Cash Plus Sued Again

Cash Plus Limited has been slapped with whopping J$108 million(US$ 1.5 million) lawsuit. The the entity is now being sued by United States lawyer Sandra Robinson, one of many disgruntled lenders to the scheme. This is  the biggest lawsuit brought against Cash Plus and its boss Carlos Hill to date.

Early this year a study carried out by Caribbean Policy Research Institute (CAPRI) concluded that indeed it was greed not need that drove people into the alternative investments schemes (AIS). In an Gleaner commentary in January, a lawyer questioned whether it was need or greed or ignorance.

The Cash Plus receiver found roughly only J$3 million in Cash Plus. Given that the rest of the assets (J$4 Billion) are tied up in Fixed Assets and much of the money was paid out to other users as interest, recovering 20% her money will prove to be a challenge.

Source: Cash Plus sued- Jamaica Observer.

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One Response

  1. Cash Plus had a website where investors could get update on the current situation. This site was suspended and there is no way that they can be contacted for information. I think the court should make it mandatory for some means be availabe for us to get information. The FSC and the government is focusing on taking down the company and not showing concern for the investors whose lives are severely disrupted by the outfall of Cash Plus. They should put more pressure on Carlos Hill to disclose where he hide all the money. We know that there was a risk but the government allow them to do business for so long without liscencing by the FSC.
    Thanks for your time

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