Cash Plus Investors to recoup as little as 5 cents on the dollar

In keeping with what many of us have been saying as it relates to the possible recovery rate of investors who invested in the AIS, the observer is today reporting that CashPlus investors could recover as little as five cents on the dollar.

This is close to the figure which many of the “detractors” have been saying for sometime now, and as time progress that figure seems more likely now than ever before

One interesting comment was made in this article, and that was the fact the law in Jamaica says if you are engaged in a real estate deal, in which the buyer can no longer close the deal, the seller can keep no more than 10% of the sale price of the property.

This means that any payments that cashpus made in excess of 10% of the sale price should be refunded. I have seen or heard of no such mov by the receiver or the liquidator to make any such moves, thus allowing these “sellers” to make off with millions of dollars.

It once again shows how weak our justice system is in protecting Jamaicans.

Read he full report.

http://www.jamaicaobserver.com/magazines/Business/html/20090711T190000-0500_155188_OBS_CASH_PLUS_INVESTORS_TO_RECOUP_AS_LITTLE_AS___CENTS_ON_THE_DOLLAR_.asp

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22 Responses

  1. I think 5cents on the dollar is probably more than Olint investors will ever hope to get back.

  2. Hurry Carlos find something quick. hahahaha

  3. Cash Plus, affiliates wound up

    The liquidator disclosed that in respect of some of the properties, there would be court battles as it was being contended that Cash Plus breached agreements. He said two of those properties are Mainland International, a hardware company at March Pen, St Catherine, and the Hilton Kingston hotel. Wildman said Cash Plus had invested US$8 million in the hotel. He said he would make every effort to see if there was any way in which he could get back that money.

    http://www.jamaica-gleaner.com/gleaner/20090724/lead/lead6.html

  4. Hugh Wildman winding up a crooked company. Now here is a case of the Fox watching the hen-house. Has anyone run a background check on this guy?

    Someone should. Or someone shouldn’t. Depends!

    • Tafari:

      There you go again. Why should anyone do a background check? Obviously, given your propensity in that area, you already have the dossier on Mr. Hugh Wildman and your qualifying statement is proof of that. So, go ahead, share with the rest of us your documented views. In the interest of transparency though, you should preface your opinions by declaring your disdain for Jamaicans, typical of you “small” Islanders. Not to mention the politically motivated hatchet job you guys did on this outstanding Jamaican lawyer (when he worked in various legal positions in Grenada). Now you have decided to extend the reach of your hidden agenda by besmirching the good name of a fellow Jamaican.

      As Floridian would say, your “slip” is showing…..but in your case, the literal connotation is in order! Should I suggest an alternative investment in your choice of attire?

  5. Like I said MikeD, do a background check. Or don’t. The information is available.

    You are a piece of work, MikeD. “The politically motivated hatchet job you guys did….”

    “…Outcstanding Jamaican Lawyer…”….

    This is good stuff. You are either very unknowing, or you expressed what the standard is for “outstanding” in Jamaica. You are your own worst enemy.

    Keep talking guy.

  6. And MikeD, who is the “you guys” you refer to?

    “Small islanders?”

    Interesting stuff. Please do not let a little thing as the truth get in the way of making your point.

  7. I wondered why Nocotec was so sure that anyone who invested in Olint is a fool and a candidate for another scam. I have come to realize that Nocotec is as right as he is wrong.

    You see, Nocotec appears to be making reference to Jamaicans.

    It appears that MikeD, \for example, thinks that Hugh Wildman is an “outstanding” Jamaican. Well, most Olint investors still believe that David Smith is an “outstanding” Jamaican….no matter what is revealed about his dealings.

    Where Nocotec may be wrong, though, is that there are Olint investors who are not Jamaicans. Folks in the TCI, St. Lucia and Grenada are furious and seeking to file lawsuits and do whatever they can to recover their money.

    Not so in Jamaica, it appears. They won’t (for the most part) contact the liquidator for example. They are still waiting for their outstanding Jamaican to repay their money.

    So Hugh Wildman is the standard bearer for the legal profession in Jamaica….(not that that would be a very high bar to carry, considering that we are speaking about the legal profession). It makes me wonder.

    May I ask you MikeD, are you suggesting that my “disdain for jamaicans” is unfair, misdirected, mis-guided or otherwise indicative of misjudgement or other unjust maliciousness?

  8. Someone is under investigation in two jurisdictions for crimes of fraud, bribery, and misuse of an official capacity. Someone important and outstanding.

  9. Or don’t!

  10. The former head of the failed Caldon Merchant Bank Henry Fullerton appeared in the Corporate Area Resident Magistrate’s Court today.

    He is charged with breaches of the Financial Institutions Act

    http://go-jamaica.com/news/read_article.php?id=11189

  11. Tafari: I wondered why Nocotec was so sure that anyone who invested in Olint is a fool and a candidate for another scam. I have come to realize that Nocotec is as right as he is wrong. You see, Nocotec appears to be making reference to Jamaicans.

    My information is not specific to Jamaicans. I first discovered the phenomenon many years ago by reading about so called Boiler Room scam operations. This behavior is very typical of people who fall for scams and it is no way related to nationality. I have come to realize that the wiring of their brains makes some folks susceptible.

    The boiler room scammers would call up or contact people ad scam them much like the way the lottery scammers do today. The first scammer pulls the initial scam… The 2nd and sometimes 3rd plus scam is pulled off by other associates. These associates call the ‘sucker’, empathize with them and pretend to be calling from the same company or some other group… They pretend they can help the ‘sucker’ fix the problem caused by the bad agent or other company… The ‘sucker’ bites the bait again and gets hooked yet again, sending more money to fix the problem… The come on is like this… I need you to give us more money to pay for so and so which is needed to remedy the problem or correct a shortage… Hmmm, this sound like an attorney for a ponzi scheme victim :-).

    The phone and mailing list of these victims are sold and traded at a very high premium amongst scammers. Such a list is like a prospector getting a map to the gold.

    In making your point you are actually illustrating this principle. Many victims of these scams will end up being legally scammed by an attorney. Many attorneys are real happy taking money from the scammed to file lawsuits. They know full well that the chance of recovering more than the legal fees are low but many will pretend to the client that the chance of success is great. If you tell a client that I will take all the money you have left but I probably will not recover enough money to cover my fees… Hmmm… How many of these victims will still retain the attorney.

  12. Tafaru: Where Nocotec may be wrong, though, is that there are Olint investors who are not Jamaicans. Folks in the TCI, St. Lucia and Grenada are furious and seeking to file lawsuits and do whatever they can to recover their money. Not so in Jamaica, it appears. They won’t (for the most part) contact the liquidator for example. They are still waiting for their outstanding Jamaican to repay their money.

    Are you aware that this is like the guy snorting powdered cocaine thumbing his nose at the guy smoking crack cocaine? 🙂

    We saw the same scenario with Olint investors looking down on C+ investors as fools since C+ business model was flawed but Olint’s made sense as DS was generating Olint’s returns trading FX.

    Now the latest is that TCI, St Lucia and Grenada investors, who by the way bought into the same obvious ponzi scheme… were addicted to the same drug like lure of easy money… these folks are different and by implication better, as evidenced by their somehow better collective response. Some of this stuff does have a comical entertainment value 🙂

  13. I know Tafari would eventually shows his cards, but despite prior warnings, no acknowledgement about his motivations. Hmmmm…”crimes of fraud, bribery, and misuse of an official capacity”….these things were learnt in Grenada. We don’t even have similar statues (crimes) on the books in Jamaica. Should we engage the Jamaican police in slapping on the handcuffs now? Let me know when, if not now. How did you happen to zero in on such an obscured individual as Mr. Wildman?

    In that case Tafari, I think we need to keep a keen eye out for Mr. Wildman while he is back in Jamaica (per your manufactured evidence). Now you understand why he was appointed to be the liquidator for Cash Plus….he has firsthand knowledge (skills?) of scams, plus he might pick up a few new techniques along the way from the father of scams, Mr. Carlos Hill 🙂

    Tafari, you realize you have zero credibility left on this blog? Anything you say is totally disregarded. Even your statement that you were a sharp shooter in the US army has proven to be a lie, since I was reliable informed that when they did you “marksman” test, they had to move the target within 2 feet of your position. Even I could score 100% bull eyes if the target was only 2-feet away…isn’t the tip of the barrel touching the target in such a scenario or did they give you a smaller rifle?!!

    BTW, why the use of all those big words in your earlier post? Words like misdirected, mis-guided (sp), indicative, misjudgement (sp) and maliciousness. Remember the first principle….KISS……. I guess you want to confuse my “simple” brain, eh? I can ignore one of those words in a sentence, and still get the meaning, but when you “string” five of them in a sentence you leave me in a state of stress…………. “You are a piece of work (whatever that means) Tafari”…………..

  14. Funny stuff MikeD…Thanks for the chuckle….

  15. May I ask you MikeD, are you suggesting that my “disdain for jamaicans” is unfair, misdirected, mis-guided or otherwise indicative of misjudgement or other unjust maliciousness?

  16. Nocotec..I think that you missed an essential point ……

    I stipulate that investing in Olint was unwise. The point being made, and the difference between the folks in Jamaica and the other countries is that in Jamaica, it appears they still believe in David Smith.

    A few days ago I had a conversation with an investor in Jamaica who insisted that David Smith will soon be vindicated. I asked him if he anticipates that the TCI court will reverse its ruling. he said “just wait and see”.

  17. MikeD, on July 24th, 2009 at 7:24 pm Said:

    I know Tafari would eventually shows his cards, but despite prior warnings, no acknowledgement about his motivations. Hmmmm…”crimes of fraud, bribery, and misuse of an official capacity”….these things were learnt in Grenada. We don’t even have similar statues (crimes) on the books in Jamaica. Should we engage the Jamaican police in slapping on the handcuffs now? Let me know when, if not now. How did you happen to zero in on such an obscured individual as Mr. Wildman?

    In that case Tafari, I think we need to keep a keen eye out for Mr. Wildman while he is back in Jamaica (per your manufactured evidence). Now you understand why he was appointed to be the liquidator for Cash Plus….he has firsthand knowledge (skills?) of scams, plus he might pick up a few new techniques along the way from the father of scams, Mr. Carlos Hill

    Tafari, you realize you have zero credibility left on this blog? Anything you say is totally disregarded. Even your statement that you were a sharp shooter in the US army has proven to be a lie, since I was reliable informed that when they did you “marksman” test, they had to move the target within 2 feet of your position. Even I could score 100% bull eyes if the target was only 2-feet away…isn’t the tip of the barrel touching the target in such a scenario or did they give you a smaller rifle?!!

    BTW, why the use of all those big words in your earlier post? Words like misdirected, mis-guided (sp), indicative, misjudgement (sp) and maliciousness. Remember the first principle….KISS……. I guess you want to confuse my “simple” brain, eh? I can ignore one of those words in a sentence, and still get the meaning, but when you “string” five of them in a sentence you leave me in a state of stress…………. “You are a piece of work (whatever that means) Tafari”…………..

    The dude is a dummy…he said all this and included the phrase “Anything you say is totally disregarded”.

    Is this guy too stupid to know he is so stupid?

  18. @Tafari

    It is true that a minority of devoted folks still believe in DS and that there are some that still believe it was the FSC and the gov that caused Olint to fail. However I believe it is an ever decreasing minority.

    The main reason more Jcans have not come forward is because of a sense of shame and embarrassment. Cash Plus was the investment of choice for more lower middle and middle class investors. Olint was the vehicle of choice for middle class, upper middle class, wealthy and power elite. There was some cross over between the 2 choices but that was the broad situation.

    For example there were many attorneys invested in Olint (some in C+ too)… on the surface it does seem amazing that these folks have not sued. Embarrassment and loss of prestige is why not. Many Jcans love to ‘profile’ and love to have status… even when they are swindled they would rather keep quiet than be exposed by coming forward. It is not because most still believe in DS why they have not taken action.

  19. Tafari:

    Something is not “computing” here; let us examine the following facts:

    1) Tafari took his hard earned (maybe a false assumption) money in April of 2008 and gave it to a feeder club.

    2) The Feeder Club allegedly forwarded the funds to Olint (or some black hole).

    3) Tafari did the above with the expectation that his funds would earn a monthly return of approximately 10 % per month (Yikes!!)

    4) Turns out that at the time Tafari forwarded his funds to the Feeder Club, Olint was for all intent and purposes, DEAD, whereby Olint was not honoring redemptions from its investors from as far back as November of 2007. Essentially, Tafari invested in a Ponzi long after most well thinking individual would have avoid Olint and concluded, as most detractors had known from the outset, that Olint was a Ponzi Scheme since its inception.

    5) Once it became evident to Tafari that he was swindled, Tafari appear out of nowhere and started to participating on the Investforlife Blog saying all manner of silly things and engaging others with far SUPERIOR intellect in a debate centered around the irrational decision-making process he employed when making the initial “go/no-go” investment decision in Olint (via a yet to be named Feeder Club). His attempt at downplaying his personal responsibility and failing to concede that he was a moron for investing in a Ponzi, long after it already collapsed, has proven futile and has fallen on deaf ears.

    6) During this period of great stress for Tafari, he has engaged the services of a Private Investigator; with the ultimate goal of tracking down funds that he believes Olint has hidden “somewhere”. Now it is no clear to me what the end result will be once he has this information. It should comes as no surprise to me, given the unpredictable nature of Tafari, if he walks up to the bank in question (where the funds are located) and presents to the Bank Teller with a withdrawal slip for the exact amount that Olint owes him (interest and all) (Yikes!!).

    7) In the meantime, Tafari has been blaming the Jamaican FSC, the TCI police and hodgepodge of individuals and government entities for HIS ineptitude and poor judgment to invest in an entity without ANY proper forethought, common sense or due diligence. I have yet to read anywhere on this blog where Tafari has taken any personal responsibility for making what any reasonable person would perceived as an asinine investment choice. Again, this is coming from an individual that “proclaimed” loudly that he graduated from an Ivory League institution in an effort to gain instant credibility on this site (Yikes!!!).

    8) Tafari in an effort to make up for all the money he lost in a Ponzi is now claiming that he is an “expert” FX Trader and has opened $1,000 online FX brokerage account (good luck).

    9) Tafari has gone on a campaign of attacks on the likes of Floridian about his proclivity for the same gender and his connection with David Smith. When he was reprimanded by all for that offensive approach, he resorted to second line of attacks on long established detractors like Nocotec and Jay, making juvenile statements about their complicity with Government officials linked to David Smith. These attacks were being made with the backdrop that since 2007, these individuals have been verbally attacked for the stance against these schemes and banned from other pro-Olint sites. Failing once again to get any traction with his wild accusations, he has now focused his attention on another individual unconnected with Olint (assumption), Mr. Hugh Wildman. I wonder who his next target will be when the predictable outcome of his new ambush fails.

    10) Finally, Tafari is making bold statements about MikeD as being stupid / dumb. Now, I must confess I did not invest a dime in Olint or ANY of the other Ponzi Schemes (UFOs) for obvious reasons. I guess in Tafari’s eyes that would make be a dumb person. But barring such a conclusion, maybe Tafari can point out to us the individual among us who is patently stupid or have a brain of an elephant. Tafari or MikeD? Based on the historical data on this Blog, the choice is fairly easy. But given the fact that Tafari is very slow mentally, I will give him a hint; Txxxxx.

    Bottom line Tafari, you should be the last person on this blog to use the words stupid or dumb (based on the facts outlined above). I guess being an imbecile makes you incapable of determining that the contents of my post were meant to poke fun at your irrational behavior. But again, a person with an elephant brain will have difficulties seeing beyond the own nose. Your attempts at recapturing the little credibility “we” usually assign to new bloggers like yourself have been for naught. Give it up Tafari and slowly crawl back under that little rock from whence you came!!

  20. @MikeD

    Hey, Elephants have excellent memory. 🙂 Between their olfactory senses and their memory they can march hundreds of miles each year to the feeding grounds and return just based on their memory. Hence the saying elephants never forget… and it is pretty much correct. Choose your animals and metaphors carefully 🙂

  21. @nocotec

    Are you saying that I was actually paying Tafari a compliment? You are right; maybe you can help me out by choosing the correct animal befitting Tafari ‘s level of ignorance. What about a donkey (Jackass)…..are they dumb?

    Then again, does good memory and sense of smell necessarily translate into superior decision-making abilities? How come Tafari couldn’t smell a “rat” when it came time to invest in Olint? 🙂

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