|To: DrAvPaleske who wrote (522)||5/25/2006 9:30:43 AM|
|In a world of uncertainty, a reliable record of shady self-dealing |
But SkyWay, which only lost $40 million of investors money, is an absolute paragon of excellence, corporate governance-wise, when compared to the DC9's previous owner...
Genesis Aviation is one of several dozen company fronts, all of which contain the name “Genesis” in the title, controlled by one of the key figures in the Iran Contra scandal, Saudi billionaire and long-time CIA asset Adnan Khashoggi.
Last month the Securities and Exchange Commission charged Khashoggi and Ramy Al Batrawi, his lieutenant for the past 20 years, with stock fraud in U.S. District Court for Central California. The men are accused of orchestrating a $130 million fraud involving the stock price of GenesisIntermedia.
When the helpful Khashoggi worked with Oliver North to sell arms to Iran, Ramy El-Batrawi was there, as president of a Khashoggi company, Jetborne International, indicted for illegally ferrying TOW missiles to Iran, an “enterprise” which netted someone—though not the U.S. Government or the Contras it was supposedly funding—a tidy bit of change.
Apparently neither man learned that crime doesn’t pay, because Adnan and Ramy’s recent pilferage make the Kovars look like kids stealing a candy bar from a 7-11 after school.
“Just three months after the company’s Initial Public Offering (IPO), the nearly $17 million raised in the offering was gone,” read one wire service story.
“The creative dealings of defendant El-Batrawi partly explains how this money disappeared so quickly,” reported the AP.
Making money disappear since before you were born
“El-Batrawi had a side deal called "Trade Your Way to Riches," and he thus arranged to have its mailing lists sold to Genesis for $3.8 million of the proceeds lifted from the IPO. Additionally El-Batrawi gave himself $362,149 for flying himself around in his private plane to promote the deal on the IPO. road show.”
Another area where Glenn and Brent Kovar might learn something from past master Khashoggi is how, in your financial fraud’s aftermath, to make yourself scarce…
“Lawyers for Mr. El-Batrawi and Mr. Khashoggi could not be immediately located for comment,” reported the L.A. Times. “An SEC lawyer, Kara Brockmeyer, said the agency had not determined who their lawyers were. Mr. El- Batrawi has no listed telephone number in Los Angeles, and Mr. Khashoggi's whereabouts is not known, according to the complaint.”
The SEC may be interested to learn what The MadCowMorningNews discovered El-Batrawi doing a year ago. The high-roller was spending millions gambling in Vegas, where he flew by private jet. The TV show “Casino Diaries” even profiled him in action.
The DC9 has also been “owned” by Finova Capital, revealed in the early 90’s as a CIA front which also “owned” the C123 military cargo plane used by notorious drug smuggler and CIA pilot Barry Seal, which was later shot down over Nicaragua with Eugene Hasenfus onboard.
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|To: StockDung who wrote (523)||5/25/2006 12:50:32 PM|
|Adnan Khashoggi, Rakesh Saxena, Tony Buckingham and others, the broader picture.|
First to mention is a veteran of arms and shady deals, a close friend of the bin Laden family for decades, an uncle of the late Dodi Fayed, the last partner of Diana Princess of Wales and brother-in-law of the owner of Harrod's Supermarket in London, Mohamed Al Fayed, his name: Adnan Khashoggi, once called the richest man on earth.
His origin is Saudi Arabia, his favorite place to live is Marbella in Spain and his favorite business are arms deals and the stock market, especially in Vancouver/Canada.
At present, however, he likes more the sand of the beaches of the United Arab Emirates, a better, because safer place to be, when arrest warrants and extradition requests are piling up.
He was involved in the Iran-Contra Affair in the 80s, in which the Pentagon sold weapons to Iran and the profits were used to buy weapons for a CIA sponsored group in Nicaragua, the Contra Rebels. Everything illegal of course, but an army man by the name of Oliver North was day and night putting documents into the shredder, when the scandal was about to be made public. It is good to have such trustworthy people in your house.
Khashoggi was also involved in the Bank of Credit and Commerce International (BCCI), a massive washing machine for illegal money from the Medellin drug cartel, Manuel Noriega, and other druglords.
The bank was forcibly closed in 1992 after investigations by a committee of the US senate.
However Khashoggi, likeable as he is, had and has friends all over the world, so lets forget about the BCCI-Affair and move on to Thailand, to the Bangkok Bank of Commerce.
The CEO of that bank was in the 90s Krirkkiat Jalichandra. A promsing young man of Indian origin, by the name of Rakesh Saxena was introduced to him.
Saxena was wanted in India for culpable homicide, who cares, was a communist before, while studying in India, who cares and according to the slogan, who is not a communist at age 20 hasn't got a heart, and who is still a communist age 40 hasn't got a brain, and Saxena had brains, he forgot Marx and Engels and concentrated on fraud and corruption the big way and advised his "brother in fraud" Jalichandra accordingly both together a "duo infernale", so to speak.
Money was pumped into a labyrinth of fake companies and "small gifts" in cash and kind were handed out to politicians and friends, a non repayable loan was given to Saxenas friend Adnan Khashoggi, amounting to only 134 million US Dollars, peanuts, so to speak.
However such big fraud, that triggered eventually the Asian Banking Crisis in 1997 cannot go on forever one time the bubble has to burst and in 1996 the scheme collapsed, however Saxena, clever as he was, left in time the sinking ship and fled to a much cooler place, Canada.
Not forgetting, allegedly to take some pocket money with him, only the laughable sum of 88 million US Dollars laughable, because the damage he and Jalichandra allegedly caused amounted to more than three billion US Dollars.
Jalichandra was not so lucky, he got arrested and has been sentenced to 30 years in prison one year ago.
Thailand wanted Saxena extradited, but Saxena did not want, had money enough to hire the best of the best of lawyers and he convinced the Government of Canada, a banker is a banker, that it would be cheaper to put him in self paid house arrest, than into a prison.
So he is still in Canada and until a few weeks ago, when he was put back into prison he was not resting, to the contrary. He was as busy as ever.
First came Tim Spicer, the mercenary, Ex-Lieutenant Colonel, OBE, hated by the Irish because soldiers of his unit, when he was stationed in Northern Ireland, killed an innocent Irishman by the name of McBride. These soldiers were later convicted for murder.
However Spicer campaigned and lied for them, so that they were early released and then reinstated in the British Army, they are now on patrol in Iraq, where killing of innocent civilians is rather a day to day event.
Spicer needed money, Saxena had money for his adventure in Sierra Leone.
Tony Buckingham, former Special Forces (UK) man, founder of and director in the company "Heritage Oil", listet on the Toronto Stock exachange was the owner of the mercenary company Sandline, of which Spicer was the chief executive until 2000
Sandline offered their service, in exchange for diamond mining rights, to ousted President Kabbah with old apartheid soldiers from the infamous South African apartheid 32. Buffalo Battalion, and Koevoet, well known killer units, their motto: shoot to kill, and their battleground in those days were the newly independent state of Angola with the refugee camps of SWAPO and the illegally occupied Namibia.
The unit, named Executive Outcomes, was founded and headed by Eeben Barlow, former member of the Buffalo Battalion and then of the Civil Cooperation Buraeu (CCB) the latter an South African apartheid death squad, which can take credit for countless extrajudicial killings inside and outside South Africa including hundreds of SWAPO freedom fighters allegedly killed with poison delivered by a Dr. Wouter Basson and the bodies thrown out of a plane over the Atlantic Ocean.
Saxena offered 10 million US Dollar, he had mining interests there as well, bought with money from the Bangkok Bank of Commerce, and with Saxenas/Bangkok Bank of Commerce money Spicer bought tons of weapons in Bulgaria and elsewhere.
This was the start, of what was later called the Arms to Africa Affair. Active in this scheme there were also Simon Mann and Nick du Toit, both in prison now, one in Zimbabwe, the other one in Equatorial Guinea after the failed coup attempt in 2004, in which allegedly also Mark Thatcher was involved.
Ths military intervention in Sierra Leone was in flagrant violation of an UN arms embargo, who cares, and with the approval of the resident British High Commissioner, Penfold. When the things came out, it nearly brought down the Blair Government in 1998.
Already before their Sierra Leone job , Spicer, Mann and Buckingham had gone global in 1997, this time to the other end of the globe, Papua New Guinea for a lump sum of 36 million US Dollars to be paid by one of the poorest states on earth.
The Government there fought unsuccessfully against a rebel group on the Island of Bougainville to get hold of a copper mine, owned by the British company Rio Tinto. The fight erupted because of the environmental disaster, caused by the mine, that threatened to destroy the livelihood of the people there.
Buckingham, Spicer and Simon Mann offered "help", the mercenary way via Sandline and Sandline subcontracting the dreck of the Ex Out mercenaries. Also with them Lafras Luitingh, another former member of the Apartheid-CCB, who can take credit for having been involved in the murder of ANC activist Dr. David Webster on 1st May 1989 in Johannesburg and SWAPO Advocate Anton Lubowski in Windhoek on 12 October 1989.
This time round, however, things did not work out, the army under General Singorok rebelled, the Prime Minister Sir Julius Chan had to resign and Spicer was arrested and later left the country only with the help of the discrete diplomatic pressure by the British government.
Still they made their fortune, as a lot of money had been prepaid .
Meanwhile mercenary godfather and mining baron Tony Buckingham was also active in many African countries, apart from Sierra Leone and Angola, namely Congo Brazzaville, DR Congo, Uganda, Kenya Namibia to name a few.
He was specifically welcomed in Namibia, where the government made him a director of the state owned Offshore Development Company (ODC) and he used his contacts to introduce Ranger Oil Canada to the Government, successfully, Ranger got huge exploration rights. Ranger and Buckingham were close business partners for quite some time.
As a Thank You Buckingham made government officials shareholders in his company Oceanica Fisheries, and the government granted him mining rights in a Tourmaline mine near Karibib, Indigo Sky Gem and Camelthorn Mining, and allowed him to dislodge 1000 small scale miners there and to throw them onto the roadside.
Who greases well, drives well.
And South Africa's Mine Minister Mrs. Mlambo-Ngcuka gave a prospecting license with much fanfare in 2001 to Ranger Oil, despite the well known connection to Buckingham and his mercenaries
In Kenya Buckingham appointed Sanjivan Ruprah, a well known arms dealer, head of his mining company Branch Energy.
Sanjivan Ruprah became also a close confidant of Charles Taylor in Liberia and of Victor Bout, with whom he worked closely together. Sanjivan Ruprah helped arming the child soldiers in Sierra Leone on behalf of Charles Taylor, those, who committed horrific mayhem amongst the civilian population, including mass killings, hacking of limbs, rape, torture.
Victor Bout, called "Africa's Merchant of Death" is a Russian, who runs a fleet of 50 russian made transport planes. He delivered weapons to the Taleban and Al Qaeda before 2001 and organized chartered flights to Afghanistan, , certainly not for tourists. Bout was fuelling virtually each and every armed conflict in Africa for the last 15 years with his weapons transport and Diamonds as payment, especially in Liberia, Sierra Leone Angola, DR Congo.
After the invasion of Iraq he was hired by American companies. Money talks and a plane is a plane. He was also busy transporting goods to Afghanistan after 2002, who cares.
Ruprah knows Khashoggi, because they shared an office address in London. Kashoggi is a friend of Saxena, Saxena is a friend of Spicer and so forth.
And Khashoggi and Saxena were not just watching, what was happening in Africa, they had also had serious business to do, Khashoggi in America and Saxena in Canada, before both joint forces and went to Vienna Austria.
In 2001 Khashoggi, via his company Ultimate Holdings, based on the Bahamas with a complicated lending scam allegedly pumped up the stock of a Nasdaq bubble company by the name of Genesis Intermedia, in which Ultimate Holdings was the majority shareholder.
The company was built around a book by a John Gray, "Women are from Venus and Men are from Mars".He forgot to add that arms dealers and mercenaries are from hell.
Involved in that scam were Deutsche Bank in Toronto and a slew of criminal stockbrokers and after the scam collapsed in 2001, Khashoggi and his friend El Batrawi were 130 million US Dollar richer, broker houses filed for bankruptcy , the damage amounting to more than 300 million US Dollars.
Deutsche Bank has now settled out of court and is paying, still denying any responsibility, of course.
Meanwhile Saxena in Canada was busy as well. He appointed the leading opposition MP in the Canadian Parliament, John Reynolds as board member in a flimsy company called WaveTech while fighting at the same time an extradition request from Thailand in the courts of Canada. A simple word for that is most likely corruption. A friend, even when bought, in need is a friend indeed.
And he was involved in boiler roms around the world, amongst them Westshore Ventures in the UK and Platinum Asset Management in South Africa and later Botswana and was exposed in August 2005 here by me and the local Sunday Standard.
However shared success is doubled success, so he went to good old Europe in 2000 with his friend Khashoggi. Khashoggi in person, and him being under house arrest via the phone. They linked up with a Filipino by the name of Amador Pastrana.
Pastrana had already earned himself the reputation as being a king of the boiler rooms earning him more than a billion Dollar.
Boiler rooms are cramped small offices, from where selling of shares to unsuspecting clients is organized. They apply high pressure sales pitches on their victims.
Those clients have money but no banking experience, they are neither banker nor broker
The shares they sell to pensioners, and medium income earners are worthless, artificially pumped up Penny stocks and the clients never see their money again.
The most effective and sophisticated fraud scheme to date.
Saxena, Khashoggi and Pastrana bought together the WMP Bank AG in Vienna, Austria renamed it General Commerce Bank and turned it into a boiler room, the fraud organized there amounts, according to press reports, to roughly one billion US Dollar. With them the convicted criminals Regis Possino, Raoul Berthaumieu and Sherman Mazur.
In 2001 the Bank was closed.
1 billion in one year.
Meanwhile Spicer did not rest either. He opened a new mercenary company after he left Sandline by the name of Aegis and the Invasion of Iraq brought him a fat contract by the Pentagon to the tune of 293 million US Dollar.
He is now overall in charge of all the mercenaries in Iraq, totaling more than 20.000, quite a few former Executive Outcome dreck.
And Tony Buckingham is busy in Iraq as well.
In 1995 he paid a courtesy call to Iraq, walking in the Hotel lobby of the Al Rasheed Hotel over a distorted picture of former US president Bush and exploring with former Iraq's Oil minister possible oil ventures.
After he Invasion he is back, go with the flow, having good contacts with Iraqi Oil ministry officials and getting a prospecting license in Kurdistan for his company Heritage Oil.
And he quickly closed Sandline on 16th April 2004 after the failed coup in Equatorial Guinea.
The list would be incomplete, without mentioning a group of dealers of weapons of mass destruction.
Gerhard Merz, German, alleged transport officer in the failed coup in Equatorial Guinea, who was arrested in Malabo and died a few days later amidst allegations of torture, transported from 1992 to 1994 nerve gas components for Mustard and Sarin and "know how" for their production from China to Iran with an Israeli international criminal by the name of Regenstreich alias Regev and the support of the Israeli secret service Shin Bet.
Parallel to this group another group headed by an Israeli Nahum Manbar and a British Mi6 agent by the name of Richard Tomlinson also transported nerve gas components and KnowHow from China to Iran with the active support of the Shin Bet and the Mi6.
At the same time the UN weapons inspectors were searching for these weapons in neighboring Iraq
Simon Mann meanwhile is in Chikurubi Maximum Prison in Harare, Buckingham and Spicer in Iraq, Sandline closed down and Aegis opened, hiring mercenaries and doing what they did in Sierra Leone, Angola and now in Iraq: Killing innocent civilians with impunity.
Dr. Alexander von Paleske
Head, Department of Oncology
Princess Marina Hospital
Ex-Barrister-at-Law, High Court Frankfurt (M), Germany
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|To: StockDung who wrote (523)||6/30/2006 11:48:51 PM|
|Financial Giant Deutsche Bank has paid up now, denying any responsibility, of course, a gift so to speak.|
Dr. Alexander von Paleske
Posted on Thu, Jun. 29, 2006
Bank settles fraud case
Stockwalk award to go to creditors
BY SHERYL JEAN
Deutsche Bank has settled a lawsuit filed against it by Stockwalk Group to recover losses incurred as part of a massive securities fraud allegedly orchestrated by the German financial giant, a fugitive Saudi arms dealer and other individuals that bankrupted the Minneapolis-based securities firm.
Terms of the settlement, reached last week, are confidential. Local industry insiders estimated the settlement was for tens of millions of dollars.
"We're pleased with the results," said David Johnson, president of Stockwalk. "This is the end of our litigation with Deutsche Bank."
A spokesman for Deutsche Bank in New York confirmed the settlement but declined to elaborate.
Robert Weinstine, the Minneapolis lawyer representing Stockwalk, has said the company suffered between $75 million and $100 million in damage to its business.
Weinstine on Wednesday said a "substantial portion" of the settlement will be earmarked to repay money the company owes to creditors. In December, Stockwalk still owed about $40 million to creditors.
The amount apparently does not cover full payments to creditors. "In order to pay our creditors in full, Stockwalk anticipates the borrowing of additional funds," according to a letter sent to creditors last week that was obtained by the Pioneer Press.
Stockwalk filed the suit in September 2004 against Deutsche Bank, fugitive Saudi arms merchant Adnan Khashoggi and five other individuals.
Shortly after the Sept. 11, 2001, terrorist attacks, a Stockwalk subsidiary called MJK Clearing became insolvent after losing more than $200 million in a series of risky deals that involved borrowing and lending securities. Regulators took over MJK Clearing and forced it into the largest liquidation of a securities firm in U.S. history.
The suit alleged that the head of Deutsche Bank's stock loan department in Toronto and two acquaintances helped Khashoggi and his associates manipulate shares of a telemarketing company that Stockwalk had borrowed and re-loaned to other securities firms. The scheme fell apart when the telemarketing company's shares lost their value and a New Jersey brokerage that supplied the stock defaulted on a collateral payment to Stockwalk and went out of business.
In December, Deutsche Bank agreed to a $270 million settlement of similar securities-fraud charges brought by a U.S. Bankruptcy Court trustee overseeing the liquidation of MJK Clearing. In that settlement, the bank paid $147.5 million to the estate of MJK Clearing and will settle with three securities firms that have roughly $120 million in claims against the estate. Stockwalk received $10 million from that settlement and the rest went to the Securities Investor Protection Corp. and creditors.
Stockwalk and the trustee for MJK Clearing still have claims pending against a number of individuals and companies named in their suits, according to the lawyers for both parties.
Today, Stockwalk, which reorganized as Miller Johnson Steichen Kinnard under its 2002 bankruptcy, has 190 employees and more than $2 billion in managed assets.
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|From: PaleskeDrAv||1/6/2007 11:09:31 AM|
|SEC fines two in Genesis Intermedia Scandal.|
The SEC fined last week two former employees of MJK Clearinghouse in Minneapolis in connection with the Genesis Intermedia fraud scandal, in which arms dealer Adnan Khashoggi is allegedly the main culprit, however, as usual, not fined (yet?)
Mr.Jeffrey Houdek was fined for noncriminal improper conduct US Dollars 20.000 and a nine months suspension, whilst Mr. Todd Miller was fined US Dollars 35.000 and a 18 months suspension.
Both were absolute minor players in the whole scandal, most likely unaware what was going on.
Will Khashoggi and El Batrawi , the alleged main culprits ever be prosecuted? Or do their former connections with the US government help them, to get away with everything?
Dr. Alexander von Paleske
Head, Department of Oncology
Princess Marina Hospital
Ex-Barrister-at-Law, High Court Frankfurt (M)
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|From: StockDung||4/30/2007 11:32:04 AM|
|This is G o o g l e's cache of growthllc.com as retrieved on Apr 7, 2007 01:06:24 GMT.|
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Cell: (310) 497-6957
Ramy El-Batrawi has structured many substantial business transactions, both nationally and internationally, over the past 20 years. He has worked, and negotiated transactions, with many significant high-net-worth individuals and private equity funds, including such prominent names as Adnan Khashoggi, Carl Ichan, Marvin Davis, and The Yucaipa Companies.
GSI is a consulting firm established to leverage Mr. El-Batrawi’s expertise in mergers and acquisition of closely held and public companies. His experience in developing bidding strategies, deal structuring, offer structuring, acquiring and growing companies and executing the transaction has led to win-win transactions for all parties. Through his ongoing relationships with high net worth individuals, investment banks, and private equity firms, Mr. El-Batrawi can close transactions on an expedited basis. His ability to quickly gain a comprehensive understanding of a business and an industry, the markets served, and its competitive position within the industry, and to build solid relationships with management has enabled him to formulate and execute the best financial and structural solutions to each and every deal.
In February 2004 Mr. El-Batrawi negotiated with the Ron Berkle’s Yucaipa Companies, a Los Angeles-based private equity firm, on behalf of Piccadilly Restaurant investment Group, LLC to acquire the assets and ongoing operations of Piccadilly Cafeterias, Inc. pursuant to Section 363 of the Bankruptcy Code. Piccadilly Cafeterias is one of the largest cafeteria restaurant chains in the United States and is the dominant one in the Southeastern and Mid-Atlantic regions. Founded in 1944, Piccadilly currently operates 132 cafeterias in 15 states. The Company expects to generate $260 million in net sales in the first twelve months following acquisition.
In July of 2003 Mr. El-Batrawi negotiated and structured the financing for Telecom Pacific Investment, LLC to specifically invest in the telecommunications industry. At the time of the successful close-out of Telecom Pacific Investment, LLC in February 2004, just seven months after its formation, the value of the company had increased 53.6% over the amount of the original investments. Annualized, the return was approximately 90% on the total amount invested.
In 2002 Mr. El-Batrawi successfully structured approximately $18 billion in equity and debt financing in connection with a bid for Vivendi Universal. Mr. El-Batrawi successfully put together a consortium of high net worth individuals and private equity firms, which consisted of Marvin Davis, Texas Pacific Group, Apax, Allen & Co, Carlyle Group, Bain Capital, Blackstone, and others for a total equity of $10Billion. He also arranged debt financing of $8Billion from JP Morgan, Fleet Bank, and Deutsche Bank. At the end, GE won the bid to acquire Universal.
In December of 1998 he acquired Global Leisure Travel, Inc., which was a pioneer in consolidation in the travel industry. GLT’s annual gross sales in 1998 were approximately $220 million. GLT was the parent company of several travel-related companies including Maupintour, a 48-year old escorted tour operator based in Lawrence, Kansas; Sunmakers, a quality “sun” destination independent travel package provider based in Seattle; Jetset Tours, a nationally renowned discount air consolidator; and Regency Pacific, a specialist to Asian destinations. Other companies under the GLT umbrella included Kailani World Travel, Hawaii Leisure and Cruise Alaska Tours. In 2000 Mr. El-Batrawi sold the company in part to Carl Ichan and in part to Travel Buy US.com.
In October 1993 since its inception to October 2001 Mr. El-Batrawi was the principal stockholder and chief executive officer of GenesisIntermedia Inc. He also served as director and chairman of the board. GenesisIntermedia had its initial public offering in June of 1999 and the total market cap reached as high as $450M.
From 1987 to 1994 Mr. El-Batrawi worked with Adnan Khashoggi internationally where he facilitated and negotiated significant transactions between global industrial companies and world governments. Firms with which he was involved during this period include Lockheed Corporation, Carnival Cruise Lines Inc., Lonrho, Inc., McDonalds Corporation and Eastern Airlines. Mr. El-Batrawi structured and otherwise worked on many large transactions, including a $12Billion pipe line deal in the Sudan which he negotiated and for Eastern Airlines, arranging financing for and ultimately selling to Aeroflot Eastern’s entire fleet of L1011s.
Additionally, during this period he was the sole shareholder, President and Chairman of the Board of Directors of several companies, including Mars and Venus Counseling Centers, Inc., Genesis Aviation, Inc., Genesis Aviation II, Inc., Genesis Diversified Investments, Inc., and Sentient, Inc.
From 1984 to 1987 Mr. El-Batrawi owned and operated Nationwide Van Centers, a chain of recreational vehicle dealerships.
From 1977 to 1987 Mr. El-Batrawi started many other small companies.
In 2000 Ramy El-Batrawi was honored through his selection to participate on the entrepreneurial panel in GB2000, The Graduate Business Conference hosted by UCLA’s Anderson School of Management. The Graduate Business Conference was conceived in the fall of 1982 at Columbia Business School, and has been an annual event for MBA students since the spring of 1983. The Conference has been hosted at Columbia University, Duke University, the Wharton School and UC-Berkeley, among others.
Send mail to email@example.com with questions or comments about this web site.
Copyright © 2005 Growth Strategy Investments, LLC
Last modified: 09/04/05
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|To: StockDung who wrote (529)||6/27/2007 4:25:04 PM|
|Hypo-Alpe-Adria – A Bank-Scandal in Austria|
Dr. Alexander von Paleske - A Scandal is presently rocking Austria, involving Austria’s fourth largest Bank, the Hypo-Alpe-Adria, which was recently bought by the German bank “Bayerische Landesbank”, owned by the German state of Bavaria. The majority shareholder was up to then the Austrian county of Carinthia/Kaernten, whose governor is Joerg Haider, ultra right winger and well known for his praise of Adolf Hitler’s labour market policies and his derogatory remarks about foreigners as well as asylum seekers.
When in 2000 his Party, the FPOe or so called Liberal Party of Austria formed a coalition government with the OeVP, Israel recalled it’s ambassador from Vienna and the European Union reduced it’s contacts to Austria to a minimum. So what are the scandals, rocking this bank now?
Let’s start in the US in the year 1993.
A man by the name Robert Mc Farlane, security adviser to former US President Ronald Reagan at the time of the Iran-Contra scandal and now adviser to the mercenary company AEGIS, headed by Tim Spicer, on a Pentagon contract in Iraq, was with others founding a bank by the name of Czech Industries. The company was in 1996 merged with a company Eastbrokers International, in which a certain Wolfgang Koessner from Vienna became a shareholder,
Koessner brought with him a Bank in Austria by the name of WMP AG, which was now merged with Eastbrokers to be named Global Capital Partners. However disagreement led Koessner to disengage from Global Capital Partners and after the Global Capital Partners issued more shares, Koessner lost control of the WMP Bank and became a minor shareholder. Noteworthy is the fact, that Czech industries was majority owned by Stratton Oakmont, a broker house that was closed by the Securities and exchange commission because of fraud.
Minority shareholder at the WMP-Bank, that was now re-named“General Commerce Bank” was as well the Hypo-Alpe-Adria Bank. Koessner did a lot of work to establish the relationship with this bank, before he lost control at the WMP. As a result, Hypo-Alpe-Adria Bank sold shares and bonds of Global Capital partners to it’s customers, worthless shares as it would turn out and many of the customers now suing the bank.
A crack crew arrives
Koessner, no longer in control, had to witness, that a crack crew appeared in 2000 at the WMP Bank for a “turnaround”, however not for better, but for worse. The crack crew comprised:
1. Regis Possino, former US lawyer
-arrested after he tried to sell in 1978 Cocaine to undercover agents
-tried also to land a deal over the monthly sale of Cocaine at a street value of 680.000 US Dollars
-tried to sell stolen bonds to the public
-arrested during his trail because he tried to influence one member of the jury
-disbarred as a lawyer in 1984 because of his criminal record
-In 1996 again sentenced for stock fraud
2. Amador Pastrana, Filipino king of the “boiler rooms”. He allegedly commandeered at least t 100 boiler rooms. Offices, where fraudulent telemarketing of worthless shares is organised from.
3. Sherman Mazur, US citizen, convicted in 1993 in Arkansas for severe cheque fraud and sentenced to five years imprisonment. Allegedly authorised, while in prison, Amador Pastrana to continue with his fraudulent activities.
4.Raoul Berthaumieu,Canadian of Belgian origin, alias Raoul Berthamieu, alias Lee Sanders, convicted for cheque fraud in the US in 1991, met in prison Sherman Mazur, who allegedly taught him there a thing or two.
5. Adnan Khashoggi, international arms dealer and fraudster, involved in the Iran-Contra Scandal.
6. Rakesh Saxena, Indian, international megafraudster, , allegedly committed fraud at the Bangkok Bank of Commerce in the 90s together with the then CEO Krirkiat Jalichandra to the tune of 2,2, billion US Dollars and thus triggering the Asian Banking Crisis in 1997. Fled with allegedly 88 million US Dollars “pocket money” to Canada and continuing his fraudulent activities there from self paid house arrest. Extradition procedures (Thailand wants him) are lasting now already 11 years.
This crack crew, Saxena under house arrest via the phone, allegedly turned the WMP/General Commerce Bank in 2000 into a boiler room. The fraud allegedly amounted to 1 billion US Dollars. 1 billion in 1 year.
Dr. Kulterer, CEO of Hypo Adria until 2006, trusted Berthaumieu, the convicted fraudster, according to information he received from the police(The local police station?) an honest man ! The Hypo Alpe Adria Bank gave Berthaumieu several loans and tasked him to sort out “problems” at the General Commerce Bank. In late 2000 Berthamieu introduced Adnan Khashoggi to Dr. Kulterer and his team. A couple of months later, reacting to pressure from the FBI and SEC the General Commerce Bank was closed by the Austrian authorities. One would expect, that the day for departure or better sacking of Dr. Kulterer had arrived by now, however the clocks in Haider’s Kaernten/Carinthia are ticking in a different way.
A friend, a good friend
Kaernten/Carinthia was, as already mentioned, the biggest shareholder of Hypo-Alpe-Adria bank. And the Governor (Landeshauptmann) of Kaernten/Carinthia is Joerg Haider. Haider praised Dr. Kulterer as “Visionary” and “Austrias’s best bank manager ” Kulterer in return gave a loan to Haider’s then party, the FPOe, for expected election expenses until the year of 2013. Obviously the voters in Kaernten are “ownership” of his party and serving as a collateral. And Kulterer accompanied Haider on his trip to Libya in 2000 , and met with Gaddafi, when Libya and Gaddafi were still part of the “axis of evil”.
Ed Fagan comes on stage
In 2003, however, Ed Fagan, US Star-lawyer entered the stage and took Kulterer and his Bank to court. He accused them of Insider trading, fraud and falsifying balance sheets. Kulterer in return lodged a complaint with the state prosecutor in Austria, accusing Ed Fagan of blackmailing.
14 days in 2004
In 2004 Dr. Kulterer could prove, what a visionary he was. His bank started trading in Swaps and within 14 days lost 328 million Euro. His bank managers then tried to hide the loss in the balance sheet by stretching it over several years, a criminal act which came under the spotlight now in a parliamentary subcommittee of the Austrian parliament. And he allegedly informed the supervisory board only six months later.
And when the bank ran short of the legally required capital, the bank allegedly issued shares and sold them to customers, giving them at the same time loans in order to buy them , the loan supplied from a subsidiary of the bank in Liechtenstein, re-routing then the money via Virgin Islands back to Austria. A carousel as a money spinner.
Dr. Kulterer had to vacate his position as CEO however was immediately installed as head of the supervisory board, the visionary became the controller. Haider wanted to park him there for a while, and then put him back as CEO. And Kulterer was, in view of his performance at the Hypo-Alpe offered and he accepted the job of the head of the Flick Foundation and the manager of the Flick money.
As a remainder: Friedrich Flick was a convicted war criminal in the Nuremberg trials and became later on a billionaire and one of the richest, if not the richest man in post war Germany.
His son, Friedrich Karl Flick, regarded the inheritance tax, which his heirs once would have to pay as too high in Germany and emigrated lock stock barrel before his death to Austria.
A former Croatian General
In April this year, the former Croatian General Vladimir Zagorek was arrested in Vienna on request of the Croatian government. He is accused of embezzlement of state money and money laundering. He was a prominent customer of the Hypo Alpe-Alpe Adria Bank, which is now also under investigation for alleged money laundering. And last week the weekly DIE ZEIT reported yet another scandal involving the bank, this time in Istria/Croatia, where large tracks of pristine state land were bought at low prices and then sold with a 200 fold price increase, after the land was subdivided into plots in collusion with the local authorities, many of them now behind bars.
A Bank on sale
The Hypo-Alpe Adria Bank was supposed to be floated on the stock market this year, however this became impossible in view of the scandals. So Dr. Kulterer was actively looking for a buyer and found the Bavarian“Landesbank” (county bank) 100% owned by the state of Bavaria/Germany as being very interested.
So Haider flew on 16.th of May 2007 to Munich to seal the deal. He was not only met by the CEO of Bayerische Landesbank, Werner Schmidt, but also by the Bavarian Finance minister Kurt Faltlhauser and Home Affairs Minister and future Prime minister of Bavaria, Guenther Beckstein. They did, what the European Union refused to do, to negotiate with and thus uplifting the reputation of Haider. And they were not only meeting him, but also exploring ways to strengthen the ties between Bavaria and Kaernten.
The sale of the Bank went ahead not without another suspected scandal: Insider Trading. An investment Company headed by Tilo Berlin, the Berlin AG, , where the Flicks had also invested their money, bought in January, when the negotiations started with Bayerische Landesbank, 4% of the shares, and another 10%, when the negotiations were coming to a close. These shares were now sold to Bayerische Landesbank with 50% gain, 148 million Euro profit, and cash to carry in less than 6 months. If this is not Insider trading, what is it? However there are more scandals connected with this bank.
A Jewish family and a plot in Belgrade
On 22.April 2005 the Hypo Alpe announced, that they had acquired for 20 million Euro from the state prime land in Belgrade’s city centre. What the Hypo Alpe regional representative did not tell was, that this plot has a history. It was called “Three Tobacco Leaves” and was owned for generations by the Jewish family Galich. Two of the family member were killed in 1944 by the SS when they tried to defend the building against German troops, on the retreat, who wanted to blow up the building, which they eventually did. Immediately after the Germans had left, the Galich family rebuilt the Three Tobacco Leaves Building, however were later expropriated by the Tito government of Jugoslavia.
The Galich family emigrated to the US.
The building was eventually torn down by the Milosevic Government of Serbia. Potential buyers were advised by the Galich family, that they intend to reclaim the plot from the state, and thus no buyers came forward until eventually the Hypo-Alpe-Adria Bank entered the stage.
Totally disregarding the interests of the Galich family and the history of the plot and it’s former buildings on it,, they grabbed the plot. However protests against this ridiculous grabbing mounted and in May 2005 several hundred people, some of them Holocaus survivors, demonstrated in front of the Hypo-Alpe dependance in Belgrade. The local newspapers, reporting about the scandal, asked, whether the Hypo Alpe had learned nothing from the scandal around the Croatian ski-athlete Ivica Kostelic in 2003.
A Ski athlete named Kostelic
Kostelic was sponsored by the Hypo-Alpe Adria Bank, better named Scandalpe or Skandalpe. He became not only famous for his skiing performance, but also for his remarks about Nazi-Germany similar to Joerg Haider, Governor of the Austrian county of Kaernten which owned half of the shares of the Hypo Alpe bank. Haider, similar to Kostelic also became famous for his praise of Nazi Germany’s labour policy, recommending it as a good example to Austria’s government. A few statements of Kostelic in 2003:
The Nazi-System was a healthy system for an ambitious person
Before a start to one slalom, he felt well prepared like a German soldier on the 22nd June 1941 (the day, Hitler attacked the Soviet Union)
The Nazi Regime equals to 2000 years of Roman history, compressed into 12 years
The Communists were worse than the Nazis, because under Nazi rule one could pursue a career.
He was excited when watching in a movie the attack of the Nazi airforce on Britain, the so called Battle of Britain.
As a remainder: England was at that time alone in it’s fight against Adolf Hitler’s army. In a heroic performance the British pilots pushed back Hitler’s air force. Their performance was acknowledged in Churchill’s historic speech in the commons “never before in history owed so many so much to so few”. One would have expected, that the Hypo-Alpe-Adria bank would have immediately cancelled the sponsorship. That did not happen, they were satisfied with a lukewarm apology from Kostelic.
What happened to the alleged WMP criminals?
Regis Possino is still in business. Last year he was with his company “Geneva Equities” on a “roadshow” in Asia and collected 28 million US Dollars money from investors. Geneva equities was also involved in a fake company by the name of “L-Air” supposedly to be an airline, however it’s planes never made it to the runway, only the money of the investors flew away-forever.
Sherman Mazur is busy in the US. He created a company with his children by the name of “Accu-Poll-Holdings”, and selling the shares via boiler-rooms, the usual story.
Adnan Khashoggi is allegedly in the United Arab Emirates and enjoying his retirement. Last year Deutsche Bank, Germany’s biggest bank, paid 350 million US Dollars in compensation for share fraud, in which both, Deutsche Bank and Khashoggi were involved, the Genesis Intermedia scandal.
Rakesh Saxena was last year put into prison, pending extradition to Thailand. In December he was freed as the extradition request from Thailand expired after 10 years. Good to be a rich economic refugee in Canada! He is now again in self paid house arrest and most likely doing, what he always did.
Raoul Berthaumieu did not get a good reputation either. If you put the name of his company, Pacific Federal SA into a search engine, plenty of warnings, not to do business with this company, are appearing.
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|To: PaleskeDrAv who wrote (530)||7/16/2007 2:32:14 PM|
|Bank robbery suspect turns to stock scam? |
By David Baines
The Vancouver Sun
For the past several months, former U.S. Army Ranger Luke Sommer, who is wanted in Washington for an armed bank robbery in Tacoma last year, has apparently collaborated with another international fugitive to promote essentially worthless penny-stock deals while under house arrest in British Columbia.
In information Sommer left behind when he fled house arrest last month, he says he helped Rakesh Saxena, wanted in Thailand in a bank fraud, with stock deals quoted on the OTC Bulletin Board in the United States.
The OTC Bulletin Board is a sort of minor-league stock market. Most stocks quoted on the Bulletin Board are small and thinly traded, making it easy for unscrupulous promoters to manipulate them.
Sommer, 21, worked from his mother's home in Peachland, B.C., where he was under house arrest pending extradition to the United States. He was scheduled for an extradition hearing Tuesday.
Saxena worked from his home in Richmond, B.C., where he is under 24-hour guard pending extradition to Thailand.
Sommer's relationship with Saxena came to an abrupt halt June 27 when Sommer suddenly went missing. The Royal Canadian Mounted Police (RCMP) have issued a warrant for his arrest, and the FBI is on the lookout in case Sommer decides to return to the U.S.
Before he fled, Sommer left a goodbye letter for the RCMP and a compact disc containing copies of dozens of e-mails he said were between him and Saxena concerning their penny-stock dealings.
In the RCMP tape, a copy of which was obtained by The Vancouver Sun, Sommer said he had also been dealing with an Indo-Canadian gang, which he claims plans to smuggle heroin into Canada from India.
Sommer also claimed he has been working as a police informant.
"I am in contact with a member of the RCMP on a regular basis as of this writing. Please inform him that as I hear of things that require his attention, I will find a way to contact him without putting me or innocent people in jeopardy."
In an apparent reference to his RCMP helpers, he writes: "To the ghost team: you guys were awesome to work with and I never broke my promise to you to keep your names out of the light. ... "
Commando bank raid
On Aug. 7, 2006, Sommer and several others stormed a Bank of America branch in Tacoma brandishing AK-47s and wearing commando-type clothing and body armor.
According to court documents, the robbery was carried out with "military-style precision." It took only two minutes and 21 seconds. No shots were fired and no one was hurt.
The group made off with $54,011.
Afterward, Sommer took an overnight bus to Canada and returned to Peachland, where his mother, Christel Davidsen, lives.
Despite the heavy weaponry, Sommer has been quoted saying he never intended to hurt anybody.
He told The Seattle Times in December that his motive was to gain notoriety that he could use to expose war crimes by U.S. troops in Iraq and Afghanistan. The Army says it has found no evidence to support his claims.
The U.S. government alleges that his motive was to raise funds to start a crime family to rival the Hells Angels for control of the drug trade in Kelowna, B.C.
To date, seven people have been charged in connection with the robbery, including five former Rangers based at Fort Lewis and two of Sommer's Canadian friends. All seven have pleaded guilty to some of the charges against them.
On Aug. 11, RCMP arrested Sommer at a grocery store in Westbank, B.C., and he was jailed pending extradition to the United States.
Shortly after his arrest, Sommer was transferred to the North Fraser (B.C.) Pre-trial Centre pending the outcome of his extradition hearing. There he met Saxena.
Saxena, 55, is a native of India. In the early 1990s, he worked as treasury adviser to the Bangkok Bank of Commerce where he allegedly embezzled $88 million, then moved to British Columbia.
In 1996, he was arrested by the RCMP at the Chateau Whistler while lunching with Thai police officers. He was carrying a briefcase stuffed with $100,000 cash, which, he readily admitted, he intended to use to bribe the officers.
He was initially released on bail, but in January 1998, the RCMP re-arrested him after he allegedly obtained a phony passport and threatened a witness.
In June 1998, his lawyer persuaded then-judge Wally Oppal (now B.C.'s attorney general) to approve a novel form of house arrest: Saxena would stay at his luxury condo and pay for his own 24-hour security to ensure he didn't leave.
This left Saxena free to pursue his business dealings. In one instance, he began negotiating with a South African-based mercenary force to stage a counter-coup in Sierra Leone when a rebellion interfered with business ventures there. The plans were put on hold when word leaked out.
Saxena told reporters there was nothing in the terms of his bail that prevented him from engaging in counter-coups in Third World countries.
He also became involved in packaging and promoting companies that trade on the OTC Bulletin Board. From 2001 to 2003, according to court documents, he arranged for overseas boiler-room operators to sell shares of essentially worthless companies to investors, most located in the United Kingdom. Investors were told to send their money "in trust" to Martin & Associates, a Vancouver law firm.
According to a forensic report filed in B.C. Supreme Court, investors sent $18.4 million to the firm, most of which was distributed to third parties on Saxena's instructions. In many cases, investors did not get their shares. In others, investors received their shares only to discover they were not listed on any exchange or had virtually no value.
The two principals of the law firm were each suspended for 10 years by B.C. Law Society. Saxena was never charged by police or cited by any regulatory body.
By last August, Saxena had exhausted all his extradition appeals and his return to Thailand appeared imminent. Because he was now a flight risk, he was placed in custody at the North Fraser Pre-trial centre, where Sommer was being held.
Calls to reporter
In an interview Friday, Saxena said he referred Sommer to Vancouver lawyer Sean Hern, who helped Sommer get released on bail in September. The terms required him to stay on his mother's property in Peachland. While he was still in jail, Sommer began calling a freelance reporter in Peachland, Dave Preston.
When Sommer was released on bail, they began meeting in person.
When he fled custody, Sommer left Preston a copy of his goodbye letter and a copy of the CD containing his e-mail exchanges with Saxena. Preston gave The Sun access to those documents.
The e-mails relate mainly to Saxena's efforts to package and sell "shell" companies, which have no real assets, but most of the shares are controlled by insiders, which makes them good vehicles for stock promotions.
In one, a promoter tells Saxena he has a buyer for a shell. Saxena advises him that "outright fully compliant shells 95 per cent are in the $850,000 U.S. area. Two available for cash." ("Fully compliant" means the shells have met U.S. Securities and Exchange filing requirements, and "95 per cent" means that 95 percent of the stock is under the control of the insider group.)
In another e-mail, Saxena says, "Please coordinate with Kevan -- he is pulling off some big stuff, so you better start playing with the big boys and forget about your gangster buddies in North Vancouver."
"Kevan" is Kevan Garner, who, along with Vancouver lawyer Martin Chambers, was caught in a joint FBI-RCMP money-laundering sting in Florida in August 2002.
Garner has since finished his jail sentence and returned to Vancouver.
"I have done due diligence," Saxena told The Sun, referring to Garner. "I see no reason why he can't promote. Same with Elliott Sommer. His house arrest conditions don't stop him from doing anything at home." (Luke Sommer goes by Elliott, his middle name.)
E-mail marketing plan
Many of the e-mails relate to a company called American United Gold, a Bulletin Board company that Saxena is proposing to revive by dealing in new mineral assets. There is also reference to an e-mail marketing campaign that will send promotional messages to 20 million e-mail addresses.
Regulators in the U.S. and Canada are trying to stamp out such "spam" campaigns.
Saxena sent copies of all this correspondence to Sommer, as well as a list of European clients who bought stock from the boiler-room operators and sent their checks to Martin & Associates "in trust."
Although Saxena initially said Sommer helped with computer programming only, the e-mails show that Sommer was also involved in sourcing assets for the shell companies. There is also correspondence relating to the opening of an account in Panama in the name of Sommer's mother.
Saxena proposed to pay him for his work by depositing share certificates in this account, but according to Preston, neither Sommer nor his mother got any shares.
Preston said Sommer told him he was working as an RCMP informant, and that police had bought him a BlackBerry and a camera. He said Sommer also showed him e-mail exchanges with his main RCMP handler, who used the name "Lone Wolf."
Preston said he is not surprised that Sommer fled house arrest: "He was convinced that the assistant U.S. attorney in Washington would try to put him in jail for 30 years."
Asked whether he has any idea where Sommer is, he said: "None. I've thought about it a lot. It wouldn't surprise me if he is sitting on a beach in Miami, but he could just as well be in the lower mainland."
In his letter to police, Sommer insists he is no risk: "If you're wondering whether I am a danger to the public or not, rest assured, I have no intention of doing anything that will put people at risk, and if you find me, I will go quietly."
Information from The Seattle Times archives and from Seattle Times business reporter Drew DeSilver was used in this report.
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