Category Archives: Frauds

Frauds related to BVI or British Virgin Islands companies or trusts.

BVI FSC warned investors on Pyramid scheme frauds

The British Virgin Islands Financial Services Commission has issued advisory warning concerning Pyramid Scheme Frauds and other related investment scams. In the warning, pyramid scheme is defined as fraudulent money-making scheme based on non-sustainable business model that involves the exchange … Continue reading

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London-listed company gets back funds from its former executives

An independent oil and gas company Afren plc, listed on the London Stock Exchange, announced that it had recovered £13 million from its two executives who were fired for unauthorized payments. This followed company’s decision to threaten them with legal … Continue reading

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Florida- and BVI-based companies accused of precious metals and commodity futures schemes

The complaint was filed by the US Commodity Futures Trading Commission (CFTC) against Florida-based company Southern Trust Metals, its top executive Robert Escobio, and BVI-based company Loreley Overseas Corp., also led by Escobio. They are alleged of defrauding US$3.5 million … Continue reading

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High Court received application to reopen fraud case involving Celtic Energy

The rarely used procedure was applied in the case of mining company Celtic Energy, to reopen in the High Court the case closed in Cardiff Crown Court. This was done to restart the case against six lawyers and businessmen who … Continue reading

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BVI company’s CEO indicted on bribery

The former co-CEO of the British Virgin Islands-incorporated oil and gas company PetroTiger Ltd, Joseph Sigelman, was indicted for playing his role in the paying bribes to foreign government officials and defrauding PetroTiger; he was charged with conspiracy to violate … Continue reading

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Former CEO of PetroTiger Ltd pleaded guilty to bribery

Last week, former CEO of the BVI-registered oil and gas company PetroTiger Ltd pleaded guilty for being involved in paying bribes to foreign government officials and defrauding PetroTiger. The former general counsel of the company pleaded guilty on the same … Continue reading

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Chief Executive Officers of BVI company alleged of bribery

Two former CEOs of the British Virgin Islands-registered oil and gas company PetroTiger Ltd were charged for the alleged participation in a scheme to pay bribes to foreign government officials, to defraud PetroTiger and to launder proceeds of it. Also, … Continue reading

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Florida company’s CEO returned guilty of US$2.5M fraud using offshore company in BVI

The CEO of Florida-based software company iTrackr Systems, Inc. John G. Rizzo has been pleaded guilty to a US$2.5 million fraud by federal prosecution of San Diego, California, and will face a maximum 20-year sentence. iTrackr Systems, Inc. is an … Continue reading

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BVI FSC Issued Advisory Warning concerning G.V.F Management Group Ltd.

The British Virgin Islands Financial Services Commission published Advisory Warning No. 14 of 2012, concerning G.V.F Management Group Ltd, also known under the name of Global Venture Financing. G.V.F Management Group Ltd was offering and promoting Forex dealing and various … Continue reading

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BVI company Cokeville gets commission on Škoda Power sale

Top manager of ex-Škoda holding, and later ČEZ chief Martin Roman admitted the fact that he had ties to offshore trusts in the Virgin Islands and Cayman Islands connected to the former Škoda Plzeň, which was sold to its managers. … Continue reading

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