Pirating Names: Overseas Companies 'Borrow' Names Of Well-Known Funds

Hollywood movies and designer clothing aren’t the only things to get pirated overseas. The Wall Street Journal reported there is evidence of widespread use of the names of popular money management funds by offshore vehicles.

Related Link: The Big 4 U.S. Banks Lost $65 Billion In Market Cap

The International Consortium of Investigative Journalists’ Panama Papers and Offshore Leaks investigation published documents showing companies set up with the names of firms like Blackstone Group LP BX and The Carlyle Group LP CG. Theses big-name funds denied any connection whatsoever with the offshore vehicles named in the investigation.

Many of these offshore entities were shown to have been set up using bearer shares, a super non-transparent structure that is now illegal virtually everywhere.