Lancer Offshore

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    Insider Talking: January 12, 2009

    A hedge fund group that has long been on OffshoreAlert's watch list amended its registration of securities totaling $459 million with the US Securities and Exchange Commission on January 8, 2009 to include updated performance and other financial information. For

    Insider Talking: October 7, 2008

    There have been two new legal developments at the U. S. District Court for the Southern District of Florida concerning the U. S. Securities and Exchange Commission's investigation into the Lancer Offshore group of hedge funds, which collapsed in 2003 after losing at least $500 million due to fraud by insiders; and The Serious Fraud Office in the United Kingdom enhanced its reputation as an ineffective law enforcement agency when it failed to secure a single conviction against three former officers of Imperial Consolidated at their High Court trial in London.

    Ex-Lancer Offshore principal & four associates indicted for fraud in US

    Former hedge fund manager Michael Lauer and four others have been indicted in the United States on charges that they helped to defraud investors in the Lancer Offshore group of more than $200 million. Lauer, Martin Garvey, Eric Hauser, Laurence Isaacson, and Milton Barbarosh were each indicted on one count of conspiracy to commit fraud and six counts of fraud at the U. S. District Court for the Southern District of Florida on January 29, 2008. The indictment was sealed until February 19, 2008 so arrests could be effected.

    PwC agrees to pay $22.5 m to settle Lancer litigation

    Accounting group PricewaterhouseCoopers has agreed to pay $22.5 million to settle claims regarding its audits of the fraudulently-operated Lancer Offshore group of hedge funds, which collapsed in 2003 with losses estimated at more than $400 million.

    Insider Talking: June 10, 2007

    OffshoreAlert has previously reported about the incomplete and materially inaccurate disclosures of River Capital Group Inc., a Delaware corporation operated from Bermuda with a Barbados insurer as its principal subsidiary, in its filings with the SEC in the United States, where its shares are listed on the OTC BB; Marty Steinberg, the Receiver for the fraudulently-operated Lancer group of hedge funds, recently filed two more civil complaints at the U. S. District Court for the Southern District of Florida in an attempt to recover a total of $106,000 that he claims was illegally transferred out of Lancer to third-parties in 2003; An offshore reinsurer has taken action in the United States to enforce a judgment for US$347,576 it obtained against a U. S. firm at the Grand Court of the Cayman Islands; and Syrian-born arms dealer Monzer al-Kassar, an ex-business partner of the now-defunct, fraudulently-operated Imperial Consolidated Group, was arrested in Spain — where he lives — on June 7, 2007 after being indicted in the United States.

    Lancer Offshore Latest: Two new lawsuits, plus summary judgment motion against Michael Lauer

    The Receiver for the Lancer Offshore Group has filed two new complaints against recipients of money transfers that were made while the failed hedge fund group was insolvent. In one case, the defendants are Redwood Financial Group Inc., The Redwood Group Inc., both of Redwood Drive, Westminster, Maryland; Robert D. Maum, of Cowdray Park Drive, Greenwich, Connecticut; and James W. Raker, of Wynfield Road, West Friendship, Maryland. In the other action, the defendants are attorney Kenneth E. Chyten and the Law Offices of Kenneth E. Chyten, both of Santa Monica Boulevard, Los Angeles, California.

    Insider Talking: November 9, 2006

    The cold reality of life behind bars has persuaded former offshore banker Paul Morgan Jones to start turning over his assets to the Receiver of Cash 4 Titles, which perpetrated one of the biggest Ponzi schemes in history, operating from

    Lancer Offshore Receiver seeks $5.2 m in new lawsuit

    The Receiver for the Lancer Offshore group has filed another complaint in the United States in his attempt to recover assets for creditors/investors who are collectively owed more than $400 million.Marty Steinberg, representing the U. S. Securities & Exchange Commission, filed his latest action against Off the Map Productions LLC, a.k.a. OTM Productions, at the U. S. District Court for the Southern District of Florida on June 29, 2006.

    Emails show Citco knew of Lancer fraud long before collapse, says Receiver

    Fund administrator Citco knew that Lancer Offshore was fraudulently valuing assets nearly two years before the fund collapsed but its sole concern was how to extricate itself from the $400 million insolvency, rather than warn investors and regulators. That is the most serious allegation contained in a civil lawsuit that was filed as long ago as January 14, 2005 at the U. S. District Court for the Southern District of Florida but kept sealed until February 21, 2006 due to concerns that its release may breach a court order prohibiting disclosure of certain information. It is supported by copies of extraordinary email exchanges between Citco's senior executives that were disclosed in discovery that Citco opposed.

    Lancer Offshore latest: Four new lawsuits, Michael Lauer held in contempt

    The Receiver for the Lancer Offshore group has filed four new lawsuits against parties in Bermuda, the Bahamas, the United States, Monaco, and France in an attempt to recover $1.48 million. All of the actions were filed at the U. S. District Court for the Southern District of Florida on January 11, 2006 by Marty Steinberg, as court-appointed Receiver for Lancer Management Group LLC, Lancer Management Group II LLC, Lancer Offshore Inc., OmniFund Ltd., LSPV Inc., LSPV LLC, Alpha Omega Group Inc., and G.H. Associates LLC.

    Insider Talking: September 4, 2005

    For several weeks now, Cayman's two main newspapers, the Caymanian Compass and Cayman Net News, have been attacking each other in news articles and editorials. The animosity between the rivals has now spilled out into the legal system. At the

    Judge recommends contempt sanctions against ex-Lancer boss

    Former Lancer Offshore boss Michael Lauer may soon be incarcerated and fined for breaching court orders freezing his assets and requiring his co operation with the SEC's investigation into his affairs.In a report dated March 22, 2005, U. S. Magistrate

    Lancer Offshore Receiver sues parties from nine countries

    Civil complaints have been brought against parties from nine countries, including former Sotheby's Chairman Alfred Taubman, in an attempt by the Receiver for the failed Lancer Offshore group of hedge funds to recover allegedly fraudulent transfers. Among the defendants in two actions filed at the U. S. District Court for the District of Florida this month are companies from Bermuda, Canada, Isle of Man, Netherlands Antilles, Jersey, Kuwait, Switzerland, the United States and the United Kingdom.

    Lancer Offshore Receiver sues Citco group

    Another lawsuit has been filed against the Citco Group concerning its administration of the Lancer group of hedge funds, which collapsed in 2003 with a net insolvency estimated at hundreds of millions of dollars. The latest complaint was filed at the U. S. District Court for the Southern District of Florida on January 11, 2005 by Marty Steinberg, as court-appointed receiver of Lancer Offshore Inc., and The OmniFund Ltd., both of the British Virgin Islands.

    Rift develops between Lancer Offshore Receiver and majority investors

    A deep rift has developed between the SEC's Receiver of the failed Lancer hedge fund group and the majority of its investors. The group of investors, who claim to have invested more than $570 million in Lancer Offshore Inc. and The OmniFund Ltd., have accused Marty Steinberg of "antagonism" and a lack of co-operation.

    More lawsuits from Lancer Receiver as he seeks return of over $440 m

    OffshoreAlert has found two more civil lawsuits filed by the Receiver of Lancer Offshore and related parties against alleged recipients of money transfers from the failed hedge fund group.Last month, we reported that Marty Steinberg had filed a lawsuit on July 9, 2004 at the U. S. District Court for the Southern District of Florida against 26 defendants - mainly financial institutions - in which he sought more than $17 million.

    Insider Talking: July 31, 2004

    How absurd has the criminal case in Texas involving Bahamas resident Yank Barry become?; A recent land-mark opinion by the United States Supreme Court that effectively determined federal sentencing guidelines were unconstitutional has formed the basis of an appeal by jailed former offshore services provider Marc Harris against his sentence of 17 years in prison and a financial penalty of $26 million for fraud, money laundering and tax evasion; The Central Bank of Belize has warned that an entity calling itself 'Development & Holding Bank of Belize' is not licensed; In July, the Bermuda Monetary Authority also issued warnings about suspect or bogus companies claiming to have ties to the jurisdiction; The United States FBI is establishing an office in the Bahamas, reported the Nassau Guardian; On July 19, 2004, a United States podiatrist admitted to using an offshore bank and credit card account to launder money and evade New York City state and federal taxes on more than $300,000 in income, according to a press release from the office of Manhattan District Attorney Robert Morgenthau, which prosecuted the case at the state Supreme Court; Germain Bourgeois, the former investment manager of the University of Montreal Pension Plan, is suspected of receiving payments in return for "convincing" three parties to invest "hundreds of millions of dollars" in the Lancer Offshore group of funds; and A civil lawsuit has been filed at the Turks & Caicos Islands Supreme Court against a solicitor who was recently disqualified from serving as a company director in the U. K. by the Department of Trade & Industry for his part in a timeshare scam.

    Lancer Receiver sues financial institutions for over $17 m

    The Receiver of the Lancer Offshore group has filed a lawsuit against 26 financial institutions and other firms in an attempt to recover more than $17 million of allegedly fraudulent transfers.Defendants include companies from Bahrain, Bermuda, Canada, the Cayman Islands, Guernsey, the Isle of Man, Luxembourg, Monaco, Switzerland, the United Kingdom, and the United States.

    Citco Fund Services criticized again by Lancer Receiver

    Fund administrator Citco Fund Services is still "the most significant stumbling block" in the winding-up of the Lancer Group, it has been claimed.Auditor PricewaterhouseCoopers is also not being helpful, according to a report dated April 23, 2004 by SEC-appointed Receiver Marty Steinberg that was submitted to the federal court in Miami, Florida.

    Investors sue Lancer Group service providers for $570 m

    Eighty-six investors from 19 countries who claim to have invested more than $570 million in the Lancer Offshore Group have filed a lawsuit against its directors, administrator, auditor and prime broker. The three biggest claimants are all based in Montreal, Canada: Fondation Lucie et Andre Chagnon, a charity with a claim for $100 million; Bombardier Inc., the world's biggest train maker and third largest civil aircraft manufacturer whose pension fund has a claim for $68 million; and the University of Montreal's pension fund, with a claim for $67 million.

    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.

    Citco slammed by Lancer Group Receiver

    An offshore fund administrator has been accused of "impeding" the investigation in the United States into the $600 million collapse of the Lancer group of hedge funds. Citco Fund Services (U.S.A.) Inc. has refused to turn over records concerning BVI-registered Lancer Offshore Inc. and The OmniFund Ltd., which its Netherlands Antilles affiliate administered.

    Bermuda firms affected by $600 m hedge fund collapse

    Several Bermuda-registered companies or their clients have been affected by the failure of a hedge fund group which allegedly defrauded its investors of more than $600 million. Subsidiaries or affiliates of the Bank of Bermuda, Bank of Butterfield, Conyers Dill & Pearman, Lines Overseas Management, and the Meridian Group are on the service list for filings at federal court in Miami.

    SEC derides Lancer head’s attempt to unfreeze assets

    Attorneys representing hedge fund boss Michael Lauer have been accused of hindering the investigation into his collapsed Lancer Offshore group, which is suspected of defrauding investors of more than $600 million. Richard Asche, Gerry Labush and Jack Litman were "playing

    Lancer Offshore Receiver’s first report paints gloomy picture

    More than $600 million of the $1.15 billion invested in the Lancer Offshore group of hedge funds from 1995 to 2002 may be lost.The initial report of Lancer's receiver, Marty Steinberg, acting for the SEC, showed that investors put in

    Lancer Offshore officer pleads guilty to fraud

    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 Latest: Asset freeze and details of securities holdings

    A United States court has issued a temporary order freezing the assets of the Lancer Offshore Group, which has been implicated in a massive securities fraud.The assets were frozen on July 10, 2003 at the U. S. District Court for the Southern District of Florida following a complaint filed by the Securities & Exchange Commission.

    Lancer Offshore boss seeks to halt US lawsuit

    Offshore hedge fund boss Michael Lauer has claimed there is an "excellent likelihood of a successful reorganization" of Lancer Partners L. P., an investment partnership he operated which filed for bankruptcy protection in the United States on April 16, 2003.

    Lancer Offshore assets frozen, Receiver appointed after SEC action

    A United States court today issued a temporary order freezing the assets of the Lancer Offshore Group, which has been implicated in massive securities fraud.The assets have been frozen until at least July 18, 2003 when a hearing has been scheduled at the U. S District Court for the Southern District of Florida.

    University’s Pension Plan invested $67 m in Lancer Offshore

    The University of Montreal Pension Plan invested US$67 million - representing more than eight per cent of its total assets - in the now-insolvent Lancer Offshore fund, according to a lawsuit.Another major investor was the AXA group, whose investment vehicles put in $15.25 million in June, 2002 - less than three months before the New York Post newspaper began raising questions about the Fund and six months before the Fund announced it was suspending cash redemptions.

    AXA is latest creditor to file suit against Lancer Offshore group

    Yet another lawsuit has been filed against the Lancer Offshore Group, which has collapsed with estimated liabilities of approximately $350 million and assets largely comprising shares in dubious, thinly-traded firms that appear to be vehicles for securities fraud.

    Lancer Offshore hearing adjourned again in the BVI

    A hearing to force an offshore hedge fund group into administration has been further adjourned until September 8, 2003 at the British Virgin Islands High Court. The hearing into the affairs of Lancer Offshore Inc. and The Omnifund Ltd. began over one day on May 30, 2003, reconvened over one day on June 11 and will not now continue for another three months.

    Lancer Offshore court hearing adjourned in British Virgin Islands

    An application by the British Virgin Islands Financial Services Commission to force an offshore hedge fund group into administration has been adjourned to June 11. A hearing on the application against Lancer Offshore Inc. and The Omnifund Ltd. took place on Friday, May 30, 2003 but was not concluded. It was adjourned for 12 days because the judge is traveling this week.

    BVI regulator acts against Lancer Offshore

    An insolvent offshore hedge fund has been given a reprieve for now, at least from being forced into administration after it found out about an ex parte court application before it was heard.An application to place Lancer Offshore Inc. and

    Lancer Offshore losses could be as high as $400 million

    Investors in a British Virgin Islands-registered offshore hedge fund with ties to convicted or suspected fraudsters might be staring at losses totalling $400 million. That is the capital contribution believed to have gone into Lancer Offshore Inc., much of whose "assets" comprise interests in dubious, loss-making, penny stock firms whose shares are thinly-traded.

    Lancer Offshore, suspends cash redemptions and sues New York Post

    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.