Financial Crime World

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Jamaica’s Financial Crime Case Studies: A Look Back at the Island’s Most Infamous Frauds

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The ongoing Stocks and Securities Limited (SSL) fraud saga has left many Jamaicans wondering what’s next. But it’s not the first financial scandal to rock the nation. In this special report, we take a look back at some of the island’s most infamous fraud cases.

Cash Plus Limited: A Scheme that Promised too Much

Led by Carlos Hill, Cash Plus Limited began in 2002 and promised investors a 120% return on their investments. However, by 2007, investors had begun to realize they would not receive certain returns, and Hill was arrested in 2008. Despite being charged with fraudulently inducing people to invest, Hill was freed of all charges in 2016 due to a lack of evidence.

Olint Investment Scheme: A Ponzi Scheme that Defrauded Thousands

Started by David Smith in Jamaica before being shut down by the Financial Services Commission (FSC) in 2006, the scheme was found to be a ponzi scheme. It funded Smith’s lavish lifestyle and defrauded over 6,000 investors across the US and Caribbean of over $220 million.

World Wise Partners: A Scheme that Disappeared Overnight

Noel Strachan promised investors a 200% yearly return on their investments, but before the FSC could issue a cease-and-desist order, Strachan and his family had migrated to the US. Although the DPP Paula Llewellyn said Strachan should face fraud charges, it’s unclear if he was ever officially charged.

Recent Cases: The Loom Scheme and More

More recent cases include the Loom scheme, which promised investors up to 300% earnings on their investments through social media and WhatsApp. The FSC issued warnings about Loom, but many investors lost thousands of dollars when the scheme collapsed.

Other recent cases include:

  • Andrea Gordon, a former NCB manager, who pleaded guilty to stealing approximately $34 million from the financial institution.
  • Partner plans, an informal way of saving popular among Jamaicans, which have also been plagued by dishonesty, resulting in huge sums of money being lost. Many cases have ended up before the courts.

Conclusion

These case studies serve as a reminder of the importance of caution when it comes to investing and the need for stricter regulations to prevent financial crimes. It’s crucial that we learn from these mistakes and take steps to protect ourselves and our hard-earned money.