One acquittal, two no-decisions at Imperial Consolidated trial
September 29, 2008
The trial in the United Kingdom of three former officers of the Imperial Consolidated Group, which collapsed in 2002 with debts of more than $300 million, has ended without any convictions.
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Real estate developer sues offshore bankers for "hundreds of millions of dollars" over failed tax planning scheme
September 17, 2008
A billionaire real estate developer who pleaded guilty last year to willfully filing a false tax return in the United States has filed a civil complaint against his offshore bankers and tax planners in which he claims he was unknowingly drawn into illegal activity.
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Cayman Fund Administrator and Officers Sued Again Over Collapse of Bear Stearns Funds
September 16, 2008
Cayman Islands-based Walkers Fund Services Ltd. and two of its officers are being sued for a second time regarding their involvement with hedge funds sponsored by New York-based investment bank Bear Stearns that collapsed last year with a total loss estimated at over $1 billion after investing in mortgage-backed securities.
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SEC and LOM seek evidence from dozens of people in Bermuda, Canada and UK
September 8, 2008
Forty-seven individuals and companies in Bermuda, Canada, and the United Kingdom are being asked to provide evidence for a securities fraud civil action brought by the U. S. Securities and Exchange Commission against the Bermuda, Bahamas and Cayman operations of Lines Overseas Management, the group's President, Scott Lines, and its former President, Brian Lines.
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Hong Kong seeks to extradite secretary accused of stealing US$1 m from expat boss
September 8, 2008
A 47-year-old woman has been arrested in California on an arrest issued in Hong Kong, where she has been accused of stealing HK$7.5 million (approximately US$1 million) from leading expatriate businessman Christopher Rampton to pay off her gambling debts.
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Tax attorney Denis Kleinfeld drops Wikileaks-related lawsuit
September 8, 2008
Florida-based tax attorney Denis Kleinfeld has dropped a civil complaint against the unknown operators of the whistle-blower's web-site Wikileaks in which he alleged he was the victim of an extortion attempt.
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Republic Bank (Cayman) alleges fraud against client of e-gold
September 8, 2008
A Cayman Islands-licensed bank claims to have been defrauded of US$90,000 in a scam that was committed by unknown parties using a Nevis-domiciled, Florida-based Internet payment system known as e-gold.
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Cayman target of fund fraud investigation was accused of another fraud in 2006
September 8, 2008
A trader under investigation in the Cayman Islands on suspicion of defrauding hedge fund investors out of many millions of dollars was accused of another fraud four years ago, OffshoreAlert can reveal.
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latin AmericA Round-up
September 8, 2008
ARGENTINA & VENEZUELA: Extradition for Antonini Wilson. BRAZIL & COLOMBIA: Colombian narco extradited. COLOMBIA: Victims' defense. DOMINICAN REPUBLIC: Sworn in during an economic crisis. EL SALVADOR: Zero tolerance? PARAGUAY: Transparency promises. PERU: A big gap; Upgrading the military. PUERTO RICO: Acevedo Vilá charged. REGIONAL: Olympian blues.
Insider Talking
September 8, 2008
Charles Intriago prepares to launch new group focusing on asset forfeiture, accused securities fraudster has Cayman Islands driver's license in false name, claims SEC; details about companies and individuals who provided professional services to Cayman's collapsed Grand Island Commodity Trading Fund group; investment fraudster Keem Kalfon is at it again; and the US CFTC praises offshore regulators for their co-operation for an investigation into the Lake Shore group of hedge funds.
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