Robert William Schultz (40), a US national admitted in Grand Court on Tuesday (20) he stole US$289,660.12 from the Cayman Islands Chamber of Commerce pension fund over a two year period to fund his lust for drugs.

Presiding Judge Charles Quin heard Shultz tell the court he had made over 40 illegal transactions to try and hide his theft that included forging the fund’s board of trustees signatures so that he could transfer the money into his own account. This was executed by way of various wire transfers.

Schultz, the pension administrator, was the sole salaried employer of the fund that was overseen by seven trustees.

The court heard that Schultz had started his compulsive drug habit after he had arrived in Cayman from California in 2007 and his marriage fell apart. He became depressed and went from heavy drinking to taking cocaine. He admitted to taking the money to pay for drugs that he used that amounted to as much as $500 a day.

When his theft came to light he immediately admitted the crime and cooperated with the police. He was contrite and even before being remanded in jail last March he had attempted to “become clean”.

Schultz’s attorney, Ben Tonner, made the case that Schultz ‘s drug addiction was a sickness and it should be taken into account in the judge’s sentencing.

Whilst in jail he had faced persecution and had been in fear of his safety but had still tried to continue his drug rehabilitation even though there was no such programme at HMP Northward Prison.

Tonner said his client wanted to pay the money back but needed to work to be able to do it. He asked for a sentence that would allow Schultz to work and pay the money back. A letter was presented showing Schultz had been offered a job.

Crown Counsel, Michael Snape, pointed out the level of trust that had been given to Schultz as it is compulsory for everyone in the Cayman islands to contribute to a pension plan. He asked the judge to start his sentencing consideration at a custodial sentence of at least four years as a deterrent.

After hearing all the evidence in the case, Justice Quin, adjourned sentencing until next Tuesday 4th December.