World Wise application lacking - Cash Plus, FSC meet today

World Wise Partners is the only so-called investment scheme to have formally applied to the Financial Services Commission for a licence since a December ruling by the Supreme Court suggesting that all such schemes are subject to the regulatory jurisdiction of the FSC.

However, the FSC has asked World Wise for more information on the documents before its application can be fully processed.  Both officials of the company and the regulatory agency confirmed yesterday.

The FSC has estimated that there are more than two dozen of these companies operating in Jamaica.

Officials of the Carlos Hill-led Cash Plus Limited - perhaps the largest and most controversial of the schemes - having dropped its application for a court declaration on who should supervise it, are to meet FSC staff for exploratory talks today on possible compliance.
They have, however, not filed a formal application for a licence.

http://www.jamaica-gleaner.com/gleaner/20080208/business/business2.html

The trials and convictions of Carlos Hill

Cash Plus boss Carlos Hill was convicted of racketeering, mail fraud and of making a false statement in the US in the 1990s and was sentenced to near 30 years in prison, court documents obtained by the Observer have shown.

Beginning in April 1990 when he pleaded guilty in the District Court of New Jersey to one count of racketeering conspiracy, Hill was at the centre of a long list of court proceedings during which he fired a court-appointed attorney but saw his appeals against his sentences for racketeering and mail fraud rejected by the Courts of Appeal in New Jersey and Texas.

Wednesday, December 05, 2007
http://www.jamaicaobserver.com/news/html/20071204t220000-0500_130057_obs_the_trials_and_convictions_of_carlos_hill.asp