Cayman insurance manager pleads guilty to stealing $856,000
In Cayman’s Grand Court on Friday (15) David Keith Self, 53, Insurance Manager with Monkton Insurance Services, pleaded guilty to two counts of theft and one count of possession of criminal property before Justice Alexander Henderson.
Self stole Canadian $717,388.70 belonging to Warco Insurance Company, one of Monkton’s clients, between 12 January, 2011, and 29 December, 2011.
He also admitted to stealing US$125,000, also belonging to Warco, between 9 May, 2011, and 24 January, 2012.
The third charge he pleaded guilty to was possession of criminal property of funds of US$675,000, again from Warco.
In the original indictment Self was charged with 18 counts of theft and fraud but after negotiations with the crown it was changed to three with the charges rolled together.
Self was arrested in February 2012, and Monkton Insurance was found to be “hopelessly insolvent” by liquidators who filed a petition to wind up the business as a result of Self’s fraud.
Sentencing was postponed until 30th November following a request by Defence Attorney Ben Tonner of Samson & McGrath.
