Caledonian Bank

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Silk Road M3 Fund v. Alisher Ali et al: Complaint

July 5, 2019
Complaint alleging fraud in Mathew Clingerman, as Receiver for Silk Road M3 Fund, a segregated account of Silk Road Funds Limited, of Bermuda v. Alisher Ali, apparently a citizen of Saint Kitts and Nevis residing in New York; Eurasia Capital Ltd., of the Cayman Islands; Eurasia Capital (Mongolia) LLC, of Mongolia; Silk Road Management Limited, of the Cayman Islands; Silk Road Finance Limited, of the Cayman Islands; Apex Fund Services Ltd., of Bermuda, and Peter Hughes, of Bermuda, at the Supreme Court of the State of New York, County of New York.

HM Life Insurance Company et al v. Alpha Re Ltd. et al: Third Amended Complaint

May 2, 2019
Third Amended Complaint alleging "a coordinated and elaborate scheme to defraud through a complex series of reinsurance transactions, trust agreements, and investment vehicles" in HM Life Insurance Company, of Pennsylvania, and HM Life Insurance Company of New York v. Wilmington Savings Fund Society, FSB, of Delaware; Christiana Trust, of Delaware; Blue Alternative Asset Management LLC, of Delaware; Blue Capital Management, Inc., of Puerto Rico; Regatta Holdings LLC, of New Jersey; Cygnet 001 Master Trust, of Delaware; Cygnet 001 Master Trust Series 2011-A, of Delaware; Cygnet 001 Master Trust Series 2011-C, of Delaware; Cygnet 001 Master Trust Series 2013-A, of Delaware; Alpha Re Limited, of the Cayman Islands; Alpha Re Holdings (Cayman) Limited, of the Cayman Islands; Ability Insurance Company, of Nebraska; Atlantic Specialty Finance Limited, of the Cayman Islands; Blue Elite Fund Limited, of the Cayman Islands; Blue II Limited, of the Cayman Islands; Mark Graham, of New York; Donald Solow, of New Jersey; John Drake, of Ontario, Canada; Edward Brendan Lynch, of the Bahamas, and Gregory Tolaram, of Bermuda, at the Court of Chancery of the State of Delaware.

US judge approves ‘seemingly illusory’ settlement between SEC and Caledonian Group

September 29, 2016
A U. S. regulator's much-criticized securities fraud complaint against Cayman Islands-based Caledonian Bank and Caledonian Securities is near a conclusion after a federal judge in New York yesterday approved a "seemingly illusory" settlement between the parties and rejected an attempt to block it by the group's "putative owner".

SEC v. Caledonian Bank Ltd. et al: Sentinel Trust’s Notice of Motion to Intervene

April 28, 2016
Notice of Motion to Intervene by Sentinel Trust Services Limited in the U. S. Securities and Exchange Commission v. Caledonian Bank Ltd., Caledonian Securities Ltd., Clear Water Securities, Inc., Legacy Global Markets S.A. and Verdmont Capital S.A. at the U. S. District Court for the Southern District of New York.

SEC v. Caledonian Bank Ltd. et al: Liquidators’ Letter

February 22, 2016
Liquidators' Response to an attempt by Sentinel Trust Services Limited to intervene in the U. S. Securities and Exchange Commission v. Caledonian Bank Ltd. and Caledonian Securities Ltd. at the U. S. District Court for the Southern District of New York.

SEC v. Caledonian Bank Ltd. et al: SEC Letter

February 22, 2016
SEC Letter opposing attempt to intervene by Sentinel Trust Services Limited in U. S. Securities and Exchange Commission v. Caledonian Bank Ltd. and Caledonian Securities Ltd. at the U. S. District Court for the Southern District of New York.

Caledonian Bank officers ‘complicit’ in $38 m securities fraud, says SEC

February 8, 2016
Records provided to the U. S. SEC by the liquidators of Cayman Islands-domiciled Caledonian Bank show that "high-level employees" of the bank were "complicit" in a pump-and-dump securities fraud by clients that netted a $38 million profit, says the regulator. Caledonian has agreed to pay $25 m in "disgorgement" but the SEC has agreed to "forgo payment" due to the bank's insolvency.

Panama broker Verdmont Capital goes into liquidation

January 13, 2016
Panama-based broker-dealer Verdmont Capital has become the latest offshore defendant in a securities fraud lawsuit filed by the U. S. Securities and Exchange Commission to go into liquidation.

SEC v. Verdmont Capital, S.A. et al: Notice of Liquidation

January 12, 2016
Notice of Liquidation of Verdmont Capital, S.A. in U. S. Securities and Exchange Commission v. Caledonian Bank Ltd., Caledonian Securities Ltd., Verdmont Capital, S.A., Clear Water Securities, Inc. and Legacy Global Markets S.A. at the U. S. District Court for the Southern District of New York.

Caledonian Bank to pay ‘nothing’ in SEC settlement

December 18, 2015
The SEC's fraud lawsuit against Cayman Islands-based Caledonian Bank has gone from bad to worse for the U. S. regulator, with two of the agency's main attorneys on the case leaving following criticism from a federal judge and an agreed settlement between the parties requiring the bank to make "no monetary payment".

SEC v. Caledonian Bank Ltd. et al: Plan of Discovery

December 18, 2015
Plan of Discovery regarding Verdmont Capital, S.A. in U. S. Securities and Exchange Commission v. Caledonian Bank Ltd., Caledonian Securities Ltd., Verdmont Capital, S.A., Clear Water Securities, Inc. and Legacy Global Markets S.A. at the U. S. District Court for the Southern District of New York.

US judge again slams SEC for causing closure of Cayman’s Caledonian Bank

November 10, 2015
A federal judge in New York has again chastised the United States Securities and Exchange Commission for causing the collapse of Cayman Islands-based Caledonian Bank Ltd. "This case offers fertile ground for agency self-examination," stated U. S. District Judge William H. Pauley III in a pre-trial opinion today.

SEC v. Caledonian Bank Ltd. et al: Opinion & Order

November 10, 2015
Opinion and Order in U. S. Securities and Exchange Commission v. Caledonian Bank Ltd., Caledonian Securities Ltd., Clear Water Securities, Inc., Legacy Global Markets S.A., and Verdmont Capital, S.A. at the U. S. District Court for the Southern District of New York.

SEC v. Caledonian Bank Ltd. et al: Motion for Default Motion

November 2, 2015
Motion for Default Judgment against Clear Water Securities, Inc. and Legacy Global Markets S.A. in U. S. Securities and Exchange Commission v. Caledonian Bank Ltd., Caledonian Securities Ltd., Verdmont Capital S.A., Clear Water Securities, Inc. and Legacy Global Markets S.A. at the U. S. District Court for the Southern District of New York.

SEC & Caledonian Bank agree to ‘settlement in principle’

August 26, 2015
An "agreement in principle" has been reached to settle litigation at federal court in Manhattan between the U. S. Securities and Exchange Commission and Cayman Islands-domiciled Caledonian Bank Ltd. and affiliate Caledonian Securities Ltd.

SEC v. Gregg R. Mulholland: Complaint

June 23, 2015
Complaint in U. S. Securities and Exchange Commission v. Gregg R. Mulholland at the U. S. District Court for the Eastern District of New York.

SEC v. Caledonian Bank Ltd. et al: First Amended Complaint

June 10, 2015
First Amended Complaint in U. S. Securities and Exchange Commission v. Caledonian Bank Ltd., Caledonian Securities Ltd., Clear Water Securities, Inc., Legacy Global Markets S.A., and Verdmont Capital, S.A. at the U. S. District Court for the Southern District of New York.

Caledonian Bank liquidators paint bleak picture for creditors

April 10, 2015
Cayman Islands-based Caledonian Bank has millions of dollars of related-party transactions that typically "can be difficult to recover full value" and is exposed to "a single large loan" of $93.7 million, representing more than half of all loans receivable. The grim news for creditors came in the first report of liquidators Keiran Hutchison and Claire Loebell.

Caledonian Bank Ltd. et al: Offering Memorandum

March 20, 2015
Offering Memorandum for Caledonian Bank Limited and Caledonian Securities Limited (both in Official Liquidation) distributed by Ernst & Young. Note: OffshoreAlert has removed Page 4 of the document to protect the identity of the recipient.

Caledonian Bank Ltd.: Chapter 15 Supplement

March 4, 2015
Supplement to Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the Cayman Islands by Keiran Hutchison and Claire Loebell, as the Foreign Representatives of Caledonian Bank Limited, at the U. S. Bankruptcy Court for the Southern District of New York.

SEC v. Verdmont Capital S.A.: Verdmont’s Opposition to Asset Freeze

February 24, 2015
Verdmont Capital's opposition to SEC's asset freeze application in U. S. Securities and Exchange Commission v. Caledonian Bank Ltd., Caledonian Securities Ltd., Clear Water Securities, Inc., Legacy Global Markets S.A. and Verdmont Capital S.A. at the U. S. District Court for the Southern District of New York.

Caledonian Bank controllers obtain stay of asset freeze in US

February 16, 2015
At 3.45 p.m. EST today, a federal bankruptcy judge in Manhattan temporarily stayed an asset freeze in the United States against the assets of Cayman Islands-based Caledonian Bank after an application by its Cayman-based controllers, who have asked for their controllership to be recognized in the U. S.

Caledonian Bank Ltd.: TRO Aplication

February 16, 2015
Application for a Temporary Restraining Order In the Matter of Caledonian Bank Limited at the U. S. Bankruptcy Court for the Southern District of New York.

Caledonian Bank Ltd.: Chapter 15 Petition

February 16, 2015
Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the Cayman Islands by Keiran Hutchison and Claire Loebell, as the Foreign Representatives of Caledonian Bank Limited, at the U. S. Bankruptcy Court for the Southern District of New York.

Caledonian Bank Limited: Judgment

February 12, 2015
Judgment In the Matter of Caledonian Bank Limited (in Voluntary Liquidation) at the Grand Court of the Cayman Islands.

Caledonian Bank in ‘voluntary liquidation’, its attorney tells US court

February 11, 2015
After regulatory action in the U.S. and Cayman Islands, including having its assets frozen by a U.S. judge, the shareholders of Cayman-based Caledonian Bank Ltd. have voted to put the bank into voluntary liquidation, the bank's attorney has disclosed in a court filing at federal court in New York.
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