Archive for January, 2010

Fraudster used investors’ money to go to Cayman

Friday, January 22nd, 2010

The founder of a purported New Jersey real-estate investment business, NJ Affordable Homes Corp., was sentenced to 18 years in prison for defrauding mortgage lenders and investors of USD 100 million through a Ponzi scheme.

In April 2009, 61-year-old Wayne Puff admitted in federal court in Newark, New Jersey, that he conspired from 1998 to 2005 to get USD 120 million from investors by falsely touting the company’s profits as well as relying on phony mortgage documents.

Wayne Puff promised investors annual returns of 22%, however he defrauded lenders including Washington Mutual Inc., Greenpoint Mortgage Funding Inc. and Credit Suisse Group AG. Puff admitted using investor money to pay for trips to the Cayman Islands as well as credit-card expenses, restaurants and investor lawsuit settlements.

Fund managers transfer from Cayman to Malta

Tuesday, January 19th, 2010

New guidelines have been published by Malta. These are guidelines for redomiciling offshore funds to the jurisdiction that were issued because of growing demand from providers for its services.

According to Malta Financial Services Authority (MFSA), the island’s financial regulator, the guidance provided “a simple, one-stop procedure to be followed by funds intending to redomicile to Malta.”

Malta said that one of the attractions for fund managers was that its regime allows to have external administrators and custodians, while other offshore jurisdictions require local service providers to be used. The number of non-Maltese fund managers licensed by the MFSA at the end of 2009 was 66, and 11 out of these had transferred from offshore centres including the Cayman Islands as well as Jersey, Guernsey, and Bermuda.

Cayman Islands raises duty on imports

Monday, January 11th, 2010

Starting on January 4, customs tariffs on nearly all dutiable imports within the Cayman Islands increased.

However, the imported items that were not subject to tariffs previously remained duty free. Also, the tariff increase does not apply to gasoline and diesel fuel.

For most imported products that are subject to duty the increase will be 2%, but this increase in duty is not entirely across the board.

US press discusses “American” money in Cayman bank accounts

Sunday, January 3rd, 2010

According to the US press, paticularly the Examiner, Interpol will not be arresting American citizens on their own soil, without oversight from our own law enforcement agencies. On December 30, 2009, the paper said that a left-wing coup is not underway, and there will be no liberal-run Gulags or concentration camps. The paper suggested that, instead, there will be more cooperation between the United States and Interpol in finding hidden Cayman bank accounts.