US lawyer files $108-million suit against Cash Plus
balkie said
01:16 05/22 2008
US lawyer files $108-million suit against Cash Plus
THE beleaguered alternative investment scheme Cash Plus Limited has been slapped with another multimillion-dollar lawsuit.
The troubled entity is now being sued by United States lawyer Sandra Robinson, one of many disgruntled lenders to the scheme, for a whopping J$108 million, making it the biggest lawsuit brought against Cash Plus and its boss Carlos Hill to date.
Hill is currently facing fraud charges relating to the activities of the company.
Scores of lenders have filed multimillion dollar suits to recover money owed by Cash Plus. As far as Observer reports show, the second largest suit filed against the scheme by disgruntled investors was recently brought by Kingston businessman Alexander Haber, who is seeking to recover close to $30 million.
Robinson, who is from Houston, Texas, is suing Cash Plus for breach of contract. Along with Cash Plus and Hill, the suit also names the recent court-approved receiver/ manager, Kevin Bandoian, as a defendant.
Robinson said in her affidavit, filed on May 14, that between January and August 2007 she loaned Cash Plus $101,354,102.80, with the promise of a 10 per cent per month return on the money loaned. According to the affidavit, Robinson at March this year was owed $98,500,000 plus interest.
The claimant is expected to ask the court on July 17, when the matter comes up for hearing, that Hill disclose the worldwide location of all his assets. Robinson will also ask the court for a freezing of Hill and Cash Plus' assets.
The result of an assessment of Cash Plus issued by Bandoian this week revealed that Cash Plus was not in a position to pay out the billions of dollars owing to approximately 40,000 lenders. The report said that Cash Plus was being operated as a pyramid scheme.
Hill, his brother Bertram Hill and chief financial officer Peter Wilson were arrested last month and slapped with several counts of fraud following several complaints from lenders. The three, who are currently on bail, are to return to the Half-Way-Tree Resident Magistrate Court on July 17
vybz10107 said
06:25 05/22 2008
broke plus salt nuh ratid mi nuh sorry fi em though bcuz dem try tek poor ppl fi fool
STUWY77 said
09:33 05/22 2008
blo*o*dclaaat.. this a the nail inna the coffin... poor carlos hill.. well mi no sorry fi him at all...
Clarksman said
09:38 05/22 2008
wow!
Crazypickney said
14:46 05/22 2008
lol, oh goshhh, carlos, them a go bury u inna jail
THE beleaguered alternative investment scheme Cash Plus Limited has been slapped with another multimillion-dollar lawsuit.
The troubled entity is now being sued by United States lawyer Sandra Robinson, one of many disgruntled lenders to the scheme, for a whopping J$108 million, making it the biggest lawsuit brought against Cash Plus and its boss Carlos Hill to date.
Hill is currently facing fraud charges relating to the activities of the company.
Scores of lenders have filed multimillion dollar suits to recover money owed by Cash Plus. As far as Observer reports show, the second largest suit filed against the scheme by disgruntled investors was recently brought by Kingston businessman Alexander Haber, who is seeking to recover close to $30 million.
Robinson, who is from Houston, Texas, is suing Cash Plus for breach of contract. Along with Cash Plus and Hill, the suit also names the recent court-approved receiver/ manager, Kevin Bandoian, as a defendant.
Robinson said in her affidavit, filed on May 14, that between January and August 2007 she loaned Cash Plus $101,354,102.80, with the promise of a 10 per cent per month return on the money loaned. According to the affidavit, Robinson at March this year was owed $98,500,000 plus interest.
The claimant is expected to ask the court on July 17, when the matter comes up for hearing, that Hill disclose the worldwide location of all his assets. Robinson will also ask the court for a freezing of Hill and Cash Plus' assets.
The result of an assessment of Cash Plus issued by Bandoian this week revealed that Cash Plus was not in a position to pay out the billions of dollars owing to approximately 40,000 lenders. The report said that Cash Plus was being operated as a pyramid scheme.
Hill, his brother Bertram Hill and chief financial officer Peter Wilson were arrested last month and slapped with several counts of fraud following several complaints from lenders.
The three, who are currently on bail, are to return to the Half-Way-Tree Resident Magistrate Court on July 17