Financial cops charge man in $1M insurance fraud

(CNS): Police confirmed Thursday that a George Town man has been charged with theft relating to two separate insurance companies and is currently held on remand at Northward prison. David Self, a former insurance manager with Monkton Insurance Services Ltd, where he was the sole director, is accused of misappropriating around US$1 million belonging to the company and its clients, according to the firm's liquidators who filed a petition in the Grand Court this week to wind up the business, 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 is 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", the liquidators said in the court documents filed Thursday.

Self was arrested on 21 February and charged in March, when he was remanded into custody to Northward Prison.