Cayman Islands fugitive now operating illegally in Panama
MIAMI, USA -- Individuals considering investing in Panama should note that Republic Asset Management Corp., which is controlled by fugitive from justice Ryan Bateman and Cody Bateman, both formerly of the Cayman Islands, is not licensed to provide fiduciary services in Panama; does not possess the required capital, and is a shell company with no assets.
Republic has been warned previously by Panamanian regulators that it cannot operate as an asset management company, but it is still accepting investor funds.
Investors who have entrusted funds to Republic Asset Management Corp. should immediately retain competent legal counsel, to seek to recover their assets forthwith, if they still exist.
Ryan Bateman, a Canadian national, is a fugitive from justice in the Cayman Islands for a crime of violence, and is currently under criminal investigation as the former managing director of the Bateman Group (B & C Capital Ltd and Bateman Financial Limited) exempt companies without a licensed manager that reportedly diverted US$450 million in client funds in a trading scam where Bateman kept all the profits earned by improperly investing client money. Cody Bateman was a senior officer of the Bateman companies in the Cayman Islands.
Bateman's known Cayman-based associates in the scheme include Sharon Lexa Lamb, Derek Buntain, and Fernando Moto Mendes. There were also a number of prominent Canadian investment advisers involved in the scheme, and subsequent money laundering.
Bateman has another entity, Bateman & Company Ltd, which traded client securities in the United States, without their consent and knowledge, through financial institutions in the United States. Bateman also operated bogus "High Yield Investment Programs (HYIP)" in Calgary, Alberta, until his activities came to the attention of government regulators in Canada, after which he relocated to Grand Cayman.
The company's name is deceptively similar to those of a number of established, reputable investment firms, international banks, and wealth management firms; no doubt the choice of name was to deceive prospective clients into believing that the company was an affiliate or subsidiary.
By Kenneth Rijock
Kenneth Rijock is a banking lawyer turned-career money launderer (10 years), turned-compliance officer specialising in enhanced due diligence, and a financial crime consultant who publishes a Financial Crime Blog. The Laundry Man, his autobiography, was published in the UK on 5 July 2012.