Outcomes - Selected Case Summaries

Financial Services Sector

Whistleblowing | 15 May 2019

We received a complaint regarding an allegation of improper conduct concerning two associated Cayman Island entities in the financial services industry. The issue related to a fund director charging disproportionate fees to investors for work which was not done.  Additionally, it was alleged that the fund director altered fee arrangements, circumventing internal controls without client consent, which breached the client agreements.

Following further discussions with the complainant, and with their consent, these complaints were referred to the Cayman Islands Monetary Authority (CIMA).