“We must take sides. Neutrality helps the oppressor, never the victim. Silence encourages the tormentor, never the tormented.” — Elie Wiesel Holocaust Survivor, Nobel Laureate
Dear Friends and Supporters,
Inspired by the quote above — and by so many others who have spoken truth to power across the ages — I have finally resolved to bring to the public attention the events of this last days of August.On 21 August 2026, a scene unfolded in the courtroom that should trouble every citizen who believes in fair play.
You may know Who we Are and what we have been through through these 12 years of the legal battle against UBS.
Who is UBS?
UBS is not an ordinary bank. It is a recidivist financial institution, as was decided in the U.S. and as I have described in this article – UBS: A Historic U.S. Enforcement Action on Emancipation Day – 3 August 2026
A Question for the Public
The Attorney General deployed State legal resources against us. UBS’s lawyer was sitting right there.
This is not a coincidence. This is a convergence of interests that demands an explanation.
For twelve years, our allegations of fraud and perjury against UBS have awaited adjudication on their merits. Yet, instead of investigating the bank, the State is now spending public money to silence us.
Is it real that the State is pairing with a financial crime recidivist and is moved by UBS, the Recidivist’s own evidence, while ignoring complaints submitted against it?
Or is it a personal initiative of one Attorney General’s lawyer? If so, where is the supervision?
What Happened on 21 August?
The full details can be found in my affidavit — 56 pages of text with 410 pages of exhibits. 2024CLEGEN00496 – Affidavit of Irina Tsareva in Response to the Second Affidavit of Lena Bonaby – 20 August 2026-w30Exhbs (20 August 2026 I.T. Affidavit)
In synthesis: the State brought its own proceeding—seeking to brand us “vexatious” and restrict our access to the Courts. They seek an order that we cannot continue to pursue our case! and to file any further motions without a Judge’s permission.
Meanwhile, the very entity accused of destroying our lives—UBS. the Recidivist—sat comfortably in the same courtroom, watching the State do their work for them.
The application relies entirely upon the evidence of Lena Bonaby, a partner at the law firm of UBS’s liquidator and a member of the UBS liquidation team, the Recidivist’s liquidation team.
Her record is deeply troubling:
- She has sworn to wildly divergent valuations of our home;
- She has been accused of perjury in multiple proceedings since 2018;
- She has been the subject of committal applications for fabricating evidence;
- She possesses a direct financial and professional interest in the outcome.
She has never been cross-examined – until now!(see Exhibits 9, 13 to the 20 August 2026 I.T. Affidavit). The Court has ordered but now the court directed to have her cross-examined on 21 October 2026! For all those years of litigation, she continued to swear affidavits against us, unchecked and unaccountable.
The State has placed its trust in a witness who is neither independent nor credible — and who has never been held accountable.
“It is not the function of the Court to be a refuge for those who have not come with clean hands.” — Lord Wilberforce
The Evidence Lena Bonaby Refuses to Defend
Consider the valuations she has placed before the Court under oath. This is a widespread of lies and an evidently ridiculous subversion of the Court’s decisions — including her preposterous claims of expenses to maintain our home, which she conveniently dropped once exposed.
The real estate farce is perhaps the most self-evident:
| Year | Valuation | Context |
|---|---|---|
| 2023 | $1,015,000 | An uncertified appraisal by a broker who falsely claimed to hold a Florida license — submitted while disregarding three certified appraisals valuing the property at $3.7 million |
| 2026 | $3,000,000 | Corrected only after her false $1,015,000 valuation was exposed |
| Today | ~$5,000,000 | The minimum estimated real value according to the inflation index, high demand, and the limited availability of homes in the word most prestigious gated community of Lyford Cay |
Three certified appraisals — $3.7 million. Lena Bonaby submitted an uncertified $1.015 million appraisal to the Court. When her deception was exposed, she quietly corrected it to $3 million. The truth? Our home is worth much above $5 million today, according to recent sales and Maxim’s publication of 28 December 2023.
But UBS would not allow our certified appraisers to visit the home.
And what accountability has Lena Bonaby faced?
This is a woman who has been accused of perjury in multiple proceedings — and the Court has never examined her yet.
She has obviously chosen to use her diligence, professional skill, and training to assist the Financial Crime Recidivist rather than to fulfil her duty as a court officer and member of the Bar to serve justice. In other words, she has preferred to obstruct it.
The Lawyers Who Stood With Us — A Testament to Justice
Over the years, we have been profoundly blessed by the presence of lawyers who stepped forward on a pro bono basis, driven not by financial reward but by an unshakeable commitment to justice.
Mr. Joel Nathan Bennathan KC — now styled Sir Justice Bennathan, a British High Court judge — came to The Bahamas at his own expense in February 2017. He represented us before the Privy Council without a penny of payment, not even for his expenses. He stood with us when we had nothing.
Mrs. Yvette McCartney Meredith, a former magistrate and senior lawyer in Nassau, spent countless hours to prepare and study our case. Then she stood for six hours during our excruciating hearing in the Court of Appeal. Her late husband, Larry Meredith, who was already suffering from cancer — a battle he heroically lost last year — was there to support her. Larry is dearly missed. They are real people with a genuine thirst for justice, courage and integrity
These lawyers — Bennathan, McCartney Meredith, and our new lawyer, who came on the record only a day after his surgery — are three lights, priceless encouragement and nourishment for us to continue believing in justice. In a world where the great majority readily bends towards corrupt structures, where UBS is one of the favoured clients, and where people are afraid to move against such powerful institutions because courage can be made expensive, these three unique individuals stood up.
We are equally grateful to The Honourable Sir Ian Winder, Kt., KC, Chief Justice of The Bahamas, for granting the adjournment until 21 October to accommodate our new lawyer’s entry, and for his patience and willingness to hear the most complex side of this case and for directing to cross-exam Lena Bonaby.
I am deeply thankful to the UAML group — to its members and board. It is an honour to be part of this group of cross-global high intellectuals, human rights fighters, journalists, and scientists who have chosen to stand up for justice. We are not alone in our fight against corruption, money laundering, and oppression.
I am especially thankful to Dagmar Frank (Germany), the President; to Professor James Henry, Esq (USA), a leading authority on global financial crime; and to Dr. Paul Morjanoff (Australia), the world’s foremost expert on UBS misconduct. Their support is a treasure to us.
The Irony That Demands Answers
October 2017: We approached the Attorney General, presented evidence of perjury and fraud, and warned of irreparable damage to our family and our constitutional right to be heard.(see Exhibit 17 to the 20 August 2026 I.T. Affidavit).
The State’s Response: Nothing.
July 2024: We approached them again.(see Exhibit 18 to the 20 August 2026 I.T. Affidavit)
The State’s Response: Again, nothing.
August 2026: The State finally appeared in court—not to investigate UBS, but to pursue us.
And What Are We Actually Asking the Court to Examine?
At the centre of this twelve-year struggle is not a minor banking disagreement. It is evidence concerning UBS’s perpetual, cruel, and unconscionable oppression of people — our family in this case — and its unrelenting effort to shut down exposure of the Fictitious Trading Scheme.
The State’s Target:
The Attorney General is not targeting a fraudulent bank. They are targeting the people who blew the whistle on that fraud.
The Bank’s Role:
UBS is not an honest litigant. UBS has subjected our family to twelve years of extraordinary litigation pressure.They illegally evicted us, rendering our six minor children homeless in 2018. They repeatedly shut down the press (see Exhibit 10 to the 20 August 2026 I.T. Affidavit — UBS’Attorney’s letter to Verizon Media Group Limited, dated 29 September 2021). They are actively seeking to liquidate our home — to avoid the trial, to shut down our case, and as a sweet by-product, to pocket an extra $2–3 million from reselling our home. And when the State finally appeared in force, UBS’s lawyer was there too.
UBS Hopeless position: as you may be aware from this website and our posts: UBS has no expert witness, as ordered by the case management conference order to be deposited in April–May 2019. We have all four. Furthermore, UBS has no answer to the illegalities.
The full report can be found in this Memorandum of 11 August 2026.
The Timing:
This attack on our access to justice comes just months before our trial is finally set to begin on 30 November 2026.
What Is Fictitious Trading – and Why the Attorney General Should Investigate It Instead of Helping UBS Silence This Case
Fictitious trading is not a technical breach. It is fraud: a bank takes your money, pretends to execute your trades, and creates fake records to conceal the deception. UBS Bahamas took over 252 of our trade orders, never sent a single one to the NYSE, and UBS AG fabricated 102 internal records to hide the scheme. When we demanded proof, UBS admitted in a sworn affidavit that it had no trade confirmations from U.S. brokers — proof that the trades were never executed. That evidence has been before the courts in The Bahamas and the United States since 2019, yet it has never been examined on its merits. You can see the full details and its trillion-dollar impact in this report.
Now, instead of investigating this fraud, the Attorney General has moved in concert with UBS — demanding nothing less than that we be effectively prevented from prosecuting our case. UBS is simultaneously trying to sell our home to silence this case before it can be heard, by demanding security for costs. If they succeed, the fraud will remain hidden forever, and a global financial institution will escape accountability for a scheme that, if proven, exposes a most likely one of the largest systemic abuse of the financial system.
We are fighting to ensure that does not happen. The truth must be heard.
“There is perhaps no more fundamental principle of our legal system than the right of every person to have their day in court.” — Lord Denning
Our Record Speaks for Itself
We are not vexatious litigants. The evidence before the Court shows (see Exhibits 11-14 to the 20 August 2026 I.T. Affidavit)
- We have secured favourable orders, including costs awarded against the Attorney General;
- We have been granted five fee waivers by the Supreme Court — waivers that are only given when proceedings have reasonable grounds and are brought in good faith;
- We recently resolved our dispute with the Securities Commission by settlement.
That is not the profile of people who abuse the Court. That is the profile of people who have repeatedly had to fight to have their evidence heard.
“Truth is the daughter of time, not of authority.” — Sir Francis Bacon
The Question We Are Asking
How can it be right that the State’s lawyers oppose us moving on while the lawyer for the bank at the heart of our case sits beside them?
We are not asking for special treatment. We are asking for the evidence to be heard. We ask the public to look closely: Who is actually being protected by this legal action?
“He who is silent when he ought to speak makes himself an accomplice to injustice.” — Edmund Burke
Our Plea
We ask the public to look at the chronology, the Memorandum.
We warned the State of a crime. They did nothing.
We fought the fight. They came after us.
When they finally showed up in court, UBS was there with them.
This is not a procedural curiosity. It is a picture of a system in crisis — where public resources are deployed to silence the vulnerable while the powerful watch from the sidelines.
“The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at times of challenge and controversy.” – Martin Luther King Jr.
We are not warriors by nature. We are a family. But these years have transformed us into something we never imagined we would become. We will never give up — not our trust in justice to prevail, not our determination, not our voice.We will not stop until justice is done.
Thank you for stopping by, for reading this post, for sharing it, and for signing and sharing our petition.
Be well. Stay strong. Stay serene. For as in the fairy tales the good always prevails over the bad, so it is in life. We only need to persist.
With gratitude,
Irina
Securities Fraud Bahamas: banks UBS, Credit Suisse 