Ian Renert – the whole truth and nothing but the truth
This is Ian Renert. I was the fund manager for a Bahamian family of funds organised in 1997. BDO International served as both our accountants and auditors. [BDO International is the 5th largest accounting firm in the world]. The Bahamas office of the Firm illegally forced us into receivership under their control on 7th June 2000 and used this opportunity to bury their culpability and that of their Isle of Man operation. While they were at it, they invoiced us for millions of dollars, thereby stealing millions of dollars of our assets in what they claimed would be a 'protective receivership.' Through my efforts and that of our lawyer, Maurice Glinton of Freeport, Bahamas - whom I found - we were successful in overturning the receivership, suing and winning lawsuits against BDO and our former lawyers in 2004 (Callender's & Co. conspired with BDO to create the illegal receivership). Thankfully we received justice through the courts in the Bahamas. It is too bad that the SEC decided to make me into the fall guy and totally excluded all evidence of what the BDO organisation did in their involvement as both our accountants and auditors. It is frightening that such an occurrence is possible within the U.S. legal system.
Most investment managers would have walked away from their clients as soon as they stopped receiving their paychecks. However, I have continued to work for my clients for nearly five years since receiving my last one. My goal is for my clients to receive the value stated on their last statement plus damages, and if that happens, I shall feel as though we were successful in our efforts.
Shame on you BDO International and the SEC!
Ian Renert
