Monday, July 04, 2016 7:25:03 AM
Stolen millions reportedly moved into Cayman Islands hedge fund
Published on July 4, 2016 By Kenneth Rijock
http://www.caribbeannewsnow.com/topstory-Stolen-millions-reportedly-moved-into-Cayman-Islands-hedge-fund-30953.html
The Cayman Gang of Four (L-R): (1) Ryan Bateman, a Canadian, is in hiding; he is thought to be living in Alberta, Canada; (2) Sharon Lexa Lamb, formerly of the Isle of Man, and currently a resident of the Cayman Islands; (3) Derek Buntain, a Canadian national, presently in hiding somewhere in Canada; and (4) Fernando Moto Mendes (not pictured), a Portuguese citizen, residing in the Cayman Islands
MIAMI, USA -- Private investigators have reported that two of the “Cayman Gang of Four”, Derek Buntain and Sharon Lexa Lamb, the fired president, and senior vice president respectively of closed Dundee Merchant Bank, used their shell company, Winterborne Management Ltd (WML) to steal and move tens of millions of dollars into a Cayman Islands-based hedge fund that they were connected to.
The Cayman Gang of Four illegally transferred client funds to WML without authorization, and the money has disappeared. Fraud, securities fraud, money laundering, and racketeering have been allegedly among the many criminal acts that both Buntain and Lamb have committed.
Winterborne is not to be confused with Winterbourne, though many financial criminals form companies with names that are deceptively similar to those of well-established firms with a long track record, which leads the victims to believe that they are dealing with an old legitimate company.
Sharon Lexa Lamb, who, as a fiduciary, was personally responsible for millions in client assets, has repeatedly threatened victims, who were seeking their money, with notification to taxing authorities, claiming tax evasion.
While the circumstances surrounding the termination of Buntain and Lamb from their senior positions at Dundee are not known, it is believed to be upon the grounds of fiduciary misconduct. Buntain has also been dismissed as a director of Dundee Precious Metals, Inc.
Mak-Ro Capital International Ltd, a Cayman-based hedge fund, whose local representative in Grand Cayman is Winterborne, and which reported new investment capital in the amount of $22 million in 2015, is reportedly the recipient of funds stolen by Buntain and Lamb from elderly Canadian pensioners who believed that their life savings were safe and on restricted deposit in the Bank of Butterfield.
Calls to Mak-Ro Capital One, the offices of the fund administrator, have resulted in a blanket denial of its relationship with Buntain and Lamb, and even a denial that the listed executive, Michael Kaufmann, exists. Buntain and Lamb are both listed as directors of Mak-Ro in public filings with regulators.
A civil suit is pending in the Grand Court of the Cayman Islands against Lamb. Two civil suits seeking information from Northland Wealth Management, Inc. and Leon Frazer & Associates, Inc., which are two Canadian companies that reportedly transferred some of the victims' funds, are also pending.
An investigation into Buntain's relationship with the Canadian public company, High Liner Foods, Inc., where he is a director, is ongoing. It has not yet been confirmed whether Buntain used part of the stolen funds to invest, directly or indirectly, in High Liner stock. Other Buntain/Lamb companies under active investigation for possible participation in the conspiracy include Fordsar (Cayman) Limited, SEI Investments and Global Fund Services Ltd, both of which are reportedly controlled by Derek Buntain and Lamb. The Solar Fund has also been linked to both Winterborne and Fordsar.
Additionally, there are questions being asked as to the source of funds for the purchases by Buntain's son, Angus Buntain, of a number of standardbred/thoroughbred horses that are currently being entered by Angus in the Ontario racing circuit this season. Did Buntain launder the stolen funds through his horse purchases?
Researchers and investigators who are seeking the missing millions have now broadened the scope of their searches, as the pool of probable destinations of the missing money has expanded, but all of the criminal conduct appears to have been conducted by the Cayman Gang of Four, and specifically Buntain and Lamb. Efforts to locate Buntain in Canada, for the purposes of service of process, which have been unsuccessful, are continuing.
...
Kenneth Rijock is a banking lawyer turned-career money launderer (10 years), turned-compliance officer specialising in enhanced due diligence, and a financial crime consultant who publishes a Financial Crime Blog. The Laundry Man, his autobiography, was published in the UK on 5 July 2012.
http://rijock.blogspot.com/2016/07/cayman-gang-of-four-moved-stolen.html
http://www.caribbeannewsnow.com/topstory-Stolen-millions-reportedly-moved-into-Cayman-Islands-hedge-fund-30953.html
Published on July 4, 2016 By Kenneth Rijock
http://www.caribbeannewsnow.com/topstory-Stolen-millions-reportedly-moved-into-Cayman-Islands-hedge-fund-30953.html
The Cayman Gang of Four (L-R): (1) Ryan Bateman, a Canadian, is in hiding; he is thought to be living in Alberta, Canada; (2) Sharon Lexa Lamb, formerly of the Isle of Man, and currently a resident of the Cayman Islands; (3) Derek Buntain, a Canadian national, presently in hiding somewhere in Canada; and (4) Fernando Moto Mendes (not pictured), a Portuguese citizen, residing in the Cayman Islands
MIAMI, USA -- Private investigators have reported that two of the “Cayman Gang of Four”, Derek Buntain and Sharon Lexa Lamb, the fired president, and senior vice president respectively of closed Dundee Merchant Bank, used their shell company, Winterborne Management Ltd (WML) to steal and move tens of millions of dollars into a Cayman Islands-based hedge fund that they were connected to.
The Cayman Gang of Four illegally transferred client funds to WML without authorization, and the money has disappeared. Fraud, securities fraud, money laundering, and racketeering have been allegedly among the many criminal acts that both Buntain and Lamb have committed.
Winterborne is not to be confused with Winterbourne, though many financial criminals form companies with names that are deceptively similar to those of well-established firms with a long track record, which leads the victims to believe that they are dealing with an old legitimate company.
Sharon Lexa Lamb, who, as a fiduciary, was personally responsible for millions in client assets, has repeatedly threatened victims, who were seeking their money, with notification to taxing authorities, claiming tax evasion.
While the circumstances surrounding the termination of Buntain and Lamb from their senior positions at Dundee are not known, it is believed to be upon the grounds of fiduciary misconduct. Buntain has also been dismissed as a director of Dundee Precious Metals, Inc.
Mak-Ro Capital International Ltd, a Cayman-based hedge fund, whose local representative in Grand Cayman is Winterborne, and which reported new investment capital in the amount of $22 million in 2015, is reportedly the recipient of funds stolen by Buntain and Lamb from elderly Canadian pensioners who believed that their life savings were safe and on restricted deposit in the Bank of Butterfield.
Calls to Mak-Ro Capital One, the offices of the fund administrator, have resulted in a blanket denial of its relationship with Buntain and Lamb, and even a denial that the listed executive, Michael Kaufmann, exists. Buntain and Lamb are both listed as directors of Mak-Ro in public filings with regulators.
A civil suit is pending in the Grand Court of the Cayman Islands against Lamb. Two civil suits seeking information from Northland Wealth Management, Inc. and Leon Frazer & Associates, Inc., which are two Canadian companies that reportedly transferred some of the victims' funds, are also pending.
An investigation into Buntain's relationship with the Canadian public company, High Liner Foods, Inc., where he is a director, is ongoing. It has not yet been confirmed whether Buntain used part of the stolen funds to invest, directly or indirectly, in High Liner stock. Other Buntain/Lamb companies under active investigation for possible participation in the conspiracy include Fordsar (Cayman) Limited, SEI Investments and Global Fund Services Ltd, both of which are reportedly controlled by Derek Buntain and Lamb. The Solar Fund has also been linked to both Winterborne and Fordsar.
Additionally, there are questions being asked as to the source of funds for the purchases by Buntain's son, Angus Buntain, of a number of standardbred/thoroughbred horses that are currently being entered by Angus in the Ontario racing circuit this season. Did Buntain launder the stolen funds through his horse purchases?
Researchers and investigators who are seeking the missing millions have now broadened the scope of their searches, as the pool of probable destinations of the missing money has expanded, but all of the criminal conduct appears to have been conducted by the Cayman Gang of Four, and specifically Buntain and Lamb. Efforts to locate Buntain in Canada, for the purposes of service of process, which have been unsuccessful, are continuing.
...
Kenneth Rijock is a banking lawyer turned-career money launderer (10 years), turned-compliance officer specialising in enhanced due diligence, and a financial crime consultant who publishes a Financial Crime Blog. The Laundry Man, his autobiography, was published in the UK on 5 July 2012.
http://rijock.blogspot.com/2016/07/cayman-gang-of-four-moved-stolen.html
http://www.caribbeannewsnow.com/topstory-Stolen-millions-reportedly-moved-into-Cayman-Islands-hedge-fund-30953.html
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