Sharon Lexa Lamb, the leader of the Cayman Gang of Four, ran an illegal operation after she was terminated by Dundee Merchant Bank in 2013, deceiving investors in believing that she was still affiliated with the bank. Lamb took over the bank's telephone number, and, answering it as "Dundee," defrauded Canadian and American retirees, by facilitating the unauthorized transfer of their assets to B & C Capital Ltd., to fugitive trader Ryan Bateman. An estimated $450m cannot be found, and is feared lost.
In a court filing, in a case pending in the Grand Court of the Cayman Islands, Dundee Merchant Bank, through its attorneys, has stated that Lamb's employment, as Senior Vice President "terminated on December 31, 2013, and thereafter Ms. Lamb had no relationship with TDMB [the Dundee Merchant Bank], or any other company in the Dundee group." Lamb, who is a defendant in that case, is known to have represented herself as a bank representative, to individuals who called the bank's number, until the scandal broke, in the summer of 2015, falsely assuring investors that their money was in safe hands at a financial institution, B & C Capital, which was a shell company owned by a career criminal.
In truth and in fact, their money was being illegally traded by B & C Capital's Ryan Bateman, who had fled Canada after engaging in securities fraud there. It is not known what Bateman did with the missing money; he failed to return to the Cayman Islands to face a felony charge, and promptly disappeared. Some sources claim that he is living in the United States.
The import of the Dundee Merchant Bank filing is that Sharon Lexa Lamb held herself out as a bank officer, years after she was fired. She, and former bank president, Derek Buntain, were reportedly ordered to liquidate the bank, by Canadian regulators, after its parent was sold, but intentionally failed to do so,and ran an illicit operation, for their sole financial benefit, with millions in client money. Buntain has fled to Canada, and his current whereabouts are unknown; he is believed to be living in Prince Edward Island. Lamb has denied liability for the losses suffered by the victims, refused to turn over documents, and will not cooperate, unless and until she receives immunity from criminal prosecution.