Grand Cayman's Dundee Merchant Bank, which held tens, or maybe even hundreds, of millions of dollars, in accounts of Canadian pensioners, breached its fiduciary responsibility to its clients, when its senior officers transferred large sums to B & C Capital, Ltd., although the shell company, ostensibly a trader in securities, was insolvent at the time millions was shipped out to B & C Capital. Evidence confirming these facts appeared recently, in the Liquidation of B & C.
The transfers were approved by, and physically transferred on the orders of, President & Director, Derek Buntain, and Senior Vice President & Director, Sharon Lexa Lamb. They were the most senior officers at the bank during the relevant time the transfers were effectuated. Both Buntain and Lamb are members of the notorious Cayman financial crime crew, the Cayman Gang of Four. They deceived the clients, by falsely stating, in writing, that B & C Capital was "a bank."
Accepting the funds at the literally penniless B & C Capital were the fugitive trader and fraudster, Director Ryan Bateman, and his partner in crime, Fernando Motto Mendes, who claimed to be the Managing Director, notwithstanding he was ineligible to hold such a position, due to his checkered past.
Dundee Merchant Bank is therefore strictly liable to the customers, not just for actionable negligence, and breach of fiduciary duty, but the conduct of its officers, Buntain & Lamb, was willful, wanton & reckless, and in total disregard of their customers' rights. Whether punitive damages lie for its wrongful acts is a question for the courts, but the level of misconduct appears to reach such heights where it is appropriate and proper. Dundee Bank is a wholly-owned subsidiary of Canada's Dundee Corporation, which will be held strictly liable, as the parent.
Also, both Derek Buntain and Sharon Lexa Lamb are personally liable for their actions, and they both should receive a lifetime ban on working in any financial or fiduciary capacity.