Cayne Continues Fight for Investors:
Additional Group Takes Court Action Against Pitt Ponzi Scheme
Convicted fraudster Gregory Pitt has been in divorce proceedings with his wife, Maliwan Pitt, for several years. The legal action between the couple has escalated in recent weeks with a hearing in family court. Maliwan is seeking award of half of Pitt’s assets – which has become a focal point in attempts to reclaim the property stolen from White Sands Beach investor by Pitt.
Maliwan Pitt has acknowledged that she withdrew all of the couple’s cash from their personal bank accounts and also removed all of the White Sands Beach title deeds from their secure storage. Inexplicably, the Judge in the divorce action has granted her permission to retain control of the title deeds pending resolution of the divorce action. The Judge’s decision to allow Maliwan to retain control of the title deeds comes despite a Tran Court’s conviction of Pitt for their theft and his 18-year prison sentence.
During the divorce proceedings in family court, Richard Cayne, Managing Partner of Meyer Asset Management, was in the court room representing investors defrauded by Pitt. Cayne’s presence in the court room was to argue that the White Sands Beach property was fraudulently conveyed to Pitt and that his wife had no claim to it. Cayne was there with his lawyers to prevent Maliwan from being the second person to steal White Sands Beach investor’s property.
Cayne’s lawyers pressed Maliwan Pitt during cross-examination with a simple question: “Did she in fact know that the property in question was owned by White Sands Beach investors and that her husband had fraudulently conveyed the land that she now had possession of the titles for”? Her response was to break down on the stand and start to cry. It seemed obvious to all present in the courtroom that she realized that what she was after was wrong and the real investors would suffer if they didn’t get the land.
Pitt was not in the court room and when summoned to appear he sent word that “…he was nervous and was not well to come.” The judge replied that the excuse for non-appearance was unacceptable and that if he did not appear his side of the case would not be heard.
A surprise party was also in the court room in addition to the White Sands Beach investors Richard Cayne and counsel were there representing. A second, separate and unrelated group who invested in a Managed Savings product through Gregory Pitt in UOB the Singaporean bank cross examined various witnesses and appears as if they are trying to make a case for a claim on the White Sands Beach property as well.
In a summary of the case at the end of the day’s proceedings, the Judge said: “This Gregory Pitt is very horrible, he has clearly harmed many people, and while I have no issue in handing a divorce settlement down to Maliwan, I cannot allow innocent investors who are unrelated to them to be harmed and need to find a way to protect them as well. ”
Gregory Pitt having just received in December an 18 year prison sentence for his fraud of White Sands Beach investors, is now facing fresh legal action from individuals who claim they were defrauded in a managed savings scheme.
Lawyers for the managed savings victims have reached out for help from Richard Cayne appearing to realize they have no claim to the White Sands Beach property, but looking for Cayne’s assistance following his successful prosecution of Gregory Pitt. Clearly the two cases are completely unrelated and two different groups of investors with two different claims except for the common element that it was Gregory Pitt perpetrating fraudulent activities in both and to both groups of investors.
The fraud they allege against Pitt is a typical Ponzi scheme where Pitt promised investors high fixed return in the product a product he window dressed to make look as though on offer by the large and reputable Singaporean based bank UOB. When Pitt shut down the www.managedsavings.com website and stopped corresponding with its broker and investors, it became clear this was not a UOB -operated investment account but rather a Gregory Pitt operated account which is now the subject of the Ponzi scheme scam and claim.
It is interesting to note that in both Royal Siam Trust White Sands Beach product as well as the Managed Savings Product he created false documents to give a larger more reputable image for both companies. In the Royal Siam Trust case he attested with his written documents as the company’s accountants and lawyers that it was larger with more assets under management than it actually did have and making the family behind it look far larger than it actually was. In the end the land is there and Richard Cayne is after it for the investors but unfortunately in the Managed Savings investment’s case looks like it was a complete fraud by way of Ponzi scheme with assets gone and nothing left for those investors to chase after but Gregory Pitt himself. If this other group is a fraction as successful as Richard Cayne has been Pitt should get several more years jail time on top of what many perceive for him to already be a life sentence.