FSC finish off cash plus

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I notice that the last time I blogged about cash plus I had quite a few views. A lot of traffic from search engines found me based on keywords about cash plus and investment clubs in Jamaica. Therefore I decided to expand on this topic. Also in this pot I will be using the word “clubs” instead of “schemes”. Somehow I think this is a deliberate act by the media to associate Cash plus, LEWFAM and OLINT with something negative. Like a plot or a scam. From all observations so far nothing has indicated this.

It appears that the FSC and the commercial banks have managed to put the final nails in the coffin of cash plus , OLINT and the alternative investment clubs. Last week the financial services commission issued a cease-and desist order on cash plus. This follows the ruling of the Supreme Court just days ago that both OLINT and LEWFAM were in breach of the securities act. This ruling of course set the precedent for the whole alternative investment clubs.

I googled the term “cease-and desist” and this is what I found

Cease and desist (also called C & D) is a legal term used primarily which essentially means “to halt” or “to end” an action (“cease”) and to refrain from doing it again in the future (“desist”). The recipient of the cease-and-desist may be an individual or an organization.

So what does this means for invest club in Jamaica

Well first Cash Plus and others can not take on anymore new investors. Sorry for some of you who were considering to join. The cash train had a turbulent but good run for the early birds I bet. They will have to wrap it up and settle down now. Until they get a license.

Even though it appears the big boys have won again, I still don’t think this saga is over yet. My question is what these investment “club” will do now that the law has been laid down. I think they should start their application for license to the adversary (FSC). It will be interesting to see if they will be successful in becoming registered so they can operate with a license under the umbrella of regulated legitimacy. I am not sure but I think either OLINT or LEWFAM had some cambio license that was suspended by the bank of Jamaica. It will truly be awkward to turn around and beg the people you were fighting in court to give you the tools to fish so you can eat.

Cash plus and the others should make speedy their application to become regulated. I am not sure if legislation would need to be enacted for them to carry on what they were doing, but surely FOREX trading which is the main function of OLINT and LEWFAM does not need new laws because both banks and brokerage firms already trade FX.

So NCB and Scotia are now smiling their asses off .They got what I am going to term a news year gift. They and their powerful friends were able to keep the little man in his place once again. They can keep charging those exuberant interests and giving pittance to interest savings to Jamaicans. They are ridiculous and stupid. They should take a good look business history in Jamaica. Cable and Wireless vs Digicel., Jamaicans have more or less kicked Cable and Wireless in the groin for the way they use to treat us when they had the telecommunication monopoly in Jamaica. Today people still resent and hate them for their shitty ways and no amount of good cooperate citizenry or wonderful ads have changed the public perception that company. People have embraced Digicel their competitor whole heartedly. Today they have lost the monopoly to Digicel. Now Jamaica has a liberalized telecommunication industry with many players sharing the pie, now C&W landline and internet business is at stake with FLOW coming on the scene. By the way Flow is owned by the same folks who own NCB.(sigh). This is like punishing the devil and rewarding his cousin who is just as evil. Cable and wireless fought liberalization relentlessly similar to the way the banks have fought the alternative investment clubs.

My point is that the banks have engaged Cash plus, LEWFAM and OLINT in a very public brawl and people have observed them. The grumblings and utterances are similar to the same scorn the public bestowed on Cable and Worthless Wireless. In the end the banks will lose also. Maybe claiming to want these investment clubs to become legit is an even bigger nightmare for the banks because then they will be forced to compete by offering Jamaicans real returns on their money.

I had one comment on my previous post about investment clubs from Mary that I want to discuss here.

LEGISLATION NEVER WORKS FOR THE POOR – SO LEAVE LEGISLATION OUT OF THE MIX.
AFTER TAXING US TO THE NINES, WE ARE SURELY ENTITLED TO THROW ANY SURPLUS WE CAN SAVE AFTER THE BANKS AND THE FINANCE MINISTRY GOUGE OUT OUR EARNINGS IN TAXES AND FEES.

SUPPOSE I WANT TO TAKE MY MONEY AND SPEND ON HORSES? DONKEY RACES? DOMINOES? IS GOVERNMENT GOING TO WANT TO REGULATE THAT?

SUPPOSE I WANT TO TAKE MY SURPLUS AND BUY A FEW YOUNG WELL ENDOWED BOYS ( I AM AN AGING FEMALE BY THE WAY) JUST FOR THE HECK OF IT? GOVERNMENT GOING TO REGULATE THAT TOO? SAME BANKERS AND GOVERNMENT ALL OF WHOM HAVE A ‘LIKKLE TING’ ON THE SIDE? PAYING RENT FOR? BUYING CAR FOR? GOVERNMENT EVER TRY TO REGULATE SEX AND MONETARY BEHAVIOUR SO THAT WIVES AND CHILDREN ARE NOT ROBBED OF THEIR INVESTMENT AND INHERITANCE?? NO!!!!!!!!!!!!!!SO BUT OUT OF MY MONEY THAT I MANAGE TO SAVE AFTER MY HUSBAND SPEND IT ON YOUNG GIRLS, NEW COLOGNE AND THE BANKS. I WILL PUT MY MONEY WHEREVER I DAMN WELL PLEASE AND IF THE GOVERNMENT OR BANKS PLAY ROUGH – WELL, WE CAN PLAY ROUGH TOO!

Although I disagree with some of Mary’s comments some parts are very true. There is always this need by government not just in Jamaica but in other countries to tell people what to do with their money. They do this with taxes and laws. Investors generally move their money where the rules are relaxed or even non existent and taxes are almost alien. Most ordinary folks don’t know much about high yield offshore investment opportunities.

The truth is that everything needs structure and rules. I still think however that investment clubs were given a raw deal based on the orchestrated plan by the Bankers Association of Jamaica to destroy them.

I would like to point out several developments over the years where technology or creativeness has forced governments and industries to act. When I was a teenager I had thousands of free music from Napster a music file sharing community. The RIAA had Napster shut down because it was infringing on the music industries copyright. At this time the music industry was and still is losing a lot of money to file sharing software. I remember keeping myself informed by watching the news to see if they where going to kill Napster. The ruling came from the courts and Napster was laid to rest, at least temporarily.

Another example is casino gambling online which had grown tremendously in the United States up to last year. Groups which included land-based casinos who were losing to cyber gaming in the US lobbied congress to past laws prohibiting credit card companies from processing transaction for online casinos.

So where am I going with this, well the point is government has always had to play catch up as the world changes through the creative minds of the masses. Often the changes are in direct conflict with major groups who hold tremendous power and will do all that is necessary to defend their pockets.

Fact is people still share media online, people from the US still find ways to places their bets whether it be poker or sports. The new order of things only pushes other wise law abiding citizens to the underground. The powers that be still does not know how to embrace change. Instead they legislate and tax it to death. They fear the change will divert the income streams to other places and disrupt their way of life.

As I said earlier we all need to operate in the realm of some boundaries, but those boundaries should be flexible and embrace the newness of the day.

 

 

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~ by RB on December 30, 2007.

36 Responses to “FSC finish off cash plus”

  1. thanks for ur highlights dutty bwoy. i am an investor in cash plus and i am felling a little down by the action of the PSC.
    the truth is, there are many investments that will give u a high rate of return. alot of them r far more than the 10% or more paid by cash plus.
    commenting on the case of olint corporation, i have been studying the forex market for about a month now with view to do the course in the near future. the truth is that olint (with proper trading) can easily pay alot more than they currently are as 10% or 20% can be made in a few minutes on the forex market. however, this is not always achievable.
    the only drawback is the cost of learning such a skill.
    it now costs $2,750 US to start but this will rise to $3,250 US by the 1st of january 2008.
    the fact as u may know it that forex trading is the largest market in the world and many countries are logging on to this.
    i love my country but the country is heading in the wrong direction in terms of the effects of globilization. i would love to see the day when most jamaicans can regaurd things like air conditioning or heating systems in their homes as a norm and not luxury.
    times are changing and we must change with it or we will again be left behind as other countries are taking steps to improve living standards for their people.

  2. OK. So they can no longer do business with Jamaicans or being based in Jamaica. Does this mean they can not do business being based in another country?
    That one court ruling is not going to shut everything down just like that.
    To curt of clarendon,
    I too have been studying the skill of trading. In S.Fla there is a school that teaches the course for 1000.00.

  3. da blessed child, cash plus have fixed assets in Jamaica so it sticky for dem

    OLINT and lewfam different they can just move to a friendlier place

  4. dutty, good point. but as far as the currency trading side of it, that can be done anywhere. i guess the question is how much of the money is being generated from those assets and how much is being generated from the trading.

  5. where is cash plus going from here? is megaphone coming back on streem?because of myphone they have to close down.
    may god continue to bless Mr.Hill who god bless no man curse,i am praying for you,hold the faith my brother god will see you through this is your test you will come through the fire as pure gold.

  6. I must admit that even though I have invested in Cash Plus, I am not keeping up with all the changes and recent brawls. This blog (and the other one dutty bwoy) have given me a brief overview. Thanks.

    The media have blown this way out of proportion. With all the chaos I have remained calm (maybe it is because I don’t have alot of $ in it), but all I want to know is that with all this going on will Cash Plus return all or some of the investors investment?

    Dutty Bwoy, what i gather from the legislation/ injunction is that they need a license to advice client. Does it mean that investors can bot calm back their money? The risk involve with this schemes “club” is that you will lose your money, probably if you tell me the reality that I will/ might lose my money I will belief.

    Tell unu the truth mi still in awe!!!! Stupid??!! (KISS TEETH LOUDLY)

    ALICE – a lickle down

  7. Alice, i don’t think that you can just throw up your hands and say you lose the money, they all were doing ok until the banks and FSC did a double whammy on them. I am not sure about the structure of cash plus and how they give upward 10 % a month without investing in something other than ordinary biz like real estate, communication…. I do understand how you can get huge returns from FOREX which olint and LewFam are doing.

    Allice keep your head up, we all take risks and get the rewards or consequences. Its life……. but still I would write off CP just yet.

  8. […] did wrote about this a couple months ago that just like cable and wireless , NCB will turn a generational resentment against them that no […]

  9. I am boycotting both NCB and Super Plus. Also, I will not be subscribing to FLOW. TheSE entities need to know that individually and collectively we have the POWER!!

  10. Bill I think there is an even bigger picture here. You have Billionaire Chin who will monopolize not just the media market but the financial. Its even more dangerous when they can control the discourse of the day and spin it in their own favor

  11. me want me money from Cash “stinking” Plus!

  12. The head of Cashplus is too quiote we are not hearing anything from him and how the people dem money going to go. I wanted some money from October last year and mi getting the run around mi would like to know if them ready fi di chaos at Primer and St.Lucia next week Monday when the money suppose to run.
    Mi have one comment fi Mr.chin how him nuh have no affiliation with worldwise and mi go ther and see him Advantage workers sprawling through the place like is them daddy own it.I am wondering how FSC dont harras them with the whole registration process like them tek people fo fool.Mi draw out mi money out a worldwise mi nuh need to deal with decieving power hungry people.Lee Chin look like him want to take over the island but I have news for him.Greedy choke puppy.

  13. Why da fsc dont leave cash plus alone they obviously wanted cash plus 2 close down so now mr Hill decide say him ago payback the people them there moneies’ them (f.s.c) want 2 know how much client him have and where da money a come from! if u say f.s.c. is there 2 protect peoples money this is very contrary??? if mr bruce Golding going 2 hand over jamaica 2 Micheal Lee Chin on a silver plater, him fi think again. i cant beleive i voted 4 u and u a treat “poor-people” like this? Its realy unfair that We’ have 2 get Caught up in the War of Entrepernuiers Like “Lee-Chin” And Mr.Hill” and we r da loosers.

  14. You are right, have not seen Mr Hill for sometime now. Also I wonder why the FSC want to have a say in Cs paying its member back their money.

  15. I WROTE TO THE FSC STATING:-

    “I am a young man Working in jamaica just came back from England and got married through the Intrest i earn through cash Plus and i ask Please Let Cash Plus Payback Its Client because thats the only way we are going to beleive that the F.s.c. is here to protect the People of Jamaica. Thank You.”

    AND THEY REPLIED:-
    “Dear Sir:
    While we can empathize with your concerns, as regulators mandated to protect users of financial services, we MUST act to enforce the Laws of Jamaica. We protect citizens by making sure that companies which operate illegally, without transparency or regulatory supervision, are not allowed to carry on business. To allow otherwise would be irresponsible and dangerous. Investors also have a duty to safeguard their hard earned money by ensuring companies that invest their money have met the legal requirements to do so – and this is for their own good.

    Regards,
    Public Information Unit
    Financial Services Commission
    39-43 Barbados Avenue
    Kingston 5
    Telephone: (876) 906-3010-2 (Ext. 1460)
    Fax: (876) 906-3018

  16. den I think its admirable of you to take the time to write the FSC, most Jamaicans Use much destructive ways to express their views. If everyone of CS member write or call the FSC it would probably be more effective

    I will admit too that their response is probably a generic photocopy they have lying around in their office. Keep on the fight and I hope you get your money back.

  17. FSC dont care one dam about the JAmaican people. Michael Lee Chin also have them in their pockets just as how he has prime minister Bruce Golding. He’s monopolizing the cable business right now to put Jamaican people under more pressure so he can put any price on the cable and people wont have another cable company to run to. This is utter madness, how can Bruce Golding allow this? Cash Plus is the best thing that has happened to Jamaica for some years now. They dont want to see the poor people stepping up.Crime will increase holding back the poor,thats y the country cant get no better. Cash Plus was operating for 5yrs without problems, now they’ve realized that Cash Plus was helping people realize how much they were being robbed by these Commercial banks. At these banks you are charged for every transaction you make, even to withdraw your own money by the Cashier.These criminals are sucking every penny from the poor Jamaican people without setting systems to give back. FSC we hold you guilty of helping these criminals to continue robbing us and letting us suffer more under extreme poverty. We sentence you for life in prison 4 this cruel act. To redeem yourselves, you have to make sure the people receive back their monies and returns to their money invested. You are responsible for people who are not getting their monies to send their children to school and help with their livelihood

  18. In 2001 i read an article on this little fellow called MICHEAL LEE CHIN’ in the gleaner discribing him as an RUTHLESS businessman who will stop at NOTHIN’ to get what he wants? now i understand what that statement meant:

  19. I am a university student and I too am waiting to watch and see what will happen with the money i invested. I need to continue my studies next year. Ppl, just hold on and have faith, it cannot end here. Cash Plus has really taken a beaten because of the FSC &Lee-Chin. I invested in November 07, and haven’t received not 1 pay-out.All the plans i had were cancelled as a result of this. I pray this will end like the biblical story of David and Goliath. It needs to.

  20. tamara it sound as if you got in right as they began having problems. Just my opinon I don’t think thats was the best time to put your money into CP. I hope things work out for you.

  21. well it looks alittle brite 4 us cash plus clients 4 april 14 so let us hope everyone get their fair share!!!

  22. Den, u see todays paper??? It’s in receivership. I really hope i dont lose di likkle doe, got school to pay for!!!

  23. well if so be da case da good thing is dat mr. Hill and Cash Plus Limited has alott of assests and therefore we will receive something. So lets hope it is sometime soon. There are auditors looking at cp’s Case!

  24. There should be a boycott of N.C.B, SuperPlus and Flow. Michael Lee Chin is not doing anything for the Jamaican people but to rip them off. He has invested millions of US dollars on bullcrap in Canada just to get praise. Those millions should have been spent to help curve this crippled economy and assist in subsidies to the price hike of foods such as our everyday counter flour. People cant find food now because of people like Michael Lee Chin whose bread is buttered on both sides. People such as Michael Lee Chin are not true Jamaicans but criminals even worse than Kern Spencer.Mr. Michael Lee Chin, What have you done to uplift the Jamaican people? Please let us know.

  25. George Roper of FSC, we need back our dam money, if Mr. Hill says he can pay back people their money let him do so and stop requesting source of payments as if you dont want the people to get back their money. When the people receive their monies owed then you can ask whatever dumb question you want to ask.

  26. I agree concerned citizen!!

  27. did u guys say da news mr. hill’s house was crawling with police all over like when u owe bank and reepo guys come in. i saw bmw x5, acura suv, Honda Ridgeline and 1 black sequioa jeep which da first time i went to cash plus office i saw mr hill was greeted like a KING men opening his van door and escorting him from his vehicle to his office in Island Life buildind so i did not know of him so i ask one man “A Who HIM”? he quickly replied a di boss fi di place dat u jus put ur money! dat was in Jan 28 2007.
    its sad how he didnt stand up more firmly against people who wanted to bring him down because it is said dat he was buying time to move liquid assest which we know now dat dow to the house him live in is least so u know dat dis man can “Run” anytime becuase he has no ties here! i had up ontil october 07 $419.000 and still i am not streess because unlike others i wasn’t rolling i took my $40.000 every month paid my bills and hit da north course when i wanted! so if i had da chance to do it again? let me get back 2 u on dat…

  28. I didn’t see the news but I am not surprise by him needing police protection. Jamaican people are very dangerous especially when It come on to their money. With all the cars you mention it seems he is doing extremely well. It would be nice if everything could work out for cash plus in terms of paying members and carrying on business even if its not the same 10% they had before.

  29. CARLOS HILL AND HIS BROTHER WAS ARRESTED ON FRAUD CHARGES AND IS NOW IN THE ARISON JAIL! NOW WAT DOES DIS MEAN 4 US. CUT UR LOSSES BECAUSE IT I HEARD DAT DI SMALL AMOUNT OF MONEY LEFT IN CASH PLUS IS FOR PEOPLE WHO UNFORTUNATELY JUS JOIN WHEN DIS CORRUPTION BEGAN. WHEN I SAID I SAW HIS VEHICLES “DUTTY” I MEANT THEIR WAS ON WRECKER HEADING TO DA POLICE STATION. NOW DATS DA REAL ‘CEASE AND DISSIST! BUT I WONDER HOW COME NOBODY DONT SAY NOTHIN ABOUT HIS PARTNER IN CRIME “KAHLIL HARRIS”?????

  30. I saw friday’s observer with him being lead off by police. they even seized cell phones, computers and other files.

  31. MY FRIEND WENT TO WORLD WISE ON FRIDAY BECAUSE HE WAS TOLD TO RETURN 4 HIS INTREST AND PRINCIPAL WELL OVER 6 MONTHS, BUT ONLY TO HEAR AFTER WAITING 7 WORKING DATS THAT HE WILL ONLY BE GETTING HIS INTREST AND NOT HIS PRINCIPAL. NOW IF A DI MI I WOULD HAVE GWAAN BAD BECAUSE THEY GAVE HIM A DATE AND NOW TELLING HIM NONSENSE. WITH ALL DAT IS GOING ON WITH CP AND ALL I WONDER HOW WI NUH HEAR NUH MAN A GO MAD YET. MY FATHER ALWAYS SAY LIFE IS ALL ABOUT RISK TAKING SO WAT RISKS R U WILLING 2 TAKE. PEACE…

  32. I don’t see cash plus and the others as the same thing. Worldwise trade foreign currency which is completely different, unless they are losing a bunch of money then you have a lot to worry about. If they are going to give your friend his interest and not the prinicipal then that’s a worrying sign

    Good luck

  33. You people heard that CP has billions in overseas firms etc.??? Well, based on what i know all money is held in Galina trust Ltd. So prob. only Carlos has access to this, hope no one kills him!!!.

  34. Tomorrow I will write a post about the vast amounts of money. I am wondering though, with the billions reported in USD why couldn’t he come up with the money and pay investors and avoid all this circus.

  35. THIS SAGA DOESNT SEEMS LIKE IYS NO WERE NEAR DA END FIRST CASH PLUS AND NOW WORLD WI$E I HEARD DAT SOME STAFF GOT LAID OFF AND DA REASON 4 THIS IS DAT MR ISSA HAD WITHDREW A VAST AMOUNT OF MONEY OUT AND NOW WITH DA RBTT BANK IS NOW SOLD TO THOSE CANADIANS THEY R ALL WITHOUT BANKS!!!

  36. if i knew wat i know now

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