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SEC and US Attorney accuse Costa Rican life insurance bond company of $670 million fraud

Edwards Wildman Palmer LLP
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USA
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January 21 2011

Both the Securities and Exchange Commission and the U.S. Attorney's Office have brought actions against Costa Rica-based Provident Capital Indemnity, LTD, an insurance and reinsurance company that purported to provide bonds guaranteeing life insurance settlements, but was instead allegedly perpetrating a $670 million fraudulent scheme

Court finds insurers no longer required to advance defense costs for certain Stanford individuals due to money laundering exclusion

Edwards Wildman Palmer LLP
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USA
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November 2 2010

After a preliminary injunction hearing, the United States District Court for the Southern District of Texas has determined that D&O insurers for the Stanford Financial Group and various related entities are no longer required to advance defense costs relating to criminal charges and civil litigation filed against Mark Kuhrt, Gilbert Lopez and R

Treasury Department proposes a plan that would require US banks to report all overseas money transfers

Edwards Wildman Palmer LLP
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USA
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September 29 2010

On September 29, the Washington Post and New York Times reported that the United States Treasury Department's Financial Crimes Enforcement Network ("FinCEN") issued a proposal this week that would require US banks to report all electronic money transfers into and out of the United States

Insurers’ law firm engaged in multi-pronged legal battle against accused Ponzi artist

Edwards Wildman Palmer LLP
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USA
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September 8 2010

The law firm of Akin Gump Strauss Hauer & Feld, LLP is seeking to quash a subpoena from accused Ponzi schemer Allen Stanford in the U.S. District Court for the Southern District of Texas, where Mr. Stanford’s criminal case is pending

Lloyd's Market drafts exclusion to ensure compliance with Iran sanctions

Edwards Wildman Palmer LLP
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Iran, USA
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August 23 2010

As previously reported in this blog, President Obama signed into law the Comprehensive Iran Sanctions, Accountability and Divestment Act of 2010 (the "Iran Sanctions Act") in July, following the less stringent sanctions passed earlier by the U.N

Judge orders insurer to cover R. Allen Stanford's defense costs

Edwards Wildman Palmer LLP
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USA
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February 17 2010

According to the Houston Chronicle, U.S. District Judge David Hittner, who is presiding over R. Allen Stanford's criminal proceeding, has ordered Lloyd's of London to pay for the criminal defense attorneys defending Mr. Stanford and two other officers of his company who were recently indicted for allegedly running a $7 billion Ponzi scheme

Current Search

Workarea - Insurance & Reinsurance
Workarea - White Collar Crime
Author - Jeanne Kohler
Jurisdiction - USA
Firm Name - Edwards Wildman Palmer LLP