The Laundry Man by Kenneth Rijock ( Penguin/Random House UK)

Tuesday, October 4, 2016


Accused fraudster, Michael Beggs

Most of the residents of Grand Cayman are quite familiar with the Caribbean Island Developments case, which is currently pending in US District Court in the Northern District of Illinois. In that case, liquidators of the former development company have brought suit against the developer, Michael Beggs, as well as the corporation that trades as Re/Max Holdings Cayman Islands, and the company's  two owners, James Bovell, Kim Lund, and agent Oliver Dehart, who was also affiliated with the developer.
Kim Lund
The action seeks to recover $5.6m, paid as deposits, by 30 clients, upon a luxury project that was never built. The plaintiffs assert that the defendants made material misrepresentations of fact, falsely alleging that construction had begun, and that sales had exceeded 40%. Some Cayman residents have wondered aloud why the brokers and entities named as defendants have not had their membership suspended, pending the outcome of the case, by the local brokers' association, CIREBA. The attorney for Bovell, Lund and the corporation recently withdrew, but no new counsel has yet appeared.

James Bovell
The case is of additional public interest, due to the fact that there is a close relationship between the dodgy Cayman Gang of Four ringleader, Sharon Lexa Lamb, and the accused Re/Max Cayman Islands fraudsters. This is disturbing, given that many millions of dollars, held by the Dundee Merchant Bank for their Canadian clients, is missing, and presumed laundered by Lamb, and her partner in crime, the cashiered former president of Dundee bank, the missing Canadian banker, Derek Buntain. Did the Cayman Gang of Four move money into real estate, with the able assistance of Re/Max Cayman ?

 First of all, Sharon Lamb is well known have been the mistress of developer Michael Beggs; whether they had mutually beneficial business relationships as well, is not known, but an investigation is underway. Beggs' current bio curiously does not contain any reference to the failed Cayman project, in his work history.

Second, Sharon Lamb maintains a personal relationship with Re/Max owners, James Bovell and Kim Lund, who are co-defendants in the Caribbean Island Developments case, and this relationship is of a continuing nature. In fact, Lamb used the offices of Re/Max today, to send outgoing messages on the Internet, which gives rise to the presumption that she has been using their facilities as an office, since the Government raided B & C Capital, Ltd., several months ago.

Sharon Lamb

What exactly is Sharon Lamb's connection to Caribbean Islands Developments, and to Re/Max, and are other members of the Cayman Gang of Four also involved ?

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