Police in Indonesia are conducting a fraud, embezzlement and money laundering investigation into Rani Jarkas, the scandal-plagued owner of Cayman Islands-based investment group Cedrus Investments.
Judgment In the Matters of Watler Holdings Limited, Frank Sound Estate Limited and Red Bay Estates Ltd., all in Official Liquidation, at the Grand Court of the Cayman Islands.
Cayman Islands-domiciled Cedrus Investments Ltd., which is controlled by securities fraudster Rani Jarkas, is suing two Indonesian clients - Harun Abidin and Tata Artha Group - for the return of $2.1 million in alleged unpaid margin loans.
Cayman Islands-based fraudster Rani Jarkas - whose dishonest conduct and that of his attorney, Michael Alberga, was previously exposed by OffshoreAlert - has been barred from the securities industry in the United States.
Two lawsuits brought by the lender-turned-owner of The Ritz-Carlton, Grand Cayman against the property's developer, Michael Ryan, in 2012 have been settled. Both actions were dismissed by mutual consent at the Grand Court of the Cayman Islands on December 20, 2013.
The company management arm of Cayman Islands law firm Travers Thorp Alberga passed off a falsified document as a "true" copy of a share register, thereby concealing the name of a client - Rani Jarkas - who was fleeing debts to a swindled customer, the IRS and others in the United States, OffshoreAlert can reveal.
In an article published today entitled 'Cayman company manager produced sham share register to protect client with huge debts in U.S.', OffshoreAlert tells the sorry tale of Cayman Islands attorney Michael Alberga and his firm's breathtakingly brazen attempts to conceal
Incomplete Register of Members for Cedrus Investments Ltd. - Obtained From Registered Agent on June 6, 2013. You will notice that Michael Alberga's International Corporation Services Ltd. has started using the phrase "Current Register of Members" in an apparent attempt to justify withholding information about past members.
The Ritz-Carlton, Grand Cayman development appears to be insolvent by at least US$340 million, developer Michael Ryan and one of his many firms took out more than US$44 million from 2005 to 2012 in circumstances that are under investigation, and the "best hope" for unsecured creditors is a dividend of 2.5 cents on the dollar, according to information in a court ruling issued yesterday.
Alleged fraudster Michael Guard rises to the top at dubious Capital Conservator Group; The sordid tale of disbarred Bahamas attorney Jan Ward; Arnold Forbes claims he intends to sue Canadian broadcaster CTV for implicating him in an alleged investment fraud; Stanford University Professor Dr. Thomas Kenney accepts advisory role with dubious offshore investment firm Cedrus Investments; and Cayman Islands-domiciled Alacrity Capital Offshore Fund and related parties are sued in a dispute over administrative fees.
Canadian fraudster George Georgiou learns the hard way about consecutive sentencing in the USA; We reveal the identities of insiders - past and present - at Georgiou's 401 Capital Partners Inc.; Cayman Finance shares office with fraudster-friendly law firm Thorp Alberga.
Any lingering hope anyone had that details of the Bermuda Monetary Authority's investigation into Lines Overseas Management in 2004 2005 would ever become public knowledge faded when LOM settled a fraud complaint brought by the U. S. Securities and Exchange
Cedrus Investments Update: CIMA admits to regulatory ‘weaknesses’, Michael Alberga refuses to comply with law
OffshoreAlert's article last month about Cedrus Investments Ltd. and its scandal plagued, debt ridden principal, Rani Jarkas, prompted much debate in the Cayman Islands about whether any action should, and could, be taken.In response to several postings by visitors to
Purported Register of Members for Cedrus Investments Ltd. obtained from registered agent on July 7, 2010. Note: Although this document was certified as a "True and Correct Copy" of the Register of Members by Michael Alberga, on behalf of Cedrus Investments' registered agent, International Corporation Services Ltd., it is not; specifically it is missing entries from its registration on January 30, 2009 to March 15, 2010, inclusive. Alberga, who was also a director of Cedrus Investments, refused repeated requests to provide the missing information, in contravention of Section 44 of Cayman's Companies Law, until OffshoreAlert eventually obtained it nearly three years later.
Three CPAs and two attorneys in the United States are awaiting sentencing for their involvement in an offshore tax evasion scheme that ran from 1996 to 2005 and helped approximately 75 U. S. taxpayers deprive the Internal Revenue Service of an estimated $20 million in unpaid taxes. The scheme's masterminds were paid a fee for their services that was typically equal to 30% of the tax evaded by their clients, stated prosecutors.The scheme included the use of shell companies in the Cayman Islands and Nevis, including a sham media entity and a sham insurer, that were managed by Cayman-based management firms Zephyr International Ltd., whose Managing Director was Lewis Denton Rowe, and/or International Corporation Services Ltd., which is the corporate management company of law firm Myers and Alberga, according to filings at the U. S. District Court for the District of Utah. Offshore bank accounts were allegedly provided by the Bank of Bermuda and Butterfield Bank, both in Cayman.
A former director of a fraudulently operated, offshore stock broker has agreed to pay US$74,000 - purportedly 75% of his total assets - to settle a civil complaint brought by the firm's liquidators.As part of his settlement agreement, James Fontanetta
The liquidators of one of Cayman's biggest construction firms have issued a scathing report alleging greed, incompetence and misappropriation of corporate funds on the part of it's directors.Christopher Johnson and John Dinan, of PricewaterhouseCoopers, accused brothers Robert Hurlstone, 50, and John Hurlstone, 46, of misappropriating so much money that Hurlstone Construction Ltd. was rendered hopelessly insolvent by 1994.