Ruth Madoff could be left with nothing.

The USA government is hell bent on ensuring that Maddoff wife gest next to nothing and hence does not profit from the the proceeds of her husband crimes.

NEW YORK, USA – Prosecutors probing Bernard Madoff’s massive fraud are determined to leave his wife with almost nothing after telling a Manhattan court that they consider more than US$100 million in assets, most of it listed in her name, the fruits of her husband’s crimes.

http://www.jamaicaobserver.com/magazines/Business/html/20090317T190000-0500_147730_OBS_IF_GOVERNMENT_GETS_WAY__RUTH_MADOFF_GETS_NOTHING_.asp

Question?

Are there any lessons here for investors who have been defrauded by Olint, CashPlus & Worldwise.

Are there any lessons here for Jamaican and TCI  authorities.

This is how things should be done, but the slow pace of justice in the banana republic’s will almost certainly ensure that these crooks get away with there crimes.

Madoff to plead guilty, could face up to 150yrs

In a courtroom surprise, it was revealed Tuesday that Bernard Madoff will plead guilty Thursday to securities fraud, perjury and other crimes, knowing that he could face up to 150 years in prison for one of the largest frauds in history.

Considering what is likely to happen in the largest ponzi case in history, people like David Smith, Carlos Hill  and Noel Strachan have so far gotten away scotch free due mainly to the reluctance of “wronged” investors to pursue the case in court, and also due to  rampant corruption in Jamaica.

The speed of this case is really amazing considering the scale of the fraud that has taken place, and really shows the USA is very serious when it comes unto these so called “white collar” crimes.

It’s a pity that Jamaica has failed to take a page out the USA book as it relates to these types of cases.

Noel is living large in the USA,David Smith is using investors money to pay his legal fees, and Carlos Hill still gets to drive around in his car which was “siezed” by the Jamaica police.

Full Madoff story here:

http://finance.yahoo.com/news/Madoff-to-plead-guilty-could-apf-14599731.html

WorldWise Investor wins $50 million suit.

Radio Jamaica reported on Monday of this week that a World Wise investor, businesman Hurshel Cyrus has won his lawsuit agains World Wise. The Supreme court it appears handed down a default judgement as Noel Strachan, the defendant and Chief Executive officer of Worldwise Partners failed to file a defence.

This is very interesting, and quoting one posted on visitor to investforlife, “One took action and 11,999 too no action, one got a $50 million dollar action and 11,999 has yet to get a dime and more than likely will not get a dime.” It is understood but not actually determined that worldwise has about 12,000 members, who are still waiting to get back.

In the latest twist, World Wise’s Lawyers have indicated that they intend to appeal the ruling on the grounds that CEO , Noel Strachan was not in the jurisdiction and was not properly served. The question now must be was all reasonable efforts exhausted in attempting to serve the papers and if the ‘defendant’ refuses to make himself available in this civil matter should the court be held hostage?

Interestingly the appeal has not been lodged at this time

 Source:

A Stanford -Olint link ?

There are speculations that there may have been a link between  David Smith’s   Olint and the Allen Stanford group.

In today Herald,  law professor David Rowe, seems to be suggesting that there may indeed be such a link.

He further suggested that Olint investors funds may have also been funneled into the Stanford Group of Companies, without its (Olint) investors knowledge.

Link to the above story

http://www.sunheraldja.com/article/show/2304