Northland Wealth Management Inc., the Canadian investment firm accused of improperly transferring hundreds of millions of dollars of client assets to a dodgy Cayman Islands shell company, B & C Capital Ltd., also reportedly invested its clients' money in a hedge fund, against the express advice of William (Bill) Tynkaluk, its most experienced adviser. Northland principal Paul Mascard was directly warned not to invest client funds in Grosvenor Institutional Partners, Ltd., or any affiliated hedge fund operated by GCM Grosvenor. The Northland clients were never informed the victims about the purchase, for had it done so, the victim has stated that he would have immediately cancelled the transaction, and closed his account at Northland, forthwith.
One of the victims, who has now, after diligent investigation, learned of the existence of the unauthorized, high-risk investment in Grosvenor, has alleged that the Cayman Gang of Four (Sharon Lexa Lamb, Fernando Mota Mendes, Ryan Bateman, and Derek Buntain) recommended Grosvenor to Northland principal Paul Mascard, and the company's CEO, Arthur Salzer. The Gang of Four reportedly took as much as $450m, in Northland investor money, without client authorization, and through misrepresentations of material facts, and this money is missing, and presumed either stolen, or lost in the securities markets of North America.
|Bateman, Lamb and Buntain|
|Northland's Paul Mascard|
|Northland's Arthur Salzer|