From Ripoff Report

Bateman Financial Ltd is believed to have mishandled client funds in the wake of disappearance of its owner, Ryan Bateman

George Town, Cayman Islands, January 9, 2015 – Cayman Islands based Bateman Financial Ltd, and Bateman & Company Ltd. are owned by Canadian born Ryan Bateman. He is said to operate these firms alongside salesperson Colin Travers. Bateman has been accused by some of his clients of having mishandled their investment funds. According to its website, Bateman Financial Ltd offers asset management, brokerage and investment banking services to individuals and corporations. Under the investment banking tab, the site states:

‘We provide a full range of corporate finance services to clients seeking financial advice, transaction support or funding. Our staff have extensive experience and can offer objective financial advice and expert transaction execution.’

Although seemingly legitimate, Bateman Financial is actually an unlicensed and unregistered financial services firm that initially started out as an ‘Excluded Person’, Entity. According to the Cayman Islands Monetary Authority (CIMA), ‘Excluded Person’ entities do not require a license to operate, but must have a licensed broker on hand to undertake the actual investment services being offered. Neither Bateman nor Travers is a licensed broker, calling into question how they are actually making any trades and investments on behalf of clients.

The firm has also roused suspicion for its poor handling of client funds. A common ruse Bateman is known for is falsely claiming that clients cannot access their funds because they are frozen at the clearing firm. It is believed that during this period of inaccessibility, Bateman is using the monies for other purposes. By the time money is eventually released to the client, exorbitant charges have been applied.

For those who try to learn from the clearing firm why their monies are being held up, their enquiries cannot be answered as the funds are identified as belonging to Bateman, rather than to the individual clients concerned. Legitimate brokers establish customer accounts so as to segregate the funds from their own. Bateman places all money under their custody under the corporation accounts.

Furthermore, the company is alleged to not provide any accounting for financial transactions. Brokers are meant to notify clients of transactions through sales confirmations. These notifications are to be sent out immediately they are done. Bateman however does not send out any such notifications.

According to CIMA because Bateman’s registration lapsed in 2013, they are no longer obligated to submit any financials. This includes sales confirmations on client accounts. Their unregistered status also means that the authorities are unable to carry out any inspection of the firm and cannot protect its customers.

About Ryan Bateman

Canadian born Ryan Bateman is the owner of Cayman Islands based Bateman Financial, which specializes in offering financial services to clients including asset management, investment banking and brokerage services. The company is currently without its leadership on the ground as Bateman has absconded from the islands following charges filed against him for unlawfully and maliciously inflicting grievous bodily on his partner at their home in early 2014. He travelled to Canada in September 2014 while on bail, and is now believed to be living in Florida.

For more on this story go to: http://www.ripoffreport.com/r/ryan-bateman/grand-cayman-other-grand-caym/ryan-bateman-cayman-financier-ryan-bateman-charged-with-assault-is-believed-to-be-taking-1200556