Judge to order US$4.4M confiscation in Girvan case

Sentencing adjourned until Tuesday

A confiscation and sentencing hearing began on Monday afternoon for Robert Christopher Tom Girvan, who pleaded guilty in August to 18 counts of theft and three counts of money laundering to a total value initially set at approximately US$19 million.

The offences occurred between January 2004 and June 2008 while he worked as a trader and director of companies including Grand Island Commodity Trading Fund, Grand Island Income Fund, Grand Island Master Fund and Caribbean Commodities Ltd.

At the time of his pleas, Crown Counsel Kirsty-Ann Gunn said the large majority of stolen funds was lost in unauthorised trading, but a significant amount was used by Girvan for his personal gain.

On Monday she quantified the figures involved and noted they had initially been contested by Defence Attorney Ben Tonner, but agreement had since been reached.

For the purposes of confiscation, the total benefit Girvan received as a result of the matters to which he pleaded guilty was US$18,986,500.64.

His total realisable assets are US$4,432,414.75.

Mrs. Gunn asked Justice Alexander Henderson to make a compensation order in that amount. Mr. Tonner conceded and it was agreed that the Crown would draw up the formal order for the judge to sign on Tuesday.

Mrs. Gunn said the assets were likely located in Cayman, Jamaica, the US, Canada and Denmark (where there was a bank account in the name of Girvan and his wife).

Mr. Tonner noted that the court will need to set a time limit for funds to be organised to pay the order, as well as a time of imprisonment in default of payment. That was expected to happen on Tuesday when submissions are made as to sentence for the offences.

Mrs. Gunn said it was not known at this time what each investor would receive back on his investment.