Kenneth Rijock

Kenneth Rijock

Tuesday, March 8, 2016

THE CAYMAN ISLANDS HAS BECOME A HIGH-RISK BANANA REPUBLIC DANGEROUS FOR INVESTORS



Readers who have followed the story of the Cayman Gang of Four scandal, which according to the Cayman Islands Monetary Authority, is the theft of more than $450m, from Canadian retirees and pensioners, should know by now that Country Risk in Cayman has increased of late. Many of the Island's legal and financial problems are now appearing in the media, and the global financial community has been alerted.

(1) Eight months after CIMA, and the Royal Cayman Islands Police Service (RCIPS), learned, in detail, about the massive theft of assets, neither agency has initiated an investigation, nor brought any charges against Gang members Sharon Lexa Lamb, Ryan Bateman, Derek Buntain, and Fernando Motto Mendes. In truth and in fact, neither agency has even bothered to interview the accused fraudsters.

(2) the RCIPS has been accused, by a sitting member of the Cayman government, of letting the Statute of Limitations expire on more than 40 criminal cases, of losing and intentionally destroying evidence, and negligently allowing drugs, seized from criminals, to be stolen from its warehouse, having no effective internal affairs regime, of hiring unsuitable officers, and is in dire need of a major overhaul, of staff, policies, and operating procedures.

(3) The FIFA scandal has focused the public upon a rarely-reported aspect of Cayman life: the rampant corruption which hides below the surface of the islands' seemingly legitimate business and government operation. Criminal investigation, for corruption, of  Caymans residents have increased of late, in other North American jurisdictions.

(4) CIMA's totally unsatisfactory record as a regulator; Years after Dundee Merchant Bank fell into obvious insolvency, the agency has not lifted a finger to bring liquidation proceedings, to inquire into client losses, or to punish those responsible for illegally operated in Class "B" bank, without the required operating parent financial institution. Longtime Cayman residents say that CIMA has never recovered any funds, for foreign investors who are victims of fraud, and that it protects Cayman residents, and local companies & financial professionals, declining to refer any of them for prosecution.

(5) Last year's flight, in the dead of night, by the publisher of a local newspaper, who was critical of corruption, due to death threats, is more reminiscent of Russia, than a British Overseas Territory.

(6) Finally, the fact that successive Cayman government continue to hide the truth about "Caymangate," where an officially-sanctioned burglary, of a newspaper whose staff was believed to be receiving incriminating information from an RCIPS officer, illustrates another cover-up, where infinite delays are interposed, to keep the sordid truth from the public, at any cost.

All of these issues, when taken together, are more than sufficient to raise Country Risk for the Cayman Islands, as a warning to foreign investors, international bankers, and attorneys representing both groups, that clear and present dangers exist in the Caymans, and that you should be aware of them. We trust that the FCO in the UK is reading this.

12 comments:

  1. Just crap. Lies, lies and more lies

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    1. Sharon Lexa Lamb is back from taking her son to a drug and alcohol institution. When you have a momma like "Shari" one must drink.

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  2. Nice article about Cayman Islands. My grandmother lost all of her savings to a fraudulent financial company that was not even registered in Cayman and CIMA claimed that since they were not registered; CIMA cannot regulate them. What a crock of stingray poo. STAY AWAY FROM CAYMAN ISLANDS

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    Replies
    1. if it wasn't registered in Cayman then why would CIMA care?

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  3. My family and I invested in an investment banking group over 2 years ago and sent in 4 letters of claim and never heard from CIMA. Either they are very busy with frauds in Cayman or they do not care. We lost $372,083 us currency.

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  4. I dont think you understand what an exempt persons company is vs a non exempt persons company.
    Also, think about the amount of money that is in Cayman... it is the 5th largest financial district in the world... on that scale compared to the US, there is 100 times more financial fraud in the US than Cayman. Your article is rubbish!

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    1. Miss Lamb-
      I understand that exempt companies service only high net-worth investors, but B & C Capital LOST ITS EXEMPT STATUS when it failed to renew its license. CIMA then acquired jurisdiction over its fraudulent operations. And we do not care whether Cayman is a large financial center, we care about its out-of-control financial crime.

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    2. if they lost it then how are they still in business today?If you check the registry you will see they are still listed as an exempt company.
      At least you agree that the US is 100 times more corrupt than the Cayman. You need to get your facts straight.

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    3. B & C Capital, whose owner is a fugitive from justice, and guilty of rape, is the size of a bathroom, and I will be happy to post a photographs of its microscopic offices. CIMA is too lazy to take down its information, from its website, or to embarrassed. The Cayman Islands do not protect investors; it has no securities regulator, and CIMA is a joke among regulators in the Western Hemisphere. As for the US being more corrupt that Cayman, your officials fear transparency, because exposure of dozens of scandals will trump everything
      in the US.

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    4. B & C Capital is NOT in business; it is insolvent, with only the fraudsters Fernando Moto Mendez, and Sharon Lexa Lamb hanging on, waiting to be arrested. B & C has stolen missions from its victims, and justice will be served, if not in Grand Cayman, then in Canada. Watch for it.

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  5. Mr. Rijock, Sharon Lexa Lamb threatened a cripple old man of 86 who lives in the USA that if he reported to authorities the loss of his $2,000,000 she would report him to the IRS. This is called Honour among fraudsters and her partner Mendes is a recent bankrupt who stole money from a client. Welcome to Cayman Islands, paradise of the fraudsters, drug dealers and criminals where they all fit in.

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  6. B&C Capital... or Bateman Financial IS still operational.
    It is also not regulated by CIMA as a exempt company with CIMA...

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