FSC issues Cease and Desist Order against World Wise

There is news that a Cease and Desist order has been issued against World Wise Partners. While information is sketchy it is understood that sometime this morning the order was issued.When contacted the FSC would not say much save and except that a statement would be issued later today.

World Wise had just re-opened after been closed for 2 months and had stated that accounts under $5000 would be closed and that no new deposits or members would be taken on at this time.

FSC Issues Cease and Desist Order to World Wise Partners Ltd./Noel Strachan

The Financial Services Commission (“FSC”) issued a Cease and Desist Order on Tuesday, August 5, 2008 to World Wise Partners Limited/Noel Strachan (“World Wise Partners”) pursuant to section 68 (1B) of the Securities Act.

The Cease and Desist Order issued by the FSC demands that World Wise Partners immediately stop conducting securities business including soliciting and accepting monies from the public. It should be noted that this Cease and Desist Order does not prevent World Wise Partners from paying outstanding amounts due to investors. Therefore no one can claim that the FSC’s Cease and Desist Order has stopped World Wise Partners from paying investors the amounts due to them.

The FSC’s decision to issue a Cease and Desist Order is based on the fact that World
Wise Partners has induced persons in Jamaica to enter into arrangements which are securities in the form of investment contracts. This was being done even though World Wise Partners is not a licensed securities dealer and its investment contracts have not been registered with the FSC. World Wise Partners has therefore engaged in securities activities in breach of sections 7, 10 and 26 of the Securities Act (“the Act”). Section 7 of the Act prohibits the carrying on of a securities business without being licensed as a securities dealer by the FSC. Section 10 prohibits an individual from carrying out the functions of a dealer’s representative without first being registered for that purpose by the FSC. Section 26 prohibits the issuance of securities without first applying to be registered by the FSC in respect of the securities.

In accordance with the Securities Act, entities that conduct or that propose to conduct securities business or offer investment advice to the public are required to be licensed, and issuers of securities are obliged to apply to the FSC to have their securities registered by the FSC before they are issued.

The FSC is once again advising investors to refrain from investing with or through persons who are not licensed or registered under the Securities Act.

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28 Responses

  1. Why am i not surprised.Anyway back to work

  2. cease and desist wah? I can’t wait to hear. They aren’t taking in any money, or new partnerships, they ain’t paying shyte, office nuh open so what exactly are they to cease and desist doing?

  3. WW has issued their own C&D now for the past 2 months, so I guess FSC is just formalizing the process.

  4. Misleading Headline by RJR ?

    World Wise clients to get money

    http://www.radiojamaica.com/content/view/10548/52/

  5. This is exactly what is killing Jamaica’s progress.
    The hipprocacy that is prevalent in ALL segments of government.
    I am so disappointed with BOTH parties.

    If there was a true will to help the people of Jamaica, then these so called Alternative investments would be regulatedin a timely fashion and we could all become financially independent.
    Alas, it is the view of the politicians that only a select few deserve to be able to send their children to a good school and have a have an overall good quality of life.

    Until Jamaica gets a government that has the passion to change and work for the people we will never escape from being a third world country.

    As we have seen with OLINT, politicians such as DV,JR, BP,AS,PS all have money in these schemes. But when a humble man like myself with 3 children and a wife, with an average paying job attempts to do better, we get “put in our place” by a ” regulatory body” appointed by the Government . This is done under the pretense of protecting us.

    I hope for change- that is all I have left now. HOPE !!!

  6. Perkins online has just confirmed a C&D against WW . It does not prevent them from making any payouts however.

  7. @ Kevin are you serious!!!
    I really cant help but get angry at what can only be called stupidity – humble man like myself… this is the typical half-witted attitude that will make some people prime victims for scams – a sucker is indeed born everyday or in the case of Jamaica perhaps every hour.
    Not to the first part of your statement about “regulated iin a timely fashion…” How can you regulate an entity that does not want to be regulated? Big O for instance moved out of the country rather than gettting regualted.
    Regulation involves disclosure audited financials fit and proper tests. Which of the AISs has this level of transparency
    How do you know they are trading FX for example and not just running a scheme similar to the Partner Plans that sprung up in Montego Bay a few years ago.

  8. Title: FSC Issues Cease and Desist Order to World Wise Partners Ltd
    Written by: FSC
    Date: Tuesday August 05, 2008
    The Financial Services Commission (\”FSC\”) issued a Cease and Desist Order on Tuesday, August 5, 2008 to World Wise Partners Limited/Noel Strachan (\”World Wise Partners\”) pursuant to section 68 (1B) of the Securities Act.<br /><br />The Cease and Desist Order issued by the FSC demands that World Wise Partners immediately stop conducting securities business including soliciting and accepting monies from the public.&nbsp; It should be noted that this Cease and Desist Order does not prevent World Wise Partners from paying outstanding amounts due to investors.&nbsp; Therefore no one can claim that the FSC\’s Cease and Desist Order has stopped World Wise Partners from paying investors the amounts due to them.

  9. All the schemes ar enow dead. Remeber the prescription.

  10. It appears the FSC and World Wise were trying to work out an agreement but the World Wise refused to sign the “Consensual Cease and Desist Order”. The were warn that if they did not that the FSC would issue the Cease and Desist it did today. World Wise refused.

    Note the order does not prevent World Wise from paying partners. Those that suggest otherwise are misguided and are clearly intent at spreading propaganda.

  11. @JohnDoe

    Was that on the local news, as I just go a text message telling me that FSC & WW were in talks before this C&D was issued.

  12. Kevin — you cannot be serious. These schemes need to be shut down and chased out of the country. They will not get anybody to financial independence — just financial disaster. My advice to you is that you stay as far away from these schemes as you possibly can.

    How much more can/must we endure? These are all scams.

    When a legitimate FOREX Hedge Fund, that wants to be regulated and registered with the right policing organization shows up, then and only then you should have an interest. And do not get involved with even a regulated organization until you see its track record as well as the background of its principal trader.

  13. @jay correct. The talks was about a voluntary C&DO. World Wise refused to sign so the FSC issued a compulsory one

  14. Watch NS use this to not pay people. Unfortunately u poor suckas have the cat guarding the canary where this bwoy is concerned.

  15. PIPSY

    We not chasing anybody anywhere yet. We have to get or money first. Early days.

  16. Wikipedia says:
    A cease and desist (also called C & D) is an order or request to halt an activity, or else face legal action. The recipient of the cease-and-desist may be an individual or an organization.

    Use by administrative agencies
    Many government administrative agencies also have the ability to issue cease-and-desist orders and frequently use them to halt the sale of unregistered or fraudulent securities, to halt unsafe banking practices and to enforce licensing statutes. These orders usually specify a period of time for the recipient of the order to request a hearing. If a hearing is not requested by the recipient in the given time, the cease-and-desist order becomes final and the agency has the ability to enforce its order in a court of law.

    Do we have a chance to find out why FSC issued the order?
    – Was it to enforce registration process?
    – Is FSC suspicious WW might be fraudulent?

    Does anyone know, if FSC will announce re the C&D order?

  17. DS

    NCB positions itself for fallout? Leggo the info on NCB so that we can position ourselves for them. Or are you going to kep our hands tied as you throw us to the sharks?

  18. Can anyone tell me how to get to hear the audio clip. when i try to play it it sounds like glass breaking

  19. There is nothing wrong Kullcull. That is the sound of Olint cpome crashing down 😉

    You need to down load Adobe Flash Player 9 (free) and install. It should work after that!!

  20. Kullcull:

    Here is the link for the download for the player:

    http://www.adobe.com/shockwave/download/download.cgi?P1_Prod_Version=ShockwaveFlash

  21. Thanks. It worked. I heard for myself.

    it seems like folks on the other board are also adding Peter Bovell to the list of conspirators.

    Peter Bovell made a lot of money off DS. i wonder why he is living in St. Barts. Seems like all of them are out the reach of angry Jamaicans. they seems to have planned their exit strategy.

  22. Kevin, your words ring very true, and to all your detractors, the word regulation means to dictate what intrest rates can be given, so ultimately they can be controlled and never become independent. On the day of independence look back and se what you have actually achieved as a country over the last 46 yrs !
    The current Governments are more controlling than the British used to be, it is just clouded by issues of colour and slavery, put all that aside and look at the facts, & yes i am old enough to remember !

  23. @ Kevin,

    U know what they say? There is a sucker born every 5 min. Unfortunately brother u are 1 of them. NS is a theif, and a criminal (not avery good 1 either) Not to mention his sister & mother. I know this, I know what the bwoy has done, and what he has attempted to do in his life. Typical Jamaican scum bucket. I pity anyone with $$ in WW. U dont know who u dealing with.

  24. Question

    Are the lawyers for Olint waiting 9 months to be paid? or have they accepted money that belongs to members already?

  25. Big up investforlife

    Sirach post one simple comment on the junior blogg and them remove it. Credibility? I wonder who runs that blogg?

  26. Never even heard of World Wise and it’s going down already. Incredible. What did they do?

  27. World wise teif people money liz

  28. World Wise could leave more investors holding the bag !!

    The hearld is reporting that WW will more than likely collapse very soon. just like C+ and Olint.

    http://www.sunheraldja.com/article/show/1361

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