Girvan pleads guilty in fund theft case

Tuesday, 24 August, has been
confirmed as the date for a confiscation and sentencing hearing for Robert
Christopher Tom Girvan, who pleaded guilty on Wednesday to 18 charges of theft
and three of money laundering to a total value of approximately US$19 million.

Girvan admitted committing the
offences between January 2004 and June 2008 while he worked as trader and
director of various companies.

Crown Counsel Kirsty-Ann Gunn told
Justice Charles Quin the purpose of the adjournment was to serve papers for a
confiscation order. She opposed an application for bail pending sentence,
pointing out that Girvan had been here on a work permit and now had no basis for
remaining, other than his court case. 

Defence Attorney Ben Tonner asked
for bail, pointing out that the fraud was discovered in May 2008 and Girvan
would have fled by now if he had intended to.

“From the moment he was questioned,
he made certain admissions of wrong-doing…. My client knows he’s going to
prison,” Mr. Tonner said. “He’s known it for a long time.”

Justice Quin rejected the
application. He said a convicted person has more reason to flee than an accused
person. Girvan’s offending “strikes at the very heart of our financial services
industry,” he declared.

Earlier in the day, with Justice
Howard Cooke presiding, Mrs. Gunn presented a 27-count indictment and asked
that 21 of the charges be put to Girvan. She noted that the original indictment
had contained 33 counts, but certain charges were rolled up as a consequence of
discussions with counsel. No background to the charges was given at this stage.
The circumstances of the offending and any mitigation will be set out on 24
August.

Girvan, 49, pleaded guilty to:

1. Stealing property belonging to
Grand Island Commodity Trading Fund, namely monies and/or a debt owed to the
value of US$5,172,198.

2. Stealing property of Grand
Island Commodity Trading Fund II to a value of US$2,412,906.

3. Stealing from Grand Island
Income Fund property to a value of US$535,621.

4. Stealing from Grand Island
Master Fund property valued at US$1 million.

5. Stealing from Caribbean
Commodities Ltd property valued at US$5,136,300.

6. Money laundering between January
2006 and June 2008, disguising property which in whole or in part represented
proceeds of criminal conduct, namely by using funds appropriated from discretionary
account holders and fund investors, to pay for subscription redemptions by
other investors, which were based on false investment reports, for the purpose
of avoiding prosecution.

7. Stealing property of others to
the value of US$1.1 million by transferring the funds from an account at one
bank to an account at Smith Barney Bank.

During the bail hearing, Mrs. Gunn
explained that the Smith Barney account was Girvan’s personal account outside
this jurisdiction.

8. Stealing property from RCTG
Investments Ltd to the value of US$245,000 by transferring funds from one bank
to Smith Barney.

9. Stealing by transferring
US$25,000 in funds from one bank account to the Smith Barney account.

10. Stealing property from RCTG
valued at US$40,800 by transferring funds to the Smith Barney account.

16. Stealing property from RCTG
valued at US$125,000 by transferring funds from one account to another.

17. Stealing US$525,000 from RCTG
by applying funds to the purchase of land at Crystal Harbour.

19. Stealing property from RCTG to
the value of US$333,015.64 by using funds for his personal benefit.

20. Stealing US$68,000 from a named
individual.

21. Stealing US$170,000 belonging
to a construction company.

22. Stealing US$100,000 from a
named individual.

23. Stealing US$150,000 from a dive
company.

24. Stealing property of RCTG
valued at US$200,000 by transferring, to the Smith Barney account, funds held
at the Middle East North Africa fund for the benefit of RCTG.

25. Stealing property of RCTG to
the value of US$100,000 by transferring funds to Sabrina Girvan by way of a
bank draft. During the bail hearing, Mrs. Gunn identified the recipient as the
defendant’s wife.

26. Money laundering, by
transferring US$150,000 in stolen funds to an account held by a named
individual outside the jurisdiction to avoid prosecution or the making of a
confiscation order.

27. Money laundering, by
transferring stolen funds totalling US$840,000 to accounts held by Sabrina
Forrest Girvan outside the Cayman Islands for the purpose of avoiding prosecution
or the making of a confiscation order.

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