First Cayman Bank

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Fraudulent Websites: February 3, 2011

Notice entitled 'Websites with Cayman Addresses Not Registered nor Licensed in the Cayman Islands' issued by the Cayman Islands Monetary Authority.

In the Matter of First Cayman Bank Ltd.

Order transferring the case styled 'In the Matter of First Cayman Bank Ltd.' to the Financial Services Division of the Grand Court of the Cayman Islands.

Insider Talking: January 31, 2004

Lines Overseas Management has filed a lawsuit against the Bermuda Monetary Authority in an attempt to prevent the SEC in the United States from receiving information about LOM's clients; Two alleged participants in a massive investment fraud involving Evergreen Security, which was registered in the British Virgin Islands and managed in Florida, are to be re-tried after their trial for grand larceny in the first degree ended in a hung jury; How much does failed offshore hedge fund boss and accused $600 million fraudster Michael Lauer hate Christopher Byron, the New York Post columnist who exposed his activities at the Lancer Offshore Group?; Imperial Consolidated administrator Mazars Neville Russell has reported receipts of $6.48 million and payments of $4.57 million in the five months from June 10, 2003 to December 9, 2003 for the group's principal UK company, Imperial Consolidated Financiers Ltd.; On January 19, 2004 at the British Virgin Islands High Court, Allen Wheatley, former Financial Secretary of the BVI Government, and three accomplices pleaded guilty to corruption-related charges concerning the misappropriation of funds for telecommunications projects at the Terrance B. Lettsome International Airport; Canadian television firm CBC broadcast a fascinating documentary on convicted money launderer Martin Chambers on January 13, 2004, including hidden camera footage of the undercover sting operation that led to his arrest in the 'Bermuda Short' operation conducted by the FBI and RCMP a few years ago; A liquidator of First Cayman Bank, of the Cayman Islands, announced in December 2003 that he had paid out a third interim dividend of 15 cents in the dollar on November 21, 2003 to all admitted creditors in a distribution of approximately US$4.4 million; Eduardo Masferrer, former Chairman and CEO of the now-closed Hamilton Bank N.A., of Miami, Florida, has agreed to pay $960,000 in restitution for the benefit of the Federal Deposit Insurance Corporation and $40,000 in penalties and stay out of banking for an indefinite period; Grenada-domiciled IBC Joie de Vie Ventures Inc. closed for business after taking in millions of dollars from the public by offering returns of up to 100 per cent per year; U.K. attorney Christopher Stenning's Regalia Offshore Fund Ltd., which has an affiliate in the British Virgin Islands called The Regalia Fund Ltd., did not last long; A Canadian regulatory agency has issued a warning against a sham bank doing business as "Bermuda Credit Re-Insurance Bank Ltd."; The California Division of Corporations might want to look a little more closely at Gamboa Properties Inc. before renewing its status as an 'Active' company in the state; and Two Cayman Islands law firms announced they were merging with firms in other jurisdictions during January.

Cayman regulator warns against unlicensed ‘banks’

The Cayman Islands Monetary Authority has issued a warning about eight Internet 'banks' which are using Cayman addresses and/or telephone numbers even though they are not registered or licensed there. Research by OffshoreAlert indicated that six of the eight sites have links to Nigeria, where fraud is a major industry, while the principals of the other two have ties to Singapore and the UK.

Offshore News Briefs: January 31, 2002

Bahamas enteres into Tax Information Exchange Agreement with the United States; UBS is reducing its number of staff in the Cayman Islands; The trial of former officers and clients of Euro Bank Corp. is scheduled to begin in May, 2002; and Creditors of First Cayman Bank may receive up to 60 cents in the dollar.

First Cayman Bank loot used to pay off fraud judgment, claim liquidators

Part of the estimated $5.5 million allegedly looted from the First Cayman Bank/Gulf Union Bank group in 1997 went to satisfy a $1.75 million fraud judgment in the United States, according to the liquidators.The fraud had been committed by Sheikh Abdus Shimmy Qureshi and his now defunct Florida firm Escue Management Inc., it was alleged.

Insider Talking: October 31, 2001

More has become known about the re branding of the First Nevisian Group, which is now known as The FN Group, and the partial move from Nevis to the Dominican Republic, where its "strategic partner" is H. E. Partners, which

Liquidated banks sue Cayman Gov’t over US$2.5 million ‘mistake’

Two Cayman banks that were closed down by regulators due to money laundering concerns have filed lawsuits against the government seeking the return of a mysterious US$2.5 million payment in 1997. The litigation relates to the unusual circumstances in which Euro Bank Corporation, then a Class 'B' bank, obtained a rarely-awarded Class 'A' banking license on October 8, 1997.

Gulf Union Bank settles lawsuit brought against former US athlete

The liquidators of Gulf Union Bank (Bahamas) Ltd. have reached an out of court settlement with a former professional athlete in the United States who borrowed money from the bank. Fred D. Barnett Jr., who played in the National Football League between 1990 and 1997 for the Philadelphia Eagles and Miami Dolphins, had received a loan of about $70,000 from the bank to buy a sports car, said a bank representative.

First Cayman Bank Ltd. v. Jabor Bin Mohamed Al Thani et al: Writ of Summons

Writ of Summons in First Cayman Bank Ltd. (in Liquidation) v. Jabor Bin Mohamed Al Thani, Khalifa Bin Jabor Al Thani, Khalid Bin Jabor Al Thani, Massood Hussain Khan, Gulf Converting Industries Company Ltd., and Syed Fayyad Hussain, all of Qatar, at the Grand Court of the Cayman Islands.