White collar suspect may plead to $500k theft

(CNS): The former president of the Rotary Sunrise Club, Michael Levitt, who was the money laundering reporting and compliance officer for Solomon Harris, made his first Grand Court appearance on Friday after being charged with fraud and theft related offenses from the local legal firm. Levitt is accused of stealing around $500,000 from his former employer but his lawyer implied that there may be no need for a trial if the amount of money the 57-year-old man is accused of taking can be agreed. Following the adjournment to allow his attorney to discuss the case with the crown, Levitt is now expected to answer the charges against him on 5 July.

Levitt, who is a foreign national, was remanded in custody to HMP Northward and if convicted he can expect a significant custodial sentence as the courts have traditionally taken a hard line against those found guilty of financial crime as a result of its impact on Cayman’s main economic pillar.

The accountant was arrested in March of this year when his employers discovered what were described as “financial irregularities” during the firm’s annual audit.