Police in the United Kingdom have raided at least three premises as part of a criminal investigation into a group whose insiders include some of the most notorious offshore fraudsters of recent years.
About 80 per cent of all assets realized in the first 12 months of the liquidation of British litigation funding firm Invaro Ltd. have gone to a Canadian shell entity controlled by serial fraudster Bill Godley. That was the statistic that jumped out of the first report to creditors and members by liquidators Tony Murphy, Robert Horton and Henry Shinners, of Smith & Williamson, on July 21, 2005.
A top British law firm helped a serial fraudster client - Bill Godley - set up an investment scheme that wiped out a Japanese pension fund, OffshoreAlert can reveal. Charles Russell solicitors drew up contracts, attended a planning meeting in Portugal, helped with an offshore bank account, and was even asked to help prepare a "due diligence" report to give credibility to the scheme, known as 'Invaro'. The law firm has received more than £2 million ($3.5 million) in legal fees from Godley-related parties, including a Bahamas IBC, said a source.
Husband-and-wife investors in the fraudulently-operated Imperial Consolidated Group have won a judgment for their full loss of £500,000 (US$924,769) against an independent financial adviser. The IFA, Caroline Ockwell & Co., was found to have been negligent in recommending an unregulated offshore investment fund offering a 15 per cent annual return to retired British farming couple Edward Arthur Seymour and Pauline Mary Seymour. However, Ockwell is only liable for one-third of the judgment after it secured a judgment for two-thirds of the award against financial services firm Zurich IFA Limited, whose Isle of Man office recommended the investment product to Ockwell.
Three bankers who allegedly swindled their former employer, NatWest, in a deal involving Enron and a Cayman Islands registered company appeared in court in England on September 28, 2004 as they seek to avoid extradition to the United States. Gary
Former insiders of two U. K. litigation funding scams that collapsed with combined losses of nearly $500 million are behind a recycled version of the same scheme, OffshoreAlert can reveal. The new business - operating under the brand name 'Strathmore' - encompasses companies in the Bahamas, Canada, the United Kingdom and Africa.
OffshoreAlert has obtained details of yet another unregistered securities offering being carried out by former officers of the Imperial Consolidated Group, including ex-British policeman Gary Alexander Lyons. Anglo Canadian Securities Inc., which is based in Canada and the UK, is raising funds for a personal injury litigation product that is virtually identical to one previously offered by Imperial.
Further allegations of wrongdoing against entities involving Clarendon Insurance Group Managing General Agent Martin Hoffman and Clarendon itself are contained in two US lawsuits currently awaiting trial. Both actions were filed at the United States Bankruptcy Court for the Southern District of New York by the administrators of Qualis Care L. P., which is currently in bankruptcy.