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Category Archives: Ponzi scheme
Madoff Trustee to file new lawsuit against BVI-based feeder funds
The trustee Irving Picard, who is trying to recover money invested by victims of Madoff’s affair into his feeder funds, among which there were BVI-registered funds, was authorized by the U.S. Bankruptcy Judge to file a $975.5 million lawsuit against … Continue reading
BVI company alleged by Madoff trustee ignores lawsuit against it
Irving Picard, the trustee who liquidated Bernard Madoff’s fraud scheme, informed the judge in Manhattan Federal bankruptcy court that British Virgin Islands-based hedge fund Vizcaya Partners Ltd. missed a deadline to respond to a lawsuit accusing it of taking $150 … Continue reading
Posted in BVI Companies, Frauds, Investigation, Liquidation, Ponzi scheme
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Madoff’s case: BVI-registered Plaza Investments named in subpoena to UBS AG
The Swiss bank UBS AG was summoned before the court in connection with the case of Bernard Madoff. This was done by the initiative of the bankruptcy trustee Irving Picard, liquidating Bernard L.Madoff Investment Securities LLC. There were already two … Continue reading
Posted in BVI Companies, Frauds, Investigation, Offshore banks, Ponzi scheme, Scam
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BVI-registered Madoff’s feeder funds sued for USD 255 million
The US trustee filed a complaint in the US Bankruptcy Court against Kingate Global Fund and Kingate Euro Fund, the feeder funds of Bernard Madoff. The two investment funds, registered in the British Virgin Islands, are sued for the return … Continue reading
Posted in BVI Investment Funds, Frauds, Investigation, Litigation, Ponzi scheme
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BVI company and Gibraltar bank sued for millions linked to Madoff case
Investors are continuing to seek for $150 million linked to Bernard Madoff. On April 9, 2009 a British Virgin Islands company and a European bank of Gibraltar were sued by a special trustee who claimed it should go to reimburse … Continue reading
Posted in BVI Companies, Frauds, Litigation, Offshore banks, Ponzi scheme
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BVI hedge fund to lose over $350 mln in Madoff affair
British Virgin Islands-registered fund Auriga International Advisers has lost more than 400 mln Swiss francs ($350 mln) that were invested with the company’s main shareholder Bernard Madoff. According to the information provided by Jacques Rauber, the majority shareholder of the … Continue reading
BVI company sues Bank Medici over investments into Ponzi scheme
BVI-registered company Repex Ventures SA filed a lawsuit in Manhattan federal court against Bank Medici AG, an Austrian private bank that was taken over by regulators. The BVI company invested $700,000 in Herald (LUX) U.S. Absolute Return Fund, which was … Continue reading
Sanctions imposed against Foreign Fund, BVI company as a relief defendant ordered to turn over more than US$658,000
The U.S. Commodity Futures Trading Commission (CFTC) announced that it obtained orders imposing more than US$2.9 mln in sanctions against Foreign Fund and some other defendants, including two individuals and a Tennessee Corporation, for violations of the anti-fraud provisions of … Continue reading
Insurer with expired BVI license accused of operating a Ponzi scheme in California
Last week, the jury in Monterey County, California, convicted UK citizen Michael Vousden of selling fake medical malpractice insurance to women’s clinics across the country – in 36 counts. Vousden was arrested in 2004, convicted of insurance fraud, grand theft, … Continue reading