About OffshoreAlert
The Annual OffshoreAlert Financial Due Diligence Conference is organized by an investigative newsletter whose exposés have helped put several financial criminals behind bars and is a 'must-attend' event for those who are serious about Serious Financial Crime.
At A Glance
The Pen is Mightier than the Fraud: OffshoreAlert's Mission
What is OffshoreAlert? About the Newsletter
Battling Goliath: The History of OffshoreAlert
About the Publisher: David Marchant
Conference History
Each year, the team at OffshoreAlert labors for many months to put together an original, relevant, and worthwhile conference program that is unbiased, neither pro- nor anti-offshore, yet penetrating and insightful.
Then we labor some more to ensure that it will be presented by speakers and panelists who are experienced and knowledgeable about all aspects of financial crime.
It is this attention to detail and impartiality that has solidified our event as the premier educational & networking event about Offshore Financial Centers & Serious Financial Crime and why you will find some of the most influential people in the onshore and offshore worlds together at our event each year.
As noted attorney Jack Blum described our event in a profile of our 2009 conference featured in The Wall Street Journal:
"It's like that famous bar in 'Star Wars' where they all come together – the good guys, the bad guys, the seriously guilty – and they all exchange information on neutral territory."
As a testament to the quality of the conference and the high value still placed by professionals on the unique forum afforded by OffshoreAlert's Conference, there was a record turn-out at our most recent event, which attracted 275 registrants from 29 countries – a 32% increase in registrants compared with the previous year – despite the global recession!
OffshoreAlert Conference Archives
- 3rd Due Diligence & Asset Recovery Conference
- 2nd Due Diligence & Asset Recovery Conference
- 1st Due Diligence & Asset Recovery Conference
The Pen is Mightier than the Fraud
OffshoreAlert's Mission
Since 1997 OffshoreAlert's mission has been to protect individuals and businesses from becoming victims of serious financial crime.
To accomplish this end, OffshoreAlert has dedicated itself to exposing ongoing multi-jurisdictional, white-collar crime in offshore financial centers, including investment fraud, money laundering and corruption.
During that time, OffshoreAlert's relentless pursuit of securities fraudsters, investment scammers, money launderers and other white-collar criminals has made it an internationally-known and respected source for due diligence information, Know Your Customer research and risk management.
Despite seemingly insurmountable opposition, OffshoreAlert continues to embrace its philosophy that the The Pen is Mightier than the Fraud.
Corporate History
KYC News Inc., formerly called Offshore Business News & Research Inc., was established as a Florida corporation in November, 1996. Initially, the company focused on offshore financial centers but later started concentrating on financial crime wherever it was committed. hence our name change in March, 2003.
The term 'KYC' stands for 'Know Your Customer' and has become a synonym for Due Diligence in the financial industry.
The Company publishes investigative information in its newsletters, OffshoreAlert, InsideBermuda and KYC Alert, and daily news feeds and owns several proprietary due diligence databases, including those containing details of most civil lawsuits filed at Bermuda Supreme Court since January, 1986, and the Grand Court of the Cayman Islands since January, 1987.
Our products and services are designed to assist investors and companies with financial due diligence to help them reduce their exposure to white-collar crime.
The Company was founded and is operated by British journalist David Marchant, who is based in Miami, Florida, U.S.A. Marchant is regularly interviewed or quoted by the world's media, including the The Wall Street Journal, Los Angeles Times, The Washington Post, USA Today, Miami Herald, Dallas Morning News, Vancouver Sun, Offshore Finance U.S.A., Independent on Sunday, of London; CBS News, BBC Radio, Bloomberg Television, United Press International and many more.
The Company was also referenced several times in the U.S. Senate Report on 'Correspondent Banking: A Gateway to Money Laundering' that was published on February 5, 2001.
Marchant has been a journalist since 1984 when he trained under a program operated by the National Council for the Training of Journalists in the UK, obtaining the NCTJ Proficiency Certificate, which is the industry standard qualification for journalists. In his career, he has written for publications in England, Wales, Bermuda and the United States, including the Gwent Gazette, Bournemouth Evening Echo, Western Daily Press and Lloyd's List/Insurance Day newspapers in Britain, The Royal Gazette and Bermuda Sun newspapers in Bermuda and National Underwriter insurance magazine in the United States.
He began covering offshore finance while working in Bermuda from 1990-96, a country that he was forced to leave after being denied a work permit for writing investigative articles that upset the local establishment. Apart from turning down an application for a work permit and appeals, then Finance Minister Grant Gibbons turned down an application to incorporate the Company in Bermuda as an exempted company after the Bermuda Monetary Authority had recommended approval.
In 1993, Marchant’s stories of how regulators allowed some of Bermuda’s most influential businessmen to strip Bermuda Fire & Marine Insurance Company of over $40 million of assets before it went bust with a net insolvency of over $1.4 billion were quoted extensively in a US Congressional report into the insurance industry. A civil lawsuit was later brought against the perpetrators, who settled for $55 million but not before they unsuccessfully tried to have Marchant imprisoned for contempt of court during their trial in 1999 after he refused to disclose his sources for various articles he had written about the firm.
While in Bermuda, Marchant also exposed the dubious business practices of Boston-based businessmen Gilbert Beinhocker and Gregory Plunkett, whose failed investment schemes had cost investors tens of millions of dollars over many years. Their worldwide assets were frozen by a US court as a direct result of Marchant’s articles. Beinhocker and Plunkett sued for libel in Massachusetts but the action was dismissed.
In October, 1997, an investigation by the Company directly led to the shares of hi-tech firm NimsTec Limited being de-listed from the Bermuda Stock Exchange for publishing misleading and inaccurate statements in its share prospectus. In the same month, McKeeva Bush was forced to resign as a Cayman Islands government minister, largely as a result of the Company exposing his role in the fraudulently-run First Cayman Bank.
In the summer of 1997, the Company was the first media organization to reveal an attempt by the UK government to force its offshore financial centers to start complying with fiscal investigations by foreign regulators. The Cayman and UK governments accused us of lying at the time, only for the entire article to be proven true over the course of time.
In March 1998, the Company revealed allegations of insolvency, theft of client funds, money laundering and other improprieties against Marc M. Harris and his Panama-based offshore financial services group The Harris Organization. The Harris Organization sued for libel and lost following a trial at Federal Court in Miami, Florida, then appealed the decision and lost that too. In November, 2003, Harris was convicted of multiple counts of money laundering and tax evasion at federal court in Florida and sentenced to 17 years in prison in May, 2004.
In January, 1999, the Company exposed the First International Bank of Grenada and was sued for libel again at Federal Court in Miami. Once again, the Company prevailed and, in the summer of 2000, FIBG collapsed with more an estimated net insolvency of US$473 million, approximately $206 million of which was clients' principal.
Starting in November, 1999, the Company exposed the dubious practices of the Imperial Consolidated Group and its principals, Lincoln Julian Fraser and Jared Bentley Brook. Following our articles, they resigned from the Company and were disqualified from serving as company directors by the Department of Trade and Industry in the United Kingdom.
Imperial Consolidated also sued the Company for libel and sought an injunction to prevent us from further exposing its activities and failed in both actions. In April, 2002 - 17 months after OffshoreAlert first exposed the group, Imperial's offshore bank, Imperium Bank, was taken over by regulators in Grenada and, in June, 2002, the group's UK-based companies went into administration. The group has liabilities of GBP220 million (US$336 million) and unknown assets, according to its administrator. It is being investigated by the Serious Fraud Office, in the U.K.
While OffshoreAlert was exposing Imperial Consolidated, several banks closed down the group's bank accounts for fear of becoming involved in criminal activity. One bank that continued to provide services to Imperial Consolidated up to the end, however, was Rabobank Nederland, one of the biggest banks in the world, whose due diligence procedures apparently did not extend to carrying out a free Internet search.
KYC News exists not only to protect the public from the criminal activities of groups such as Imperial Consolidated but also to expose their business partners.
The results of new investigations are published each month in our newsletter, OffshoreAlert.
The Only Publication Exposing Financial Crime in Offshore Financial Centers
About OffshoreAlert, The Newsletter
OffshoreAlert is an independently-owned, monthly electronic newsletter published by KYC News, Inc. that specializes in exposing multi-jurisdictional, white-collar crime, including investment fraud and money laundering, while it's in progress. The newsletter is published in a .pdf format and is downloaded from our website, http://www.kycnews.com or http://www.offshorealert.com.
Each edition of OffshoreAlert contains exclusive information on fraud and corruption, including details of on-going criminal investigations that are disclosed in requests for judicial assistance that are made pursuant to Mutual Legal Assistance Treaties (MLATs). Other topics include sham investment funds, shell banks, money laundering, bogus accounting and much more.
OffshoreAlert has stood alone as an exposer of serious financial crime in offshore financial centers – while it is in progress. During that time, OffshoreAlert's relentless pursuit of securities fraudsters, investment scammers, money launderers and other white-collar criminals has made it an internationally-known and respected source for due diligence information, Know Your Customer research and risk management.
OffshoreAlert is read by compliance officers, attorneys, investors, risk managers, executives, law enforcement officers, regulators and anyone else conducting international business.
OffshoreAlert in the Media
OffshoreAlert is regularly referenced or quoted by international media and is considered a premier source for information on offshore financial crime.
On TV & Radio:
- CNN
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CNBC's American Greed
- CBS News' 48 Hours
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CTV in Canada
- BBC Radio
In Government reports:
- 'Correspondent Banking: A Gateway to Money Laundering' by the Minority Staff of the Permanent Subcommittee on Investigations of the United States Senate.
In books:
- Crime School: Money Laundering: True Crime Meets The World Of Business And Finance by Chris Mathers
- The Sink: Crime, Terror and Dirty Money in the Offshore World by Jeffrey Robinson
In training manuals:
- Columbia University Journalism Training Program: Covering Globalization: A Handbook for Reporters
- Columbia University Journalism Training Program: Money Laundering Backgrounder for Journalists
In print news:
- The Wall Street Journal
- The International Herald Tribune
- The Independent on Sunday
- The Washington Post
- The New York Post
- Business Week
- Forbes Magazine
- USA Today
- The Miami Herald
- The Los Angeles Times
- And many more...
About the Publisher
David Marchant
David Marchant, owner of KYC News Inc., is an investigative journalist who has exposed numerous international, white-collar crimes during his career, leading to four libel lawsuits against him – all of which were unsuccessful. Mr. Marchant is regularly referenced for financial crime stories by the world’s media, including The Wall Street Journal, Los Angeles Times, The Washington Post, USA Today, Miami Herald, CBS News, Bloomberg Business News, The Times of London, the Independent on Sunday, and BBC Radio.
Marchant began covering offshore finance while working in Bermuda from 1990-96, a country that he was forced to leave after being denied a work permit for writing investigative articles that upset the local establishment. Apart from turning down an application for a work permit and appeals, then Finance Minister Grant Gibbons turned down an application to incorporate the Company in Bermuda as an exempted company after the Bermuda Monetary Authority had recommended approval.
In his career, he has written for publications in England, Wales, Bermuda and the United States, including the Gwent Gazette, Bournemouth Evening Echo, Western Daily Press and Lloyd's List/Insurance Day newspapers in Britain, The Royal Gazette and Bermuda Sun newspapers in Bermuda and National Underwriter insurance magazine in the United States.
Media Contact
David Marchant
Publisher & Editor, OffshoreAlert
Tel: +1 305-600-2878
"Time and time again, this newsletter has led the pack in exposing major criminals and detailing their scams. OffshoreAlert is a must read. It's the one the bad guys hate the most!"
- Jeffrey Robinson, author of The Laundrymen, The Merger and The Sink
2009 Post Event Press Coverage
The 7th Annual OffshoreAlert Conference attracted world-wide media coverage, including articles written by the Wall Street Journal, BusinessWeek, Reuters, Bloomberg, the New York Times, the Guardian and many more.
Economic Crisis, OECD Initiative Spell Trouble for Caribbean Financial Centers, Panelist Says - Worldwide Tax Daily, May 4
Caribbean fears witchhunt in tax haven crackdown - The Guardian, May 3
Ponzi schemes wed psychology, finance: Human weaknesses are exploited - Calgary Herald, May 2
U.S., Cayman Islands Debate Tax Haven Status Amid Calls for Cooperation - Worldwide Tax Daily, May 1
Under Florida Sun, Tax Avoiders, Enforcers Trade Notes, Schmooze - The Wall Street Journal, May 1
Swiss bank UBS fights IRS in Miami - The Miami Herald, May 1
Barbados May Reap Rewards of Treaty Network - Worldwide Tax Daily, April 30
IRS on the Track of Tax-Cheating "John Doe's" - Inter Press Service, April 30
"Doomsday scenario" looms for offshore financial centres - warns top UK Govt. advisor - The Royal Gazette, April 30
Fraudsters go offshore for business, warns asset recovery specialist - The Royal Gazette, April 30
US and UK are biggest tax havens of the lot, claims Cayman business leader - The Royal Gazette, April 30
TIEAs must be put into practice to succeed, warns US tax investigator - The Royal Gazette, April 29
Report from the OffshoreAlert Conference - Tax Justice Network, April 29
Psychology weds finance in Ponzi scheme frauds - Reuters, April 28
U.S. Has 'More Than 250' Tax Evader Names, Seeks More John Doe Summonses - Worldwide Tax Daily, April 28
IRS agents hunting offshore tax cheats: Broadening its hunt for tax cheats beyond Swiss banking giant UBS, the IRS aims to force other offshore banks to disclose clients with secret accounts - BusinessWeek, April 28
OECD: Bermuda didn't do enough - The Royal Gazette, April 28
US tax authorities target offshore banking industry - Wealth Bulletin, April 28
IRS seeks court summonses for offshore bank probe - WA Today BusinessDay, April 28
IRS ready to tackle other Swiss banks - Financial Post, April 28
IRS expands offshore banking probe - The Boston Globe, April 28
IRS casts wide net for banks - Toronto Star, April 28
IRS to Expand Use of 'John Doe' Tactic - The Wall Street Journal, April 27
IRS going after offshore banks' client lists - The Miami Herald, April 2
U.S. to pursue other banks in tax cases—IRS - The Guardian, April 2
IRS Expanding Offshore Bank Probe Beyond UBS - Bloomberg, April 27
I.R.S. to Pursue Foreign Banks Assisting Tax Evasion - The New York Times, April 27
U.S. to pursue other banks in tax cases—IRS - Reuters, April 27
The premier educational & networking event about Offshore Financial Centers & Serious Financial Crime
Covering Fraud, Tax Evasion, Corruption, Money Laundering, Compliance, Intelligence-Gathering, Investigations, Asset Recovery, Trusts, Foundations, Hedge Funds, Special Purpose Vehicles, Tax Planning Strategies & Business-Friendly Legislation.
Cutting-Edge Information, Actionable Intelligence, Unparalleled Networking
All with an emphasis on Offshore Financial Centers ...
- 24 Concurrent Sessions and 4 General Sessions. Keep up to date with the latest offshore products and services and learn more about the risks involved, how to stay on the right side of the law and how to locate, freeze and seize concealed assets.
- 3 Educational Tracks. Offshore Finance is a broad and complicated topic. To ensure you receive useful information that you can apply to your own situation, we’ve grouped content into 3 parallel educational tracks: Fraud & Asset Recovery, Money Laundering & Compliance, Investigation & Intelligence.
- Hot Topics. The offshore world is an endless game of cat and mouse between onshore and offshore jurisdictions. The goalposts are continually moving. We will show you where they are now positioned.
- Hundreds of Connections. With a Speed Networking event, two cocktail receptions and several food breaks, you will have an opportunity to mingle with some of the most significant and influential experts in the complex world of offshore finance.
New for 2010:
- Current Trends in The World's Major OFCs
- Understanding Why Corporations Use OFCs
- Fraud-Victim Class Actions
- Emerging Areas for Whistleblowers (with the attorney for LGT Bank whistleblower Heinrich Kieber)
- America's Home-Bred OFCs – Delaware, Nevada & Wyoming: Their role in eastern European tax evasion
And there's so much more. You will learn everything you need to know about …
- How to prevent and detect Serious Financial Crime.
- How to Locate, Freeze and Seize the proceeds of fraud and other crimes.
- How to Investigate and Gather Intelligence in offshore centers.
- How to better understand Complex Financial Structures, Investments & Tax Issues.
- How to Comply with existing – and sometimes conflicting – laws in multiple countries.
Who Should Attend
Senior management and owner/partners in:
- Law
- Government
- Law Enforcement
- Banking & Financial Services
- Fraud & Asset Recovery
- Compliance
- Private Investigations
- Accounting
Featured 2010 Speakers:
Charles Rawl: A former financial adviser for Allen Stanford's $8 billion offshore banking group who blew the whistle to US authorities, leading to the collapse of one of the biggest-ever offshore frauds. Charles will discuss his work for Stanford and the red flags that were missed by regulators, correspondent banks and clients.
Rudolf Elmer: After 16 years with Julius Baer, Rudolf became a whistleblower and is co-operating with tax authorities regarding alleged global tax evasion by the bank’s clients. Rudolf will discuss the inner workings of an offshore private bank and explain why he decided to switch sides.
Andrew Jennings: With the world's biggest sporting event – soccer's FIFA World Cup – soon to take place, journalist and film-maker Andrew Jennings will present evidence of bribery and corruption at FIFA, which governs the sport globally, and CONCACAF, which controls the game in North America, Central America and the Caribbean. Find out why FIFA's bosses consider him 'Public Enemy Number One'.
Returning speakers include Martin Kenney and Ed Davis, who are two of the world's foremost authorities on asset recovery – one of the few sectors of the global economy that is currently booming, and Bob Roach, who is Counsel & Chief Investigator to US Senator Carl Levin's investigations committee
