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Insider Talking: May 12, 2010

Bermuda resident Eric Collins seemingly rues the day he agreed to serve as a director of Consensus Investments Ltd., which the SEC alleges was used to conceal insider trading in penny stock SHEP Technologies by Lines Overseas Management, Scott Lines,

Offshore credit-card holders await refunds as litigation drags on in the Bahamas

A bitter legal dispute is taking place in the Bahamas over the refunding of millions of dollars to people who held offshore credit cards issued by Leadenhall Bank & Trust Ltd. Bahamas-based Leadenhall and First Financial Caribbean Trust Company Ltd., a licensed trust company in the Turks & Caicos Islands, each claims the other holds security deposits that are owed to card-holders. 

Hunt for Imperial Consolidated assets moves to the United States

The former Managing Director of Imperial Consolidated's offshore bank tried to remove its $500,000 security deposit with MasterCard International four months AFTER the bank went into provisional liquidation. That is an allegation contained in a petition filed at the U. S. Bankruptcy Court for the Southern District of New York on February 7, 2003 by Marcus Wide, Provisional Liquidator of Imperium Bank.

Imperium Bank Ltd.: Section 304 Petition

Section 304 Petition for Assistance in Insolvency Proceedings in Grenada by Marcus Wide, as the Foreign Representative of Imperium Bank Ltd., at the U. S. Bankruptcy Court for the Southern District of New York.

Insider Talking: August 31, 2002

European Federal Union Bank Ltd. falsely claims to be based in Antigua; Barbados Central Bank revokes license of Keywest Swiss Investment Bank Inc.; DIAK Bank's Clifford Pitt fails in an attempt to quash a subpoena duces tecum; John Wayne Zidar is gound guilty of fraud and money laundering; US federal court approves IRS motion to serve John Doe summons on MasterCard International for investigation into tax evasion using offshore credit cards; Offshore bankers Julien Giraud and Brian Boeger have each been sentenced to 37 months in prison in the United States; and an auction of property belonging to Imperial Consolidated is due to take place in England.

Florida clamps down on offshore gaming

State officials in Florida have asked Visa International and MasterCard International to stop allowing customers to use their credit cards for on-line betting, according to a report in The Wall Street Journal.