$1M thief gets 5 years

| 24/12/2012

david self.jpg(CNS): A former insurance firm manager was handed down a five year sentence on Christmas Eve by Justice Alex Henderson for the theft of around US$1 million from clients who used his services. David Self (53) admitted stealing money from his clients over a twelve month period, which began in January 2011 when the company he owned got into financial difficulties. The major shareholder of Monkton Insurance, which offered services to captive insurance firms, Self stole money from Warco, a captive created for a group of US auto-dealers that he managed, to top up his own flagging income, the court heard, rather than adapt to his declining earnings.

For almost a year Self took money from different clients’ accounts and used other clients’ money to pay them back in a spiral of crime which left Warco as the last clients out of pocket when CIMA declared Monkton insolvent.

As he handed down the five year sentence on Monday, Justice Henderson said the appropriate starting point was eight years but he gave Self a full discount as a result of his complete cooperation with the authorities from the beginning and his obvious remorse, after Self was said to have handed over his entire assets, including his home, to the liquidators.

Comparing Self’s case to the recent theft by the former Chamber Pension plan manager, David Shultz, Henderson acknowledged that while Self had taken considerably more money, he had not attempted to abscond, as was the case with Shultz.

Once the hopelessly insolvent position of Monkton came to light, at which point CIMA appointed liquidators, Self made a full and frank confession and was described as assisting both the authorities and the liquidators in the case.  The 53-year-old chartered accountant had no previous convictions and, once confronted by the offences, as well as making a full admission he surrendered to custody and gave up everything he owned.

Self’s defence attorney told the court that his client accepted full responsibility for taking the money and his efforts to cover up one theft with another in order to sustain the lifestyle he and his family were accustomed to rather than rein in expenditures.

The judge confirmed that the time Self had already spent in jail would be taken into account.

Category: Crime

Comments (48)

Trackback URL | Comments RSS Feed

  1. Anonymous says:

    Look at the fat on him. He definitely did not have a severe coke habit.

  2. Anon says:

    There is a focus in this case on Self stealing in order to maintain his own lifestyle, but nothing is said of any staff he had working for him in these firms. Did he fire any staff, or attempt to keep everyone employed  even when earnings did not support keeping the staff employed.  What I am trying to understand is where did the majority of the money go? Did he take it all in salary/bonus/expenses, or did he use it to keep the sinking company afloat, which would mean I presume keeping staff employed. I do not agree with theft at all, but I do take a much more lenient view of someone looking out for their staff in hard times. Just my 2cents.

    • Funds R Fun says:

      Yes, we have good thieves and bad thieves.  I forget which bit of Bible said "Thou shalt not steal but if it is to help staff it is less bad".

  3. Anonymous says:

    Poor guy.  He should have never been named Self.  Then he could have blamed it on YOU or THEM. 

  4. Anonymous says:

    The amazing irony of posting this story immediately below the story about the ex-premier taking 34 international trips in the past year. Mind you, I'm sure that jaunt to Greenland is going to reap huge benefits to Cayman tourism over the next few years (NOT).

  5. Anonymous says:

    Another outsider taking advantage of caymanians! We don’t need any more negative outsiders because we have our own to deal with!

    Braca

    • Funds R Fun says:

      Which Caymanians are you referring to?  Stop fanning flames of xenophobia and racism  by making stuff up.

  6. Anonymous says:

    A jail "year" is not the same as  a human year.

    He'll be out by Christmas 2014 – Not bad for a cool $million!!

    • Anonymous says:

      Someone like this person should not be allowed to stay in our society – because he has robbed  some needy and good people of their life savings.  He should not be able to enjoy the sunshing, sand and sea of the Cayman Islands.  Any other country where a crime of this magnitude is committed should be gone from the day he steps out of prison.   We keep them in society, and they find a better  paying  job than they had before instead of returning them to their Birth Place.

  7. Dr Dred says:

    My belief is that this sends thewrong message to:

    1) Criminals – I can steal and get minimum sentencing. AND if you are going to steal go LARGE cause it's the same for small.

    2) Businesses – Employees do not have SERIOUS fear from theft. No matter the damage to their clients or thier business the employee can only get x years.

    Want to solve this?

    Scale it up from 50K starting at 3 years and go like this:

    For every additional 50K stolen add 6 month with only a 10% off for confession, good behavior etc. This way the more you steal the deeper you go into prison.

    To deal with funds given back I would go like this:

    We start at 100% of funds given back gives you 3 years reduction. For every 5% under 100% given back 3 month so….

    So in a case like this where 1 million is stolen the start sentencing is 12 years 6 months.

    100% of funds returned – 9 years 6 months

    For every 5% not returned add 3 months to the 9 years 6 months.

    This gives incentive to return the funds to reduce sentencing but also sets lower cap on sentencing at 9 years 6 months.

    We also need stronger sentencing for weapon related crimes such as guns and knives. I would like to see minimum of 10 years with 5 years added for each additional weapon used in crime and it's accross teh board to all involved no matter if they used the weapon or not. This means even the driver. Sentences are cummulative and shared meaning that a sentence for weapons works like this:

    4 people involved and 4 weapons = 40 years worth of sentencing. So all 4 caught its 10 years a piece. But say we catch 3 and the 3 does not want to give up the 4th then its 40 divided by 3 or 13yrs and 4 months each. Only 2 then its 20 years each. This gives incentive to give up the others or serve their sentence, literally.

    These charges would be added to based on teh crime such as murder or aggrevated assault, etc.

    Our sentencing does nothing to deter crime at all.

     

    • Anonymous says:

      The guy who tried to steal twice that much from West Bay beach condo developers, was tried, found guilty, and was never sent to Jail even. Is who you know it seem.

    • Anonymous says:

      What a load of rubbish

      No allowance for position of trust etc.. no allowance for period involved …. just too formulaic…

  8. Anonymous says:

    Hes handing over all his assets.?

    Where’s all the money?

  9. Non-Party Member says:

    What a travesty for the family, and my heart goes out to them. This is what can happen you let materialism govern your life. It supplants God and is anything but a forgiving master. Build your life on the teachings of Jesus Christ and you will never falter. It is impossible.

  10. Kato says:

    You steal a million and get 5 years. You bring in explosives without permits enough to blow up George town and you get charge $1,800. Am I missing something?

    • Anonymous says:

      Actually it was $1,300.00m but I'm with you… Im not just missing something, I am so "Blown Away" by the INJUSTICE that I now feel like I am missing my Brain.

      • Dick Shaugneary says:

        Given your butchering of English grammar, I doubt there is much brain to miss.

    • Anonymous says:

      Well, Well! he took the money because he would not downsize he would not accept a lesser standard than what he was used to, the irony. The sentence of 5 years have left me scratching my head even more.  Only in the Cayman Islands, a rusty gun that does not work will get you 10 years in prison and stealing $1 million will get you 5 years.

      • Anonymous says:

        Oh Please!

        Rusty gun that will not work? Not sure I read the same report as you. The one I read said that it had a rusty barrell and had not been fired for some time…no mention of what if anything was needed to make it work.

        In any event that is beside the point.

        We have taken a stance that we want to exterminate gun crime in Cayman.If that is our decision then we have to make it totally beyond any concept of ‘acceptable risk’ carrying anything that might could or would be used as a gun.

        We just can’t have cake and eat it too. Next we will have a plea of mitgation that I’m a lousy shot so couldn’t possibly have hurt anyone I shot at!

        • Anonymous says:

          Rusty gun that will not work, I really don't care how you try to justify some thief stealing 1 million dollars and being given 5 years in jail and a young person having a RUSTY BARRELL gun that was not fired in a long time; for the possession of this gun which was not used during the commission of any crime he got a prison sentence of 10 years.  It is what it is and from my human position it seems very unfair.  White collar criminals in Cayman wins 99.9% of the time and that's a fact.   I would take my chances with the Rusty Barrell gun that was not fired in a long time than to have my life savings taken away by a "White" collar thief who was not willing to make lifestyle adjustments.  In my opinion the White Collar criminal who steal from my account is no less criminal that the bank robber with a gun, oh pleeeeze they are both robbers and it matters not which way you try to slice or dice it. 

           

    • Anonymous says:

      Another manger/owner "special key employee" that we most definately could not do without.  This company did absolutely no reputational damage to these islands because he is not native.  Talk about the entitlement mentality, he had to steal to maintain the life style that he and his family was accustomed to.

  11. Anonymous says:

    I really hope he can find himSelf and not be Selfish but rather Selfless…ah this could go on for hours…be yourSelf David be yourSelf

  12. Anonymous says:

    Something is dreadfully wrong with th esentencing guidelines in the courts of the Cayman Islands.

    Someone in Bodden Town is caught with an old rusted handgun which is clearly inoperable and the courts have NO CHOICE than to send that young man to Northward for 10 years imprisionment.

    This guy isplaced in a position of extreme trust by his clients, uses this trust to steal $1million and the judge gets to start with 8 years as a guideline. What adds insult to injury is that the judge then finds convenient excuses to reduce it to 5 years improsionment.

    Clearly this thief is not a Caymanian as we all remember the West Bay girl that stole $10,000.00 from th ebank she worked in and recieved 5 years also. (6 months for each $1,000.00 )

    The sentencing guidelines desperately need overhauling in Cayman.

    • Loopy Lou says:

      Sounds right – guns kill people. 

    • Like It Is says:

      I find it hard to remember the specific "Caymanian bank employee caught stealing" event because there have been so many of them reported over the years that it is hard to distinguish between them.

    • Anonymous says:

      Wonderfully stated.

      Please let’s be sure to question all our upcoming political candidates with this point:

      I. The incoming government will need to be aware this is an issue which constituents want dealt with as a priority

      II. I will only consider voting for a candidate, who demonstrate an ability to understand this issue and be able to articulate how to accomplish this, quickly and efficiently

      Signed,
      A Real Caymanian

      • Anonymous says:

        A Real Caymanian = thinly veiled racist.

        • Anonymous says:

          Q: What would you call someone who has/wants Caymanian status but definitely doesn't want to be mistaken for a native Caymanian/local?  A: Thickly unveiled acist.

          • Anonymous says:

            The point, dummy, was that anyone who uses the phrase "real Caymanian" is a thinly veiled racist since by they are tring to make the point that there are Caymanians who are not "real" enough for them.

            • Anonymous says:

              I am both a status Caymanian and a real Caymanian. The former is a legal distinction, the latter the result of loving these Islands and their people as my own. Nothing to do with race or xenophobia. Sadly, there are now many Caymainans with little love for these Islands or their people. They are not real Caymanians but imposters helping to screw up a truly wonderful place.

            • Anonymous says:

              Is Caymanian a race?

  13. Anonymous says:

    What a piece of XXXX!

  14. Anonymous says:

    So $200,000 per year… Hmmmmmm.

    • Anonymous says:

      I know. I was wondering if I’d sit in prison for 5 years for $200,000 a year. Or $300,000

  15. Anonymous says:

    Anyone know Self’s immigration status ? Did the judge recommend deportation? Does immigration even know?

    • Anonymous says:

      for what its worth… permanent resident

      • Anonymous says:

        The law allows it to be revoked… Let’s see if they’re paying attention!

        • Anonymous says:

          The law prevents it from being granted to dishonest people and actually permits it to be revoked long before conviction. While I look forward to them paying attention now, they plainly have not been, and we obviously have hundreds of people here that our laws say should not be. Our border controls have become an unmitigated joke, themselves operated at the bidding of foreign nationals rather than the Caymanians they were carefully designed and intended to protect.

        • Anonymous says:

          The law actually pretty much demands it be revoked, but hey, what does that matter. Those bits of it intended to protect these Islands and their people always get ignored anyway.

        • Anonymous says:

          In attition to born Caymanians the courts are frequently faced with expats and status recipients who are charged and convicted of offenses and immigration does nothing, despite what the law provides. Why should it change now?

      • Anonymous says:

        Ah, no doubt fully vetted by our ever scrupulous immigration and monetary authorities!

    • Anonymous says:

      Deportation for foreign nationals is mandatory at time of being paroled.

  16. Shadow says:

    Honest at the end. Glad he gave what assets he had in order to help pay back those who were left hanging. 5 years is understandable. He only has himself to blame. (sorry)