The Bermuda Monetary Authority and two of its employees - Gerald Gakundi and Susan Davis-Crockwell - are being sued for $25 million in California for allegedly rejecting U.S.-based Newpoint Financial Corp's proposed acquisition of Bermuda's Citadel Reinsurance Company after, among other things, receiving information from "the Gibraltar Regulatory Authority".
Eight entities in Delaware and one in Bermuda (formerly in the Cayman Islands) that comprise the BlockFi crypto lending and financial services group have filed for Chapter 11 bankruptcy protection in New Jersey.
FTX ‘victim’ sues Tom Brady, Gisele Bundchen, Larry David, Shaq & other stars for ‘$11B crypto fraud’
A class action complaint alleging an $11 billion fraud by the FTX crypto exchange group has been filed at federal court in Miami against FTX founder Sam Bankman-Fried and others, including NFL legend Tom Brady, supermodel Gisele Bundchen, basketball stars Shaquille O'Neal, Stephen Curry, and Udonis Haslem, baseball stars David Ortiz and Shohei Ohtani, tennis player Naomi Osaka, NFL quarterback Trevor Lawrence, comedian Larry David, and the Golden State Warriors basketball team.
Bahamas liquidators of FTX Group’s ‘manager and operator’ apply for Chapter 15 recognition in New York
The liquidators of Bahamas-based FTX Digital Markets Ltd. - described as as the "manager and operator" of the FTX Group - have applied for Chapter 15 bankruptcy recognition in New York as they begin the process of gathering evidence and recovering assets for the crypto exchange group's creditors, who were estimated at "more than one million" by the group's management in Chapter 11 filings in Delaware last week that the liquidators claim were unauthorized.
Four days before a trial was due to start in the Cayman Islands, British fund manager Jeremy Leach and eight of his firms settled a fraud complaint by agreeing to pay $11.5 million over 22 months, OffshoreAlert can reveal. Despite a plethora of red flags, the Cayman Islands Monetary Authority continues to license Leach's Managing Partners Group and its funds and the group also operates entities in the British Virgin Islands, England, Malta, Spain, and Switzerland.
Cayman Islands corporate services provider Intertrust has abandoned its legal challenge against a fine of CI$4.2 million imposed by the Cayman Islands Monetary Authority, agreeing to pay not only the full amount of the fine but an additional CI$767,392 towards the regulator's legal fees.
The Vantage forex brokerage group that comprises entities in Australia, Cayman Islands, Cyprus, and Vanuatu is about to lose its financial license in Vanuatu for alleged fraud.
‘Ponzi Schemer’ Michael Atkins arrested in U.S. eight years after fleeing Singapore, faces extradition
Eight years after fleeing Singapore while on police bail on suspicion of swindling 285 investors out of US$4 million in a Ponzi scheme through his firm Aureus Capital, Michael Atkins has been re-arrested in the U.S. and faces extradition back to Singapore.
U.S. and Canadian regulators accuse Bermuda’s Arbitrade & insiders of ‘$51M crypto investment fraud’
Nearly four years after it was exposed by OffshoreAlert, Bermuda-domiciled Arbitrade Ltd. and related parties, including Troy Hogg, Stephen Braverman, James Goldberg, and Max Barber, have been accused of perpetrating a $51 million crypto-based investment fraud by securities regulators in the United States and Canada.
New York property developer Kent Swig and firms he controls, including his Dignity Gold group that claims to have billions of dollars of gold backing a scandal-plagued, crypto-based investment scheme that has operated in Canada, Bermuda, and the United States, are being sued for $7.1 million in allegedly outstanding loans.
Malta police investigate lawyer Aron Mifsud Bonnici & businessman Yorgen Fenech for ‘Dark Web weapons purchase using crypto’
Police in Malta are investigating lawyer Aron Mifsud Bonnici and businessman Yorgen Fenech regarding "the unlawful acquisition of firearms" on the "Dark Web" using Bitcoin. Details are contained in an application to collect evidence from crypto exchanges Poloniex and Coinbase that was filed at federal court in Delaware by the USA after receiving a request for judicial assistance from Malta.
Hong Kong resident Guang Huang has asked a Cayman Islands court to appoint Inspectors to investigate the affairs of crypto fund manager BBShares Capital Management Ltd., two of whose fellow principals - Connecticut residents Hongtao Jason Qiao and JingJing Zhou - he accused of committing a $7.2 million 'freeze out' fraud against him in a lawsuit filed three months ago in New York.
The U.S. has filed a forfeiture complaint against crypto that allegedly came from a $2 million investment fraud committed by three citizens or residents of Hong Kong, Myanmar, and Singapore - Wing San Tse, Zin Ko Oo, and Shen Chee Kok - against a financial advisor in California and his family via an allegedly fraudulent investment platform called RiotX using an "emerging fraud" technique known as "Pig Butchering".
New York-based investment adviser Perceptive Advisors has agreed to pay $1.5 million to settle allegations of impropriety involving a mutual fund - Perceptive Life Sciences Master Fund Ltd. - and three Special Purpose Acquisition Companies in the Cayman Islands.
Liquidators of 9 BVI & Cayman entities ‘involved in $8.5B 1MDB fraud’ apply for Chapter 15 recognition in U.S.
The liquidators of eight entities in the British Virgin Islands and one in the Cayman Islands that were allegedly used to misappropriate and launder some of the proceeds of an $8.5 billion fraud involving Malaysia's 1MDB have applied for Chapter 15 recognition in the United States.
Antigua-based offshore bank Global Bank of Commerce and its CEO, Brian Stuart-Young, are being sued by two depositors who claim they are unable to withdraw $9.2 million and £2.7 million from their accounts. Remarkably, the country's Prime Minister, Gaston Browne, described the depositors as "greedy" for attempting to withdraw their own funds.
United Arab Emirates-based, British and Irish serial investment fraudster Richard Fagan has set up a new company in England called Crowd Funding Markets Ltd. and is also involved with a $4 million offering of shares in Dubai-domiciled Essentially Juices Manufacturing LLC, OffshoreAlert can reveal.
Bankrupt crypto lender Celsius Network accuses ex-business partner Jason Stone of ‘multi-million dollar theft’
Two British and Delaware companies within the bankrupt crypto lending Celsius Network group have sued former business partner Jason Stone and his firm KeyFi Inc. for allegedly stealing and losing crypto worth "tens of millions of dollars". The lawsuit was filed 47 days after KeyFi sued Celsius Network, alleging its platform was being operated as "a classic Ponzi scheme".
The owner of Scottish professional soccer club Rangers F.C. is suing a U.S. company at federal court in Miami for allegedly fraudulently trying to sell the club, even though it's "not for sale". The defendant is KRF Capital LLC, d.b.a. K Sports Capital, which is controlled by a 49-year-old woman called Kyle Fox.
The U.S. SEC has filed a complaint against 18 individuals and entities in or from Canada, Cayman Islands, Dominican Republic, Nevis, United Kingdom, and United States for their alleged participation in a 'hacking and securities fraud scheme', with some of the conduct allegedly concealed through offshore accounts in the Bahamas, Belize, Switzerland, and U.K.
British fraudster Timothy Schools receives 14-year prison sentence for £120M Axiom Legal Financing Fund scam
British fraudster Timothy Schools has been sentenced to 14 years in prison for his £120 million Cayman Islands-domiciled Axiom Legal Financing Fund scam, which collapsed in 2012 after being exposed by OffshoreAlert. Schools, 61, was also disqualified from being a company director for 15 years and will face confiscation proceedings.
Mark Cuban sued for ‘duping millions of Americans into investing in failed crypto broker Voyager Digital’
A class action complaint has been filed against billionaire businessman Mark Cuban and his Dallas Mavericks basketball team for alleged fraud in their promotion of crypto "Ponzi scheme" Voyager Digital.
Ten years after OffshoreAlert began exposing his Cayman Islands-domiciled Axiom Legal Financing Fund £120 million investment fraud, causing him to sue us for libel, 61-year-old British national Timothy Schools has been convicted on all five counts against him at Southwark Crown Court, in London, and is in custody pending sentencing on Thursday.
The USA has applied to serve IRS 'John Doe' summonses on M.Y. Safra Bank and "cryptocurrency prime dealer and trading platform" OX Labs, d.b.a. sFOX, at federal courts in New York and California as part of an investigation into the tax liabilities of their cryptocurrency clients.
Wyoming asset protection law firm Cloud Peak seeks to quash IRS summons for Danish tax investigation
Wyoming-based asset protection law firm Cloud Peak Law Group has applied to quash an IRS summons to provide testimony and records for a tax investigation by Denmark into one of its clients, Wyoming-domiciled 1st International LLC.
Crypto boss Changpeng Zhao seeks discovery from Bloomberg for libel action over ‘Ponzi scheme allegation’
Chinese-Canadian crypto exchange boss Changpeng Zhao has applied to take discovery from Bloomberg news service in New York for use in a defamation complaint he filed in Hong Kong against one of its local affiliates following the publication of an article whose Chinese headline allegedly translates to "Zhao Changpeng's Ponzi Scheme".
Press releases by Seattle-based, self-described blockchain firm KaJ Labs regarding a purported attempt to buy the assets of insolvent crypto broker Voyager Digital for $250 million are "a complete fabrication", according to Voyager Digital in a filing at bankruptcy court in New York.
Swiss asset manager Marc-André Pépin removes directors who accused him of fraud, withdraws winding up petition
One day after being accused of fraud by independent directors of his Cayman Islands mutual fund, Swiss asset manager Marc-André Pépin removed them and then withdrew their winding up petition, OffshoreAlert can reveal.
Cayman’s Pharos Fund and Invictus Capital among largest creditors of bankrupt crypto lender Celsius Network
Cayman Islands-domiciled Pharos USD Fund is the biggest unsecured creditor of bankrupt crypto lender Celsius Network, with a claim for $81 million. Other unsecured creditors include another Cayman fund, Invictus Capital Financial Technologies, and entities in the British Virgin Islands, England, South Africa, and Switzerland.
The liquidators of Singapore-based, British Virgin Islands-domiciled cryptocurrency hedge fund Three Arrows Capital have applied to take emergency discovery from the firm's 'uncooperative' Founders - Kyle Davies and Su Zhu - to help secure assets for creditors, with Zhu "rumored to be attempting to sell a property in Singapore with a potential value in the tens of millions of dollars".
An investigation by the Dubai Financial Services Authority that was triggered by an OffshoreAlert exposé has resulted in a $240,000 fine and industry ban for United Kingdom national Stuart Coles and public censures for three of his companies, Coworth Investments, Coworth Fintech, and Novus Fintech.
Armed with an English judgment for approximately $55 million, Italian soccer coach Antonio Conte has applied to liquidate British Virgin Islands-domiciled Kidman Asset Management - just three days after Kidman's owner, suspected fraudster Massimo Bochicchio, reportedly died in a motorbike accident in Italy.
An entity called Agricultural Development Fund has asked a Cayman Islands court to appoint Inspectors to examine the affairs of Dubai-based healthcare services provider AVIVO Group.
BVI liquidators of crypto fund Three Arrows Capital apply for Chapter 15 bankruptcy recognition in New York
Two days after being appointed in the British Virgin Islands, the liquidators of insolvent cryptocurrency hedge fund Three Arrows Capital Ltd. - which allegedly owes $675 million to one creditor alone, Canadian crypto broker Voyager Digital - have applied for Chapter 15 recognition at federal bankruptcy court in New York.
The sole director of the Cayman Islands parent of suspended fund group Invictus Capital, which claims to have crypto assets totaling $135 million under management, will not sign a declaration of solvency, meaning its voluntary liquidation will now be conducted under court supervision.
Luxembourg “minority shareholder” seeks to “annul” €1.2B sale of Italy’s AC Milan soccer club to RedBird Capital
A Luxembourg minority shareholder in Italian soccer club AC Milan intends to file a lawsuit alleging fraud to "annul the improper sale of the club" for €1.2 billion to New York-based private investment firm RedBird Capital Partners, according to a discovery application filed at federal court in Manhattan.
U.S. litigation funder applies to wind up Ron Wahid’s Cayman firm Magellan Asset Finance over ‘$8.5M debt’
U.S. funder Therium Litigation Finance has applied to wind up Ron Wahid's Cayman Islands firm Magellan Asset Finance for alleged failure to repay $8 million it borrowed to fund a lawsuit in Jersey by British designer Tatiana Golovina against Moscow-based Rusal, an aluminum producer founded by Russian oligarch Oleg Deripaska.
Citing exposure to the UST stablecoin and Celsius Network 'bank', crypto fund operator Invictus Capital, which was set up by South Africans and claims to have more than $135 million under management in investment funds in the Cayman Islands and British Virgin Islands, has suspended redemptions and is attempting to re-organize under the oversight of voluntary liquidators appointed for its Cayman parent company.
German businessman Jürgen Wagentrotz is being criminally investigated in Germany on suspicion of swindling more than €22 million from approximately 500 investors in his firm Oil & Gas Invest AG before it went bankrupt in 2018.
U.S. obtains seizure warrant for ‘$410M aircraft owned by Roman Abramovich via shell firms in BVI, Cyprus & Jersey’
A federal court in New York has authorized the United States Government to seize two U.S. manufactured airplanes worth an estimated $410 million allegedly owned by Russian oligarch Roman Abramovich via "shell companies" in the British Virgin Islands, Cyprus, and Jersey.
Peru seeks records from UN credit union for money laundering investigation into lawyer José Luis Noriega Ludwick
Peru is seeking evidence from a New York-based credit union for employees of the United Nations for a criminal investigation into lawyer José Luis Noriega Ludwick, who is suspected of laundering money for "Clan Orellana, the largest criminal organization in Peru's existence".
The Cayman Islands Monetary Authority has cancelled the mutual fund license of Obelisk Global Fund SPC, citing insolvency, mismanagement, and legal breaches. The regulator determined that the Fund's principals, Winfield Sifton, Matthew Ho, and Jazeb Jones, were "not fit and proper persons".
deVere Group’s Nigel Green banned from South Africa’s financial industry over ‘honesty and integrity’ findings
deVere Group founder and CEO Nigel Green, a 62-year-old citizen of the United Kingdom, has been fined R2.5 million and banned from South Africa's financial services industry for five years for regulatory breaches involving 'honesty and integrity' regarding Brite Advisors South Africa (Pty) Ltd., which itself has been fined R10 million.
IRS accuses ‘asset protection expert’ Kevin Wessell of withholding records about suspected offshore tax evasion
Florida-based, self-described "asset protection expert" Kevin Wessell has been accused of withholding records from the IRS that it requires for an investigation into his clients for suspected offshore tax evasion involving accounts and entities in several jurisdictions, including the Bahamas, Belize, British Virgin Islands, Cayman Islands, Cook Islands, Hong Kong, Nevada, Nevis, Panama, Saint Vincent and the Grenadines, Seychelles, Switzerland, and Turks and Caicos Islands.
Over U.S. objections, Miami judge grants bond to former BVI Premier Andrew Fahie but doubles amount to $1M
Despite objections from U.S. prosecutors, a federal judge in Miami has ruled that former British Virgin Islands Premier Andrew Fahie can be released from custody pending his trial on narcotics trafficking and money laundering charges but has doubled the amount of his surety bonds to $1 million and he must sign a waiver of extradition (worldwide).
In a judgment at Bermuda Supreme Court, Australian barrister Evatt Tamine has been ordered to repay nearly $30 million that he allegedly misappropriated from a Bermuda trust he administered on behalf of U.S. businessman Robert Brockman, who was criminally indicted at federal court in California in 2020 for an alleged $2 billion offshore tax fraud scheme.
IRS accuses Florida insurance executives of ‘non-compliance’ with investigation into offshore captives
The "corporate officers" of Florida-based health insurance agency Insurance Care Direct - Edward Carriero, Seth Cohen, and Brad Cohen - have been accused of failing to "fully comply" with an IRS tax investigation into its "potentially abusive" relationship with two affiliated Nevis-licensed captive insurers, ICD Captive Re and HOO Captive Re.
Ex-wife of alleged $200M fraudster Florian Homm seeks evidence from NY law firm for Liechtenstein money laundering investigation
Florida resident Susan Devine, the 60-year-old former wife of German accused fraudster Florian Homm, has applied for evidence from New York law firm Spears & Imes for use in criminal proceedings in Liechtenstein, where she is being investigated on suspicion of laundering some of the proceeds of Homm's alleged $200 million Cayman Islands investment scam.
Former BVI Premier Andrew Fahie criminally indicted for alleged drugs trafficking and money laundering
Twelve days after being arrested, recently-deposed British Virgin Islands Premier Andrew Fahie and co-defendants Oleanvine Maynard and Kadeem Maynard have been criminally indicted at federal court in Miami for alleged narcotics trafficking and money laundering.
‘Not my first rodeo’ – BVI Premier Andrew Fahie admitted to ’15-20 years of criminal activity’, says U.S.
British Virgin Islands Premier Andrew Fahie is a serial drugs offender who claimed in a secretly-recorded conversation to have been "stiffed" out of over $7 million by his criminal business partners over two decades, U.S. prosecutors alleged in a motion for the pre-trial detention of Fahie and Oleanvine Maynard that was filed at federal court in Miami, where they and Maynard's son, Kadeem Maynard, have been charged with cocaine trafficking and money laundering.