CashPlus is Cashless !!

We all already know that this was the situation with the cashplus group as it is with most ponzi’s,   no money is left after its collapse.

Last week the Sunday Herald reported that Carlos Hill reported a net worth of J$114M and in today’s subsequent follow-up article has sought to give some more details on the various accounts.

Reader should note that one company Money Express Financial Services Company was listed in this latest report and said to have a balance of US$931,200.09 that  interestingly remains opens!

Do readers recall who was the principal of MEFSL, well let me remind you, its none other that R. Azan, yes the same guy who lost US$45m before fleeing to florida.

One may therefore ask, what is the link between Carlos Hill and R. Azan, only time will tell but if you have been reading the blog in recent days you may come across such a link.

Read the full article here:

David Smith issues Statement

While most of us where busy celebrating the success of  the Jamaican athletes at the Olympics of 2008 held in Beijing China, David Smith was quietly issuing a statement dated August 16, 2008. In the Statement, David Smith attempted to shed some light on the current situation. According to the letter, an application has been filed with the Supreme Court of Turks and Caicos Islands seeking to “seeking the discharge of the restraint order which has prevented me from dealing with any of my assets, or my companies’ assets, in these Islands; as well as the return of the documents and computers which were seized from me by the Turks & Caicos Islands police.”

 There is no reference to the US $200 million wire, no reference to the US$ 735/750 million. There is no mention of the problem with frozen assets in the USA. There is reference to an audit but no reference to who  or which firm is responsible for doing it. Is it an internal audit? 

‘Pregnancy’ Period.

Later in the letter , the nine months promise resurfaces again. Given that David Smith cannot supposedly “trade”, When did this nine month period begin or is it to begin sometime in the future? Has the plan been conceived yet or is fertilization to occur soon?

For the full text of the article please see below.


I have had consultations over the past few days with my Jamaican and Turks & Caicos attorneys-at-law. Lord Anthony Gifford QC, the leader of the team, was admitted to the Bar of Turks & Caicos Islands on 15th August 2008 for the purpose of representing me in the Court of Turks & Caicos Islands.

An application is being filed with the Supreme Court of Turks & Caicos Islands on 18th August 2008 by my local attorneys-at-law, seeking the discharge of the restraint order which has prevented me from dealing with any of my assets, or my companies’ assets, in these Islands; as well as the return of the documents and computers which were seized from me by the Turks & Caicos Islands police.

My attorneys-at-law advise me that this application will be heard in September 2008 and that they are confident of a positive outcome.

The freezing of my accounts and assets in the Turks & Caicos Islands has meant that I am prevented from either trading club members’ funds or from making repayments. The situation is on hold until the litigation commenced by the Attorney General of Turks & Caicos Islands has been resolved.

However we are using the time to proceed with the audit which was referred to by my attorneys-at-law in their statement of 18th July 2008. Auditors have been retained in order to produce accurate accounts of what is due to members, and what is due from members who have been overpaid. That process is now continuing.

I am still confident that the time scale outlined in the attorneys’ statement can be honoured. In that statement the attorneys said I was committed to fulfilling my obligations and making payments to members within nine months. That remains my commitment.
David Smith
16th August 2008

P.S. Now that the Olympics are over, you should see more postings. Congratulations to our athletes. We, Jamaicans, can certainly be the best at what we set our mind to be.  It is a pity that the UFO con-men have chosen the wrong path. You have to play by the rules.

Carlos Hill declares $J111m in assets

Cash Plus boss, Carlos Obrian Hill, has declared J$111 million as his personal worldwide assets, which is far below the $4 billion outstanding to clients of the collapsed financial entity.

The declared sum excludes four motor vehicles, which were not assigned a dollar value. Hill’s total assets plus that declared for his companies, amount to $204 million. If this becomes available, investors would get only five cents of every dollar invested. The assets for which a dollar value was given comprised J$82.5 million and US$395,000.

Davis: No Bail-out for AIS investors

The Gleaner are reporting former finance minister Omar Davis, has confirmed his early stance, that there should be no bail-out for AIS investors unlike the situation after the collapse of the financial sector in the 1990s.  The Bruce Golding Administration has also taken the same position, no bail-out.

In an address to the Kiwanis Club on Tuesday, August 12,2008, Omar Davis wasted no time in re-stating his position

“Given the early unambiguous statements on these schemes, made by me, as (finance) minister, and the heads of the two regulatory insti-tutions and subsequently reiterated by the new administration, there can be no expectation of state intervention on behalf of the clients of these institutions,”

The former Finance Minster also raised some issues face the authorities. Because the UFOs have not been transparent and failed to provide timely information no one, not even the investors, are quite sure how many persons could lose money and how much money could be lost.


Joel Nathan Ward – Forex to PONZI

This is the story of Joel Nathan Ward.  You can look at the following links

This Interview is very interesting

Other Links

I-Trade Response now available.

The NFa has release I-trade FX’s response to NFA complaints.

At this time we are not able to comment, we will do so later but here are some highlights

Ingrid Loiten

Respondents state in the affirmative that over 94%o of the funds deposited by Loiten were lost tradings.

Gareth Harris

Respondents state in the affirmative that Harris sustained trading losses in his account in excess of 9.5 million dollars, which was equivalent to over 94% of the deposits made in the account.

On David Smith we will have to revisit the document.

Here is the link

F1 vs May Daisy (Part 2)

On June 26, 2008, Steve Plamer & F1 investments has filed a lawsuit in a Flordia court against Ingrid Loiten, May Daisy, I Trade FX, LLC, Deutsche Bank Trust Company Americas and Turks & Caicos Banking Co. Ltd.  In part 2 of this article we examine briefly the counts  as stated in the lawsuit.

These are the Counts as outlined in the lawsuit 

  1. Breach of contract
  2. Civil theft
  3. Conversion
  4. Unjust enrichment
  5. Demand Accounting 
We will now present a brief outline of each charge.

Count #1: Breach of Contract

Breach of contract is pretty much self explanatory.  F1 investments is accusing May Daisy and Ingrid Loiten of the following breaches.

  • Wrongful transferring money to 3rd party
  • Delegating duties
  • Failing to exercise diligent honesty
  • Failing to return funds when requested.

Count #2: Civil theft

In this count F1 Investment is basically saying May Daisy and or Ingrid Loiten has stolen their money. Civil Theft appears to be a american statue in some states including Florida. In summary it is a civil action brought by private individuals and is basically similar to obtaining money by false pretense, fraud and or deception.  It is a statutory right, and in Florida it is defined in §812.012, Florida Statutes.

Count #3: Conversion

This has to do with intentionally and wrongfully depriving another  person of his property permanently or for an indefinite time.  The intent component is important and F1 Investment is arguing that May Daisy/Ingrid Loiten has intentionally deprived it of its money.  The failure to return property(money) also is a part of conversion.

Count #4:  Unjust Enrichment 

In the this count F1 Investments is arguing that May Daisy has been duly enriched at the its expense and under obligation to make restitution.  F1 investment is asking May Daisy has unjustly gained it must return F1’s money

Count #5: Demand for accounting

It is in this count, that I-Trade FX and the other defendants come in. F1 Investment is asking the court to demand the accounting records of Ingrid Loiten and or MAY DAISY. That is, they are requesting that all the transaction records for accounts held with these defendants, including I-Trade FX be produced.

I am not a lawyer so the information presented is my understanding based on information available. Please consult a lawyer for legal advice.


The Story of Financial Plus Investments

In a story all to family, hundreds of people invested their life savings in a company that offered “big returns”. The result is they stood to lose it all as the company, Financial Plus Investments, seemingly disappeared.

The investors in this scheme wasted no time and reported the matter to the local authorities and the FBI. The FBI responded quickly action, caught up with the firm’s owner.

Once again a community of persons are targeted. In this case it is the spanish  community in California and Neighboring Mexico. 

Fox reporter Gina Silva follows up with this video report.