Cash Plus Payday ?

We have learnt that US$75M has been located to pay out immediately and US$15M is to be paid out next week.

If true this would be a massive move for investors who lost so much.

I am however very skeptical and is of the view that this may be Carlos Hill back at his old tricks

http://jamaica-gleaner.com/gleaner/20130308/lead/lead1.html

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

Reflections One year later.

July 1-18, 2008 was an eventful period for OLINT investors. This article is a reflection and a re-write of a previous article entitled “OLINT where is the money” .

One year later and many OLINT investors are still waiting. Some are listening and feeling around for something that will let them know that the money is here. Some are have sued or others have not , others are thinking evil thoughts that we do not recommend. Violence does not solve anything. Some have not spoken the liquidator while other OLINT investors have urged to come forward.

Whatever the reasons, greed, selfishness, need or peer pressure, that drove persons to invest in OLINT and other UFOs , OLINT and other UFO investors face a problem of payments being promised and not being delivered, repeated schedules announced and repeated excuses. The excuses given for non-payment have included the FSC, BOJ, NCB, to the now popular one “Due Dilligence” or simply “I don’t know” have all proven to far from the truth. The reality is “Money no deh” and from all appearances
OLINT was nothing more that a glorified PONZI

Court Losses, Arrests, liquidation

David Smith, the OLINT boss has been arrested and charged on two different occassions in the TCI on various counts of fraud and money laundering. The case is up for trial on August 5, 2009. Two of the companies that he was affliated to TCI FX and OLINT TCI have been ordered liqudiated. Lawsuits as mentioned before have been filed primarily in Florida, USA. One of the lawsuits seeks to recover US$2.4 Million which represent principal and “alleged interest”. (see court documents)

NCB was finally given the go ahead to close OLINT’s account and the Privy Council Judges rightly chatised the Jamaican judges for the foolishness that went on.

Carlos Hill has been thrown out of a home bought by Cash Plus investors funds and still roams freely while  his fraud case is before the courts. The Cash Plus liquidation is far advanced and Jamaica investors in Cash PLus at this moment are looking a little better than their OLINT counterparts.

ITrade FX is effectively dead, having been fined $250,000 in relation to not filing suspicious activity report (SARs) relating to OLINT accounts. They also sold all their customers FXCM. The website is also appears to be currently down  too.

Mirage in desert

Flashback to early June 2008, after a months of speculation, some money did appear to flow from the OLINT coffers but only very few persons got any relief. No sooner had the mirage appeared and hopes lifted, it disappeared.

For a fleeting moment it seemed like the detractors would be proven wrong and have to hang their heads in shame. Seriously though, detractors would have no problem saying we were wrong for at least people would have gotten back there money. However, it is sad to see how some people are suffering but it is worst to see people blind to the fact that maybe they are being scammed. Some who have publicly comforted themselves that they ”invested what they could afford to lose”, are now shell-shocked and are silently talking to the lawyers.

When the few drops of money dried up, reality set in and by the end of June 2008, many angry investors were left bitterly disappointed but others found more excuses and refuse to face the possibility that something was wrong and that they had been victims of a scam.

Cognitive Dissonance – Suspension of Reason.

Many Investors simply cannot beleive that their hero would do this to them and have suspended reasoning and rational and are now simply clinging on to faith, despite the overwhelming evidence that something is wrong, the arrests and the liquidation. I understand the term is Cognitive Dissonance.

To understand the depths of denial one only has to look at that letter sent out by Lewfam to investors in July 2009. Clearly the principals of that company are either misled or seeking the mislead.

FOr the christian minded and those who feel so inclined we offer a few passages of scriptures.
For those in need
But my God shall supply all your need according to his riches in glory by Christ Jesus. http://bible.cc/philippians/4-19.htm
God Forgives
For You, Lord, are good, and ready to forgive, And abundant in lovingkindness to all who call upon You. http://bible.cc/psalms/86-5.htm
Walk in the counsel of the righteous
How blessed is the man who does not walk in the counsel of the wicked, Nor stand in the path of sinners, Nor sit in the seat of scoffers!http://bible.cc/psalms/1-1.htm

Some Words of Comfort and lessons hopefully learnt

In the now famous July radio interview, David Smith had said his fingers were crossed. Many Olint Faithful whose faith have been tested and tried continued to look for word of comfort to soothe their troubled souls for much the rest of 2008. In 2009, one year later we can offer no word of comfort as it relates to OLINT and recovery

For the christian minded, and those who feel so inclined, we offer a few passages of scriptures. For those in need, “But my God shall supply all your need according to his riches in glory by Christ Jesus”, Philippians 4:19. God forgives, “For You, Lord, are good, and ready to forgive, And abundant in lovingkindness to all who call upon You.” Psalms 86:5 and finally listen to the counsel of the righteous “How blessed is the man who does not walk in the counsel of the wicked…” Psalms 1:1.

Protect yourself

We invite you to check the following links, as the look on identifying scams and red flags investments.

Reflections:

OLINT ‘Water’ Boy? No Way!

Mark Wignall has come out kicking against some revelations that if  they are true could raise serious questions. Having read the article he gives no indication that any of those e-mails we have seen have been false.

Instead much time has been spent giving a history lesson of when he started writing, his growth as a writer and involvement in the  OLINT affair.

Where is the proof?

The following quotes are of interest.

“What eventually sold me on OLINT was its ability to sustain the 2006 raid, sustain a 70 per cent withdrawal of funds and still survive.”

This has long been used as a selling point that OLINT was no scam – the ‘survival’ of Olint when the FSC came raiding. This is the problem when you have no transparency. This is not the case of the SEC falling down on their job like Madoff and now Stanford. The FSC wanted information and OLINT refused. Yet, people believed OLINT’s claim about this 70% without one shred of evidence to back it. Where did that figure of 70% come from?  Could it be independently verified? 70% of what, persons or funds?.

“A pyramid-like structure could never sustain such an incursion.”

Here is the problem with that statement.  One assumption being made on the premise that the first assumption  is true. The validity of the first assumption, i.e. the 70%, is not known, therefore the building on it  to declare a truth is not the way to go. Also a Pyramid scheme is defined slightly different from a PONZI.

In the February 2007 article, that appears to be part of the questioning the following quote is found:

“I have been informed that Olint will not be taking in any new customers until a time to be announced, probably in March(2007). The question I would like to ask Rutte Ginpebn is this: If Olint was a PONZI scheme, would it not have failed long ago, with no new funds coming in from the base to feed the top?”

Again, an assumption was made that a) a PONZI can’t last a long time b) no money was coming in. Firstly there are the Madoff and Lou Pearlman examples of PONZI’s that lasted a long time. Secondly, what should also be clear to everyone now is that OLINT survived by taking money through the back door, piggy backers and feeder clubs, and by moving offshore to the TCI and accepting wires there.

I still can’t believe that people ‘in the know’ did not know that Olint had a) so many feeder clubs, (many seen as liars now) and b) that the persons who were old customers could continue to add new money therefore become ‘piggy backers’.

His Defence

Mark Wignall acknowledges;

“It is quite true that one of my main sources was the PR arm of Olint I need to pose these questions”.  (bold added)

Those questions are listed below.

  1. “How many times have journalists, columnists sat down with various PR bodies to pose questions to them”?
  2. “Second, if my general views on the subject, the person or the entity are well known to those bodies, how can it be a secret as to where I may be going with a column next week”?

(see article The OlINT Saga: I was not David Smith’s Boy!)

Good questions, and reasonable answers. However the answer to the second question serves the interest of those looking for an ally, who knows a pawn, in the media. Control the PR getting to that influential journalist, given their known sympathies, and you will be  be sure the support from the masses will grow.

Troubling

There is one e-mail that I found troubling. A certain banker  appears to send an e-mail to Mark Wignall with comments about ‘Literary Genius’ with references to another outspoken anti-UFO banker. That banker it is rumored, had jumbled his name to come up with a pseudonym used in a letter sent to the Observer. What does Mark Wignall do,  he appears to forward the ‘Literary Genius’ e-mail to ‘PR arm of Olint’.

The issue of seemingly sending an article to the group of persons now known as the ‘PR arm of Olint’  raises certain journalistic ethics and integrity questions. Should the subject of every article  therefore be given the right to review the article before publication?  From my research and common sense, such a practice should simply be avoided as it puts the journalist under undue pressure as the subject/representative might want the information toned up or down to suit their purposes.

My Question to Wignall are:

  1. Did he send and receive those emails, including forwarding the one from the Managing Director of a leading bank in Jamaica?
  2. Given what has come to light, does he still believe that OLINT, is not questionable operation much like Cash Plus?

I will add in his defence, sometimes you get used and you don’t even know you have been used. When King David got Joab, his army chief, to send Uriah to heat of the battle, Uriah had no clue that he was been set up.

OLINT vs Cash Plus
The truth is Wignall was a writer whose articles I read regularly. But even before these e-mails came to light and the subsequent innuendoes, I was very disappointed with his handling of the OLINT affair from early 2007. I was very displeased when he attempted to make a distinction between OLINT and Cash Plus, knowingly or unknowingly, effectively ‘unofficially’ declaring one legitimate and the other not.

Indeed ‘Water Boy’ or not, I thought it an irresponsible peice of Journalism. THis is the problem people with influence face. You have to be careful not just with what you endorse, but what you appear to endorse.

So far the main distinction is that one claimed to be dealing in Forex Trading and the other was claim to be conglomerate of companies in everything from real estate, cambio services, telcommuncations, hospitality and more.

THen, neither was  licensed by the FSC, both beleived that the FSC had no right to regulate them, but offered no transparency and no accountability. Then both offered fascinating rate of returns 10% per month in one case and in the other returns that averaged about 10% per month.

Today, they are still not registered or regulated by the FSC in Jamaica.  One is a declared Ponzi and in the hand of a receiver/liquidator and the other probably a ponzi too , and both have had their principals charged for fraud. Today, investors of both clubs are still left holding the empty bag.

BTW: If there are any  laws that this blog is flouting, please let us know by emailing us at hyipmyths [at] yahoo.com. Also the title is not a direct quote but an interpretation.

Reference:

Related:

Cash Plus Investors Rush to write claim forms

News has surfaced that Cash Plus investors can now fill out claim forms.  According to an RJR report investors heard a rumour that money was being paid and turn up at a  Cash Plus office in New Kingston.

However that was not the case as investors were told the needed to complete the “Proof of Debt’ forms and have them returned by Thursday,  September 2008.

The Cash Plus Claim forms can be downloaded here(PDF) – Click this link.
You will need Adobe Acrobat to open it. The form is provided courtesy of http://www.emeediate.com

Cash Plus Collapse in Dec. 2007 and despite promises to pay investors by the end of March 31, 2008 Carlos Hill failed to do so. Subsequently Cash Plus went into receivership and is now controlled by a court-appointed liquidator acting on the behalf of the Premier League Club Association (PLCA).

Related:

CashPlus is Cashless !!

We all already know that this was the situation with the cashplus group as it is with most ponzi’s,   no money is left after its collapse.

Last week the Sunday Herald reported that Carlos Hill reported a net worth of J$114M and in today’s subsequent follow-up article has sought to give some more details on the various accounts.

Reader should note that one company Money Express Financial Services Company was listed in this latest report and said to have a balance of US$931,200.09 that  interestingly remains opens!

Do readers recall who was the principal of MEFSL, well let me remind you, its none other that R. Azan, yes the same guy who lost US$45m before fleeing to florida.

One may therefore ask, what is the link between Carlos Hill and R. Azan, only time will tell but if you have been reading the blog in recent days you may come across such a link.

Read the full article here:

http://www.sunheraldja.com/article/show/1492