B & C Capital, Ltd., an unlicensed Cayman investment company whose managers have disappeared, is no longer in business in Grand Cayman, according to sources who have sought to contact or visit the firm. As we have previously stated on this blog, Managing Director Ryan Bateman is a fugitive from justice, and his successor, Fernando Mota Mendes, has also left the island, for parts unknown. There are no other individuals with signatory rights to B & C accounts.
Regulators in the Caymans are reportedly scrambling to protect millions of dollars held by Canadian investors, who are said to number 50-60 individuals, and whose money was being managed by B & C Capital, with an exempt investment license that expired several months ago. The funds were originally held by Dundee Bank, presently in liquidation, and thereafter passed to B & C; The circumstances through which control was transferred are under investigation.
A Canadian wealth management firm*, which is said to be responsible for the management of the assets, is reportedly unable to contact any of the B & C principals or staff, and the company's offices are reportedly deserted and unoccupied. it has been alleged that the company invested funds for US residents, which is prohibited under Canadian law.
Anxious investors are seeking either of the managing directors, but have been unable to located either. Neither Ryan Bateman, who resides at 49 Mary Read Cres., South Sound, nor Fernando Moto Mendez, who lives at 57 Plantation, South Sound, are on Grand Cayman. Bateman is reportedly in hiding in Miami. Moto Mendes' current location is unknown.
* This firm reportedly has no compliance program nor staff, and allegedly only learned that their clients' funds were unavailable when the clients were unable to draw on them upon request.