Jamaican investment manager charged
An investment manager from Jamaica has been charged in the Cayman Islands following the collapse of four hedge funds based in the Caribbean offshore financial centre.
The Royal Cayman Islands Police Services reports that 48 year old Robert Christopher Girvan was charged with forgery, obtaining a money transfer by deception and producing a false document.
According to an Associated Press report, Girvan made a brief appearance before a magistrate on Tuesday but did not enter a plea.
He was released on bail and ordered to return to court on May 26. The police did not provide details about Girvan’s alleged offences or any role he might have had in the collapse of the funds, which are being liquidated.
Regulators announced the closure of the funds in June, saying authorities had found undisclosed irregularities in trading activities.
Three of the funds, the Grand Island Commodity Trading Fund I, Grand Island Commodity Trading Fund II and the Grand Island Income Fund were registered by the Cayman Islands Monetary Authority in 2006.
Officials say the fourth, the Grand Island Master Fund, was not registered with regulators in the British territory.
David Walker, an advisory partner of Pricewaterhouse Coopers, the court-appointed liquidator says the funds were relatively small, with total investments of between CI$20 and 30 million.