Sources close to professionals who have been reviewing the discovery produced to date have confirmed that Northland Wealth Management, Inc., the designated investment adviser for plaintiff Lawrence Heath, whose $13m in retirement assets is missing and unaccounted for, illegally and without authorization of any sort, ordered transferred $5.8m of Heath's money, to B & C Capital Ltd., an insolvent Cayman Islands shell company, then controlled by the fugitive fraudster, Canadian securities trader Ryan Bateman.
Bateman has disappeared, and is in hiding, though several sources say he is in South Florida, preparing for his next major financial fraud operation. he has a history of securities fraud in the United States, and a registered stock that he manipulated was delisted by American securities regulators. Bateman recently formed a company, in the State of Florida, with a similarly deceptive name to that of one in California, for an obvious illicit purpose.
Ryan Batemen was accused of securities fraud, in his native Alberta, several years ago, and fled Canada, reportedly to avoid criminal prosecution, setting himself up in Grand Cayman, and using unlicensed corporate entities, which are now in court-ordered liquidation. He is one of the crew of fraudsters, popularly known as the Cayman Gang of Four, which also includes former Dundee Bank Senior Vice President Sharon Lexa Lamb, the cashiered former Bank President Derek Buntain, and retired Leon Frazer & Associates, Inc. Chairman of the Board of Directors, William Tynkaluk*.
Northland's president, Paul Mascard, has been accused, by a former banker, of authorizing and approving the funds transfer, and of deceiving the plaintiff after the fact, by alleging that B & C Capital was a legitimate bank, when it was an unlicensed shell company, with no assets, and no ongoing business. Mascard allegedly forged the plaintiff's signature to what purports to be a bank document, consenting to the transfer of funds and securities.
|Paul Mascard, President of Northland|
*One of the original members of the Cayman Gang of Four, Fernando Motto Mendes, appears to have had his inclusion in the Gang terminated by his fellow fraudsters, though he remains personally liable for the crimes he committed while acting in concert with the Gang. Mendes was the sole surviving Managing Director of the Bateman group of companies, all of which are defunct.