Remanded in custody for sentencing 24 August
pleaded guilty in Grand Court on Wednesday to 18 charges of theft and three
charges of money laundering. Crown Counsel Kirsty-Ann Gunn said the total value
involved was approximately US$19 million.
Justice Charles Quin heard an
application for bail until 24 August, when a confiscation hearing and
sentencing are scheduled to take place.
Mrs. Gunn said Girvan is a foreign
national who had been on work permit, so he had no basis for remaining in
Cayman, except for his court case. He had been a trader and director of
companies that were the losers, as set out in the indictment.
She told the court the large
majority of stolen funds was lost in unauthorised trading, but a significant
amount was used by Girvan for his personal gain.
Attorney Ben Tonner argued that
Girvan had ample opportunity to flee in the past and had not done so. He
suggested a strict curfew so that his client could more easily meet with him to
prepare for the next hearing.
Justice Quin said a convicted
person has more reason to flee than an accused person. The charges were serious
and the offences had meant significant losses to third parties. Further,
Girvan’s conduct “strikes at the very heart of our financial services
industry,” he said.
Girvan, 49, pleaded guilty before
Justice Howard Cooke earlier in the day to thefts during a period between
January 2004 and June 2008. Companies stolen from included Grand Island
Commodity Trading Fund, Grand Island Commodity Trading Fund II, Grand Island
Income Fund, Grand Island Master Fund Ltd, Caribbean Commodities Ltd. and RCTG