Seven people have been criminally indicted in the United States for an alleged securities fraud involving purported reinsurer Gerova Financial Group - a former Cayman Islands firm that moved to Bermuda - that brought them nearly $20 million in profits.
Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Bermuda by Michael Morrison, Charles Thresh, and John McKenna, as the Foreign Representatives of Gerova Financial Group Ltd. and Gerova Holdings Ltd., at the U. S. Bankruptcy Court for the Southern District of New York.
Amended Class Action Complaint in Rutland Baker, Xianhua Xu, Ali Arar, Elenore Kram, and Bruce Henry v. Gerova Financial Group Ltd., Gary Hirst, Michael Hlavsa, Joseph Bianco, Jack Doueck, Arie Van Roon, Keith Laslop, Richard Rudy, Stillwater Capital Partners, Inc., and Stillwater Capital Partners, LLC at the U. S. District Court for the Southern District of New York.
Evidence has emerged that a major securities fraud on the New York Stock Exchange could have been prevented if regulators in Bermuda and the Cayman Islands had been more diligent.It appears that a complaint alleging improprieties against offshore reinsurer Gerova
The wheels have fallen off Gerova Financial Group Ltd., a Cayman Islands domiciled, Bermuda licensed reinsurer whose numerous red flags were reported about extensively in OffshoreAlert on January 14, 2011.On the day our article was published, Gerova Financial's shares closed
Complaint in Scott Hintz, JS of Georgia, Inc., and PT Holdings Group I, Inc. v. Gerova Financial Group, Ltd., Joseph Bianco, Gary Hirst, Jason Galanis, Robert Willison, Gerova Holdings, Ltd., Net Five Holdings, LLC, Net Five Group, LLC, Fund.com, Inc., Equities Media Acquisition Corp., Inc., Planet Five Development Group, LLC, Planet Five at Gerova, LLC, Paul Rohan, Noble Investment Fund, Ltd., Gregory Laubach, Gerova Real Estate Group, LLC, Eric Halter, and David Zorn at the U. S. District Court for the Northern District of Georgia.
A Bermuda based, New York Stock Exchange listed group that was granted a Bermuda insurance license last June is "likely fraudulent", according to an investment research firm in the United States.Gerova Financial Group Ltd., which moved its domicile from the