Financial Crime
SEC reduces injunction on Caledonian’s US assets to $7M
(CNS Business): The US Securities and Exchange Commission reduced the freeze on the beleaguered Caledonian Bank’s assets this week from $76 million to just $7 million, the creditors have revealed. The bank was brought to its knees when the SEC filed suit against it and its bosses over an alleged $75m penny stock scam and […]
Cayman on US money laundering list
(CNS Business): Seven Caribbean countries find themselves on the US “Major Money Laundering List for 2015”. The United States Government published its “2015 International Narcotics Control Strategy Report” on Wednesday, and the Cayman Islands is on the list.
Liquidators call first creditors’ meeting for Caledonian
(CNS Business): Creditors for Caledonian bank are scheduled to have their first meeting with the liquidators next month as they begin the process of finding out who the bank owes and how much. One of Cayman’s oldest offshore banks, Caledonian and Caledonian Securities were brought to their knees last month when the Securities and Exchange Commission (SEC) […]
Chief Justice to speak at INSOL
(CNS Business): The head of Cayman’s judiciary is stepping away from the judge’s bench and heading to California to speak at a multinational judicial colloquium on cross-border insolvency this Sunday. Chief Justice Anthony Smellie will be addressing the Eleventh Joint Multinational Judicial Colloquium on handling cross-insolvency cases where there are assets in more than one […]
FSD judge to commute to work in Cayman
(CNS Business): A non-resident judge has begun sitting in the financial services division of the Cayman Islands Grand Court but he will be presiding over cases by commuting and through video link and conference calls as he lives in the UK. Justice Nigel Clifford QC, a former Cayman resident, was a leading attorney in the […]
Caledonian in liquidation as CIMA revokes licences
(CNS Business): Controllers appointed by CIMA to oversee the affairs at the beleaguered Caledonian Bank and Caledonian Securities have been officially named by the local regulator as the joint official liquidators. Following the controllers’ interim report, the Cayman Islands Monetary Authority has revoked the licences and petitioned the Grand Court to wind up the bank.
HSBC whistleblower to appear at watchdog conference
(CNS business): Hervé Falciani, the man responsible for exposing the financial shenanigans at HSBC, has agreed to speak at this year’s OffshoreAlert, conference organisers have said. Falciani took reams of documents from HSBC Switzerland when he left seven years ago but they were only released into the public domain recently. The information fuelled a barrage of media […]
Weavering directors win appeal against $111M fine
(CNS Business): Three years after hearing the appeal, the Cayman Islands Court of Appeal delivered its much-anticipated ruling in the infamous Weavering case last week and threw out the record-breaking $111 million fine imposed by the trial judge. The appeal judges said that the behaviour of the directors, Stefan Peterson and Hans Ekstrom, in the […]
Bank ‘crippled’ by $68 million run
(CNS Business): Caledonian Bank has now filed for bankruptcy in New York following a crippling run on the bank last week triggered by the news that the US Securities and Exchange Commission had sued the bank over a $75 million penny stock scam. In his ruling regarding the appointment of controllers by CIMA, the chief justice […]
Caledonian in hands of controllers
(CNS Business): The Cayman Islands Monetary Authority has appointed two number crunchers from Ernst & Young to take charge of the affairs of Caledonian Bank and Caledonian Securities after placing the firms in controllership. The news follows revelations that the bank and its securities arm is being sued by the US Securities and Exchange Commission over allegations […]
Caledonian accused of $75M penny stock scam
(CNS Business): Caledonian Bank is facing legal action from the US Securities and Exchange Commission over allegations it and three other companies based in Panama and Belize were involved in a $75 million penny stock scam. It a statement released Monday the Cayman-based bank said it was cooperating with SEC and “working to prove that […]
Former Weavering boss gets 13 years jail time
(CNS Business): The founder of Cayman Islands-based Weavering Macro Fund, the collapse of which cost investors $536 million, has been jailed for 13 years, one of the longest sentences for fraud ever handed down in the UK. Magnus Peterson, 51, was found guilty on eight counts of fraud, forgery, false accounting and fraudulent trading after […]
Cybersecurity future focus for fund managers
(CNS Business): Cloud computing and cybersecurity have become major concerns across the hedge fund industry for regulators as well as investors, according to EY’s 2014 global hedge fund and investor survey: Shifting strategies: winning investor assets in a competitive landscape. Of all managers surveyed, 85% said that security concerns are the main impediment in using […]
Banker walks free from $20bn tax evasion charges
(CNS Business): Former head of UBS Raoul Weil has been acquitted by a US federal jury on all charges of conspiring with as many as 17,000 US taxpayers to abuse Swiss bank secrecy to hide $20 billion in secret offshore accounts. Jurors in a Fort Lauderdale, Florida, federal court reached their verdict after deliberating less […]
Viewpoint: Uncle Sam’s Stronger Arm
Commentary by 101:Â For years those with an inkling of interest in how the global monetary system works have bemoaned the fact that the US wields far too much power because it is the clearing house for US dollars. Banks from all corners of the world have accounts at US correspondent banks so they can move […]
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