Lennox Gibbs is well-paid for his role in dubious penny stock Strategy International Insurance Group Inc.; Law firm Charles Russell and financial advisors Smith & Williamson, continue to be handsomely rewarded for their lmismanagement of the iquidation of Invaro Ltd.; and the US Senate Permanent Subcommittee on Investigations' 'Tax Haven Abuses: The Enablers, The Tools and Secrecy' is not without its humorous side.
After failing to have his plea agreement rescinded, entrepreneur 59-year-old Terry L. Neal has been sentenced to five years in prison for his role in an offshore tax fraud scheme.Neal, who previously pleaded guilty to one count of conspiracy to defraud the United States, was also fined $50,000 and given three years of supervised release during his sentencing at the U. S. District Court for the District of Oregon on March 21, 2006.
The U. S. Government has applied for summary judgment in its forfeiture complaint regarding gold and silver bars and coins seized during a criminal investigation into former offshore provider Terry Neal. The motion was filed at the U. S. District
Former offshore services provider Terry Neal and three co-defendants have had their sentencing delayed pending a review of a U. S. Supreme Court opinion that federal sentencing guidelines are unconstitutional.
Terry Neal has become the latest United States-based offshore provider to turn in his clients to criminal prosecutors in return for a lenient sentence.Two months after shell bank promoter Jerome Schneider pleaded guilty to one count of conspiracy to defraud the U. S. government, Neal pleaded guilty to a similar charge yesterday at federal court in Oregon. Neal, who was based in Portland, Oregon and St. Kitts & Nevis, faces up to five years in prison and a maximum fine of $250,000 when he is sentenced on July 12, 2004.
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.
A legal battle is taking place in Oregon for possession of gold and silver bars and coins that were seized during a raid on the offices of companies associated with offshore provider Terry Neal. The United States Government is seeking to take permanent possession of the property, worth approximately $225,000 at current prices.
The Supreme Court of British Columbia has appointed a Receiver for US$20 million of assets belonging to two offshore banks, their clients and related parties - more than three years after freezing them.Following its appointment on June 16, 2003, KPMG Inc., in Vancouver, Canada, is seeking claimants for the funds, which were frozen in April/May, 2000 as part of an investigation into securities fraud.
Peter Johansson, head of the Bank Crozier group, which has offshore bank licenses in Grenada and St. Lucia, was arrested and released in Spain in June after a complaint was made to local police by clients unable to redeem their funds.Johansson told OffshoreAlert he was arrested at Barcelona airport on Friday, June 20 and released on Sunday, June 22 after two nights in custody. His passport was initially confiscated but soon returned, said Johansson.
Peter Johansson, head of the Bank Crozier group, which has offshore bank licenses in Grenada and St. Lucia, has been arrested and released in Spain after a complaint was made to local police by clients unable to redeem their funds.
The Bank of Montreal has been summoned to attend a hearing before the British Columbia Securities Commission on May 21 to answer an allegation that it breached an asset freeze order. The allegation concerns accounts controlled by Exchange Bank and Trust,
Offshore financial services provider and asset protection book author Terry L. Neal has been criminally indicted on tax-related offenses in the United States for the second time in three months.A 13-count superseding indictment was filed on April 23, 2003 against Neal, of St. Kitts and Oregon; and three associates, Lee. E. Morgan, of Oregon; James Fontano, of Nevada; and Aaron Young, of Oregon.
Exchange Bank & Trust, which was licensed as an offshore bank in Nauru and operated in Nevis, is being sued for $3 million by a client in British Columbia.The civil lawsuit was filed at the Supreme Court of British Columbia on April 24, 2003 by Umbrella LLC, which is registered in Nevis and based in Vancouver.
Offshore services provider Terry Neal, who has been criminally indicted in the United States for alleged tax evasion, said he expects to be charged with further offenses. "In court, the IRS was quite open about the fact that they hoped to amend the complaint with which they have charged me to include all kinds of nefarious acts, as yet unnamed," he told OffshoreAlert. "Of course, the real reason for the government's angst has much more to do with my critical writing regarding IRS abuse as set forth in numerous published newsletters, magazine articles and my several books."
Offshore services provider and asset protection author Terry Leroy Neal has been arrested and jailed in Oregon after a criminal complaint accused him of making false statements in his personal tax returns filed with the IRS.Neal was arrested on December 27, 2002—one day after a criminal complaint was filed against him at the United States District Court for the District of Oregon, in Portland, which is Neal's home-town.
The British Columbia Securities Commission has scheduled a hearing for December 10 11, 2002 to consider applications to vary asset freeze orders relating to accounts at the Bank of Montreal in Vancouver that were frozen in 2000 as part of
Computer hackers have unsuccessfully attempted to steal $7 million from an alternative currency firm linked with offshore provider Terry Neal.News of the incident is contained on the web-site of Crowne Gold, which operates from addresses in Grenada and St. Kitts.
Evidence has emerged that the President of a 'paper' offshore securities firm accused of fraud in the United States was attorney Philip W. Johnston, a Canadian who once had a law firm in the Turks & Caicos Islands.Details of Johnston's alleged involvement in TCI-registered Carib Securities Ltd. is contained in a civil lawsuit that is on-going at the United States District Court for the Southern District of Florida.
A Nauru-licensed bank that is operated from Nevis was used to launder most of the more than $30 million in profits from a fraudulent stock trading ring, it has been alleged.Exchange Bank and Trust, which is operated by Terry Neal's Nevis American Trust Co., has been named as a relief defendant in three of four related lawsuits filed by the SEC in the United States.
A client of Exchange Bank and Trust, which is operated illegally in Nevis by Terry Neal-controlled Nevis American Trust Company, has lost a stock fraud lawsuit filed by the SEC in the United States.Judgments were entered against Stephen C. Sayre, Independent Financial Reports Inc. and Silver Screen Industries Inc. at the US District Court for the Central District of California on May 24, 2001.
An offshore bank has failed to unfreeze US$540,000 of its assets that were frozen at the Bank of Montreal in Vancouver by the British Columbia Securities Commission as part of a stock fraud investigation. The provisional liquidator of Nauru-registered Sterling International Bank Inc., Graham R. Whiteside, had applied for the funds to be released so that he could proceed with the liquidation of the bank.
The civil fraud lawsuit filed by the SEC against Nevis-based offshore provider Terry Neal and five others ended on December 15 when the last defendant settled. Michael T. Baer was ordered by the U. S. District Court for the District of Oregon to disgorge $1.4 million in "ill-gotten gains" and barred from serving as an officer or director of a public company. The disgorgement was waived and no civil penalty was imposed "based on his demonstrated financial condition".
Nevis-based offshore financial services provider and author Terry Neal has been ordered to disgorge $2.3 million in "ill-gotten gains" and pay a $200,000 penalty to settle a civil fraud lawsuit in the United States. Neal, who is an American citizen, has also been barred from serving as an officer or director of a public company in the United States.
Nevis-based offshore provider Terry Neal has denied that his firm Nevis American Trust Co. Ltd. operated Exchange and Bank Trust from the island, despite overwhelming evidence to the contrary.Nauru-registered EBT, which was not licensed in Nevis, is being investigated in the US and Canada for allegedly laundering the proceeds of securities fraud and has had US$16.9 million of assets frozen in Vancouver.
A Nauru-registered bank that is operated out of Nevis by offshore provider and author Terry Neal is at the centre of a major stock fraud investigation in the United States and Canada.Investigators allege that Exchange Bank and Trust helped launder millions of dollars from illegal trading in US stocks through bank and brokerage accounts in Vancouver and Nevis-registered entities.