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Victims of Cayman Islands investment fraud receive 57% initial distribution

June 11, 2012 by David Marchant

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  • Investors may eventually receive up to 63 cents in the dollar
  • Initial distribution made possible by global settlement agreed during mediation in the Bahamas
  • Settling parties include ScotiaMcLeod, Close Brothers (Cayman) Limited, and KPMG
  • Naul Bodden "unable" to make final US$1.66 m settlement payment, gets another two years to pay
  • Several investors received shares without fully paying for them, claim liquidators

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Investors who were defrauded out of approximately US$19 million by four Cayman Islands-based hedge funds known as the Grand Island Funds received an initial dividend of 57 cents in the dollar last month from the liquidators, with the prospect of up to six cents more as a final dividend. The first distribution was made possible after the liquidators received US$7 million from the Funds' former service providers, directors and other insiders to settle disputes.

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  • nr-xxx
    By nr-xxxon Thursday, June 14, 2012 11:44:06 AM

    my gues is with more and more of these "shady" hedge funds, US Congress will move to have them regulated or at least must file with SEC, CFTC,etc.will have to give principals and top ten assets,etc.

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