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(CNS Business): David Keith Self, who is currently on remand at HMP Northward facing multiple charges relating to financial crimes, has also been served with three civil suits regarding his alleged fraud and misappropriation. The white collar suspect is being sued for more than US$1 million that he is said to have stolen while working as an insurance manager on Grand Cayman. Last month local attorneys Campbells filed three suits on the suspect in his jail cell on behalf of the victims of the suspected crime -- Landis insurance company, Landrin Insurance Corporation and Warco Insurance.
Warco is the largest of the three plaintiffs as it is seeking more than $886,881 in damages as well as interests and costs. Landis is claiming $54,000 plus interest and costs and Landrin $48,000.
Self, who was arrested in connection with the alleged fraud in February, is in prison and due to appear in court later this month to answer some 18 charges against him. As a former insurance manager with Monkton Insurance Services Ltd, where he was the sole director, Self is said to have misappropriated the cash belonging to the company and its clients. As a result of the loss of money the firm was placed into liquidation in Cayman’s Grand Court recently and described as “hopelessly insolvent”.
Gordon MacRae and Gwynn Hopkins of Zolfo Cooper (Cayman) Limited, the liquidators of the company, claim Self had wrongfully diverted the cash, which he used for unauthorized investments and personal expenditure.
Monkton Insurance Services was incorporated in Cayman in 1997 and was regulated by the Cayman Islands Monetary Authority, which appointed controllers over the company in February stating that Self "was not a fit and proper person to hold the office of director".
Last month the local Insurance Managers Association claimed the crime was exposed because of Cayman’s regulatory system. IMAC said news of the crime was not welcome but it illustrated that the regulatory environment had performed in exactly the way it should.
“The sound regulatory principles that have attracted 728 captive companies holding more than $11.8 billion in premiums to this jurisdiction have been tested and prove that the system has performed in exactly the way that it should, which provides certainty for current Cayman captive companies and those considering domiciling here,” the insurance firm stated.
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