Stunning new development in the Capital Blu Forex Case !!!

The prominent forensic accounting and consultancy firm Lewis B Freeman has been placed into receivership. So who is Lewis B Freeman.
This was the firm which was appointed receiver for Capital Blu Management, which is the Donavon Davis Jr. led forex trading outfit which ripped off its clients almost US$17M dollars.
The receiver in his last report in May 2009 had then indicated that it had only found approx. $500k and that a significant amount funds were spent on sleaze, booze, vacation and rental.

Lewis B freeman itself has now been placed into receivership as the authorities recently raided the firm trying to trace us$3.6m which is said to be held by the firm.
This is a stunning new development, and the question is can Capital Blu clients now throw in the towel at this stage.

Read more here.

http://www.law.com/jsp/article.jsp?id=1202434695199&pos=ataglance

Advertisements

CashPlus Loot located !!

The liquidator Hugh Wildman is reporting that his team  has located just about US$25M ($J 2.2B) in a overseas account owned by Carlos Hill and his brother Brethram Hill, and that the funds have been frozen.

In a gleaner article published today, Mr Wildman is reported to have said that investors could indeed have a merry Christmas if all goes well. This is indeed a big breakthrough by Mr Wildman and his team.

Recall Carlos Hill had reported(declared) that he had assets of only $111m, but with this find plus the fact that the liquidator is looking at Panama and DR for more funds, investors sure seems to have something to smile about.

Mr Wilman is reporting that he has claim of $J5B, so this find of US$25 of $J2.2B could see those investors getting back something in the order of  44 cents on the dollar. This could be less as with lawyers fees and other related cost this figure may really by 30 -35 cents on the dollar

No doubt there seems to be some hope for CashPlus investors.

For more details see reports.

http://www.jamaica-gleaner.com/gleaner/20091007/lead/lead1.html

Cash Plus Liquidator Finds Possible Hidden Loot

Cash Plus Liquidator yesterday announced, that he had found possible hidden loot of about US $25 million in a Swiss Bank account held in Dubai. According to reports, action has already been initiated to have these funds frozen has the liquidator believes they are rightly belonging to the Cash Plus Investors.

http://www.jamaica-gleaner.com/gleaner/20091007/lead/lead1.html

http://jamaicaobserver.com/news/html/20091006T190000-0500_161288_OBS__CASH_PLUS_MILLION__FOUND_IN_DUBAI_.asp

David Smith Granted Bail

David Smith was granted bail on October 1, 2009 . He and his wife was arrested again on September 28,2009. His wife was granted bail while he was initially remanded on until the Oct 26,2009 court date.

http://www.jamaica-gleaner.com/gleaner/20091003/lead/lead3.html

n.b.