Insider Talking: October 31, 2004
Swiss financier Dieter Behring, 49, was arrested in Switzerland on October 19, 2004 on suspicion of financial investment fraud and money laundering, according to news service Swissinfo; Paradigm Holdings Limited, which has been implicated in an alleged scam involving investments in wine, was placed into provisional liquidation at the Grand Court of the Cayman Islands on October 12, 2004; The sentencing of former offshore bank charter broker Jerome Schneider for conspiracy to commit fraud, which was scheduled to take place in late October, has been postponed to December 6, 2004 at the U. S. District Court for the Northern District of California; As previously forecast by OffshoreAlert, a default judgment against Bermuda-based investment firm Lines Overseas Management Limited and RBC Dominion Securities Inc. has been thrown out at the U. S. District Court for the Southern District of Alabama; and LOM's principals, Brian and Scott Lines, have been accused of violating Section 13D of the Securities Exchange Act of 1934 by failing to timely disclose their beneficial ownership of River Capital Group Inc.