bank shortly before it collapsed, a court has ruled.Canadian national Ronald Hubert Kelly, a 60-year-old former Catholic priest and convicted pedophile, received the transfer from Americas International Bank on September 4, 2001.

Bahamas-based Americas International Bank Corporation Ltd. is insolvent and was used primarily as "a vehicle to launder funds" received from investment fraud, according to its liquidator.Accountant Clifford Culmer painted a bleak picture of the bank's activities in an affidavit filed with the Bahamas Supreme Court on November 19, 2001.

Americas International Bank Corporation Ltd. has become the latest Bahamas-based private bank to stop operating.AIBC passed a special resolution on October 13, 2001 that the bank should go into voluntary liquidation.

A crucial hearing in the battle for control of the Hawthorne-Sterling group of mutual funds is due to take place at Bahamas Supreme Court on November 1. Florida-based Ian L. Renert wants the court to remove accountant Clifford Culmer as Receiver of 36 companies within Renert's group and be allowed to relocate them to Nevis.

An unlicensed, unaudited mutual fund group into which over 550 investors invested approximately $13.2 million has been forced into Receivership by the Bahamas Securities Commission. It has triggered a bitter legal battle for control of the Hawthorne-Sterling family of funds between their Receiver, accountant Clifford Culmer, and their founder, American Ian L. Renert.