Grand Island funds investor gets eight years

Sentence meant to be deterrent

Justice Alexander Henderson
sentenced Robert Girvan to eight years imprisonment on Tuesday afternoon,
starting at 11 years and giving a three-year discount for guilty pleas to theft
and money laundering charges.

Girvan admitted in August to 18
counts of theft totalling US$18,986,500.64 over a period of some four years
while he was associated with entities known as the Grand Island Funds. During
the sentencing and confiscation order he was referred to variously as portfolio
manager, trader and investor.

Of the amount stolen, US$4.7
million was recovered as part of the liquidation process and Girvan was
required to pay US$4.4 million he was found to have in realisable assets. The
balance was lost in trading. Defence attorney Ben Tonner agreed with the
Crown’s figures.

Justice Henderson said the
paramount consideration in sentencing for this type of criminal behaviour was
deterrence to others.

In the matter of the confiscation
order, he asked whether the legislature was intending to amend the section of
the law that sets six months as the maximum default term of imprisonment if the
order is not complied with. Crown Counsel Kirsty-Ann Gunn, who previously explained
all of the offences and how they were carried out, said she could not speak to
the legislature’s intentions.

Read much more about this in Thursday’s
Caymanian Compass