An analysis of Operation 'Bermuda Short', including which defendants were convicted or acquitted and length of sentences. These defendants were Serdar Kalaycioglu, Martin Chambers, Anthony Damato, Kevan Garner, Walter Dorow, Bruce Bertman, Michael Reiter, Geoffrey Gazda, James Cary Parrish, Jeffrey Senger, Melvin Levine, Jerry Poole, Charles Cini, Lawrence Gallo, Bruce Cowen, Daniel Charboneau, Thomas Steinbach, Gordon Novak, Harold Joliffe, Howard Kerbel, Greg Balk, Barry Berman, Vincent Barone, Dax Ross, David Rich, George Doumanis, Michael Puorro, Blair Valentine, Ray Hutchison, Frank Dickey Jr., Daniel Bender, Paul Lemmon, Bruce Biddick, John Purdy, Ronaldo Horvat, Mark Valentine, Joseph Huard Jr., Cris Sagnelli, Michael Vlahovic, Douglas Rasberry, Richard Greene, Tim Rice, Ashley Sosner, Andrew Proctor, Marshall Klein, Mario Turcotte, Sheldon Mickelson, Richard Carson, Dennis Epstein, Kenneth Liebscher, Michael Hepburn, Charles Arnold, Les Price, James Kelly, Justyn Feldman, Robert Wilder, and Paul deRome.
Former hedge fund boss Michael Lauer's "girlfriends" and stock "valuation shills" are among the defendants in the latest lawsuit filed in Miami by the Receiver of the Lancer Offshore group. "Lauer would often use the Girlfriends to assist him in violating his duties to the Funds by placing valuable assets, including aircraft and cash, in their names in an effort to prevent investors and/or the SEC from seizing such assets," stated the complaint.
Negotiations are underway to settle a class action lawsuit filed by shareholders against Mutual Risk Management and several of its former officers and directors.Details are contained in a filing at the U. S. District Court for the Southern District of California on July 30, 2003 in which the defendants agreed to withdraw their motion to dismiss the complaint.
Bruce Cowen, who was a senior officer with the collapsed Lancer Offshore group, has pleaded guilty to fraud conspiracy in the United States.Cowen pleaded guilty to one count of conspiracy to commit securities fraud, mail fraud and wire fraud at the U. S. District Court for the Southern District of Florida on August 21, 2003.
Lancer Offshore Inc., which is registered in the British Virgin Islands and listed on the Irish Stock Exchange, has brought a libel lawsuit against the New York Post - one month after notifying investors it was effectively suspending cash redemptions. The libel action was filed at New York State Supreme Court on February 14, 2003 after the Post published three negative articles about the Fund, which purports to have assets valued at $1 billion, and/or its principal, Michael Lauer.
Three new civil lawsuits - one in Bermuda and two in the United States - have been filed against members of the Mutual Risk Management group.On July 30, 2002, Aegis Corporation and Principal Insurance Managers filed an action against Mutual Indemnity (Bermuda) Ltd. at Bermuda Supreme Court.
Fifty-eight people have been criminally indicted in the United States following a two-year undercover investigation into white-collar crime. As of lunch-time today, 53 of those indicted had been arrested, including Bahamas-based accountant Michael Hepburn, who helps to operate Barbados-licensed Keywest Swiss Investment Bank.
Two more class action lawsuits were filed against Mutual Risk Management Ltd. during July, bringing the number of shareholder actions to five over the last two months.As with the previous suits, they were both filed in the U. S. District Court for the Southern District of California and the defendants in each were MRM, Robert A. Mulderig, James C. Kelly and Andrew Cook.
Three Class Action lawsuits were filed against Bermuda-based insurance firm Mutual Risk Management and three of its current and former officers in June. The complaints were all filed at the United States District Court for the Southern District of California, in San Diego, on June 7, June 24 and June 25.
A class action lawsuit has been filed in California against Mutual Risk Management Ltd. and three of its current or former senior officers, alleging misrepresentation of the firm's finances. The civil lawsuit was filed at the United States District Court for the Southern District of California on June 7, 2002.
Mutual Risk Management announced on January 15, 2002 that it had filed a Shelf Registration Statement with the SEC for up to $200 million of newly issued Common Shares.
The collapse of Mutual Risk Management's stock price shows the wisdom of several insiders who reported last November that they had exercised options and sold shares for a profit, rather than hang on to them.Records filed with the SEC shows that insiders made a combined profit of $533,133 on the stock market by exercising options at $15.14 per share and selling them for between $17.82 and $18.73.
Mutual Risk Management's Chief Financial Officer, James Kelly, received $2.76 million in August from the sale of 150,000 of the company's common shares on the New York Stock Exchange.
Mutual Risk Management and its officers and directors have taken advantage of the recent massive collapse in the company's stock price by aggressively snapping up shares on the open market.
Senior officers of Mutual Risk Management engaged in heavy selling of their company's stock from November 20-December 14, 1998, collectively off-loading 247,214 shares for $9,121,767 on the New York Stock Exchange.
Mutual Risk Management chairman and CEO Robert Mulderig received a financial package worth $2.67 million for fiscal 1997, according to the company's latest Proxy Statement filing with the SEC. Mulderig received a salary of $452,250, a bonus of $486,842, pension contributions of $11,309 and a profit of $1.72 million from exercising stock options. His right-hand man, John Kessock, who is president of the company, received a package valued at $2.64 million, comprising a salary of $452,504, a bonus of $486,842, pension contributions of $4,000 and a stock option profit of $1.7 million.