Chris Dehring’s Firm Accused Of Insider Trading Fraud

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The investment firm of Dehring, Bunting & Golding (DB&G website here) has been accused of an insider trading fraud. Cricket World Cup CEO Chris Dehring founded the company in 1992 and still serves on it’s Board of Directors. Majority ownership of DB&G was purchased by ScotiaBank Canada and ScotiaBank Jamaica in December of 2006.

From Radio Jamaica…

Damning allegations have been made against one of the country’s leading financial Institutions.

Friday morning, the Disciplinary Committee of the Jamaica Stock Exchange met to begin a hearing into allegations that the investment firm Dehring Bunting & Golding (DB&G) was involved in an illegal practice known as front running.

This breach, which is a form of insider trading, occurs when traders buy or sell stocks for themselves before placing orders for customers.

The Hillary Phillips-led committee, which met Friday morning at the Knutsford Court Hotel with lawyers from both sides, is probing reports that DB&G prevented a client from purchasing 100,000 units of shares on July 4 last year.

It is reported that the client, a businessman, was only offered 50,000 shares. The client, who is being represented by attorney at law, Oswest Senior-Smith, believes DB&G bought the remaining shares for itself.

Mr. Senior-Smith says the charges could have serious implications.

When our news centre tried to contact DB&G’s lawyer John Vassell, we were told he was out of office.

The hearing is to commence on June 11. (Read the original online story here)

UPDATE: Jamaica Gleaner Provides Additional Information HERE 

14 Comments

Filed under Barbados, Cricket, Offshore Investments, Politics & Corruption

14 responses to “Chris Dehring’s Firm Accused Of Insider Trading Fraud

  1. Anonymous

    no big surprise. this is how these guys make their loot

  2. Wishing in vain

    Based on the amount of money he and his friends have made out of CWC I am sure that he can pay any fine out of the small change in his pocket.
    When Mr Branker spoke out from very early in proceedings we should have stood up and taken notice but instead we sat back and got the shaft, their not going to be to many success stories coming out of CWC but I am sure that their are going to be a few personal successes such as will be the case with Alleyne and Dehring they have manipulated contracts and deals to themselves and their friends for kick backs in the same vein that Owing , Nicholls and Bannister operate and remember Alleyne is a very close friend of Owing so guidance is not far away.
    What we need is to be able to track and locate these offshore bank accounts to bring some of this stolen money back into the island for use on projects to assist the taxpayers like building a new and operation Hospitial with a new minister of health not that sickly excuse we have there now.

  3. Wishing in vain

    operational

  4. True Native

    What I shall never be able to understand is how the Reverend Joseph Atherley can continue his association with a bunch of criminal vagabonds. Whether he is a crook or not, he remains in cahoots with them. I don’t know which church he is affiliated with, but it boggles the mind to think that he could say to a congregation, “Thou shalt not steal”! No wonder the church has lost so many worshippers. I, for one, would not give one red cent to a church. When Wes Hall became a Born Again Christian – or whatever he became – he bowed out of politics. Yes, it was in protest against the 8% cut by Sandiford, but he never re-entered the political arena. Yet, Atherley remains firmly in bed with this gang of crooks and is seen pompasetting on CBC-TV News nearly every evening. “De Devil wearing de hypocrite shoes”.

  5. John

    Why am I not surprised?

    Wonder who the Golding is in these three musketeers?

  6. reality check

    being long a position before you tout your clients to buy stock, use to be standard operating procedure by most
    brokerage houses. Its called conflict of interest.

    After Sarbane-Oxley in the US, all these kind of practices are coming to
    light. Slowly individuals are being charged and executives going to jail. Its nice to see that these new trends are edging closer to the “tiefs” in our country.

  7. True Native

    It seems as if I have been censored by BFP. I don’t know why.

    ************

    comment by george.

    How did we censor you, True Native? I don’t see anything in the spam filter. please post again… you should always keep a copy of what comment you post in case something fouls up. Don’t forget that if one of us are not here and the spam filter grabs your post, you may have to wait several hours for it to appear.

    thanks
    bfp george

  8. Tudor

    Chris, referred to as as ” a curly headeded ..ook” is the only one who will make money from CWC. The early warnings signs were there i.e. Rawle Brancker.
    John, the Golding mentioned is most likely family to or connected to the Leader of the Opposition in Jamaica whose sister is married to Dr. Mohammd of “Busta” fame.

  9. True Native

    BFP: Foolish me – I did not keep a copy. Perhaps “censorship” is not quite the word. I got a message saying the comment was awaiting moderation. Perhaps it will appear eventually?

  10. BK

    Nowadays financial companies are investigated as a matter of routine. We should not be quick to condemn before the facts are known though. On the flip side the clubs which is what the stockmarkets are in the West Indies this kind of thing happens all the time : – )

  11. Adrian Loveridge

    ‘Scotia G
    roup Jamaica Ltd, a new holding company formed after the Bank of Nova Scotia acquired Dehring Bunting and Golding was yesterday listed on the Jamaica Stock Exchange offering 3.1 billion ordinary shares at $23.55 each’.

    ‘Sixty-eight per cent of DB&G shares are now held by Scotia group’.

    story by
    Patrick Foster, Jamaica Observer 2 May 2007

    Will the inquiry into suspected ‘insider trading fraud’ continue I wonder?

  12. Adrian Loveridge

    ‘Scotia Group Jamaica Ltd, a new holding company formed after the Bank of Nova Scotia acquired Dehring Bunting and Golding was yesterday listed on the Jamaica Stock Exchange offering 3.1 billion ordinary shares at $23.55 each’.

    ‘Sixty-eight per cent of DB&G shares are now held by Scotia group’.

    story by
    Patrick Foster, Jamaica Observer 2 May 2007

    Will the inquiry into suspected ‘insider trading fraud’ continue I wonder?

  13. Anonymous

    Sell out, get out. Chris gone to pasture?

  14. anonymous

    This is typical for firms to behave in a way that will benefit the board memebers and then the shareholders. From a small enterprise in Jamaica to a conglomerate, from a one man show business to multi billion dollar contract, at the end of the day it is who knows who and who will get the largest piece of the cake. It comes to no surprise that insider trading was taking place. This happens all around the world and will continue for years to come.