Posted on April 30, 2009 by investforlife
In a Gleaner report today, there is news that the Supreme Court has agreed with the liquidator, Hugh Wildman, that four properties owned by the Hill Group are to be sold. The properties valued at roughly JMD $30 million dollars each are to sold and the proceeds used to assist in repaying Cash Plus investors.
Here is a quote from the article.
“Wildman said that, although the properties were owned by the Hill Group, his office was able to trace the funds to show that the money that purchased those properties came from Cash Plus.”
Interestedly the article states that there are other such applications before the Courts to have other properties sold.
The next thing the liquidator should look at is to target those that got back more than the placed in the ponzi. They should be ask to repay the excess which should be added to the pool of funds to repay investors.
This move should be also of interest to Olint and Worldwise investors, as it reported that the principals of those companies now own multi-million dollar properties.
Filed under: UFOs | Tagged: Carlos Hill, Cash Plus, Jamaica, Ponzi | 22 Comments »
Posted on April 28, 2009 by jay
Investforlife has just received news earlier today that the NFA has imposed a US$250,000 fine on I Trade FX LLC for failing to implement a anti-money laundering program.
April 28, Chicago – National Futures Association (NFA) has fined I Trade FX LLC (I-Trade) $250,000 for failing to implement an adequate anti-money laundering (AML) program. I-Trade is a Futures Commission Merchant and Forex Dealer Member of NFA located in Lake Mary, Florida. I-Trade solely conducts retail, off-exchange forex business. The Decision, issued by an NFA Hearing Panel, is based on an NFA Complaint filed in June 2008
The Panel found that I-Trade failed to adequately implement its AML program by not filing a suspicious activity report (SAR), not investigating deposit and withdrawal activities of the accounts of two Jamaican investment clubs, Olint TCI and TCI FX, and not investigating the source of funds received from two of I-Trade’s customers.
See final judgement here at this link.
Filed under: Olint, World Wise | Tagged: David Smith, Forex, I-Trade, Martinez, MTI, Olint | 211 Comments »
Posted on April 25, 2009 by jay
The Sunday Herald is reporting that the head of one of Olint’s largest feeder club, Mr Chester Stewart, of Regency Capital Investments has been arrested by the FBI.
Stewart, who worked at a leading investment house, was charged for money laundering and wire fraud. He is said to be a close associate of Olint boss David Smith and several leading local businessmen and politician”.
Filed under: Olint, World Wise | Tagged: Olint, Regency | 51 Comments »
Posted on April 23, 2009 by jay
Investforlife has just received news that Capital Blu CEO , Donovan Davis Jr, has been charged for fraud in Florida.
It has been reported that Mr Davis at times would blow, over US$40,000 in one night in a gentleman’s club.
In addition we are receiving word that he would travel on a regular basis via charter flights.
We will update this post as soon as we have more information, so stay tuned.
Filed under: Capital Blu | Tagged: Blayne Davis, Capital Blu, Donovan Davis, Ponzi, SCAM, Scheme | 187 Comments »