Cayman Net News- The Royal Cayman Islands Police Service (RCIPS) have arrested an unidentified 47-year-old man in connection with last month’s collapse of several Cayman-domiciled investment funds.

Detectives from the Financial Crimes Unit (FCU) arrested the man on suspicion of theft, false accounting and uttering false documents after their investigations into the collapse of four hedge funds listed under the umbrella name “Grand Island”.

In June the Cayman Islands Monetary Authority (CIMA) confirmed that the “Grand Island” funds were put into voluntary liquidation by the funds’ shareholders. Three of the four funds involved were registered with CIMA in 2006 and one other was an unregulated fund.

Police say that the funds were believed to have been worth millions of dollars, though it is still unclear how much money was lost and how many people are affected by its collapse.

However, it is widely speculated that the losses are up to $70 million dollars and the main commodity being traded was oil. Because of the nature of the three registered funds investors had to contribute at the very least US$100,000.

Read Complete Article

Tags: basis-capital, diploma, director-robert, disclosures, img-src, mumbai, passport, sumitomo, time-difference, trillion

The New York Sun – Suspicions that illegal insider trading may have preceded the year’s biggest and most publicized corporate takeover attempt — Microsoft’s hostile $44.6 billion bid for Yahoo — have prompted the Securities & Exchange Commission to commence a trading probe, knowledgable regulatory sources say.

The investigation is just one of nearly a dozen stock trading probes that were recently initiated by the SEC, The New York Sun has learned, and they include trading in some of the best-known names in Corporate America, regulatory sources tell me.

"It looks like some of Wall Street’s bad guys may be at it again; these guys never learn," one source said.

Confirmations of these investigations — which are not of the companies themselves, but rather focus solely on the trading in their stocks — are clearly documented in a series of information-seeking letters (known as Bluesheets) that the commission recently sent to the brokerage community. The Sun has obtained copies of those SEC letters, which detail 11 such probes, including the one into Yahoo’s securities. 

Read Complete Article

Tags: bets, cnet, director-robert, google, industry-executive, insurance-companies, investment-banks, jafar, journalism, june-14, newcastle