OFFICERS FAILED TO LIQUIDATE DUNDEE BANK, STILL OPERATING IT UNDERGROUND

Investigations into the Cayman Gang of Four trading scandal have uncovered the fact that, notwithstanding an order from Canadian regulators to close and liquidate Dundee Merchant Bank, which is also known as Dundee Bank, senior officers at the bank deliberately and intentionally failed to close down operations, and are currently running it covertly, in violation of Cayman Islands law.

You may recall that we have previously disclosed that the bank has only a "B" class license, which mandated that it could operate only if it was the subsidiary of an operating international bank. When Dundee Bank of Canada was sold, Dundee Merchant Bank was no longer qualified to operate in Grand Cayman, and Derek Buntain, its president, and Sharon Lexa Lamb, its senior vice president, were tasked, by Dundee Corporation, the holding company in Canada, to undertake the liquidation, return funds to customers, close the bank's physical operations down.

Derek Buntain, far right.

Reportedly, all the necessary documentation was executed by Dundee Corporation, and delivered to Buntain and Lamb, but curiously, they failed to commence the liquidation.  What role their use of the bank's accounts at other financial institutions has played in the massive $450m trading scam, involving Bateman Financial and B & C Capital, Ltd., is not known, but it is alleged that the Gang of Four were able to facilitate Ryan Bateman's rogue trading operation, through those accounts.

Rumors floating around Grand Cayman claim that Mr. Buntain, who is currently in hiding at his son's house in Prince Edward Island, in Canada, and Miss Lamb, who works at B & C Capital, have planned to take the millions that they have stolen from investors, and permanently relocate, without ever completing the bank liquidation. Such an act could result in the filing, in Canada, of both civil & criminal charges against Dundee Corporation, and its senior management, who, according to William Tynkaluk, have had no dealings with Dundee Bank, believing it already liquidated, and without assets or liabilities.

Will Derek Buntain & Sharon Lexa Lamb, the Gang of Four's own Bonnie & Clyde, take the money and run, or will law enforcement head them off at the pass ? Stay tuned.