Butterfield Bank (Cayman) Ltd. has been dragged into litigation arising from the theft by David Self of approximately $1 million from clients of his Cayman Islands-based captive management firm Monkton Insurance Services Ltd.
Three captive insurance companies in the Cayman Islands - Warco Insurance Corporation, Landis Insurance Company and Landrin Insurance Corporation - are suing their former manager, David Self, for the return of US$988,881, plus interest, that he allegedly misappropriated.
David Self, former president and director of captive insurance manager Monkton Insurance Services Ltd., is "in custody" in the Cayman Islands after misappropriating up to US$1 million belonging to his company and its clients, according to the firm's liquidators.