BC Capital was alleged to have raised funds from investors by way of a Ponzi Scheme. A dispute arose in the Royal Court of Guernsey between receivers appointed by the United States Securities and Exchange Commission and liquidators appointed in the BVI. The dispute arose over BC Capital funds and securities channeled through a UK financial institution.
KRyS Global was instructed as an independent expert to perform an equitable tracing exercise on the flow of monies from BC Capital to EFG Private Bank (Channel Islands) Ltd to assist the Royal Court of Guernsey in its determination of what rights or entitlement respondents might have to those funds.
KRyS Global worked with the United States receiver of BC Capital to transfer electronic accounting records for analysis containing 5,000 transactions from the bank statements of 30 accounts. Equitable tracing analyses were conducted and verified using KRyS Global’s forensic technology team. The data mining exercise was streamlined using custom designed computer scripts to optimise the analysis.
KRyS Global’s independent expert report was submitted into evidence and concluded that the funds could be traced to their original source.
Under a very tight timeline on 23 December to file final report in the Guernsey Court by 10 January. The role, The team worked with the US Receiver of BC Capital to transfer electronic accounting records containing 5,000 transactions for analysis. The equitable tracing analyses were conducted and verified using forensic technology and a very focused approach, without this it would not have been possible to meet the reporting deadline
Taking a focused approach and using its forensic technology, KRyS Global was able to provide a focused, forensically sound report within the tight time constraints imposed by the court (14-day deadline). The KRyS Global report formed the basis of a reported judgment commenting on the use of expert witness reports and confirming that the team involved had the experience and expertise required to assist the court.