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    Would-be offshore insurer has ties to convicted fraudster

    A New York-based attorney with a conviction for securities fraud is an insider in a penny stock firm controlled by the principals of Bermuda-based Lines Overseas Management, OffshoreAlert can reveal.
    The involvement of Edward Marvin Grushko casts further suspicion on River Capital Group Inc., which is raising money from the public by claiming it intends to operate as a Bermuda insurer without disclosing that two licensing applications were turned down by the Insurance Admissions Committee of the Bermuda Monetary Authority last year and that no further application has been made since then.