HSBC Bank Bermuda

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    British firm makes fraudulent declarations with Companies House

    A British firm has made false declarations regarding Bermuda and the Cayman Islands to regulators in Britain as part of what appears to be an investment fraud. The incorrect statements are made in the statutory filings of Tilehurst Corporation Ltd. with Companies House for England and Wales, where it was incorporated on March 17, 1999.

    Insider Talking: March 31, 2002

    Subpoenas have been sent out to several former officers of the First International Bank of Grenada, including Rita Regale, Robert Skirving and Van Brink, to appear for examination in Grenada as part of the liquidation process being carried out by PricewaterhouseCoopers; Yet another Grenada offshore bank has gone out of business amid allegations of fraud against its clients; The Bank of Bermuda has estimated that its remaining potential liability to outstanding litigation relating to the Cayman-based Cash 4 Titles Ponzi scheme, excluding the $67.5 million settlement of a class action lawsuit in the United States, is no greater than $20 million; A civil complaint alleging 'dumpster diving' against international debt recovery firm Interclaim that was reported in last month's edition of OffshoreAlert has been dropped; The incredibly slow - yet inevitable - collapse of The Harris Organization financial services group of Panama appears to be closer than ever; and Bermuda-based stockbroker Carol Green has been ordered by a local court to repay $143,536 of debt run up with her former employer Lines Overseas Management.

    Bank of Bermuda counts cost of Canadian telemarketing scam

    A telemarketing scam has caused a potential gross loss of approximately $5.3 million for the Bank of Bermuda, which provided credit card processing services to the crooks believing their business to be clean. The liability was incurred when victims of the scam began doing charge-backs, leaving the bank, as card processor, ultimately responsible for losses.

    Bank of Bermuda cuts back in Cayman

    The Bank of Bermuda has announced plans to drastically cut back on its operations in the Cayman Islands. The bank is moving much of its Cayman business to its headquarters in Bermuda and intends to slash its workforce in Cayman from 50 to approximately eight people.

    Bank of Bermuda announces Cayman cut-backs

    The Bank of Bermuda today announced plans to drastically cut back on its operations in the Cayman Islands. The bank is moving much of its Cayman business to its headquarters in Bermuda and intends to slash its workforce in Cayman from 50 to approximately eight people.

    Cash 4 Titles settlement opt-outs sue Bank of Bermuda

    A new lawsuit has been filed against the Bank of Bermuda by victims of the Cash 4 Titles Ponzi scheme who have opted out of a $67.5 million settlement agreement with the bank. More than 40 plaintiffs filed an action under the Racketeering Influenced and Corrupt Organizations Act at the U.S. District Court for the Southern District of Florida on February 11, 2002.

    Alpha Toronto denies link with Bermuda-registered fund

    A new group that is operated from the same offices as Imperial Consolidated by people who are described as ex-Imperial employees has denied that it has become involved with a Bermuda-registered mutual fund. A spokesman for Alpha Toronto described as "incorrect" an article that was recently published in a magazine operated by British-based Charterhouse Communications.

    Courts approve Cash 4 Titles-Bank of Bermuda settlement

     The settlement between the Bank of Bermuda and victims of the Cayman-based Ponzi scheme known as Cash 4 Titles has received approval of the United States courts."On Friday 12 October 2001, the court gave final approval to the settlement of the Illinois and Florida Cash 4 Titles litigation," stated the Bank in a press release.

    Insider Talking: August 31, 2001

    Rampart Securities, a Canadian stock brokerage which is said to be owed at least US$2 million by Atlas Securities of the Turks & Caicos Islands, has had its "membership rights and privileges" suspended by the Investment Dealers Association of Canada; Regulators in St. Vincent have revoked the Class I international banking license of Maxi Bank Inc.; A Canadian crook who goes by the name of 'Sir Daniel Kingsley Lear' has been involved in a bizarre tax fraud trial in Manitoba, Canada; Four more people have been sentenced for their involvement in a $64 million fraud carried out in the names of Hammersmith Trust, Microfund and Luxor Capital Markets; Bahamas-based Oceanic Bank and Trust Limited has opened a marketing office in London, England; and La Comisión Nacional de Valores in Panama has launched investigations into the activities of Morrison Cross Financial Investment Ltd. and Britex International Ltd.

    Aristocrat Endeavor Fund emerges as key component of First International Bank of Grenada fraud

    A Cayman-registered mutual fund whose shares were once listed on the Bermuda Stock Exchange has emerged as a centerpiece of the massive fraud committed by the First International Bank of Grenada.Shares in the Aristocrat Endeavor Fund comprised $17.25 million of FIBG's bogus initial capital of $32.75 million in 1997, according to a new report by the bank's liquidator, Marcus Wide.

    Miami expenses of Cayman officers helped seal Bank of Bermuda’s fate

    Expense accounts and management reports handed over in discovery weighed heavily against the Bank of Bermuda (Cayman) in its fight to avoid United States jurisdiction in the Cash 4 Titles litigation.In one report, the Bank's management stated: "Miami continues to grow in importance as a location with potential business and we are now working with a number of relationships with a Miami presence."

    Prison sentences for Hammersmith Trust pair

    Lengthy prison terms have been handed down to the first two defendants to be sentenced in a $64 million fraud some funds were laundered through the Bank of Bermuda in the name of an Antiguan 'paper' bank.William H. West, of Niceville, Florida was the first to be sentenced, receiving 136 months in prison and ordered to pay restitution of $25 million at a hearing on July 19, 2001.

    Bank of Bermuda settles Cash 4 Titles lawsuit after losing jurisdiction ruling

    The loss of a key ruling on the issue of jurisdiction seems to have been the catalyst behind the Bank of Bermuda's decision to settle two civil lawsuits for an amount not to exceed $67.5 million. An application for preliminary approval of a settlement agreement with victims of the Ponzi scheme known as Cash 4 Titles was filed with the U. S. District Court for the Southern District of Florida on July 3. 

    Bank of Bermuda settles Cash 4 Titles litigation

    The Bank of Bermuda has settled two lawsuits filed on behalf of victims of the Cash 4 Titles Ponzi scheme, whose losses have been estimated at up to $300 million.The settlement requires the bank to pay up to 50 per cent of "actual losses" suffered by participants in the Cash 4 Titles scheme, according to a press release issued on July 9, 2001 by the Bank of Bermuda.

    First Ecom.com buys Bank of Bermuda out of FEDS

    Loss-making First Ecom.com Inc. announced on June 19, 2001 that it had acquired the 50 per cent of the shares of First Ecommerce Data Services Ltd. that it did not already own from the Bank of Bermuda for $4.25 million.

    Third Cash 4 Titles lawsuit filed against Bank of Bermuda

    Another civil lawsuit has been filed in the United States against the Bank of Bermuda in relation to the Cash 4 Titles Ponzi scheme that collapsed in 1999 with debts estimated at $300 million.The lawsuit was filed on behalf of more than 170 plaintiffs from various parts of the United States at the Circuit Court of Shelby County, Alabama on April 26, 2001.

    Attorney Jeffrey Matz and others found guilty of $64 million investment fraud

    Six people have been convicted of criminal offenses relating to a $64 million investment scam that involved several offshore jurisdictions, including Antigua, Bermuda and the Bahamas. The convictions on April 13, 2001 followed a six-week jury trial at the U. S. District Court for the Northern District of Florida that focused on investment programs known as Hammersmith Trust, Microfund and Luxor Capital Markets.

    Raids on Jerome Schneider and Global Prosperity, charges against Anderson’s Ark

    Jerome Schneider, who has made a living by selling offshore bank charters in lightly-regulated jurisdictions to private individuals and by writing offshore books, had his office raided by the IRS on February 26. The raid on the office of Schneider's Wilshire Publishing Company in California was one of three high profile actions taken against offshore promoters within five days of each other in the United States.

    Bank of Bermuda takes $10 m charge

    The Bank of Bermuda has taken a $10 million charge in its latest quarterly results to reflect the collapse of its investment in e-commerce firm, First Ecom.com.

    Insider Talking: December 31, 2000

    During the course of 2000, Offshore Alert received many telephone calls and e-mails from clients of The Harris Organization financial services group in Panama who claimed to have been defrauded of various amounts of money; After Tony Vigna was recently deported from Panama to face criminal charges in Miami, further details emerged of a fake British passport that was obtained for him by The Harris Organization when he fled the US before being indicted; Standard Hellier Bank and Allianz Trade Reinsurance web-sites become inactive after investigation by Offshore Alert; We have been told by the Grenada Supreme Court that between 10 and 15 civil lawsuits have now been filed against the First International Bank of Grenada group; The default judgment entered against the Bank of Bermuda in favor of the Receiver of the Cash 4 Titles alleged Ponzi scheme at a US federal court on November 20, 2000 was set aside ten days later; Clyde DHood, the small-town electrician in Illinois who persuaded thousands of suckers all over the world to mail him millions of dollars just by promising high returns, remains in jail after his bail application was turned down; Canadian crook Jordan Bionda seems to subscribe to the philosophy that 'the best form of defense is attack'; and Americans are regarded virtually all over the world as being parochial in that they tend not to travel abroad, generally know little about other countries or world affairs and, rather insultingly to the rest of the world's population, give themselves titles such as 'World Champions' when they win a national championship, be it in basketball, baseball, American football or whatever.

    Reward for speculators in Bank of Bermuda stock

    Investors who bought Bank of Bermuda stock recently in anticipation of a favorable government decision that would allow its shares to be listed on an overseas stock exchange have been rewarded.On December 8, 2000, Bermuda Minister of Finance Eugene Cox publicly disclosed that the bank, which is generally considered to be the biggest offshore bank, had been given an exemption from the law that prohibits foreign ownership of local companies to exceed 40 per cent.

    Offshore firms sued after family trust was alleged defrauded

    Some of the biggest names in offshore finance have been named as defendants in a civil lawsuit filed in the United States by investors who claim to have been defrauded of $5 million. Defendants are Matheson Trustees (BVI) Limited, Matheson Trust Company (BVI) Limited, Bank of Bermuda, Credit Suisse, of Switzerland; UBS, of Switzerland; and KPMG, of the British Virgin Islands.

    Default judgment entered against Bank of Bermuda in Cash 4 Titles lawsuit

    A default judgment has been entered against the Bank of Bermuda in a racketeering lawsuit filed by the Receiver of the alleged $300 million Ponzi scheme known as Cash 4 Titles. The judgment was entered against the Bank of Bermuda Ltd. and the Bank of Bermuda (Cayman) Ltd. on November 20, 2000 at the U. S. District Court for the Northern District of Illinois.

    Offshore shareholders face huge losses after First Ecom share price collapses

    A publicly-traded company whose principal shareholders include the Bank of Bermuda and Lines Overseas Management is well on the way to becoming an e-commerce flop. The share price of First Ecom.com Inc. hit an all-time low of $1.063 on NASDAQ on November 30, 2000 just nine months after a trading high of $34 on the over-the-counter market.

    Insider Talking: October 31, 2000

    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.

    David Gilliland pleads guilty to investment fraud, turns on his co-defendants

    A guilty plea has been entered by one of the defendants in an alleged $95 million investment fraud in which funds were allegedly laundered through the Bank of Bermuda in the name of an Antiguan 'paper' bank. Benjamin David Gilliland, of Memphis, Tennessee, pleaded guilty on August 22, 2000 to one count each of conspiracy to commit wire and securities fraud and conspiracy to commit money laundering.

    Bank of Bermuda sued again over alleged $300 million Ponzi scheme, two arrested

    The Bank of Bermuda has been sued again over its involvement in the alleged $300 million Cash 4 Titles Ponzi scheme that operated in the United States, the Cayman Islands and the Bahamas. Barely a month after the bank was served with a class action lawsuit in Federal Court in Miami that was filed on behalf of victims, a second action was filed in Illinois on September 19, 2000.

    Bank of Bermuda targeted in class action lawsuit

    The Bank of Bermuda (Cayman) Limited is a defendant in a class action civil lawsuit filed in the United States on behalf of over 1,000 victims of an alleged $300 million Ponzi scheme known as Cash 4 Titles. The bank appears to be the 'deep pocket' of the eight named defendants in the complaint, which has been filed in Miami, Florida, under the Racketeering Influenced and Corrupt Organizations Act.

    Bank of Bermuda still seeks 60-40 ownership exemption

    Bank of Bermuda CEO Henry Smith became caught up in a public controversy recently over the bank's efforts to be exempted from a law the restricts foreign ownership of local companies to 40 per cent.

    Bank of Bermuda (Cayman) officers fired over handling of client accounts

    Three officers of the Bank of Bermuda (Cayman) have been fired following an internal investigation into the bank's handling of accounts controlled by allegedly crooked client Michael Gause. The Bank of Bermuda confirmed that it terminated the employment of Michael Day, Marc Vanmarsenille and David Spohr on December 8, 1999 following their suspensions a month earlier.