Client’s $25 m trading loss caused collapse of financial group, says liquidator
July 2, 2008
A trading loss of $25 million by a Canadian client with a checkered past has emerged as the principal reason for the collapse of a Bahamas-based financial services group earlier this year.
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John Mathewson target of new tax investigation, accuses IRS of a “double-cross”
July 2, 2008
Former Cayman Islands-based banker John Mathewson, who infamously turned in his bank's clients to the United States Internal Revenue Service in return for leniency on tax evasion and money laundering charges in the 1990s, is the target of a new investigation into tax fraud.
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IRS seeks court permission to serve summons on Miami offices of UBS AG
July 2, 2008
The United States Government has applied to a federal court in Miami for permission to serve an Internal Revenue Service "John Doe" summons on two local offices of Swiss private bank UBS AG as part of a criminal investigation into U. S. taxpayers for tax evasion using offshore structures.
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Ex-UBS banker agrees to “co-operate fully” with IRS, faces up to 5 years in prison
July 2, 2008
Former UBS private banker Bradley Birkenfeld is due to be sentenced on August 13, 2008 after pleading guilty to one count of conspiracy to defraud the United States at the U. S. District Court for the Southern District of Florida on June 19.
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One former Grenada ‘banker’ gets 11 years, another is declared mentally incompetent
July 2, 2008
A mortgage broker in Wisconsin and a dentist in Nebraska have become the latest perpetrators of Grenada-based offshore financial scams to be dealt with by the U. S. legal system.
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Investment advisers accused of “massive fraud” against offshore firms and others
July 2, 2008
Two former officers of a U. S.-based investment adviser have been accused of perpetrating a "massive fraud" against clients, who include an offshore bank and several offshore hedge funds.
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BVI-domiciled PROOF Fund sues second US penny stock
July 2, 2008
For the second time in less than three months, a British Virgin Islands-domiciled investment fund has filed a complaint against an Over-The-Counter Bulletin Board-listed penny stock for allegedly defaulting on a loan.
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Merrill Scott principals indicted for tax evasion & money laundering
July 2, 2008
The operators of a now-defunct asset protection firm based in Utah and the Bahamas have been criminally indicted in the United States on multiple counts of tax evasion and money laundering.
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Donald Lines awarded $3 m damages against fraudulent process server
June 16, 2008
Bermuda-based businessman Donald Lines has been awarded damages of $3 million against a Massachusetts process serving company that falsely claimed to have served him with three securities fraud-related subpoenas on behalf of the U. S. Securities and Exchange Commission.
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Ex-UBS private banker to plead guilty to helping US billionaire evade taxes
June 5, 2008
A former UBS private banker is set to admit his involvement in helping a billionaire United States real estate developer evade taxes on income earned on approximately $200 million of assets allegedly concealed in bank accounts in Switzerland and Liechtenstein using shell companies in the British Virgin Islands, Denmark, Gibraltar, Panama, and the United Kingdom.
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US judge rejects e-gold’s argument that it is not a money transmitter
June 5, 2008
A U. S. federal judge has ruled that Nevis-domiciled alternative currency provider e-gold Ltd. is a money transmitter, as defined by U. S. law, and, therefore, must stand trial on counts that it operated on an unlicensed basis in the country.
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Former Baker & McKenzie partner Martin Weisberg indicted again
June 5, 2008
A New York-based securities attorney who became a major shareholder in a firm that was turned down for a Bermuda insurance license has been indicted in New York for the second time in nine months.
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Security expert was ‘double agent’, claims former employer
June 5, 2008
A Virginia-based investigation and security consulting firm turned its resources on one of its own senior officers – a Guernsey-based former British paratrooper – in order to expose his activities as a 'double agent' who was working on behalf of a British Virgin Islands-domiciled competitor he had secretly set up, it has been claimed.
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Two more convictions in Harris Organization tax evasion investigation
June 5, 2008
The ongoing criminal investigation by the United States Internal Revenue Service into the long-defunct Harris Organization financial services group of Panama and its clients has resulted in two more convictions at the U. S. District Court for the Southern District of Florida.
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California investment manager seeks $7 m from Cayman real estate hedge fund
June 5, 2008
A Cayman Islands-domiciled real estate-focused hedge fund most of whose investors are Kuwait nationals is being sued for more than $7 million in damages by its California-based investment manager.
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Cayman hedge funds sue investment manager for $100 m, allege fraud
June 5, 2008
Five Cayman Islands-domiciled hedge funds have accused their Connecticut-based investment manager of fraud after they were allegedly unable to redeem their $100 million investment.
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US real estate fund attempts to prevent offshore funds from foreclosing on $60 m loan
June 5, 2008
A California-based fund that invests in real estate is suing three hedge funds domiciled in the Cayman Islands and one in the British Virgin Islands to prevent them from foreclosing on loans with an outstanding balance of $60 million.
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SEC alleges fraud against shell firm domiciled in “bank secrecy haven of Nevis”
June 5, 2008
The U. S. Securities and Exchange Commission has filed a complaint alleging fraud against a Michigan resident and "a shell company chartered in the bank-secrecy haven of Nevis in the West Indies".
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Cayman funds in battle for control of NYSE-listed CSX Corp.
June 5, 2008
Five Cayman Islands legal entities, including two hedge funds, are being sued in the United States in a battle for control of New York Stock Exchange-listed transportation company CSX Corporation.
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GERMANY REQUESTS EXTRADITION OF SUSPECTED FRAUDSTER
July 2, 2008
A 58-year-old resident of Cape Coral, Florida has agreed to be extradited to his native Germany to stand trial on charges of defrauding banks in a property scam.
TWO US RESIDENTS ARRESTED ON ARREST WARRANTS ISSUED BY COSTA RICA
July 2, 2008
Two United States residents are in custody pending their extradition to Costa Rica, where they have been accused of perpetrating a multi-million dollar investment fraud.
BULGARIA SEEKS EVIDENCE FROM DELAWARE-DOMICILED CALEDON INVEST
July 2, 2008
Bulgaria has requested evidence from a Delaware company for a criminal investigation into smuggling and money laundering involving cigarettes.
BULGARIA REQUESTS EVIDENCE FROM DELAWARE-DOMICILED KINGSTON ENTERPRISES
July 2, 2008
Bulgaria has requested evidence from a Delaware company for a criminal investigation into the alleged illegal exportation of meat.
COSTA RICA REQUESTS ACCOUNT INFORMATION FROM US BANKS FOR CORRUPTION INVESTIGATION INTO FORMER PRESIDENT
July 2, 2008
Costa Rica is seeking account information from several banks in the United States as part of a criminal investigation into alleged corruption by former President Miguel Angel Rodriguez Echeverria and others.
CZECH REPUBLIC SEEKS EVIDENCE FROM DELAWARE AND ARKANSAS FIRMS FOR EMBEZZLEMENT INVESTIGATION
July 2, 2008
The Czech Republic is seeking information about two companies in Delaware and one in Arkansas as part of a criminal investigation into alleged embezzlement, breach of trust and insider trading.
CZECH REPUBLIC SEEKS US EVIDENCE FOR INVESTIGATION INTO ALLEGED EMBEZZLEMENT
July 2, 2008
The Czech Republic has requested information about US corporations as part of a criminal investigation into alleged embezzlement.
FRANCE REQUESTS EVIDENCE FROM NORTH CAROLINA AIRCRAFT BROKER
July 2, 2008
France is seeking evidence from an aircraft broker in North Carolina for a criminal investigation into a plane crash last year that killed 20 people.
HUNGARY SEEKS INFORMATION ABOUT DELAWARE-DOMICILED STAR GATE INTERNATIONAL
July 2, 2008
Hungary is seeking evidence from a Delaware corporation as part of a criminal investigation into alleged fraud.
ISRAELI NATIONAL RIPPED OFF US RESIDENTS IN INTERNET COMMERCE SCAM, CLAIM INVESTIGATORS
July 2, 2008
An Israeli national took in approximately $1 million per year from U. S. residents who were promised Internet-related business opportunities that were never delivered, according to criminal investigators.
LATVIA REQUESTS INFORMATION ABOUT DELAWARE-DOMICILED WESTERMAN LLC
July 2, 2008
Latvia has requested information about Delaware-domiciled Westerman LLC as part of a criminal investigation into alleged tax evasion and money laundering.
NETHERLANDS SEEKS EVIDENCE FROM WISCONSIN RESIDENT FOR ASSAULT/EXTORTION INVESTIGATION
July 2, 2008
The Netherlands are seeking evidence from a Wisconsin resident for a criminal investigation into alleged extortion, assault, and threatening behavior by a 21-year-old resident of Amsterdam.
NORWAY REQUESTS EVIDENCE FROM BANK OF AMERICA FOR INVESTIGATION INTO ALLEGED INVESTMENT FRAUD
July 2, 2008
Norway has requested information about an account at the Bank of America in Miami for use in a criminal investigation into alleged investment fraud by three Norwegian nationals.
POLAND SEEKS EVIDENCE FROM FIA CARD SERVICES FOR CREDIT CARD FRAUD INVESTIGATION
July 2, 2008
Poland has requested information from Delaware-domiciled card issuer FIA Card Services as part of a criminal investigation into alleged credit card fraud by a Polish firm.
RUSSIA REQUESTS EVIDENCE FROM DELAWARE-DOMICILED FERBANE GLOBAL
July 2, 2008
Russia has requested evidence from Delaware-domiciled Ferbane Global LLC for a criminal investigation into alleged corruption.
SPAIN SEEKS EVIDENCE FROM FLORIDA-BASED SUSPECT IN FRAUD INVESTIGATION
July 2, 2008
Spain has requested evidence from a Florida resident who is being criminally investigated for allegedly receiving nearly 90,000 Euros from Spanish citizens for tours to the United States that never materialized.
SWEDEN SEEKS EVIDENCE IN FLORIDA FOR PROBE INTO ALLEGED EMBEZZLEMENT
July 2, 2008
Sweden is seeking evidence in Florida from a businessman who is suspected of embezzling 10 million Krona (approximately US$1.6 million) from a Swedish company he owned.
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