The latest news is that over US$25 million has been hidden in a Swiss bank in Saudi Arabia Territory by Carlos Hill, the king of the Cash Plus scheme. Carlos Hill and his cronies enticed thousands to invest their cash in his company in return for super high interest rate.

 People from all over were rushing to take advantage of the ‘mouth watering’ 25% or more ROI that Carlos Hill was offering. News was flying fast through North America and Jamaica. There were those who saw retirement for the first time. Traditional banks accounts were emptied in favor of this new scheme, but it was short lived.

 

From the get go Cash Plus had no intention of honoring any agreement to pay continuously 25% or more interest on deposit. It was an elaborate scheme by Carlos Hill and his cohorts to amass wealth by tricking people into investing in Cash Plus. In order to perpetuate the operation, he used new cash coming in to pay old investors exorbitant interest so as to entice others. Many lost their life savings.

 

I got many calls from friends encouraging me to invest something into Cash Plus. I did not have a lot to lose, but I still did not want to lose even $1. I had problems with the Rate of Returns (ROI). I could not calculate how they could afford to pay so much interest and still stay in business. Even if Carlos Hill was investing in the Ganja business I still did not believe there was much of the weed to pay off everybody.

 

The problem is thou, what Carlos Hill and his family and friends doing with $US25 mil? He lives in Jamaica and that is converted to almost J$2.2 billion. That’s a lot of eating drinking and girling for an old man. Maybe if he put away only $US1million he would still be in business. I really do not believe it was so much greed as it was arrogance. It speaks of the Jamaican society on a whole. From dons to politicians to ordinary people, everyone believes that they can do anything and get way with it. When was the last time a ‘big man” go to jail?

Filed under: Current Affairs • Finance

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