Capital Conservator » Offshore Scams & Fraud

”RICH LIST” TYCOON REFUSED BAIL FOR £111M WALL STREET FRAUD

Wed, 14 Oct 2009 14:56:42 +0000

A business tycoon who invested in the Miss World competition and was even included in the Sunday Times Rich List faces a lengthy jail sentence after conviction for his part in a $175m wall street share fraud. Trevor Baines, a millionaire several times over, collapsed in an Isle of Man court and received medical attention after a judge refused him bail.

http://www.telegraph.co.uk/news/uknews/crime/6319458/Miss-World-investor-faces-jail-for-111m-Wall-Street-scam.html

BAE TO BE PROSECUTED OVER SECRET OFFSHORE BANK ACCOUNTS

Thu, 08 Oct 2009 14:21:09 +0000

Six years after the arms company’s network of secret offshore slush funds was first disclosed, the first wheels are in motion leading to a prosecution against BAE Systems, the military aircraft manufacturer. With the help of Lloyds Bank, BAE’s Red Diamond entity secretly kited payments of hundreds of millions of pounds all over the world. Typically, the cash would be wired to another anonymous Panama-registered corporation, with a secret owner and an offshore bank account in Switzerland. Where the cash was directed after that was designed to be a mystery.

http://www.guardian.co.uk/world/2009/oct/01/bae-serious-fraud-office

TRUSTEE ORDERS FREEZE ON ACCOUNTS OF FORMER MADOFF CLIENT

Thu, 08 Oct 2009 14:04:56 +0000

The trustee for Madoff’s gigantic ponzi scheme, Irving Picard, has asked courts for an immediate freeze of assets related to Stanley Chais, a former Madoff client. The move comes after Mr. Chais, seeking access to his funds, accused Mr. Picard of attempting to seize his assets before proving in court that he had the right to take it. He cited a secret letter sent by the trustee to Goldman Sachs, ordering it to freeze Mr. Chais’s account there.

http://dealbook.blogs.nytimes.com/2009/10/02/madoff-trustee-orders-freeze-on-money-managers-accounts/