Woman admits stealing $437,300 from fund

A woman who admitted stealing money from a trust fund of which she was a trustee claimed she took the cash to pay off a blackmailer who she said had explicit photographs of her. 

Patricia Glasgow, 46, appeared in Grand Court Tuesday and was allowed to remain on bail until her sentencing for theft of monies from the trust fund. 

She pleaded not guilty last July to stealing US$437,300 from Rochester Ltd.; obtaining money transfers to that amount from the trust account by deception; and making funds transfer requests without authority. Crown counsel Toyin Salako said the thefts occurred via 74 transactions between September 2008 and August 2011. 

The trial was originally set for June 2014 but in November Glasgow changed her pleas to guilty. 

On Tuesday, Ms Salako told Justice Charles Quin that Glasgow initially told police she had asked the trust fund’s founder for a loan and was told, “You can take whatever you need.” However, there was no documentation to that effect and Glasgow had no records of what she had taken. 

When police pressed her as to why she needed the money, she told them she was being blackmailed by a man who had explicit pictures of her and was threatening to display them. She was unable to provide any details of the photos or how the man, whom she named, came to possess them. She also agreed that she had not told anyone about the alleged blackmail. 

Ms Salako said Glasgow had breached the trust of her employer, Bodden Corporate Services; she had negatively impacted the reputation of her fellow trustee; she had implicated a fellow employee by using the other woman’s signature on bank withdrawal slips by means of a “cut and paste” method.  

Although the woman who had the trust set up was now deceased, there were victims who had lost by the theft, Ms Salako pointed out; the trust was meant to benefit environmental and animal welfare groups. Further, such theft damages the company’s reputation and Cayman’s reputation as a safe place to do business, she told the court. 

She and defense attorney Ben Tonner disagreed as to the starting point for sentence. Ms Salako suggested a range of five to nine years. Mr. Tonner cited the need to adjust the amount of money stolen according to inflation, as well as conversion to British pounds because the guideline cases are from the U.K. He suggested three to four years as a starting point. 

Ms Salako said the crown was seeking compensation. Mr. Tonner said the court should be careful in ordering compensation without evidence that Glasgow still had funds. 

Ms Salako pointed out that Glasgow had sold her home after she began appearing in court. After paying off her mortgage and various fees, she had $96,841 left and decided to give that to family members. 

Ms Salako said Glasgow had breached the trust of her employer, Bodden Corporate Services; she had negatively impacted the reputation of her fellow trustee; she had implicated a fellow employee by using the other woman’s signature on bank withdrawal slips by means of a “cut and paste” method.