50 years ago: Fraud, fire and the old Racquet Club

In the Tuesday, 12 Oct. 1976 issue of the Caymanian Compass, one of the top articles was “Cayman registered bank involved in multi-million fraud scheme.”

It reported that the First Kensington Bank, registered in the Cayman Islands, had its licence, which it had received in 1974, revoked on 31 March 1976. The major shareholder in the bank, which is part of a multi-million-dollar fraud scheme, was Barry S. Marlin, a Los Angeles lawyer-financier.

“The collapse of his financial empire has taken with it millions of dollars invested in it by more than 700 pilots for United Airlines, according to the Los Angeles Times,” the story noted.

An article on page three, titled “Contracts signed for Cayman Racquet Club,” stated that building contracts had been finalised between Heber Arch, representing Prag Construction, and Martyn Bould Cayman Limited at Bould’s office for the start of construction on the Cayman Racquet Club.

A rendering of the 71,000-square-foot site, slated to be located near the Government Administration Building in George Town, was shown, as well as a photo of Arch and Bould signing contracts.

Another topic covered in both issues was ex-police corporal Michael Foster, originally from Barbados, who was charged with four counts of dishonest deception.

The Crown alleged that Foster, following a fire which destroyed his residence at Bodden, attempted to get $100,000 from two insurance companies as compensation for the house and household effects, valued at $44,750.

The house had been destroyed by fire on 28 May 1976.

Foster had asked insurance company Dyoll for an advance on compensation. He also completed forms with a second insurance agency, NEM, in which he stated that there was no other insurance.

In the Friday, 15 Oct. 1976 issue, the Compass reported on the second week of the trial. Foster testified that he had misunderstood the insurance forms and had signed them without reading them.

Another article, “Busy Season ahead,” reported that Department of Tourism statistics for September showed 47,974 tourists arrived by air, a figure that is more than double that of tourist air arrivals since 2000. However, back then air arrivals included returning residents and didn’t separate out actual tourists.

A photo, with the title “Election Campaign Hotting Up?”, showed a car belonging to Daphne Orrett, one of the West Bay candidates. The vehicle caught fire as Buddy Orrett was driving home at around 10pm on Tuesday. “It was officially declared a total loss,” the Compass reported.

The editorial on page four, titled “Our Postal Services,” called for the General Post Office on Grand Cayman “to adjust their present system of working hours” for the convenience of the public.

Noting that the current opening hours were 8.30am to 4.30pm on weekdays and 8.30am to 12.30pm on Saturdays, it said, “In most modern countries, it has been found of vital importance to open the post offices to the public … at least one hour before and one hour after the business places in the capital are open.”

An advertisement on page A3 of the 12 Oct. issue for McTaggart’s Photo Centre announced an October Clearance Sale for copiers, pocket calculators and adding machines, as well as various camera and projectors. Movie cameras were on sale for as little as $58.50.