Hill Group properties to be sold to pay Cash Plus investors.

In a Gleaner report today, there is news that the Supreme Court has agreed with the liquidator, Hugh Wildman, that four properties owned by the Hill Group are to be sold. The properties valued at roughly JMD $30 million dollars each are to sold and the proceeds used to assist in repaying Cash Plus investors.

Here is a quote from the article.

“Wildman said that, although the properties were owned by the Hill Group, his office was able to trace the funds to show that the money that purchased those properties came from Cash Plus.”

Interestedly the article states that there are other such applications before the Courts to have other properties sold.

The next thing the liquidator should look at is to target those that got back more than the placed in the ponzi. They should be ask to repay the excess which should be added to the pool of funds to repay investors.

This move should be also of interest to Olint and Worldwise investors, as it reported that the principals of those companies now own multi-million dollar properties.

Source:

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22 Responses

  1. This is certainly a positive development for CashPlus investors.
    Though only $120m could possibly be recovered from this sale, with a soft real estate market it may well indeed take some time to offload these properties.

    It is noteworthy the courts seems to have now set in motion, the possibilty of having all of Carls Hill properties seized and sold to try and cover some of its investors losses.

    The big question now is, how much properties have they identified out of the country, and what treaties exist with these countries for those properties to be siezed, sold and the funds remitted to Jamaica.

    The same exist for his overseas accounts, how can the GOJ get its hands on the funds held in these accounts of Carlos Hill and his associates or
    affiliated parties.

    Its definitely a step in the right direction.

    • Who knows the procedure to claim for moni owing to us from Cash Plus

      • Every body seems to be avoiding this question. I asked an no one wants to share this information. We are all poor people and would appreciate if some one coulsd give us some answers.

        Thanks.

      • I am hoping to hear something soon on the procedures for claiming monies owed to investors. If anyone can share some information please do so. Would even like to know who to contact for such a transaction.

  2. I wonder if this is also in store for Olint investors/victims…

  3. This is a positive step by the court. People like Carlos Hill are good at what they do. I am sure that there are numerous assets hidden by him and with the right people in place along with pressure from the Jamaican Government, most of these assets can be recovered. All the monies invested in Cash Plus did not dissapeared overnight.

  4. Dear Members,

    We are always so thankful to you for your continued patience and support in these trying times. We ask your prayer as we continue to work at implementing a solution, we still have not reached a state of being able to give you details of what we are doing because of how sensitive the negotiations are.

    Our trader’s situation has cleared one hurdle in that the National Futures Association (NFA) of the USA are not pursuing any charges against him and his organization as they have not found evidence of anti-money laundering. In the meantime we await further developments in his other trader’s situation(s). As soon as any additional information is available we will be communicating this to you.

    Please continue to pray for the following:

    1. Relief for many members who are undergoing hardships at this time

    2. The successful completion of the negotiations .

    3. The early resolution to the situation involving our trader’s funds and for him and his family’s well being

    The Management and Staff

    LewFam Club

  5. Hill’s Hillshire hotel to be auctioned
    Wednesday, 06 May 2009
    Another major real estate property reportedly controlled by former Cash Plus boss Carlos Hill has been placed on the auction block.

    Bids are being sought for the purchase of a 33 room hotel which is located in Montego Bay, St. James.

    The property, which is branded as the Hillshire, was reportedly named after Mr. Hill.

    …..”RJR’s Financial Report understands that as much as US$3 million could earned from the sale.”….

    http://www.radiojamaica.com/content/view/17719/52/

  6. Good news for Cash Plus investors
    Monday, 18 May 2009
    http://www.radiojamaica.com/content/view/18078/26/

  7. Cash Plus properties on sale.
    “Depositors and creditors of investment scheme Cash Plus Ltd are expected to get back some of their money soon, as properties owned by Cash Plus were advertised for sale yesterday.”

    http://www.jamaica-gleaner.com/gleaner/20090525/business/business2.html.

    I am not sure how the Gleaner arrived at the first sentence in their news cast when it was reported elsewhere in the media that exhorbitant audit fees would more than likely eat away any returns made from the sale of those properties.

    I believe that there is really very very little that C+Plus investors will get and so they should take little comfort in the pending sale.

    The other issue with the above article is the assumption made that “property advertised for sale = property sold”, as in a depressed market it may not be that easy to get rid of these properties.

    At what stage will the liquidator go after Hill’s local bank accounts, as I would have thought that would be the easy to go after and seize those funds, as cash is so easy to move around.

    Its postive developments nonetheless.

    At some point in time however I would like to see the liquidator go after some of those that benifited significantly from CashPlus fraud.

    What about the Drax Hall, Hilton and other sale which were never consumated, can’t he seek to get back those funds, as the funds were illigitmate in the first place based on the fact that CashPlus was a Ponzi.

    Mr Liquidator over to you sir.

  8. Deadline for bids on Cash Plus properties is June 1.

    June 1 is the deadline for interested persons to submit offers for the purchase of several real estate assets owned by the collapsed investment scheme Cash Plus and its subsidiaries.

    http://www.radiojamaica.com/content/view/18270/52/

  9. This is interesting & serious. What I think we need to watch out for is the bidders. I hope we don’t have another fire sale on your hands, assets being given away for little or nothing.

    It would be in the public interest to know who these properties are sold to.

  10. Despite all this activity no Cash Plus stakeholders have been paid.The only people who have been paid are the corrupt media officials who took money from both Carlos Hill and David Smith.

  11. The system in Jamaica where plutocrats use the media in a
    vile manner to enslave the thinking of people is disgusting.
    There is an obscene marriage between the Gleaner and the Government as Garnet Roper writes.It is racist and plantocratic.The Gleaner is a co-conspirator of David Smith.

  12. Its interesting that most of the current information on the blog surrounds Olint.

    While this has been happening the CashPlus Liquidator seems to be making a concerted
    effort to get back as much as he can to assist victims of CashPlus.

    Why are those that have been fleeced by CashPlus not commenting, is it that they have long accepted that CashPlus was really CashMinus, a Ponzi and as such there funds were really lost, to a thief and a scam artist.

    Is it that CashPlus investors were for the most part unsophisticated and hence once the scheme went bust they groaned but decided to accept being tricked and have decided to move on.

    Is it that CashPlus investors have come to the realization that 10% per mth was not really feasible at all, that Carlos Hill was a real crook and if they get back “a thing” they will see it as they just being fortunate.

    Is it that CashPlus investors invested just what they could have afforded to lose, hence despite the massive loss, most were able to move on. ( I do know some that have yet to recover).

    If the above holds true, what can we say about Olint investors.

    1. More astute
    2. Middle/Upper Class
    3. More sophisticated.
    4. More educated
    5. Had a lot more disposable income.
    6. Typically from the other side of town.

    But yet these persons have yet to come to the stark realization that they have been conned by a even better con artist.

    Many still hold out hope that :

    1. DS is still trading to give them back their money
    2. DS has money hold up somewhere to pay them back
    3. DS is a was a victim of the FSC , NCB etal.
    4. Olint was not a Ponzi.
    5. They will get back the funds “invested”.

    Two investment that went bust, two entirely different clientele, two contrasting acceptance phase, and how about the outcome.

    One actively being pursued in the court, the other well…, what can I say.

  13. All these developement sounds good but can anyone tell me who the investors should be contacting about getting back even some of there money when these properties are sold?

  14. CashPlus Update.

    Today the liquidator is reporting a likely increase in the funds that may be recoverable for CashPlus investors.

    In addition to the US$25 discovered in Dubai, he is reporting that he expects to recover US$8M from the aborted Drax Hall sale to CashPlus Ltd.

    This is positive news for Cash Plus investors

  15. @Natasha,

    The liquidator had asked that those defrauded file claims since 2008, now I am not sure if he is still accepting claims.

    https://investforlife.wordpress.com/2008/09/18/cash-plus-investors-rush-to-write-claim-forms/

  16. something seems a little funny here The powers that be says that cash plus is bankrupt He said on tv sometime ago that he is not bankrupt Word on the ground is that he is prevented legally from paying his creditors Please shed some light on this in plain & simple terms. Why is this matter with cash plus going on so long while people are suffering Answers please

  17. I read that a deadline was set for the 21st of May 2010 to send in our paper work in order to claim what we have invested in CASH PLUS. My question is, how can I obtained one of these form? Or how do I go about submitting a claim before the 21st of May.

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