Five years for pension theft

Robert William Schultz, 40, was sentenced Tuesday afternoon to five years imprisonment after pleading guilty to theft of monies from the Chamber of Commerce Pension Fund.

Schultz was the fund’s manager and sole salaried employee at the time.

Grand Court Justice Charles Quin cited the degree of trust that had been placed in Schultz. He also noted that Schultz had attempted to abscond by trying to board a cruise ship with his passport and a boarding pass.

His attorney, Ben Tonner, had told the court last month that all of the US$289,660.12 stolen was spent on cocaine. The thefts occurred between April 2009 and June 2011.

In passing sentence, Justice Quin noted that the smallest sum stolen was $675 on 4 September 2009, while the largest sum was $12,500 on 5 April 2011.

Mr. Tonner said the cocaine habit was costing Schultz between $200 and $500 per day.

Schultz, an American citizen, began working as pension fund administrator in October 2007. He had been paid a salary of $5,780.33 per month.

When his fraudulent transactions were discovered and he was confronted, he immediately admitted his wrongdoing. He said he became involved in drug abuse following the breakdown of his marriage.

He expressed a desire to return all of the money stolen.

Crafting a sentence that would allow him to do so would be difficult, the judge said, given Schultz’s status as a work permit holder. One letter of reference did include an offer of employment.

Time in custody since March will be taken into consideration, the judge said.

No order for compensation was made.

Cayman Islands Courthouse - palm tree

Cayman Islands Courthouse
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2 COMMENTS

  1. This convicted thief and cocaine addict has a job offer before he is even sentenced, yet at the same time we have Caymanians being denied a job by employers because they have a criminal record for smoking ganja.

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