Cash Plus account closed

By nix_b • Feb 3rd, 2008 • Category: Articles, Features

On Friday, February 1, 2008 Justice Marva McIntosh ruled that Cash Plus was in breach of its contract with NCB by failing to provide “vital information” and as such granted NCB permission to close Cash Plus’s accounts with the bank.Cash Plus earlier in the month (January 24ths) had “cried uncle” in their battle with the Financial Services Commission (FSC) who had issued the company with a cease and desist order. IN December the FSC issue a cease and desist order on the beleaguered entity which Cash Plus took to the courts, however in a surprising turn of events they (Cash Plus) conceded and stated their intension to get regulated.

Friday was another “day of losses” for Cash Plus and the thousands of Jamaicans suckered into the lure of getting rich quick. The company most saw as their route to early retirement and its creamed hair leader were left without an account at the National Commercial Bank (NCB). NCB argued that it would have been to their detriment to keep the accounts open as Cash Plus’ failure to present audited financial statements was breach of the Anti-Money Laundering regulations and could result in NCB losing their dealer license. They also noted that their relationship with Cash Plus was beginning to but a strain on their relationships with international banks.
Efforts by cashplusinvestments.com to get a statement form Mr. Carlos Hill was futile as he was said to be unavailable for comments.

The full effect of this is yet to hit many investors who are still waiting for that silver lining as they are still hopeful that their ingenious, creamed hair banker will find another way to outwit the Courts, The FSC and NCB and be able to repay at least a substantial portion of their deposits. There is also the issue of the unpaid members of staff from Cash Plus. With no local bank accounts, they might have just completed 30 days of voluntary work.

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2 Responses to “Cash Plus account closed”

  1. 1
    Mitsy Robinson Says:
    February 12th, 2008 at 8:52 am

    All that is said and done i don’t think the ,fsc,heads of government and all others that is behind this tag of war doesn’t care much about the POOR a class Jamaicans not to say that upper class don’t put money in these investment.Now on the first of feburary 2008 the paper reffer to all of this as a creamed hair banker ,this is a mackery on the people of Jamaican citizen.yes many of us take a risky step but it’s no joke, if the economy was set in a way where people could live a life of solid independence,when these things come about people would be able to not even look that direction,but in time as this you work on the bills is higher than you earn and the list could go on and on……Don’t mack us ,why we don’t hear of these things happening in other small island, we try as a country but the whole economy system is collapsing thats why we are in the state we on to day on most of all the poor a class is getting poorer,as far a i can see this court can go on for as long as ever and nothing is going to come from it and people become worst than before.I THINK FOR GET ABOUT THE COURT CASE FOR NOW,GIVE BACK THE PEOPLE THRE CAPITAL DON’T HOLD ON TO EVERYTHING.

  2. 2
    Dean Martin Says:
    March 5th, 2008 at 3:58 am

    I totally agree with Ms Robinson.

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