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William Tynkaluk, a Toronto-based Chartered Financial Analyst, has been accused by his clients, who are all Canadian and American retirees and pensioners, of contacting them, and warning of an imminent change in Canadian tax laws, which, according to him, would result in increased taxes upon their domestic bank accounts. This bogus "tax advice" was an artful deception, designed to frighten them into agreeing to send their life savings offshore, under his direction.
There was no such law, enacted, pending or otherwise, but Tynkaluk falsely assured his clients that such legislation was imminent, thus frightening them into following his advice about transferring the funds out of Canada. The scheme involved comingling the funds of the various clients, but warranting to the clients that each had a separate account at the Bank of Butterfield, under the supervision and control of Dundee Merchant Bank, an offshore "B" class bank in Grand Cayman.
Tynkaluk had made an arrangement with two close friends, Derek Buntain, then the President, and Sharon Lexa Lamb, then the Senior Vice President, of Dundee, whereby the funds of his clients were swiftly transferred, as the clients incorrectly feared that they risked a huge tax bite, should their funds remain in Canada.
We all know the rest of the story: Buntain and Lamb, together with two other individuals, Ryan Bateman and Fernando Motto Mendez, looted tens (or hundeds) of millions from those controlled accounts, transferred the money to Bateman's shell companies, and moved it out of the Cayman Islands, via DMS Bank & Trust Co., to the Bahamas, the United States, and other parts unknown. The scandal is known as the Cayman Gang of Four, and the gangsters, save one front man, cannot be located.
None of this would have been possible without the participation of William Tynkaluk, CFA; it was his scare tactics that panicked the victims to agree to have their life savings moved to a tax haven jurisdiction, known for ignoring victims' complaints, and for sweeping controversy and scandal under its tropical rug, lest others learn of the dangers of placing your funds offshore.
We understand that Mr. Tynkaluk hurriedly vacated his residence recently, notwithstanding that he was scheduled to testify in a Canadian court proceeding, and has gone into hiding, along with his fellow Canadians, Derek Buntain and Ryan Bateman. Unopened mail is piling up on the front porch of his home. It is time for this Certified Financial Advisor, who committed a gross breach of trust with his clients, to experience the long arm of justice.
There was no such law, enacted, pending or otherwise, but Tynkaluk falsely assured his clients that such legislation was imminent, thus frightening them into following his advice about transferring the funds out of Canada. The scheme involved comingling the funds of the various clients, but warranting to the clients that each had a separate account at the Bank of Butterfield, under the supervision and control of Dundee Merchant Bank, an offshore "B" class bank in Grand Cayman.
Tynkaluk had made an arrangement with two close friends, Derek Buntain, then the President, and Sharon Lexa Lamb, then the Senior Vice President, of Dundee, whereby the funds of his clients were swiftly transferred, as the clients incorrectly feared that they risked a huge tax bite, should their funds remain in Canada.
We all know the rest of the story: Buntain and Lamb, together with two other individuals, Ryan Bateman and Fernando Motto Mendez, looted tens (or hundeds) of millions from those controlled accounts, transferred the money to Bateman's shell companies, and moved it out of the Cayman Islands, via DMS Bank & Trust Co., to the Bahamas, the United States, and other parts unknown. The scandal is known as the Cayman Gang of Four, and the gangsters, save one front man, cannot be located.
None of this would have been possible without the participation of William Tynkaluk, CFA; it was his scare tactics that panicked the victims to agree to have their life savings moved to a tax haven jurisdiction, known for ignoring victims' complaints, and for sweeping controversy and scandal under its tropical rug, lest others learn of the dangers of placing your funds offshore.
We understand that Mr. Tynkaluk hurriedly vacated his residence recently, notwithstanding that he was scheduled to testify in a Canadian court proceeding, and has gone into hiding, along with his fellow Canadians, Derek Buntain and Ryan Bateman. Unopened mail is piling up on the front porch of his home. It is time for this Certified Financial Advisor, who committed a gross breach of trust with his clients, to experience the long arm of justice.
