The OmniFund Ltd.

Emails show Citco knew of Lancer fraud long before collapse, says Receiver

March 6, 2006

Fund administrator Citco knew that Lancer Offshore was fraudulently valuing assets nearly two years before the fund collapsed but its sole concern was how to extricate itself from the $400 million insolvency, rather than warn investors and regulators. That is the most serious allegation contained in a civil lawsuit that was filed as long ago as January 14, 2005 at the U. S. District Court for the Southern District of Florida but kept sealed until February 21, 2006 due to concerns that its release may breach a court order prohibiting disclosure of certain information. It is supported by copies of extraordinary email exchanges between Citco's senior executives that were disclosed in discovery that Citco opposed.

Lancer Offshore Receiver sues Citco group

January 24, 2005

Another lawsuit has been filed against the Citco Group concerning its administration of the Lancer group of hedge funds, which collapsed in 2003 with a net insolvency estimated at hundreds of millions of dollars. The latest complaint was filed at the U. S. District Court for the Southern District of Florida on January 11, 2005 by Marty Steinberg, as court-appointed receiver of Lancer Offshore Inc., and The OmniFund Ltd., both of the British Virgin Islands.

Lancer Receiver sues offshore auditors

December 17, 2004

The SEC's Receiver of the Lancer Offshore Group has filed a civil complaint against the hedge funds' former auditors. Marty Steinberg, in his capacity as court-appointed receiver of Lancer Offshore Inc. and The OmniFund Ltd., alleges professional malpractice and gross negligence in an action that was filed at the U. S. District Court for the Southern District of Florida on December 2, 2004.

Citco slammed by Lancer Group Receiver

January 31, 2004

An offshore fund administrator has been accused of "impeding" the investigation in the United States into the $600 million collapse of the Lancer group of hedge funds. Citco Fund Services (U.S.A.) Inc. has refused to turn over records concerning BVI-registered Lancer Offshore Inc. and The OmniFund Ltd., which its Netherlands Antilles affiliate administered.

Lancer Offshore hearing adjourned again in the BVI

June 14, 2003

A hearing to force an offshore hedge fund group into administration has been further adjourned until September 8, 2003 at the British Virgin Islands High Court. The hearing into the affairs of Lancer Offshore Inc. and The Omnifund Ltd. began over one day on May 30, 2003, reconvened over one day on June 11 and will not now continue for another three months.

Lancer Offshore Inc. et al

June 11, 2003

Public Announcement about Lancer Offshore Inc. and The OmniFund  Ltd. by the British Virgin Islands Financial Services Commission.

Lancer Offshore court hearing adjourned in British Virgin Islands

June 3, 2003

An application by the British Virgin Islands Financial Services Commission to force an offshore hedge fund group into administration has been adjourned to June 11. A hearing on the application against Lancer Offshore Inc. and The Omnifund Ltd. took place on Friday, May 30, 2003 but was not concluded. It was adjourned for 12 days because the judge is traveling this week.

Lancer Offshore Inc. et al(2)

May 7, 2003

Press Release about Lancer Offshore Inc. and The OmniFund Ltd. by the British Virgin Islands Financial Services Commission.