It is further alleged, by the victims, that Tynkaluk, a longtime director at Leon Frazer & Associates, Inc., created a bogus pending statute, designed to instill fear among his Canadian pensioner clients, to the effect that Revenue Canada would soon impose Draconian taxes upon the cash holdings of all its citizens, which are presently held in bank accounts. The result was a mad dash, on the part of frightened clients, to obtain advice, from Tynkaluk, as to where there was a safe, and prudent, location for their wealth. He then suggested Dundee Merchant Bank, which maintained accounts at the Bank of Butterfield's Grand Cayman subsidiary. Tynkaluk confessed that he, and Ned Goodman, of Dundee Corporation, which owned Dundee Merchant Bank, jointly spread this untrue rumor, to convince Leon Frazer clients to send their money offshore, lest they suffer new, and Draconian, income taxes in Canada.
Tynkaluk cloned the Mossack & Fonseca offshore formula: form BVI companies for the clients, but send the money to Grand Cayman, or Bermuda, placing it in Dundee's own accounts at the Bank of NT Butterfield & Sons, which further served to hide it from prying eyes, as well as those of his clients. He openly bragged, to his clients and all other financial planners who would listen, about his scheme, and how it would result in substantial tax "avoidance," meaning tax evasion.
Some of the pensioners' money went to Grand Cayman, to be held by Dundee Merchant Bank. Other amounts disappeared in Canada, before ever arriving in the Cayman Islands; some of these sums have been tracked and traced. Bill Tynkaluk's role, in the illegal diversion of these funds, has been established, by documentary evidence, and by his admissions to eyewitnesses.
If you are a regular reader of this blog, you know the rest of the story well; the Cayman Gang of Four reportedly stole the victims' money from Dundee Bank, where it was supposed to be in special accounts bearing the names of the investors, which did not occur. Other funds, which appear to have been held in client accounts at Leon Frazer and/or Northland Wealth Management, Inc., have completely disappeared, and both broker-dealers are not cooperating with efforts to locate those funds, giving rise to two pending civil suits, filed in the province of Ontario.
One of the victims has, thus far, filed a civil action one against of the Gang of Four members. One individual allegedly has already received immunity, in exchange for cooperation, and assistance in the prosecution of the guilty parties. Information on the current status of the relevant Cayman and Canadian matters is, unfortunately, restricted, but we can disclose that additional proceedings are in process.
Two of the Cayman Gang of Four, Sharon Lexa Lamb and Fernando Motto Mendes, have waged a dirty, no-holds-barred, Internet and email smear campaign, against the victims and two of the whistleblowers, seeking to completely discredit them, ahead of any civil criminals or trials which may take place in the future, and also addressing the poison pen mail to banks, government and law enforcement offices, and any other possible party that might believe their lies.
|Peter John Kursell|
In a separate matter, that victim had $10m, in bearer securities, stolen from him, by Bill Tinkaluk, when he was advising the victim, regarding his investments. The email smear program, to discredit the victims, is designed to damage the character of the victims, so that their credibility at any future trial will be suspect, including their claims that Tynkaluk literally stole their stock.
Will the members of the Cayman Gang of Four end up with felony conviction ins Canada ? We cannot say, but there are a number of investigations in progress, and we shall report on all future developments in the cases, as they occur, in the two civil suits pending in Ontario Superior Court of Justice, one against Leon Frazer & Associates, Inc. the other against Northland Wealth Management, Inc., and a third, in the Grand Court of the Cayman Islands, against Sharon Lamb and Dundee Merchant Bank.