Worldwise Members to Receive Payouts (Press Release from the FSC)

In August of Last year many Jamaicans have been unable to get back their funds invested in alternative investment club Worldwise because of the Cease and Desist Order (CDO) issued by the Financial Services Commission (FSC). The commission has since lifted the order at least temporarily to allow Worldwise investors to get some relief. Read the press release from the FSC:

The Financial Services Commission (FSC) is advising the public that the Cease and Desist Order (“CDO”)

issued on World Wise Partners on August 5, 2008, has been varied and the variation of the CDO was

served on the Company and its Attorneys. T his variation to the CDO allows World Wise Partners

Limited/Noel Strachan (“WWP”), to make payments to investors towards settling the total indebtedness

due to investors in order to close all investor accounts that were opened pursuant to or in furtherance of any

breach of the Securities Act. The CDO had allowed WWP to make payouts for a 90-day period which

expired on November 4, 2008. After the expiration of the timeframe for making payouts under the August

5, 2008 CDO, the FSC requested certain information (see the attached Public Notice). This information

would allow the FSC to ascertain whether WWPL was in fact, in a position to fully settle their obligations to

investors; and what, if any, extended timeframe should be given to WWPL to make the payouts.

In spite of repeated requests made by the FSC to WWPL and its attorneys to provide the FSC with

information, the FSC has not received the requested information from WWPL. Furthermore, WWPL to date

has not indicated to the FSC any objection on their part to supplying this very basic information. However,

while not providing the FSC with the information requested, it was noted, that WWPL made public

representations published in the electronic media about payouts to investors and the purchase of properties

to secure the interest of investors.

Although the FSC has varied the CDO to allow for payments to be made by WWPL to close accounts,

investors are advised that the FSC has no knowledge of the financial condition of WWPL and cannot

comment on whether or not WWPL has the capacity to meet its obligations to investors or on the fairness of

the payout process.

INTERESTING TO NOTE THIS PART

The public is hereby reminded that WWPL is not licensed to conduct securities business and neither have

they applied for licensing or registration from the FSC. The FSC had received an application for a

securities dealer’s licence from a separate entity called World Wise Investment Limited. World Wise

Investment Limited’s application was not approved.



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~ by RB on March 28, 2009.

2 Responses to “Worldwise Members to Receive Payouts (Press Release from the FSC)”

  1. DB, I hope you chosen headline (which is similar to the one in the Observer) doesn’t mislead people. The FSC is once again allowing WW to wind themselves down and settle up their debts. As the press release states, they were allowed to make these payments after the first cease and desist order and didn’t pay back all of the money. They have refused to open their books to the FSC and they have refused to make a good faith effort to be regulated. They weren’t able to meet their obligations last year (Aug-Nov) no reason to believe they are going to now. By making this move, the FSC is simply washing their hands of WW. This will probably lead to a spate of lawsuits against them Strachan. Hurshel Cyrus has won a suit against WW, and if that is upheld (Strachan is appealing) then he alone would be entitled to over US$500,000 of whatever money is left. My advise to anyone who had little money with WW forget about, dat gone, if you had substantial money with them find yu lawyer fast!

  2. Rolin, I can see how the caption can be misinterpreted, however close reading without any assumptions should be sufficent, I think. What could be included are all the details or (the full story). I didn’t not do a detail research on the issue which is why I focus on the press release that explain what the FSC is doing. My own opinon is that they might be warming up to invesntment clubs in Jamaica. I gather this based on sentiments over the pass couple days. The government did say during the heated battles Banks VS Inventment Club VS Media VS FSC that they will be looking at a legit fram work for invesntment clubs in Jamaica.

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