Fernando Moto Mendes, the current Managing Director of fugitive Ryan Bateman's group of companies*, has taken the position that he was only a minor player in the Cayman Gang of Four scandal, which involved the organized theft and diversion of over $400m in capital of Canadian retirees and pensioners. In truth and in fact, the documents uncovered thus far, controvert Mendes' public statements.
The receipts, for millions illegally diverted from Dundee Bank accounts, located in Butterfield Bank, in its Grand Cayman subsidiary, were all signed for by Mendes, in his capacity of Managing Director. Furthermore, Mendes' allegation that he was only the "office manager." have no basis in fact, and the evidence to date nowhere lists him as anything but MD. Funds of victims were delivered to him by Gang members Sharon Lexa Lamb and Derek Buntain, who were former Dundee officers.
|Bateman, Lamb & Buntain|
Some Caymanians are referring to CIMA's lack of response as regulatory malpractice, and wonder why CIMA leadership has not been replaced by the government. At the very least, an internal investigation should be launched, to determine why CIMA has failed to respond to several fraud scandals that have roiled the Cayman Islands in recent years. In most cases, foreign investors never recovered their funds, and fraudsters, based in the Cayman Islands, were never prosecuted for either fraud or money laundering.
* Bateman & Company Ltd.
B & C Capital Ltd.
Bateman Financial, Ltd.
Note: Bateman formed companies, with the same exact name, save the suffix, in Panama, the Cayman Islands, and the UK, to facilitate illegal transfers of victim funds, to other jurisdictions.