(CMR) In a CMR exclusive report, we are able to confirm that Ryan Schroeder (39), Business Unit Director for U.S. Private Equity and Corporate at Intertrust Cayman was arrested on suspicion of possession of cocaine this morning at his workplace on Elgin Avenue.
Well-placed sources informed us at the time the operation was underway that the RCIPS's Uniform Support Group and members of the company's management team were seen with police at a police SUV located across the street at popular Liberty's restaurant and at the entrance of Walker's building. The K-9 unit was also spotted on location. Further, they searched a vehicle that had suitcases in the trunk.
Picture: Police K-9 unit spotted outside of Liberty's Restaurant this morning – strategically positioned across from the Walker's Intertrust building.
A short while later we received confirmation that Shroeder was arrested.
He has 16 years of experience in the alternatives fund industry and manages a team of 35 directors, accountants, and corporate administrators.
Shroeder joined Intertrust in March 2014 as a Certified Public Accountant he was lauded as “an industry-leading professional in the alternatives fund industry.” Prior to that, he was an Executive Director at J.P. Morgan as Head of Funds Management J.P. Morgan Global Wealth Management’s Alternatives Investment Group.
Prior to J.P. Morgan, Ryan was a Risk Manager at Allianz Hedge Fund Partners, a fund of hedge fund division of Allianz Global Investments. He began his career with Ernst & Young and Andersen in their Alternatives audit practices.
Ryan holds a Bachelor of Science, in Accountancy and is a Certified Public Accountant. He is registered as a Director with the Cayman Islands Monetary Authority (CIMA) pursuant to the Directors Registration and Licensing Law, 2014.
Ryan’s recent experience covers a number of regulatory matters such as FATCA, AIFMD, Dodd-Frank, amongst others involving the Cayman Islands Monetary Authority (CIMA), the Securities and Exchange Commission (SEC), the Office of the Controller of the Currency (OCC), the Commodity Future Trading Commission (CFTC) and the Internal Revenue Service (IRS). Originally from Waukesha, Wisconsin he attended St. Clare's College, Oxford.
Intertrust Cayman is the largest trust and corporate services provider in Cayman, offering a full range of corporate, fiduciary, fund administration, and company secretarial services.
CMR sources indicate that more arrests are pending and he has already been released on bail.
This is a developing story and when CMR receives more information this post will be updated.
UPDATE: Ryan Kenneth Schroeder pleaded guilty in Cayman Islands Summary Court July 3 to possession of 0.064 grams of cocaine, as well as consumption of cocaine. His sentencing was set for Sept. 26.
According to the Royal Cayman Islands Police Service, Mr. Schroeder, 40, was given his U.S. passport and allowed to travel following a July 4 appearance before the Cayman Islands Drug Court. Bail was granted with a cash bond of $8,000 and a local surety of $1,000, according to court records.
The stated purpose of the travel was to undergo drug rehabilitation, after which Mr. Schroeder was expected to return to Cayman to face sentencing.
He has since been arrested in an incident that occurred on his way from New York’s LaGuardia Airport on July 25 upon his return to the USA where he neglected to pay his cab fare. Schroeder was arrested and charged with misdemeanor larceny and was ordered to appear again on Aug. 27.