Carlos Hill Has 14 Days to Vacate House

Carlos Hill has 14 days to leave Norbrook property.  It is a case of how has the might one has fallen. Carlos Hill former boss of the Ponzi operation called Cash Plus is being evicted from the Armour Heights residence. It is understood from the RJR report that a secruity team along with Trustee in Bankruptcy Hugh Wildman, turn up at the residence to remove Mr. Hill. The report also stated that a NSWA truck was also on hand.

Mr. Hill prevented the eviction from occurring and only and apparent last minute agreement prevented the eviction
The Liquidator is seeking to have Carlos Hill removed as he seeks to sell 4 properties valued about 30 million dollars each in order that Cash Plus investors can look forward to getting back a portion of their investment.
As we await the appointment on a liquidator in the Olint  case, the principals in that scheme should be watching this case with interest.
Interestingly, the 14 days has been granted on humanitarian terms.

 

Mr. Hill prevented  the team for acting for much of the day and only an apparent last minute agreement prevented the eviction.

The Liquidator is seeking to have Carlos Hill removed as he seeks to sell 4 properties valued about 30 million dollars each in order that Cash Plus investors can look forward to getting back a portion of their investment.

As we await the appointment on a liquidator in the Olint  case, the principals in that scheme should be watching this case with interest.

Interestingly, the 14 days has been granted on humanitarian terms.

 

Source :

OLINT to be wound up

The  TCI Weekly News is reporting that OLINT TCI is to be wound up beginning Tuesday June 2, 2009.

David Smith home and offices were raid in July 2008 and assets frozen by the TCI Law enforcement.  Later that month, OLINT and David Smith’s accounts in the USA were frozen. In February  2009 he was charged by the TCI authorities for fraud and other theft related offences

The TCI weekly quotes, Justice Richard Williams as revealing that the Supreme Court in TCI had personally received “streams of correspondence” from anxious local investors.

“I feel terrible for them, it’s sad for all the people.” – Justice Richard Williams

The question then, is there enough money. According to the TCI weekly, Justice Williams is reported as saying the following:

“The amounts that the AG disclosed to me, there are not the amounts in that account to meet the amounts the creditors say they are owed.” … 

Appointment of Liquidator opposed

However, it is understood that OLINT through its directors David and Tracy Smith are apposing the appointment of a liquidator. In the Cash Plus case Carlos Hill seem originally alright with the receiver but later fought to have the receiver removed. Subsequently a liquidator was appointed in the Cash Plus case. It should be noted There is already a wind-up order in place for TCI FX trader, a TCI based company.

In general, since January 2008, investors in OLINT has not been paid interest and have been unable to have their principal repaid.

There are currently a number of lawsuits against OLINT in the TCI and in the USA. It is interesting what will become of those lawsuits now that the liquidator has been appointed, given the lessons learnt from Cash Plus and other failed PONZIs.

Source: 

Related:

How did Olint steal your money, and how David Smith planned to get away with it.

From all the information that has been made available, it appears that David Smith really did little or no forex trading in the years prior to 2006 and then in 2007 attempted to create the illusion that he was really a big time trader.

I am of the view that and the end of 2006 and into 2007, the cash laying around in Olint had started to deplete as some persons opted to get out after the fight with the FSC.

Having recognized that he would more than likely soon ran out of money DS decided to make some changes that would allow him to steal as much as possible as he  in was in fact being robbed by his “partners”.

David Smith gathers his lawyers and began the process of separating his client’s money from them, and actually making the clients facilitate this process unknowingly.

Olint created a what was later  called a “private club members agreement” which was a new membership document which each client was told to sign and return or risked being kicked out of the club.

This new document( as far as I am aware) had no protection which had be offered in the earlier membership agreement, as while in the former it was stated that 80% of your funds where secured, this new agreement had no such thing. (We will get back to this later).

In early 2006, David Smith partnered with the Martinez to form I- Trade FX, as this was now going to be the vehicle used to steal as much money as was possible from his remaining client. (He was added as co-owner in Sept 2006)

David Smith subsequently started wiring funds to “fund” this account and appeared to have been doing some trading, in order to give his clients the appearance that he was really a super forex trader.

The trades that were being done were not particularly successful, but this was only a part of the larger plan, as now he could tell is loyal clients that he had lost most of the money while trading, which in this field was not illegal. You see the new agreement that his clients signed, gave DS full control over the pool of funds available and there was no protection being offered to his clients (i.e. no 80% was sitting around safely in the bank.)

While David Smith was trading and racking up losses (deliberately so), he was being assisted by other in moving the funds that he had been transferring into his personal accounts all over the world.

The losses that were been incurred on his trading platform were actually payments being made to his partner i.e. the co-owner of I trade FX (Really clever don’t you think). The trading records would show actual losses, (as he really did not want the fraudulent activity to be as brazen as he writing a check to these guys), so how better to get it done, while making it  appear to be a legitimate business(trading) activity.

The creation of TCIFX hedge fund was really smoke screen activity, once again to give the appearance that genuine trading activities were taken place, and where only done to increase cash flow to Olint thus allowing the process to continue for a while longer,which facilitated the concealment of stolen funds.

David Smith is very well aware how law  enforcement officials works in the Caribbean and so with very limited resources on their hands, they cannot afford the time or money to track the loot that may have been spread to all corners of the world.

Notes:

The account of activities mentioned above have not been verified by law enforcement, and is based on available records from the NFA, the FSC and personal views.