Marty Steinberg

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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.

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

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.

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.

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 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.