Saturday, August 21, 2021

Retired speed skater Apolo Ohno sued for '$50M crypto fraud'

Retired Olympic speed skating champion Apolo Ohno and companies operating from Cyprus, Hong Kong, Malta, and Singapore that he allegedly founded are being sued in California for an alleged $50 million crypto fraud.

Plainview Inc.: Restoration Application

Originating Application in the matter of Plainview Inc. at the Grand Court of the Cayman Islands.

SEC v. Medsis International Inc. et al: Complaint

Complaint alleging securities fraud in which the individuals defendants "told prospective investors Medsis had entered into large lucrative contracts with Central and South American customers" in U. S. Securities and Exchange Commission v. Medsis International Inc., described as a Delaware-domiciled, Florida-based subsidiary of Medsis Medical Systems SA, of Panama; Joshua Dax Cabrera, of Miami, Florida, and Paul Hess, of Braintree, Massachusetts, at the U. S. District Court for the District of Massachusetts.

Marginalised Affected Property Owners v. BSG Resources Ltd.: Discovery Application

Application by Marginalised Affected Property Owners, described as "a community-based association of persons affected by the Koidu Kimberlite Project", to take discovery from BSG Resources Ltd., of Guernsey; Alvarez & Marsal Holdings LLC, and Cleary Gottlieb Steen and Hamilton LLP, a law firm, for use in legal proceedings in Sierra Leone "alleging damages to property and the environment at the Koidu Mine by BSGR subsidiaries and responsible company officials", filed at the U. S. District Court for the Southern District of New York.

Aux Cayes Fintech Co. Ltd.: Statement of Allegations

Statement of Allegations in the matter of Aux Cayes Fintech Co. Ltd., described as a Seychelles-domiciled operator of "an online crypto asset trading platform", for "violating Ontario securities law", before the Ontario Securities Commission.

Labuan FSA Enforcement Actions: August 18, 2021

Enforcement Actions taken by Labuan Financial Services Authority on Labuan Licensed Entities, dated August 18th, 2021.

Greensill Capital (UK) Ltd.: Chapter 15 Petition

Petition for Recognition of a Foreign Main Proceeding in England by Trevor O'Sullivan, Christine Laverty, and William Stagg, as the Foreign Representatives of Greensill Capital (UK) Limited, described as "the main trading entity for the Greensill group, a global financial services firm" and "principally in the business of arranging supply chain and other working capital financing solutions for its customers by acquiring receivables, with related rights, and onselling such assets to investors either directly or in the form of receivables-backed notes issued by bankruptcy remote special purpose vehicles", filed at the U. S. Bankruptcy Court for the Southern District of New York.

Magna Group: Forced Liquidation

Press Release from the United Kingdom's Insolvency Service announcing that it "shut down" seven "mini-bond companies" that were part of Magna Group as a result of the "mis-selling of over £20m of loan notes".

China Healthwise Holdings Ltd.: 'Share Reduction' Petition

Petition in the matter of China Healthwise Holdings Limited at the Grand Court of the Cayman Islands.

Alma Trade LLC v. USA: Motion to Quash IRS Summonses

Notice of Motion to Quash IRS Summonses issued to JPMorgan Chase Bank, Santander NA, and TD Bank in Alma Trade LLC regarding "the Russian Income Tax Liabilities of JSC Topprom" v. USA at the U. S. District Court for the Southern District of New York.

Monique Hamaty-Simmonds et al v. Sylvia Hamaty et al: Writ of Summons

Writ of Summons in Monique Catherine Hamaty-Simmonds and Basil Norman Hamaty v. Sylvia Carlene Hamaty, Frederick Clive Hamaty, Neil Hamaty, and Delrose Williams at the Grand Court of the Cayman Islands.

Boart Longyear Ltd. et al: Chapter 15 Petition

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Australia by Nora Pincus, as the Foreign Representative of Boart Longyear Limited, Boart Longyear Australia Pty Limited, Boart Longyear Management Pty Limited, Boart Longyear Investments Pty Limited, and Votraint No. 1609 Pty Limited, collectively described as "the world’s leading provider of drilling services, orebody-data-collection technology, and innovative, safe, and productivity-driven drilling equipment", filed at the U. S. Bankruptcy Court for the Southern District of New York.

Murchinson Ltd. et al: $9M Settlement

Administrative Order by the U. S. Securities and Exchange Commission stating that Murchinson Ltd., of Toronto, Canada; Marc Bistricer, and Paul Zogala, described as citizens and residents of Canada, have agreed to pay penalties totaling $9 million to settle a regulatory investigation that, inter alia, involved an unidentified Bermuda "hedge fund".

George Assad v. Pershing Square Tontine Holdings Ltd. et al: Complaint

Derivative complaint alleging breach of the Investment Company Act of 1940 and The Investment Advisers Act of 1940 in George Assad, derivatively on behalf of Pershing Square Tontine Holdings Ltd. v. Pershing Square Tontine Holdings Ltd., described as being domiciled in Delaware, based in New York and "the largest special purpose acquisition company, or "SPAC", ever to have offered shares to the public", as Nominal Defendant, and Pershing Square TH Sponsor LLC, of Delaware; Lisa Gersh, Michael Ovitz, Jacqueline D. Reses, Joseph S. Steinberg, Pershing Square LP, of Delaware; Pershing Square International Ltd., of the Cayman Islands, and Pershing Square Holdings Ltd., of Guernsey, as Defendants, at the U. S. District Court for the Southern District of New York.

J.S. Oliver Offshore Investments Ltd.: Directors

Director Details for J.S. Oliver Offshore Investments Ltd., obtained from the Cayman Islands General Registry on August 17th, 2021.

Labuan FSA Business Restrictions: August 16, 2021

Business Restrictions on Labuan Licensed Entities by Labuan Financial Services Authority, dated August 16th, 2021.

Portugal: Wells Fargo Bank (2021)

Application for the appointment of a Commissioner to collect evidence from Wells Fargo Bank - pursuant to a request for judicial assistance from Portugal - for a criminal investigation into "an unknown subject for fraud" in which the victim was "an international association for the conservation of animals".

Portugal: City National

Application for the appointment of a Commissioner to collect evidence from City National - pursuant to a request for judicial assistance from Portugal - for an investigation into an "unknown subject, purporting to be the Crown Prince of Dubai" for suspected fraud.

Suntera Global v. Andrew Edgington: Complaint

Complaint in Suntera Global, a Cayman Islands corporate services provider v. Andrew Edgington, described as a former employee of the plaintiff, at the Summary Court of the Cayman Islands.

SEC v. Douglas Drennan: Judgment Application

SEC's Application for an Order Compelling Respondent Douglas F. Drennan to Show Cause Why Judgment Should be Entered Against Him Pursuant to the Securities Exchange Act in a case alleging fraud involving, inter alia, Cayman Islands-domiciled J.S. Oliver Offshore Investments Ltd. in U. S. Securities and Exchange Commission v. Douglas F. Drennan at the U. S. District Court for the Southern District of California.

HSCM Bermuda Fund Ltd. v. 24 Capital LLC et al: Complaint

Complaint that "arises from HSCM's loans of more than $150,000,000.00 to Seeman Holtz Property and Casualty, Inc. and its successor entity Seeman Holtz Property and Casualty, LLC" in HSCM Bermuda Fund Ltd., of Bermuda v. 24 Capital LLC, Business Advance Team LLC, d.b.a. Everyday Capital, and Newco Capital Group VI LLC, all of New York, at the U. S. District Court for the Southern District of New York.

Subhash Patel v. Koninklijke NA et al: Class Action Complaint

Class Action Complaint alleging securities fraud in Subhash Patel v. Koninklijke N.A., of the Netherlands, described as the operator of "a health technology company in North America, Greater China, and internationally"; Frans van Houten, and Abhijit Bhattacharya at the U. S. District Court for the Eastern District of New York.

BDO Canada Ltd. v. Truist Bank: Discovery Application

Application by BDO Canada Limited, as the Receiver for 1635536 Ontario Inc., operating as Versitec Marine & Industrial and Versitec Marine USA Inc., to take discovery from Truist Bank and Bank of America Corporation for use in legal proceedings in Toronto, Canada "commenced by a creditor of Debtors, Liquid Capital Exchange Corp.", filed at the U. S. District Court for the Southern District of Florida.

USA v. Jorge Nobrega: Criminal Complaint

Criminal Complaint alleging conspiracy to violate International Emergency Economic Powers Act, conspiracy to commit money laundering, and money laundering involving Petróleos de Venezuela SA, a.k.a. PDVSA, and "millions of dollars of transfers on behalf of the Venezuelan Government" in USA v. Jorge Nobrega at the U. S. District Court for the Southern District of Florida.

Pearson Plc: $1M Fine

Administrative Order by the U. S. Securities and Exchange Commission imposing a fine of $1 million on Pearson Plc, described as a British publicly-listed "multinational educational publishing and services company", for "material misstatements and omissions regarding a 2018 cyber intrusion that affected several million rows of student data across 13,000 school, district, and university AIMSweb 1.0 customer accounts in the United States".

Alix AM Pte Ltd. v. EFG International AG: Discovery Application

Application by Alix AM Pte Ltd., of Singapore, to take discovery from EFG International AG, of Miami, Florida, for use in legal proceedings in the British Virgin Islands that it has filed against Agriculture Investment Group Corp. and 13 other defendants, including those in the Bahamas, Belize, British Virgin Islands, Monaco, and Uruguay, filed at the U. S. District Court for the Southern District of Florida.

Aberon Capital Master Fund Ltd.: Directors

Director Details for Aberon Capital Master Fund Ltd., obtained from the Cayman Islands General Registry on August 15th, 2021.

Palm Global Fund of Funds GP Ltd.: Restoration Application

Originating Application in the matter of Palm Global Fund of Funds GP Limited at the Grand Court of the Cayman Islands.

Palm Global Small Cap Fund GP Ltd.: Restoration Application

Originating Application in the matter of Palm Global Small Cap Fund GP Ltd. at the Grand Court of the Cayman Islands.

Blue Mountain Credit Alternatives Master Fund LP et al v. Regal Entertainment Group: Judgment Application

Application for Entry of Judgment in Blue Mountain Credit Alternatives Master Fund LP, of the Cayman Islands; BlueMountain Foinaven Master Fund LP, of the Cayman Islands; BlueMountain Fursan Fund LP, of the Cayman Islands; BlueMountain Guadalupe Peak Fund LP, of Delaware; BlueMountain Kicking Horse Fund LP, of Delaware; BlueMountain Logan Opportunities Master Fund LP, of the Cayman Islands; BlueMountain Montenvers Master Fund SCA SICAV-SIF, of Luxembourg; BlueMountain Summit Trading LP, of Delaware; GKC Strategic Value Master Fund LP, of the Cayman Islands, and GKC SV SMA I LLC, of the Cayman Islands v. Regal Entertainment Group at the Superior Court of California, County of Los Angeles.

Brian Kang et al v. Hybrid Trade Ltd. et al: Complaint

Complaint alleging theft, misappropriation, and securities fraud regarding the raising of $50 million "from investors based around the world, including within the United States" from the sale of "digital tokens" that were "neither registered with the United States Securities and Exchange Commission nor qualified for any exemption from registration with the SEC, thereby depriving investors of the benefit of the disclosures required by the federal securities laws" in Brian Kang, Skyblock LLC, Mid-Wilshire Consulting LLC, Prasad Hurra, David Kim, Blue Rock Group, Artemio Verduzo, David Kwon, and Young Jae Kwon v. Hybrid Trade Limited, described as operating from addresses in Hong Kong, Malta, and Singapore; Asia Digital Asset Exchange, described as operating from an address in Cyprus; Allysian Sciences, Apolo Ohno, a former Olympic speed skating champion; Rod Jao, Eugenio Pugliese, and Henry Liu at the U. S. District Court for the Central District of California.

London Capital Group (Cyprus) Ltd.: €40K Fine

Public Notice by the Cyprus Securities and Exchange Commission that it has imposed a fine of €40,000 on London Capital Group (Cyprus) Limited for a regulatory breach. Editor's Note: Research by OffshoreAlert at the Cyprus Registrar of Companies showed that London Capital Group (Cyprus) Limited was incorporated in Cyprus on June 6th, 2016 and its sole director is Charles Henri Sabet.

Yalla Group Ltd.: Directors

Director Details for Yalla Group Limited, obtained from the Cayman Islands General Registry on August 13th, 2021.

Jeffrey Crass v. Yalla Group Ltd. et al: Class Action Complaint

Class Action Complaint alleging securities fraud in Jeffrey Crass v. Yalla Group Limited, described as a Cayman Islands-domiciled "voice-centric social networking and entertainment platform that operates mainly in the Middle East and Northern Africa", and Tao Yang at the U. S. District Court for the Southern District of New York.

USA v. Joseph Krigsfeld: Consent to Judgment

Consent to Forfeiture/Judgment in the amount of $19.9 million regarding a securities fraud scheme that, inter alia, involved Cayman Islands-domiciled Aberon Capital Master Fund in USA v. Joseph Krigsfeld at the U. S. District Court for the Southern District of New York.

Sanctuary Belize Receiver v. Bella Mar Estates Ltd. et al: Complaint

Complaint in Robb Evans and Associates LLC, as Court-Appointed Receiver in the In Re Sanctuary Belize Litigation v. Jorge Diaz-Cueto and Bella Mar Estates Ltd., of the Bahamas, at the U. S. District Court for the District of Maryland.

Sarah Dobbyn-Thomson v. Digicel Cayman Ltd.: Complaint

Complaint alleging misrepresentation and defamation in Sarah Dobbyn-Thomson v. Digicel Cayman Ltd. at the Summary Court of the Cayman Islands.

Blackbird Capital LLC v. SION Trading FZE et al: First Amended Complaint

First Amended Complaint that "arises out of the Defendants' bad faith and fraudulent scheme, including a pattern of tortious and illegal misconduct and breaches of multiple contracts, related to a $25,000,000 loan Worth agreed to extend to Blackbird in connection with a planned real estate development project in Denver, Colorado" in Blackbird Capital LLC, described as "a real estate development company" in Iowa v. Worth Group Capital LLC, of Wyoming; Justin Ely, of Utah; Halls Law Office, of Idaho; Scotia International of Nevada, Inc., of Utah; Sion Trading FZE, of Ras Al Khaimah, in the United Arab Emirates; Max Warren Barber, of Utah; NaPo Limited, described as "a company located and incorporated in Bridgetown, Barbados, and Saint Lucia"; Nikolas Korakianitis, described as a citizen of Canada; GT Foundation, described as "a private interest foundation founded in Panama City, Panama" that "may have an office in London, England and/or New York", and Kumar Singh, of New York, at the U. S. District Court for the District of Utah.

Italy: Mario Grassetti Tonnarelli

Amended Application for the appointment of a Commissioner to collect evidence from Clars Auction Gallery and Masterworks Fine Art Inc. regarding deliveries of "fake Picasso etchings" - pursuant to a request for judicial assistance from Italy - for a criminal investigation into Mario Tonnarelli "for conspiracy, handling stolen goods, and smuggling".

St. John's Trust Company (Pvt) Ltd. v. James Watlington et al: Ruling on Costs

Ruling awarding costs against James Gilbert, Conyers Dill & Pearman, and Medlands (PTC) Limited in St. John's Trust Company (PVT) Limited v. James Watlington, Glenn Ferguson, Cabarita (PTC) Limited, The Attorney General, and James Geoffrey Stephen Gilbert at Bermuda Supreme Court.

Pirate Cove Estates Ltd.: Restoration Application

Originating Application in the matter of Pirate Cove Estates Ltd. at the Grand Court of the Cayman Islands.

Jean Jubic v. Cohanzick Absolute Return Master Fund Ltd. et al: Summons With Notice

Summons With Notice alleging breach of contract in Jean Jubic v. Cohanzick Absolute Return Master Fund Ltd., of the Cayman Islands, and 507 Capital, of New York, at The Supreme Court of the State of New York, County of New York.

JenCap Helmet et al v. HQP Corporation Ltd.: Amended Winding Up Petition

Amended Winding Up Petition alleging fraud in JenCap Helmet, a Cayman Islands company; DCM Ventures China Fund (DCM VIII), L.P., DCM VIII, L.P., and DCM Affiliates Fund VIII, L.P., all of Menlo Park, California v. HQP Corporation Limited, described as "the principal entity of a group of companies founded in Shanghai, Mainland China by Alex Chen Xi", at the Grand Court of the Cayman Islands.

Diversified Real Estate Development Ltd. et al v. Deutsche Bank AG et al: Complaint

Complaint on behalf of entities in Bermuda, British Virgin Islands and Cayman Islands "to recover damages from Defendants for their participation in a global fraud that resulted in hundreds of millions of dollars of investor losses, looting of the Companies on a massive scale, and the creation of staggering liabilities for the Companies" in Michael Pearson, Andrew Childe, and Anna Silver, as Joint Official Liquidators of Diversified Real Estate Development Ltd. (in Official Liquidation), GMS Global Market Step Up Note Ltd. (in Official Liquidation), Preferred Income Collateralized Interest Ltd. (in Official Liquidation), Sentinel Investment Fund SPC (in Official Liquidation), SG Strategic Income Ltd. (in Official Liquidation), Sports Aficionados Ltd. (in Official Liquidation), Vanguardia Group Inc. (in Official Liquidation), and Michael Pearson, as Liquidator of Sentinel Mandate and Escrow Ltd. (in Liquidation), Vanguardia Holdings Ltd. (in Liquidation), Spyglass Investment Management Ltd. (in Liquidation), North Pointe Holdings (BVI) Ltd. (in Liquidation), Biscayne Capital Holdings Limited (in Creditor Voluntary Liquidation), and Biscayne Capital (B.V.I.) Ltd. (in Liquidation) v. Deutsche Bank AG, Deutsche Bank AG (London Branch), Deutsche Bank Luxembourg S.A., Deutsche Bank AG (New York Branch), Deutsche Bank Switzerland, Deutsche Bank Trust Companies Americas at the U. S. District Court for the Southern District of Florida.

Madison Asset LLC v. Deutsche Bank AG: Second Amended Complaint

Second Amended Complaint "against Deutsche for its role in aiding a fraudulent trading scheme orchestrated by Madison's former principals and principals of related entities between 2014 and 2017 that caused Madison to suffer more than $200 million in damages" in Martin Trott and Christopher Smith, as Joint Official Liquidators of Madison Asset LLC (in Official Liquidation), of the Cayman Islands v. Deutsche Bank AG, of New York, at the U. S. District Court for the Southern District of New York.

Claude Rebetez: Cease and Desist

Public Notice by the Swiss Financial Market Supervisory Authority that it has issued a Cease and Desist order against Claude Rebetez, of Switzerland.

Harold Burke: Cease and Desist

Public Notice by the Swiss Financial Market Supervisory Authority that it has issued a Cease and Desist order against Harold Burke, a citizen of the United Kingdom.

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