Myles banned from insurance work, awaits sentence

(CNS): The former director of the National Housing and Development Trust, who was convicted earlier this month on seven counts of deception relating to insurance policy sales, has been banned by the Cayman Islands Monetary Authority (CIMA) from working in the local sector. During a sentencing hearing before Justice Alex Henderson Thursday, Edlin Myles’ lawyer revealed that his client’s career and reputation were in ruins as he urged the judge to pass a community based sentence. Ben Tonner told the court that Myles had been informed that CIMA had ordered his banishment from the sector he had worked in all his life.

The defence attorney said that CIMA has asked him to 'cease and desist' and Myles’ employer, Derek Bogle, had been informed by the regulatory authority that his licence would be at risk if he continued to employ Myles. Tonner said that it would be impossible for Myles to work in the business again. He said his client's reputation was in tatters and he had brought shame upon himself and his family, as the lawyer urged the judge to consider passing a community sentence. Tonner suggested that this was the best punishment for his client, as he said Myles could work with those he had wronged, which would be a more suitable punishment than jail.

However, CIMA issued a statement on Friday morning following enquiries by CNS stating that Myles had not yet been banned.

"“Contrary to what was said in Court yesterday by Counsel for the Defendant (Mr Myles) CIMA has not at this stage issued any directive or order in respect of Mr Myles, arising out of the circumstances of this case," the regulator said. "However, given the recent developments, the Authority will of course consider and exercise whatever options it may think appropriate in relation to him.”

Prior to defence submissions on Myles' behalf, the judge had heard submissions from Deputy Director of Public Prosecutions Trevor Ward, QC, who had argued that despite this being Myles’ first offence, because it was a breach of trust case and a crime against vulnerable low income victims, he should still face a custodial sentence as a deterrent.

Justice Alex Henderson said he would take time to consider his verdict. Myles’ offences were said by the crown to go beyond that of an insurance sales man mis-selling policies. Myles was able to contact the clients and persuade them to buy the policies they didn’t need because of his position on the board but he was not charged with any corruption or abuse of office crimes. Having probed the crown on why that was, Ward had said that based on the opinion of the DPP and a second legal opinion that the elements required in law to make Myles a public officer were not there because of the way the NHDT was established.

Nevertheless, on several occasions throughout the sentencing arguments the judge noted the bigger picture and that Myles’ position as a director was obviously instrumental in the crime.

Justice Henderson will deliver his sentencing ruling at 10am Friday in court five