The U. S. Government is seeking to seize the alleged proceeds of narcotics trafficking that are held in accounts at Barclays Bank, in London, England in the name of British Virgin Islands-registered Auxerre Corporation; St. Kitts and Nevis-based Crowne Gold Inc., which is secretly controlled by offshore provider Terry Neal, has been slammed by an Ontario, Canada-based client for allegedly not assisting in the recovery of nearly US$6,000 that the client claims was defrauded from his account by a third-party; U. S.-based Spherion Corporation, which specializes in staffing, recruiting and workforce management, filed a civil complaint against the Cayman Islands Department of Tourism at federal court in the USA on January 29, 2004. Three former insiders of a now-defunct, Grenada-licensed offshore bank have each received non-custodial sentences for their participation in an investment fraud; Meanwhile, two other former insiders with another Grenada-licensed offshore bank, Robert John Skirving and Paul James Peiffer, both of Oregon, have suffered setbacks in their attempts to have their debts wiped out via bankruptcy; Investors who lost millions of dollars in the failed Bahamas-registered Oracle Fund have reached a settlement with the Fund's administrator, reported the Bahama Journal on January 23, 2004; The number of foreign-owned legal entities registered in Bermuda fell by 2.5 per cent from 13,870 to 13,528 during 2003, according to figures recently released by the Registrar of Companies; For a company that claims to manage so much money - more than $2.5 billion - Bermuda-based Orbis Investment Management Ltd. has surprisingly little transparency; A company in which St. Vincent and the Grenadines-licensed offshore bank Omnicorp Bank invested was named as a defendant in a civil lawsuit filed by the SEC at the U. S. District Court for the District of Utah on February 23, 2004; and A participant in an offshore-oriented scam perpetrated by an organization doing business as the Global Prosperity Group or the Institute of Global Prosperity has pleaded guilty to tax evasion in the United States.
Promotional spiel used by two former insiders of the First International Bank of Grenada to promote a separate fraudulent investment scheme has been likened to a legendary comedy sketch by a judge.Their tale of purported high-reward, no-risk trading in "mid-term notes" resembled "the old Abbot and Costello routine of 'who's on first'", stated Circuit Judge Frank L. Bearden.
Offshore Alert can today expose a massive fraud involving at least three banks, an insurance company and a stock exchange into which investors are believed to have invested tens of millions of dollars. Participants in the scam include the World Investors Stock Exchange in Grenada, the International Deposit Insurance Corporation in Nevis, the First International Bank of Grenada, the International Exchange Bank, which is registered in either Nauru or Grenada but operated out of Bermuda and Texas; and Fidelity International Bank, which is registered in Nauru but operated from St. Vincent.