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US insurer claims to be victim of $135M offshore reinsurance fraud

Bermudian businessman Gregory Tolaram, Bahamas-based financial adviser Edward Lynch, and seven insurers and investment funds in the Cayman Islands have been accused of participating in a $135 million fraud against U.S. insurer Great Western Insurance Company.

US regulator accuses ‘fraudulent’ Lake Shore hedge fund of breaching restraining order by back-dating agreement with Bermuda company manager

A management agreement between a Bermuda corporate services provider and a hedge fund group accused of committing a $100 million-plus fraud against investors was back-dated by two weeks in an attempt to circumvent a restraining order issued by a U. S. federal court, a regulator has claimed. The contract pursuant to which Bermuda-based Mercury Group Limited agreed to provide "office and related facilities and services" to the Lake Shore group was, in reality, entered into on June 29, 2007 - the same day that 38 boxes of Lake Shore records were transferred from Roth Mosey & Partners LP accounting and consulting firm in Canada to MGL in Bermuda, according to the Commodity Futures Trading Commission in a filing on January 9, 2008 at the U. S. District Court for the Northern District of Illinois, where it is suing Lake Shore and its principal, Philip Baker, for fraud.