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    First Cayman Bank – evidence of fraudulent preference

    First Cayman Bank could be insolvent by as much as $34.5 million and appears to have been stripped of up to $8.3 million in the seven weeks before its collapse through withdrawals by depositors acting on inside information, according to the bank’s provisional liquidator, Michael Pilling, of Deloitte & Touche.In a report submitted to the Grand Court of the Cayman Islands this month, Pilling indicated there was evidence that a massive fraudulent preference took place as FCB was on the verge of collapse.