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Tag: Caledonian Bank

Caledonian makes ‘no fine’ secret deal with SEC

Caledonian makes ‘no fine’ secret deal with SEC

| 19/12/2015 | 25 Comments

(CNS Business): A confidential circular sent to the creditors of the Caledonian Bank Limited (CBL), which was brought down following an investigation by the US Securities and Exchange Commission (SEC), has revealed that despite the probe bringing the Cayman-based bank to its knees, there will be no fines levied against the institution over the alleged […]

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CIMA under fire in Caledonian saga

CIMA under fire in Caledonian saga

| 23/11/2015 | 22 Comments

(CNS Business): The Cayman Islands Monetary Authority (CIMA) is in the firing line for failing to support Caledonian, as the fallout from the bank’s collapse continues. Published court documents showed there was no need for the freezing order on its US assets, which ultimately led to Caledonian’s insolvency. Questions are also being asked about Caledonian’s […]

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Caledonian’s demise was SEC blunder

Caledonian’s demise was SEC blunder

| 11/11/2015 | 60 Comments

(CNS Business): A federal judge has said that the US Securities and Exchange Commission (SEC) got it very wrong when it issued an order earlier this year that froze more than $88 million in assets belonging to two financial institutions suspected of securities fraud that led to the collapse of Caledonian Bank in Grand Cayman. Although […]

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SEC reduces injunction on Caledonian’s US assets to $7M

SEC reduces injunction on Caledonian’s US assets to $7M

| 27/03/2015 | 26 Comments

(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 […]

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Liquidators call first creditors’ meeting for Caledonian

Liquidators call first creditors’ meeting for Caledonian

| 24/03/2015 | 0 Comments

(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) […]

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CIMA denies getting Caledonian owners wrong

CIMA denies getting Caledonian owners wrong

| 02/03/2015 | 23 Comments

(CNS): The local regulator has stated that it is “well aware of the various parties in the ownership structure of the Caledonian group”, refuting claims by the Miami-based watchdog, OffshoreAlert, that CIMA had named the wrong beneficial owner in the liquidation petition. Meanwhile, liquidators are looking for a buyer for the bank which was brought […]

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Caledonian in liquidation as CIMA revokes licences

Caledonian in liquidation as CIMA revokes licences

| 24/02/2015 | 0 Comments

(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.

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Bank ‘crippled’ by $68 million run

Bank ‘crippled’ by $68 million run

| 17/02/2015 | 0 Comments

(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 […]

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Court rejects Caledonian bank liquidation

Court rejects Caledonian bank liquidation

| 12/02/2015 | 13 Comments

(CNS Business): Attempts by Caledonian Bank to place it and Caledonian Securities in voluntary liquidation under its own appointed liquidators have been rejected by the Cayman Islands Grand Court, which has upheld the appointment of the local regulator’s controllers. During a hearing on Thursday morning the chief justice described the appointment of the joint voluntary […]

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Caledonian in hands of controllers

Caledonian in hands of controllers

| 11/02/2015 | 8 Comments

(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 […]

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Caledonian accused of $75M penny stock scam

Caledonian accused of $75M penny stock scam

| 10/02/2015 | 0 Comments

(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 […]

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