Lynda Milligan-Whyte

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    Bermuda Monetary Authority: Regulator or Promotional Agency?

    A few years ago, the then head of enforcement for the Bermuda Monetary Authority was rendered apoplectic on stage at an OffshoreAlert Conference after being asked to name a single individual or legal entity that the financial services regulator had ever penalized or disciplined since it was established in 1969. It's difficult to come up with names off the top of your head when they number so few. Financial regulators in the United States penalize more financial miscreants in a typical afternoon than the BMA has in its entire 46-year history. For promotional purposes, the BMA's message is 'We have one of the three biggest insurance markets in the world. Yes indeed, sniff, sniff, we're the world's risk capital'. For regulatory purposes, the message seems to be 'Insurance market? What insurance market?'.

    Insider Talking: January 12, 2010

    The Hedge Hog and Conserve Fund has become the latest example of the extraordinary reluctance of the Bermuda Monetary Authority to take any meaningful action against locally domiciled financial services firms that are suspected of illegal activity, no matter how

    Bermuda police recommend fraud prosecution of money manager Hans Black

    Bermuda police have recommended that 55 year old Canadian money manager Dr. Hans Black be criminally prosecuted for allegedly defrauding a client of $6 million.Black, whose Montreal based Interinvest group reportedly manages over $2 billion from offices in Canada, Bermuda,

    Insider Talking: November 30, 1997

    US depositors withdraw $14 million after losing confidence in Cayman Islands, John Jefferson Jr. seeks to sell his shares in Cayman fast-food franchises, mystery surrounds the awarding of a Class 'A' bank license in Cayman to Euro Bank Corp. following a $2 million payment, John Tugwell says he quit as Bank of Bermuda CEO for "personal reasons", Bermuda Gov't Minister Quinton Edness makes difficult-to-believe claim about why Police Commissioner was fired, Bermuda Governor Thorold Masefield takes the public for idiots, did Maples & Calder senior partner Tony Travers really receive $6 million in annual dividends?, profits of First Bermuda Securities revealed, Bermuda lawyer Lynda Milligan-Whyte turns $67,200 into $500,000 at First Bermuda Securities.

    North American Fidelity & Guarantee – a Bermuda tragedy

    A British television programme claiming that a "mysterious Irishman" called Steven Baker was being sought in connection with the worldwide insurance fraud that goes by the name of Dai Ichi Kyoto Re caused a lot of interest in Bermuda. One of Dai Ichi's sister companies, North American Fidelity & Guarantee, had a brief but extremely profitable and very fraudulent one-year trading spell in Bermuda in 1992/1993. The company began life as a shelf company set up in October, 1989, by ambitious Bermuda lawyer Lynda Milligan-Whyte.

    Hopewell International Insurance sues North American Fidelity & Guarantee

    Former head of Bermuda National Bank John Grant Marshall is facing more financial anguish stemming from his spell as a director of controversial reinsurer North American Fidelity & Guarantee.NAF&G, which is already being sued for $3.7 million at Bermuda Supreme Court in a claim last year, has had a new $1 million action brought against it by Bermuda-based Hopewell International Insurance Ltd, which is a reinsurance pool for captive insurance firms.

    NAF&G had no capital, say sources

    Reinsurer North American Fidelity & Guarantee, which is being sued for $4 million in Bermuda, moved its operations from Bermuda to Belgium in 1993 not long after failing to comply with a request to show proof of its capital, we have been told.And some insurance observers believe the company, which offered property, marine, aviation and mortgage guarantee coverage and claimed to have capital of $100 million, may have actually had very few funds available to meet claims during the year it operated in Bermuda.