A Victim of Cash Plus speaks out

This is a sad story of someone you sadly clearly invested more that she could afford to lose. While not alll stories are the same and some of made it big She talks about her pain.

“I don’t understand how Carlos Hill took so many poor people’s money and everybody has kept quiet. I am a victim and Carlos Hill was living in a US$7,000-a-month house, when I can’t buy food to feed my child.

I just had a newborn baby and I am breastfeeding and dying of hunger, while Hill is well fed. He used his smooth talk to make Jamaicans feel sorry for him. “I love you, my Jamaican people,” he said.

I took all of my money in the bank that I have been saving for the past eight years from JMMB and invested it in Cash Plus, without knowing he had a criminal record.

I got only one month’s interest. I invested for six months and put all the money back, maybe because I am either greedy or stupid. Now, I am left with a newborn baby, thousands of dollars of doctor’s bill, no money, thousands of dollars of loans and money borrowed from others.

I can’t pay a cent back. I have to be hiding from everyone because I can’t pay them back.

 Morine Shaw, mori_sha2003 [at] yahoo.com

Taken from the Jamaica Gleaner… 


If you can reach out and help, please do. 

What is your story? If you have a story to share, feel free to contact us. Share your stories so that others can avoid making the same mistakes. Tell us your success too

Carlos Hill is to returns to court on July 17, 2008


E-mail Says Olint Broke – David Smith says e-mail Bogus

Nation Wide News is reporting that a letter allegedly written by David Smith is confirming that OLINT is Broke. In the alleged e-mail the following comes out.

  1. David Smith overstated gains since 2006
  2. Olint has collapsed
  3. Drafted but never sent…
  4. Poor Records kept
  5. Person overpaid
  6. 50% traded
  7. Claims it was not a PONZI
  8. Wants one year to pay back, at a rate of 15% per annum
  9. Asks for forgiveness.
David Smith now denies writing that e-mail…  
However later in the radio program, David Smith calls and vehemently denies that he wrote the letter. David Smith asks why would he send his wife an e-mail when they live in the same house?
Audio Clips

Worldwise Updates Investors

We are now in possession of a World Wise memo sent to clients. In it the chairman, Strachan , highlights that no new deposits will be taken and that accounts less than $5000 will be closed. Below is the full text.

Dear Partners, 

I understand the anxiety you must be feeling at this time, and sincerely apologize to you for any inconveniences caused . I am very grateful for your patience and understanding as we look forward to facilitating all our Clients as we go forward with our restructuring process. 

Alternative Investment companies have come under tremendous pressure from external factors resulting in the removal of basic banking facilities; this naturally causes delays in remittance of funds.

World Wise Partners Ltd however, will not divert from our objective which is to provide people with the opportunity and means to enjoy a better quality of life. 

As a consequence we have given careful consideration to the following changes and policy decisions that must be implemented when we reopen to the public on August 5, 2008. They are as follows: 

  • WORLD WISE WILL NOT BE ACCEPTING ANY NEW DEPOSITS OR facilitating the establishment of any new partnership agreements until World Wise is regulated by the FSC or similar governing body .  
  • Partner accounts with balances ranging between US$300 and US$5000 will be phased out first in ascending order.         

Request for all withdrawals and interest payments must be made using our Online   Request Portal . An appointment will then be given as to the date your bank account will be funded. World Wise will not be issuing cheques to Partners. Wire Transfers will be sent to the Partner’s Bank account. In some cases special arrangements may be made for Partners who for reasonable reasons require a bank draft.

  • Our online Request Portal will be activated on August 5, 2008 . If you have already made a withdrawal request you will still be required to resubmit your request via theONLINE PORTAL .
  • Absolutely no requests will be accommodated IN PERSON at either of our offices until further notice.
  • In keeping with the terms and conditions of our Partnership Agreement the monthly gains will now fluctuate based on the business performance – The rate for June is calculated at 4% and July at 6%  
  • Partners will only be allowed one withdrawal from the principal deposit per quarter ; this is in addition to their regular monthly profits. This will eliminate the unnecessary paper work that previously existed and will allow efficiency to prevail.
  • The auditing of accounts is still in progress and will be ongoing.  Please note that as soon as all accounts are completely audited and approved they will be posted on our website where all partners will once again have access to view their account information. We encourage Partner participation in regards to the auditing of accounts, so please continue to submit your deposits and withdrawals to us at balances@worldwisepartner.com . The relocation to our Old Hope Road offices has been rescheduled to August 30, 2008 at which time we will commence operating from more spacious and comfortable surroundings. Please be aware that we have been working assiduously on your behalf to create a more professional and Customer oriented environment that will ensure better services, accuracy and efficiency. Once again I thank you most sincerely for your patience, understanding words of encouragement and partnership, and commit to you that if we work together we can realize our goals and create for ourselves a better quality of life. 

Yours truly, 
Noel Strachan 

World Wise closed offices on June 2, 2008 citing restructure exercises , software platform changes, auditing and a move to a new location. It also asked investors to tell them how much money they had deposited and received as they needed this information for audit purposes


Olint on the Verge of Collapse

Another view from the outside looking in. Used by permission

The situation at Olint is deteriorating rapidly as David Smith has shuttered a local office in Jamaica that he says was the subject of a bomb threat while his fund suffers an apparent bank run. In a grim letter to shareholders Olint states:

These negative and speculative press reports have put a strain on the management of the fund and the fund has come under more and more scrutiny which has also itself been triggered by the increased encashment demands. The reckless and prejudicial use of National Futures Association (NFA) report which was not against us but only mentioned us en passant, while not providing any evidence whatsoever but speculation, caused, as if by well timed design, further pressure on the fund.

Jamaican News is keeping up with the story and Radio Jamaica states:

News of the worsening situation at OLINT comes two months after the company unveiled several changes to the way it does business with its clients which included restrictions on the frequency with which members can request payouts.

In addition, clients were told that they would face lengthy delays in getting back their funds.
David Smith is spinning hard but regardless, it appears that Olint is doomed. Again the question is will there be enough money to go around or was this a Ponzi scheme all along?

And if it was a Ponzi scheme did I Trade FX, where, according to the NFA, David Smith was once a leading principal, knowingly or unknowingly help facilitate it?

To their credit, I Trade FX has been desperately trying to shake this guy like a bad cold. But as Winston Churchill once said of Italy’s disastrous alliance with Germany during World War II, “How much easier is to join bad companions, than to shake them off…”

Source: http://www.fxstreet.com/forum/showpost.php?p=13771&postcount=184
– Uused with permission.

n.b. This was written before Olint Assets were frozen in the Turks and Caicos