Bermuda Premier’s Campaign Manager implicated in alleged US-based securities fraud

December 8, 2008

A Bermuda-based company owned and operated by the campaign manager of Bermuda Premier Ewart Brown has been accused of participating in a securities fraud in the United States, with some of the proceeds allegedly laundered through an account at First Bermuda Securities.

Full story >>

Bahamas attorney Obi Pindling denies involvement in alleged US tax evasion scheme

December 8, 2008

Bahamas-based attorney Obafemi Pindling has denied an allegation by the United States Internal Revenue Service that he was materially involved in a massive tax evasion scheme.

Full story >>

Cayman funds sued over rights to pursue $1 billion bankruptcy claim

December 8, 2008

Two US investment funds have sued two Cayman Islands-based affiliates and their offshore liquidator over rights to pursue a $1.05 billion claim in the bankruptcy of Minnesota-based investment firm Petters Group Worldwide, which has been criminally indicted for an alleged investment fraud that is believed to total more than $2 billion.

Full story >>

US physician claims he was swindled by ex-wife in TCI property venture

December 8, 2008

A Texas-based physician has filed a second civil complaint in Florida in an attempt to recover damages of US$1.95 million that he claims to have suffered in an alleged property scam in the Turks and Caicos Islands perpetrated by his ex-wife and her family.

Full story >>

Agora sues rival newsletter publisher for 'invading the privacy' of its writers

December 8, 2008

The Baltimore-based Agora group, whose financial newsletters are known for their aggressive marketing methods, is suing a rival publisher over an advertising campaign that attacked Agora, alleging an "invasion of privacy".

Full story >>

Nolon Bush convicted of Nevis-based investment fraud

December 8, 2008

Seven years after his investment scheme was exposed by OffshoreAlert, a United States national who owned and operated a Nevis-based offshore group in conjunction with father-and-son providers Nigel Scott Grant and his son, Nicolas Grant St. James, has been convicted of fraud.

Full story >>

Airport contractor seeks to enforce US$4.4 m arbitration award against Belize Government

December 8, 2008

An offshore company has initiated a lawsuit in Washington, DC to enforce a US$4.4 million arbitration award against the Belize Government for wrongful termination of a Concession Agreement to expand and improve the Philip S.W. Goldson International Airport in Belize City.

Full story >>

Stanford Financial Group embroiled in two trademark disputes

December 8, 2008

The Stanford Group, which is headed by R. Allen Stanford and whose financial companies include an offshore bank in Antigua, has become involved in two trademark disputes at federal court in San Francisco, one as a defendant in an action brought by the prestigious Stanford University and the other as a plaintiff in an action against the unknown operator of an apparent advance-fee fraud.

Full story >>

Economic crisis prompts UK Gov't to review role of Offshore Financial Centers

November 25, 2008

The current global economic crisis has prompted the United Kingdom Government to commission an "independent review" of all British Crown Dependencies and Overseas Territories that serve as offshore financial centers.

Full story >>

UBS sues XL chairman Brian O’Hara for return of $1.5 m loan

November 21, 2008

UBS Bank has sued XL Capital chairman Brian O'Hara and his wife, Nancy, in an attempt to recover $1.5 million of loans that are allegedly outstanding.

Full story >>

Investors scramble to recover up to US$1 billion as Caribbean Forex scams collapse

November 10, 2008

An epidemic of investment fraud is causing financial misery to victims who appear to be predominantly Caribbean residents and Caribbean expatriates living in the United States.

Full story >>

Client blamed for collapse of Bahamas group is Charged with securities fraud in US

November 10, 2008

A Canadian national whose estimated $25 million of trading losses were blamed for the collapse of Bahamas-based Caledonia Corporate Management financial services group in February has been criminally charged with an unrelated securities fraud in the United States.

Full story >>

Default judgment entered against Red Sea Management in civil fraud action

November 10, 2008

A default judgment has been entered in the United States against offshore services provider Red Sea Management Limited for allegedly defrauding investors of $7.4 million in a securities scam.

Full story >>

US court throws out Condor Insurance liquidators’ recovery action, HLB Galanis Bain provides unqualified audit for Bahamas spin-off ‘insurer’

November 10, 2008

The liquidators of St. Kitts & Nevis-domiciled Condor Insurance, Ltd. have suffered a setback in their attempt to recover assets with a face value of US$313 million they claim were fraudulent transferred to a Bahamas-domiciled mirror company so that they could not be used to satisfy creditors' claims.

Full story >>