John Sutlic

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    Victims of Cayman Islands investment fraud receive 57% initial distribution

    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.

    Grand Island Master Fund et al v. Close Brothers et al: Writ of Summons

    Writ of Summons and Statement of Claim filed by the liquidators of Grand Island Master Fund Limited, Grand Island Income Fund, Grand Island Commodity Trading Fund, and Grand Island Commodity Trading Fund II against Close Brothers (Cayman) Limited and John Sutlic at the Grand Court of the Cayman Islands.

    Insider Talking: September 8, 2008

    Miami-based businessman Charles Intriago, who sold his anti-money laundering-focused company Alert Global Media, Inc. to New York-based supplier of AML technology Fortent in December, 2006 and continued to manage it before abruptly departing in late March, 2008, is preparing to launch a new business venture that will concentrate on asset forfeiture; Canadian national Wayne Wile, who has been accused of committing securities fraud along with the Cayman, Bahamas and Bermuda operations of investment group Lines Overseas Management, obtained a Cayman Islands Driver's License in a false name, according to the U. S. Securities and Exchange Commission; OffshoreAlert has obtained more information about companies and individuals involved with the Grand Island Commodity Trading Fund group of companies, which went into liquidation on June 17, 2008 - one month before its trading manager, R. Christopher Girvan, was arrested in Cayman on suspicion of theft, false accounting and fraud; Investment fraudster Keem Kalfon is at it again. His latest venture operates as 'The People's Money Center' from a web-site at www.peoplemc.com, which was established in June, 2007; and Despite all that has happened over the last 10 years in terms of legal gateways being implemented to allow foreign parties to obtain information about individuals and businesses operating in offshore financial centers, there is still a misconception among some residents of major countries that the secrecy and anonymity of their offshore transactions is enshrined in law.