David Marchant

Conduit Technology Inc. v. Tether Holdings S.A. de C.V. et al: Complaint (‘US$2.8M Freeze/Brazil Investigation’) El Salvador-based stablecoin giant Tether has been accused of unlawfully freezing $2.76 million of U.S. payments company Conduit Technology’s working capital after apparently identifying its digital wallet on its own initiative during a Brazilian criminal investigation.

Banco Master S.A. et al: Chapter 15 Petition (Brazil) The liquidator of collapsed Brazilian financial group Banco Master is seeking to recover US$169 million in luxury properties in Miami and Aspen that were allegedly purchased with stolen bank funds laundered through offshore investment structures in The Bahamas and Cayman Islands.

Taiwan-based Hung-Tu Lu has filed a petition in the Cayman Islands to wind up NanoPlus Ltd., of which he is the founder, chairman and shareholder, over an alleged debt of NT$39 million (approximately US$1.2 million) arising from loans he claims to have made to the firm.

The estate and family trust of a deceased Wisconsin dentist have sued British businessman Giles Cadman, Canadian investment advisor Mark Trotter, and Cadman's international investment group, alleging that more than US$1.1 million was lost through a fraudulent scheme involving fine wine, promissory notes and offshore companies. Cadman denied the allegations to OffshoreAlert, describing the complaint as “littered with material falsehoods, factual inaccuracies and wholly unsubstantiated allegations”.

Hamilton Reserve Bank failed in its bid to stay six Nevis lawsuits brought by depositors seeking US$35.1 million and to prevent referrals to financial regulators and law-enforcement authorities, even as it announced an expansion into London and described its compliance record as “pristine.” The litigant depositors are individuals and legal entities in or from Australia, England, Hong Kong, Russia, Saint Kitts and Nevis, and South Korea.

Decision Notice by the Cayman Islands Monetary Authority cancelling the mutual fund registration of Cayden Master Fund LP for regulatory breaches.

A trade finance fund managed by a subsidiary of Jefferies Financial Group is seeking U.S. banking records to trace more than $500 million allegedly obtained through a fraudulent financing scheme involving Indian citizens Pinkesh Nahar and Rakesh Sethi and their respective companies, Radiant World Corporation Pte Ltd., formerly known as Royalline Trading Pte Ltd., of Singapore, and Sapphire Minmetals Corporation Ltd., of Hong Kong.

New York law firm Boies Schiller Flexner and partner Martin De Luca are seeking U.S. banking records concerning Antigua and Barbuda Prime Minister Gaston Browne, his wife, his son, and others to trace the proceeds of his government’s controversial US$40 million sale of the superyacht Alfa Nero, which was valued at up to US$105 million, to defend themselves against a defamation lawsuit filed by Browne.

Chapter 11 petition by Getty Images Holdings Inc., Griffey Midco (DE), LLC, Abe Investment Holdings, Inc., Getty Images, Inc., Getty Images (US), Inc., Getty Images News Services (PRC), Inc., and Getty Images (Seattle), Inc., filed in the U.S. Bankruptcy Court for the District of Delaware

The Cayman Islands liquidators of entities that raised capital for failed luxury electric-car venture Silk EV have applied for U.S. bankruptcy recognition to protect assets and investigate the group's 'uncooperative' New York-based founder, Jonathan Krane, who allegedly received more than US$14 million.