The Joint Official Liquidators, handling two Cayman Islands corporations controlled by the fugitive Canadian stock trader, Ryan Bateman, have repeatedly requested copies of Bateman's accounts at Weiser Asset Management, Ltd., of Nassau, but the firm has pointedly refused to honor their demand for records, which was approved by a judge of the Grand Court. The Liquidators are seeking to assemble assets of the two Bateman companies,to pay creditors, claimants, and victims of Bateman's theft of what could total hundreds of millions of dollars, owned by retired Canadian nationals.
Investigators, who have uncovered evidence of two wire transfers, from Bateman's companies, to Weiser, notwithstanding that there was no approval; given by the victim, who is now suing both Dundee Merchant Bank, and its former Senior Vice President, Sharon Lexa Lamb, for the unauthorized transfer of his funds. The transfers, in the amounts of $900,000, and $1.3m, were received by Weiser, from one of Bateman's companies, after he had stolen the funds, with the assistance of the other members of the Cayman Gang of Four*.
Whether Weiser is linked to the massive theft of securities, and cash, held in accounts at Butterfield Bank (Cayman) Ltd., is not known, but the wealth management firm, on its website, confirms that it is subject to the jurisdiction of Canadian regulatory agencies. The transfers were allegedly (and illegally & improperly) approved by the president of Northland Wealth Management, Inc., Paul Mascard, without the client written consent and authorization, required by Canadian law. Sharon Lexa Lamb has stated that Mr. Mascard authorized the transfer of funds, without the customary client approval.
One of the issues is whether Weiser followed compliance laws and regulations in the Bahamas, in conducting the two transactions, and in maintaining an investment account of a known fugitive from justice, whose companies were known to be insolvent, and with no known assets. The firm's refusal to comply with records has no basis in law, and could result in onshore compliance officers rethinking their current assessment of Country Risk for the Commonwealth of the Bahamas, not to mention possible account closings, by existing clients.
* The Cayman Gang of Four are:
(1) Sharon Lexa Lamb.
(2) Derek Buntain.
(3) Ryan Bateman.
(4) Fernando "Motto" Mendes.
(5) Leon Frazer & Associates., Inc. Director, William Tynkaluk, (a late designation).