Fraudster steals over $850K
(CNS): A Cayman based insurance manager has admitted stealing over US$856,000 from an insurance firm and its clients. David Self pleaded guilty to two counts of theft and one count of possession of criminal property on Friday morning in the Grand Court. Self had originally faced some 18 counts of theft and fraud relating to almost US$1 million but after negotiations with the crown the indictment was changed to roll the charges together. Self was remanded in custody to HMP Northward ahead of his sentencing hearing, which is scheduled for 30 November. According to a civil claim in the Grand Court, Self’s fraud resulted in the collapse of Monkton Insurance, which was registered in Cayman in 1997 and regulated by CIMA.
The theft took place throughout 2011 and Self (53) was arrested in February this year. Then in April liquidators filed a petition in the Grand Court to wind up the business, described as “hopelessly insolvent” as a result of the misappropriation of funds. Since then, Self has also been served with several suits in an effort to recover the cash from related firms.
Self has admitted stealing $856,000 from Warco Insurance, one of two claimants.
In June the local Insurance Managers Association had claimed the crime was exposed because of the local regulatory system. IMAC said that while news of the crime was not welcome, it illustrated that the regulatory environment had performed in exactly the way it should and had brought the alleged fraud to the attention of the authorities.
However, the court heard Friday that Self had perpetuated the fraud over a twelve month period before the crime was exposed.
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