A Cayman Islands liquidator has been sent to prison for 3.5 years, for stealing nearly $500,000 from two Cayman Islands funds in voluntary liquidation under his control.
In sentencing him, the judge, Mr. Justice Timothy Owen, placed considerable weight on mitigating factors including the defendant’s guilty plea, remorse and co-operation with the authorities. Cayman Islands prosecutors, however, have indicated that they intend to appeal on the grounds that the 3.5 year prison sentence was “unduly lenient“, given the nature and circumstances of the offence.
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To this blogger, the 3.5 year prison sentence seems fairly severe, when compared with the sentence of 13 years of imprisonment imposed upon Magnus Peterson, for eight counts of fraud, arising out of his mismanagement of Weavering Capital.