Remember the Cayman Gang of Four*, that gang of financial professionals working in the Cayman Islands who stole hundreds of millions of dollars from Canadian retirees and pensioners. We have extensively reported on the scandal, with special attention given to the fact that neither the Royal Cayman Islands Police Service, nor the Cayman Monetary Authority, saw fit to charge any of the fraudsters, lest the suitability of Cayman as a destination for investment capital come into question.
To update our readers: Ryan Bateman, the fugitive Canadian leader of the crew, and who illegally transferred the victims' money through his shell company, B & C Capital Ltd., claiming it was a "bank" and safe for investors, appears to have moved his illicit operation to the Republic of Panama, where he has taken upon with one of Britain's most notorious Ponzi Schemers, Timothy Durkin a/k/a Richard Lee Durkin a/k/a Lee Durkin**, who was indicted in the Southern District of Alabama, in a $5m Ponzi scheme.
Durkin, who was cleverly using the identity of his homeless brother, Lee Durkin, allegedly with his co-conspirators, promised investors profits through a "high-speed computerized arbitrage trading system," according to the Indictment. He fled to British Columbia to avoid arrest and prosecution.
Back to Mr. Bateman, who formed companies in several jurisdictions, all deceptively similar in name to his Cayman shell company, B & C Capital, to facilitate international transfers of the proceeds of crime. One company, formed in the Republic of Panama, was named B & C CAPITAL, INC. Official corporate records, which appear below, show not only Bateman, and his brother-in-crime, Cody Bateman, as officers, but Lee Durkin as well.
We have not confirmed whether Durkin was a recipient of the Cayman Gang of Four's criminal proceeds, but we have been conducting a continuing investigation into the matter, over the past several months, using the services of a financial crime analyst, among other sources, and will be publishing our results in further articles on this blog; stay tuned.
* The Cayman Gang of Four are:
RYAN BATEMAN, a Canadian national now believed to be living in the United States.
SHARON LEXA LAMB, A native of the Isle of Man, now a resident in Grand Cayman.
DEREK BUNTAIN, A Canadian national, now living in the Atlantic Provinces of Canada,
FERNANDO MOTTO MENDEZ, a Portuguese national, resident in Grand Cayman.
** White collar criminals often use their middle name, especially after they have been identified or convicted under their first name, to confuse and confound investigators, and to mislead anyone seeking information on them by accessing databases of known career criminals.