Topic: fraud

Five people who conspired to defraud local banks attempted to use cloned credit cards almost 400 times within a four-day period, Crown counsel Toyin Salako said in Grand Court on Tuesday.

A longtime Cayman Islands trust practitioner said Friday that she acted with complete propriety and honesty in relation to the affairs of a British Virgin Islands company, which issued a writ of summons against her and the Dundee Merchant Bank late last year, alleging funds held by the BVI company were unaccounted for.

Documents submitted by the U.S. Securities and Exchange Commission to a U.S. court in February have shed new light on the involvement of Caledonian executives and clients in trading securities used in four penny stock manipulation fraud schemes.

Two men charged with conspiracy to defraud in relation to cloned credit cards will appear in Grand Court on March 11.

The former manager of Kirk’s Market appeared in Summary Court on Tuesday on two charges of obtaining by deception.

Caledonian Bank and the U.S. Securities and Exchange Commission have agreed to a settlement that permanently bars the Cayman bank and its subsidiaries from trading in penny stocks and imposes a $25 million fine, though the U.S. regulator says it will forgo the payment so Caledonian can pay its creditors.

Two Canadian nationals were remanded in custody after appearing in Summary Court on Monday for the charge of conspiracy to defraud.

Convicted fraudster Canover Watson, 45, began serving his seven-year prison sentence Friday on charges of conspiracy to defraud, fraud on the government, breach of trust and conflict of interest following a Grand Court verdict in the CarePay trial.

An application for the return of a defendant’s passport was refused on Thursday by Magistrate Grace Donalds.