Gerova Financial Group, Ltd.

Seven people have been criminally indicted in the United States for an alleged securities fraud involving purported reinsurer Gerova Financial Group - a former Cayman Islands firm that moved to Bermuda - that brought them nearly $20 million in profits.

Complaint alleging fraud regarding Bermuda-based Gerova Financial Group, Ltd. in U. S. Securities and Exchange Commission SEC v. Jason W. Galanis, John P. Galanis, Jared M. Galanis, Derek M. Galanis, Gary T. Hirst, and Gavin L. Hamels at the U. S. District Court for the Southern District of New York.

Application for an order to conduct discovery for use in a foreign proceeding in Wimbledon Financing Master Fund Ltd. v. Weston Capital Asset Management LLC, Weston Capital Management LLC, Albert Hallac, Keith Wellner, Katten Muchin Rosenman LLP, O'Melveny & Myers LLP, Venable LLP, Alex M. Weingarten, Esq., Spillane Weingarten LLP, Weingarten Brown LLP and Deloitte & Touche LLP at the U. S. District Court for the Southern District of New York.

Winding-Up Petition In the Matter of Wimbledon Financing Master Fund Ltd. at the Grand Court of the Cayman Islands.

Winding Up Petition in Herbert S. Feinberg IRA, DVFG Benefits, Inc. Pension Plan, Claire Annechini IRA, Lester Clippinger IRA, Seravalli Financial Group Inc. PSP, The Belk Foundation, The Benedict Foundation for Independent Schools, Lilly Thoma IRA and Warren A. Hunter IRA v. Wimbledon Financing Fund Ltd. at the Grand Court of the Cayman Islands.

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Bermuda by Michael Morrison, Charles Thresh, and John McKenna, as the Foreign Representatives of Gerova Financial Group Ltd. and Gerova Holdings Ltd., at the U. S. Bankruptcy Court for the Southern District of New York.

First Amended Complaint in Gerova Financial Group, Ltd. v. Maxim Group, LLC, Clifford Teller, and Michael Rabinowitz at the U. S. District Court for the Southern District of New York.

Bermuda-domiciled Gerova Financial Group, Ltd. is suing New York-based investment banking firm Maxim Group, LLC and two of its officers, Michael Rabinowitz and Clifford Teller.

Complaint in Gerova Financial Group, Ltd., domiciled in Bermuda, v. Maxim Group, LLC, of New York; Michael Rabinowitz, and Clifford Teller for alleged breach of contract, fraud, negligence, breach of the duty of good faith and fair dealing, and unjust enrichment.

Complaint in Noble Investment Fund, Limited v. Keith Dalrymple, Victoria Dalrymple, and Dalrymple Finance, LLC at the California Superior Court, San Francisco.

Complaint filed by Lou E. Hensley against Gerova Financial Group, Ltd. at the U. S. District Court for the Western District of North Carolina.

Complaint filed by Gerova Financial Group, Ltd. against Reynders, Grey Holdings LLC at the U. S. District Court for the Southern District of New York.

Evidence has emerged that a major securities fraud on the New York Stock Exchange could have been prevented if regulators in Bermuda and the Cayman Islands had been more diligent.It appears that a complaint alleging improprieties against offshore reinsurer Gerova

The wheels have fallen off Gerova Financial Group Ltd., a Cayman Islands domiciled, Bermuda licensed reinsurer whose numerous red flags were reported about extensively in OffshoreAlert on January 14, 2011.On the day our article was published, Gerova Financial's shares closed

Complaint in Scott Hintz, JS of Georgia, Inc., and PT Holdings Group I, Inc. v. Gerova Financial Group, Ltd., Joseph Bianco, Gary Hirst, Jason Galanis, Robert Willison, Gerova Holdings, Ltd., Net Five Holdings, LLC, Net Five Group, LLC, Fund.com, Inc., Equities Media Acquisition Corp., Inc., Planet Five Development Group, LLC, Planet Five at Gerova, LLC, Paul Rohan, Noble Investment Fund, Ltd., Gregory Laubach, Gerova Real Estate Group, LLC, Eric Halter, and David Zorn at the U. S. District Court for the Northern District of Georgia.

A Bermuda based, New York Stock Exchange listed group that was granted a Bermuda insurance license last June is "likely fraudulent", according to an investment research firm in the United States.Gerova Financial Group Ltd., which moved its domicile from the