FOR IMMEDIATE RELEASE
Pressnews.biz (Press Release) Jan 12, 2015
-- George Town, Cayman Islands - Bateman & Company Ltd owner, Ryan Bateman has had an arrest warrant issued in his name late last year by the Cayman Grand Court, following a failure to attend the hearing of a case filed against him for maliciously inflicting grievous bodily harm on a female living with him. Not only did Bateman abscond, he also caused his guarantor who posted a $1,500 surety bond to forfeit the bail money.
His disappearance has been linked to a request that was granted in September 2014, allowing him to travel briefly back to his native Canada. He was expected to return to the Cayman Islands in mid-September, but did not.
Bateman & Company is a financial services firm run by Ryan Bateman and salesperson Colin Travers. According to the company website, the firm offers asset management, brokerage and investment banking services to both corporations and individuals. The company’s website, batemanfinancial.com, states:
“We are an independent brokerage firm providing investors with market access to stocks, bonds, options, futures, forex, and commodities on over 80 market destinations worldwide from a single investment account.”
What many investors may not however know is that the single financial investment account refers to one where not only are client monies deposited, but also those of Bateman Financial. This is in contravention of laws that require licensed brokers to segregate client funds from those of the brokerage firm. The company uses clearing accounts set up in reputable financial banks and financial institutions. The clearing firms do not however recognize these funds as belonging to Bateman’s clients, but rather to the corporation.
This has led to problems for clients who are often falsely informed by Bateman that their funds are inaccessible because they are supposedly frozen in clearing. Bateman has apparently been using this ruse as an opportunity to otherwise use the monies for his own pursuits. When money is eventually released to the clients, a substantial amount has been lost through fees tacked on. Clients have also been unable to verify with the clearing firms as to why there should have been a delay, as the firms are not aware of any customer accounts.
Another issue of concern is the lack of accountability. Licensed brokers are required to submit notifications to clients for every transaction carried out in their favor, through a sales confirmation. This should be done immediately the transaction is carried out. The Cayman Islands Monetary Authority (CIMA) also requires submission of these accounts for firms registered for the provision of these services.
Bateman & Company Ltd., while not a licensed brokerage firm, is registered as an ‘Excluded Person’. This is an entity permitted by CIMA to conduct securities investment business. There are currently over 2,000 such entities registered in the Cayman Islands. They are however required to have a licensed broker who will undertake the actual investment work. Neither Bateman, nor Travers is a licensed broker.
Bateman & Company Ltd. were no longer registered as an ‘Excluded Person’ entity by CIMA as of 2013. Without this registration in place, the authorities are unable to request for financial accounts, carry out inspections or do anything to protect the firm’s customers.
About Ryan Bateman
Ryan Bateman is the owner of Cayman Islands based Bateman & Company Ltd. and Bateman Financial Ltd. They specialize in the provision of financial services including asset management, hedge funds, brokerage and investment banking. He is also the director of UK based B&C Capital Ltd. All are unlicensed to offer brokerage services.
He is currently on the run from Cayman authorities, with an arrest warrant having been issued for failing to attend a court hearing in November 2014 while on bail. He is believed to now reside in the Greater Miami area of Florida, US.
If you have been a victim of Ryan Bateman, we urge you to get in touch with us through [email protected]
Contact For Further Information
Name: Levi Jorissen
Address: 213 Pinnickinnick Street
Lakewood, NJ 08701
Email: [email protected]