Category: Press

Law 360–A New York federal judge on Monday rejected a special master’s recommendation that he toss the Refco Inc. multidistrict securities litigation, saying the special master failed to read the complaint in a light most favorable to the plaintiffs. In December, Special Master Daniel J. Capra said the claims should be dismissed because the plaintiffs […]

Law360–Fairfield Sentry Ltd., the largest feeder fund implicated in Bernard L. Madoff’s Ponzi scheme, lodged a suit in New York on Monday seeking to claw back $300 million in redemption payments made during the fraud to Abu Dhabi’s state-owned investment fund. The money used to redeem Abu Dhabi Investment Authority’s shares in Sentry were — […]

Corporate International–The Cayman Islands insolvency law is based on the UK Insolvency Act of 1986 with some modification to make it relevant to the local financial services sector. The majority of insolvency practitioners and their staff are Chartered Accountants from Commonwealth countries. As with other Commonwealth jurisdictions, the “big 4” have a presence, but strong […]

Law360–An attorney for Fairfield Sentry Ltd., Bernard L. Madoff’s largest feeder fund, told a bankruptcy judge Wednesday not to remand more than 40 adversary proceedings against financial institutions and others back to state court. The defendants agreed to settle disputes in New York and it made more sense to keep all actions before the same […]

Law360–Fairfield Sentry Ltd., Bernard L. Madoff’s largest feeder fund, filed 57 New York federal court suits over a three-day span last week in a litigation binge aimed at recovering $3 billion the fund must turn over to Madoff’s trustee. Among the largest single targets of the litigation, all filed in the U.S. Bankruptcy Court for […]

Press Release–KRyS Global, a firm dedicated to corporate recovery, insolvency, forensic accounting and business advisory services, announces Patrick McPhee as the new Managing Director of its Bermuda office. Patrick brings over 18 years’ experience in the areas of corporate recovery, restructuring, forensic investigations and litigation support services. He started his professional career with two Big […]

BVI Beacon–Most people regognise the image of arrows protruding from a circle as the international symbol for chaos. Kenneth Krys, cheif executive officer of KRyS Global, hopes that bringing order out of chaos will mean opportunity. Mr. Krys said his firm, which performs corporate recovery and insolvency services, adopted the logo because clients of its […]

Nassau Guardian–Financial statement fraud may be the next threat to businesses in The Bahamas, according to ant-fraud experts in the country, citing that it could become a common practice among scam artists. Several members of the newly-formed Bahamas chapter of the Association of Certified Fraud Examiners (ACFE) agreed that although financial statement fraud isn’t the […]

The Tribune–A leading Bahamian accountant yesterday said he had seen a 10 per cent increase in fraud-related assignments and investigations he had been asked to undertake since the recession hit, with various forms of fraud purchasing, inventory and financial statements all on the rise. Speaking at the launch of the Association of Certified Fraud Examiners […]

Bahamas Tribune–KRyS Global, the accounting firm specialising in corporate asset recovery, insolvency, forensic accounting and business advisory services, has named Tangela Russell as manager of its Bahamas office. She joins the firm with more than 10 years’ of accounting experience, most recently holding the positions of regional head of accounting at a Bahamas-based private bank […]