Cayman Hedge Fund Investigation leads to arrest
The Cayman Islands Police have made an arrest connected with the recent collapse of several hedge funds registered in this offshore jurisdiction.
In the end of July, a 47-year-old man was arrested by detectives from the Financial Crimes Unit (FCU) of the Royal Cayman Islands Police Service (RCIPS) on suspicion of theft, false accounting and uttering false documents in relation to the Grand Island Funds that recently were placed into voluntary liquidation by the shareholders of the funds.
It has already been discussed and should be reminded that in a statement made on June 25, 2008 the Cayman Islands Monetary Authority (CIMA) confirmed that 3 CIMA-registered investment funds and a 4th fund, not regulated by CIMA, have been placed into voluntary liquidation. In the statement, CIMA announced that it is holding its own investigation into the issue.