CIMA HAS JURISDICTION OVER FRAUDSTER B & C CAPITAL, BUT IGNORES ITS LEGAL RESPONSIBILITIES

CIMA's primary occupation ?

The Cayman Islands Monetary Authority has denied that it has jurisdiction over B & C Capital, Ltd., Ryan Bateman's Cayman corporation, that stole over $450m from investors, on the grounds that it is an Exempted Company. Unfortunately, CIMA has chosen to ignore specific Cayman laws that govern its regulatory authority, and the result is that it has washed its hands of any involvement in the Cayman Gang of Four trading scandal, leaving a large number of North American investors and pensioners high and dry, and broke. It is simply hiding its head in the sand, and failing in its duties.

An Exempted Company is defined, under the Companies Law of the Cayman Islands, as one whose business is to be carried out mainly outside the Cayman Islands. B & C Capital, Ltd., is currently managed full-time by an individual with a dodgy background, Fernando Moto Mendes, maintains its sole office in Grand Cayman, with staff, has a Grand Cayman telephone number, and holds itself out as a trader in securities and other investments from that office. For CIMA to claim that it was based offshore, and therefore an Exempted Company outside its jurisdiction for regulatory purposes, is inaccurate, and has no basis in fact.

CIMA appears to have conveniently interpreted the law so as to allow it to ignore the vast majority of frauds, Ponzi schemes, and money laundering operations that occur in Grand Cayman on a regular basis. It has chosen to improperly claim it has no jurisdiction, and therefore, cannot aid the many victims of Cayman islands white-collar crime, all of whom trusted that their investments, or retirement assets, were safe and secure in the Cayman Islands, which uses the fact that it is British territory to attract capital.

CIMA staff meeting ?

 An offshore financial center with a negligent and ineffective regulator is neither safe nor secure, as the victims of the Cayman Gang of Four have learned, to their detriment.