Category: Press & Articles

The BVI Beacon – (August 2013) Now, the Virgin Islands-based liquidators of two families of VI-registered feeder funds, the Kingate and Fairfield funds, are working to maximise the amount of money returned to the defrauded investors. That task has prompted an extensive legal battle, attempts to “claw back” funds from feeder fund investors, and settlement talks […]

Law360, New York –  A New York federal judge signed off on a settlement Wednesday between investment funds and auditing firm Grant Thornton LLP, which joined Mayer Brown LLP in putting to rest allegations it helped now-defunct Refco Inc. carry out its $1.5 billion securities fraud scheme. The terms of the settlement approved by U.S. […]

By: Kenneth Krys Published in: IFC Economic Report Summer 2013 The IFC Economic Report speaks to Kenneth Krys about the effects that the global financial crisis has had on the asset recovery industry within IFCs.  Read More

BVI Beacon – When the world learned on Dec. 11, 2008 that Bernie Madoff had masterminded the biggest Ponzi scheme in history, the news had ripple effects far beyond the offices of his New York-based brokerage firm. The scheme’s collapse also forced “feeder funds,” investment funds that acted as conduits to Mr. Madoff’s firm, into […]

Business Life –  CHANNEL ISLANDS –  The Association of Restructuring and Insolvency Experts (“ARIES”) has been formed in the Channel Islands as a professional body for those practising, or interested in, restructuring and insolvency. ARIES is offering membership to solicitors and advocates, accountants and financial advisors, business turnaround consultants, lenders, investment bankers, trustees and others with […]

Fairfield Trustee Loses Bid To Undo $230M Madoff Claim Sale – Law360 (July 2013) A New York federal judge on Tuesday refused to allow the trustee for Fairfield Sentry Ltd., a Bernard L. Madoff feeder fund, to undo the sale of a $230 million claim in the Madoff liquidation, rejecting his appeal. U.S. District Judge […]

Glaciers for Sale – Harpers Magazine (July 2013) The Canadian dentist behind what may or may not have been the world’s First global-warming Ponzi scheme either lives or does not live in Iceland. His name is Otto Spork, and when I first learned of him, in 2008, he had secured the water rights to a glacier north of Reykjavík and quit […]

By: Margot MacInnis & Antoine Powell Published in: Cayman Financial Review Where there’s smoke, is there fire?  Some red flags in hedge fund fraud Sometimes investors lose some or all of their investments at the hands of frauds perpetrated through hedge funds. Because of the services KRyS Global provides, the firm is brought in to investigate these […]

Caymanian Compass – The Privy Council’s award of $1.3 million to Caymanian Alastair Paterson has been called a ground-breaking departure from law. The victory spells the end of a legal saga that began seven years ago in the aftermath of Hurricane Ivan. “The Privy Council decision … completely vindicates Mr. Paterson, who saw his reputation gravely […]

Caymanian Compass – The founder and former chief executive of computer retail chain ComputerLand, William H. Millard, is undergoing personal bankruptcy proceedings in the Cayman Islands and the US. Mr. Millard and his wife, Patricia, obtained bankruptcy protection from the Cayman Islands Grand Court on 3 June, 2013, in an effort to address a tax judgment […]