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.

Full story >>

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.

Full story >>

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.

Full story >>

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.

Full story >>

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.

Full story >>

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.

Full story >>

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.

Full story >>

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.

Full story >>

US couple allege fraud against offshore asset protection group

August 4, 2008

A Kentucky-based husband and wife claim they were swindled after depositing US$1.9 million in an offshore tax planning and asset protection plan involving insurance, trust, and investment-management companies in Anguilla, the Bahamas, and Nevis.

Full story >>

Jeeves Group says US judgments for $106 m are unenforceable in Liechtenstein

August 4, 2008

Default judgments totaling $106 million have been entered in the United States against offshore provider The Jeeves Group and related parties regarding an alleged tax-program-cum-Ponzi-scheme operated by one of its clients.

Full story >>

SEC investigates Stanford International Bank, issues subpoenas to former employees

August 4, 2008

For the second time in 19 years, an offshore bank controlled by Sir Allen Stanford is being investigated by regulators.

Full story >>

Pakistan national tells of ‘hell’ as an expatriate banker in Dubai

August 4, 2008

A less-than-flattering account of life as a foreigner in one of the world's fastest-growing international financial centers has been given in a civil action brought in the United States by an expatriate banker.

Full story >>

Dubious Barbados insurer sued twice in two days in US

August 4, 2008

A Barbados-licensed insurer whose dubious activities were exposed two years ago by OffshoreAlert was named as a defendant in two civil lawsuits filed over a two-day period at federal courts in the United States during July.

Full story >>

The United States continues to mop up Grenada’s offshore mess

August 4, 2008

Verlin D. Swartzendruber, 66, became the latest person suspected of perpetrating an investment fraud through a Grenada-domiciled company to appear before a federal judge in the United States.

Full story >>

New liquidators of Bear Stearns funds sue Cayman service providers, seek $1.5 b

August 4, 2008

Four individuals and companies in the Cayman Islands have been added as defendants to a civil complaint in the United States in which the liquidators of two Bear Stearns-sponsored offshore hedge funds are trying to recover $1.5 billion.

Full story >>