Cash Plus boss reticent about company… Not registered to trade, says FSC… Cambio licence cancelled, says BoJ
published: Friday | November 3, 2006
Susan Gordon, Business Reporter
WYNTER
Despite his three-page advertisement revealing the nature of Cash Plus Limited’s operations, principal owner Carlos Hill was surprisingly reticent about the company he launched four years ago.
He, however, nixed suggestions that his press statement was the result of regulatory pressure from the Financial Services Commission.
Having quickly developed a reputation for generating good returns on foreign currency investments and as much as 10 per cent monthly return on local currency investments for its clients, the company’s every move is now watched by mainstream firms whose ‘by the book’ strategies return 11-13 per cent, annually.
In an October 15 advertisement, Cash Plus declared it was not a financial institution, commercial bank, investment advisor or securities dealer and did not fall under the purview of any fiscal regulatory body.
“Cash Plus is not a licensed entity and there is no application before the FSC for this entity,” FSC executive director Brian Wynter confirmed to the Financial Gleaner, an indication that persons who transact investment-related business with the company do so without the buffer of regulatory oversight.
Additionally, while the group said its cambio operation was licensed under the trading name Superior Financial Services, the Bank of Jamaica (BoJ) said Wednesday that Superior was no longer operational and was struck off the list of 66 authorised cambios islandwide on October 1.
Asked the reason for the cambio’s closure, the BoJ rep said: “I cant’ divulge that.”
Cash Plus was started in 2002 by Hill, who formerly worked in a mortgage institution.
His group of companies now comprises 12 operations spread across distribution, gaming, telecommunications, entertainment, security, development, industrial and financial services.
It employs over 1,000 persons and has plans to expand to other Caribbean islands.
Pressed on his plans, Hill said dismissively: “I’m not prepared to say anything to the paper right now.”
Any comment, he suggested would be done through the same medium as before, press advertisements.
“We are continuing that campaign,” said the Cash Plus boss.
Created through a series of mergers, joint ventures, and acquisitions, the Cash Plus group now operates:
Cash Plus Phone Card Centre Limited which distributes prepaid calling cards for all local telecommunication service providers through Gengeorge Limited and Caribbean Tone Limited;
Cash Plus Equities Limited;
Cash Plus Distribution Centre Limited, distributor of liquid petroleum gas; Cash Plus Lubricant; Cash Plus Money and Cash Plus Chemical Limited;
Cash Plus Telecom Limited, operator of the mobile and wireless fixed services companies Megafone Limited and Freepaid Limited.
Cash Plus Limited also operates, Cash Plus Development Limited with its four subsidiaries – Cash Plus Realty Limited, Cash Plus Construction Limited, Cash Plus Hardware Limited and Cash Plus Building Systems Limited;
Cash Plus Entertainment Limited operates three properties under the Executive Inn brand in Kingston, Montego Bay and St. Ann;
The event planning company Hillcrest Productions Limited; and
Carlitos Café Limited; and
Diary products wholesaler Cash Plus Commodities Limited which runs Cash Plus Foods, Cash Plus Farms and Cash Plus Shipping Limited.
Cash Plus Shipping recently acquired two cargo ships, “Angel Pearl and Durga Maya” to move its cargo throughout the Caribbean Central America and North America.
Sovereign Security Services Limited;
Caymanas Off-Track Betting Limited;
Cash Plus Industries Limited; a motor vehicle dealership operating through Cash Plus Ventures Limited, and;
Cash Plus Financial Consultants Limited.
– susan.smith@gleanerjm.com
20 responses so far ↓
gale8888 // January 4, 2008 at 5:33 am
there is now government in jamaica .look how cash plus helping poor people when everone have money less crime lots of us coming to jamaica to move our money from the banks
Lucien Stephenson // February 20, 2008 at 5:30 pm
How can I contact Cash Plus?
Lucien Stephenson // February 20, 2008 at 5:33 pm
I do not want to comment.I just want to make contact.
cashplusjamaica // February 22, 2008 at 5:20 pm
http://cashplusltd.com/contact.cfm
Contact Form
Physical & Mailing address (Kingston):
Cash Plus Limited
6 St. Lucia Avenue
Kingston 5, Jamaica
Tel: (876) 920 – 1691/ 920 – 2709
(876) 754 – 5719/ 929 – 9750
(876) 929 – 9750/ 960 – 2984
Fax: (876) 920 – 2280
Email: info@cashplusltd.com
lorna // March 8, 2008 at 9:25 pm
I think Cashplus should be regulated, taxed by the government and the money collected used build a decent institution where proper care can be provided for the elderly population. This step would lead to more employment, and help our senior citizens to live their final days with dignity.
teach // March 14, 2008 at 7:41 pm
Great idea lorna. I support that.
Gina // March 16, 2008 at 1:22 am
IT IS APART OF GLOBALIZATION AND PEOPLE A GO TEK OUT DEM MONEY OUT OF THE BANK ANYWAY AND INVEST ELSE WHERE…………… LIKE OVERSEES. THAT WORSE THAN CASH PLUS, BECAUSE AT LEASE WE WOULD HAVE DI MONEY A CIRCULATE RIGHT HERE IN OUR COUNTRY ABD BUILD IT UP, MI WOULDA FIX THE VERY ROAD IN MY COMMUNITY IF MI HAVE DI MONEY, A SO WE JA PEOPLE STAY, WE HUSTLE AND PUT WE MONEY TO USE. IF CASH PLUS OPEN TOMORROW MI JOIN IT. BRUCE CAN USE THIS AVENUE FI HELP THE COUNTRY IN MANY WAYS……. EVEN WITH PETROLIUM OR ”FREE EDUCATION”, THE LAND WOULD BE SOIL RICH, MONEY RICH AND KNOLEDGE RICH. ITS A OPEN DOOR, MEK WE USE IT FI BENEFIT ALL.
opal mckoy // March 18, 2008 at 8:27 pm
cashplus has help a lot of poor people i dont see why the fight ,people invest and they were getting return ,it helps to pay bills ,food ,send our kids to school also provides work for the staff ,we could pay our medical bill ,now there is pure suffering ,we need it to stay .
opal // March 18, 2008 at 9:02 pm
it was helping a lot of people
nads // April 3, 2008 at 9:35 pm
LONG LIVE CASH PLUS & OLINT!!!!!! The evil Govt and NCB would not stop until they knocked the food out of the poor people’s mouth!!! For years we had our money languishing in NCB and was not being paid anything. Only the govt and banks were making all the money. Enlightenment came in the form of CP & OLINT but they demolished them. NCB must be so happy!!!They are now launching 2 new investments now that the two “distractions” (CP & O.L) are now longer in the marketplace! How coincidental!!! Where ever CASH PLUS & OLINT go I will follow!!! I’d rather invest my money in a foreign country than leave it in NCB who has shown me that they DO NOT have my best interest at heart!! PEACE.
poor woman a cry // April 10, 2008 at 3:41 pm
me invest me hard earn savings ,me waiting on mr hill to do the right thing sell the assets and pay out ,me stress out cause money no grow pan tree please let me have my hard earn cash.
Jamaican Nubian Queen // April 11, 2008 at 7:12 pm
Message to nads and gayle8888:
With all that has been revealed in the last few days regarding Cash Plus, do you still believe that Carlos Hill had poor people’s interest at heart?
I think he is cold, calculated, heartless and obviously a smooth and sophisticated criminal. I pray he gets his just reward. I invested my money in reputable and regulated companies. Cash Plus was just too ‘good to be true’. I have relatives who have lost over $10million in Cash Plus. The sad thing is, I pleaded with them not to invest their money in such a scheme.
poor woman a cry // April 12, 2008 at 7:22 pm
mr hill you dont know what it is like being hungry ,no have a home of you own no man to help have you one little saving and invest into something that was said would help to turn round you money ,me take a chance two months before it stop me no get back nothing out a me money ,me and me pickney do without and now you just gone with me little savings the whole time you was just a thief in fancy clothes studying how to rob poor people but god going to deal with you ,you evil serpent ,me want me money old wicked..
Anthony // April 12, 2008 at 8:30 pm
I think its all about keeping the money in one set of people but that just a greedy plan, to keep poor people from making a money and furthermore this company employs a good amout of jamaican people. we need a company like this, because they are into a lot of different ventures so all type of skilled people are needed. Too many people are out of jobs because of this, the boss is investing a lot of money in jamaica across the whole island not just one parish. The boss is stable in ja. here and have too much assets to to be so mis-trusted, he could have left before it got to this point if he wanted to, but he did’nt so i think the feds are moving too fast and for the interest of the jamaican people everyone involved need to give the man a chance to do his next best to solve this cause if we put a man in prison or kjll him that cannot help anyone to retrieve thier monies.
M.Brown // April 13, 2008 at 11:28 pm
GET REAL Anthony or in any case just read the news. The man has been arrested on suspicion of FRAUD!!! Read the last police report.
Poor Woman, I feel it for you. We were all shafted – some of us lost big, some small. If C+ is a pyramid scheme then it’s over. We ALL have to move on.
I hope the FSC will do a better job protecting us in the future.
And if the boss committed a crime, he must serve the time. If we’re not getting our money back then this may be the only justice we get.
Peace
Miss Shaw (Boston, MA) // April 15, 2008 at 4:00 am
Anthony, you really need to wake up out of fantasy world and get a reality check! I admire you for being optimistic but the reality is that this scam was planned from the start. Carlos Hill knew what he was doing and carefully master minded this whole thing from the beginning. The scheme was designed for people to introduce friends and family into Cash Plus. When enough people join, then the criminals would take the money and run. Please wake up and smell the coffee my friend.
Fairy // April 16, 2008 at 8:59 pm
We are all robbed!!!!! Carlos knew what he was doing. He used his head on all of us and thief our money. He is to be put away for good this time. He did the same thing in the state!!!! Had I know he was a thief my money would not be with his company. I pray he will get his just reward this time!!!!! I feel for myself but moreso for the very old folks and persons that use their last saving to invest in this scheme. My friends….I know it hard but try to take it easy as this crook is not worth a heart attack!!!!God Bless
George , of New York // April 19, 2008 at 3:47 am
Carlos Hill ’s Cash Plus is no different from any other business, for e.g. Barclay’s Bank or Bank of Nova Scotia. You need to sell a product that people need, good management and repeated business. Trading Currency is not anything new, I taught myself from working in the banking industry and most recently trading currency on my own . I have friends who are willing to have me trade for them and I offered to coach them and they are not interested. Most people are too lazy to educate themselves. My track record speaks for it self. I don’t need to trade for a living, but I do a lot better than 10% per day. I am only interested in making passive income to create wealth. How about 200% + per day of my risk investment of $10,000.00 per day. Anyone can master this trade. Give it a try.
One Love.
Phil UK // May 14, 2008 at 8:47 am
If you made 10% a day you would be a billionaire in a year. Type it in a calculator. You are a liar and know nothing about Forex.
$5000 * (1.10)^(252) = $Billions
252 trading days in a yr.
$5000 initial deposit.
i make 0.5% a day on average. I have not worked in the banking industry like you, I’m just a regular guy.
I laugh at the Jamaicans who invested in this bull, they thought he was Marcus Garvey II coming to save them from the kingdom of poverty. If any man is gonna have a fund with returns of 10% a month, guess what? It is not gonna be a black mans fund. especially not that fool, hear how the man talks, look on youtube he ain’t got that type of brain, he has never been in the industry. This guy would be Internationally famous if he were the real deal. He would have investors from the elite of the world, not Marvin & Marcia from Portmore.
The reason why they fell for it was this: a black man offered them an alternative, black people don’t trust browns and think browns want to teef their money and keep them down. so it makes perfect sense to give a convicted blackman their money instead of NCB. Carlos Hill knew all this and played their emotions. Black people are pathetic, no Brown in JA wants to keep you down. Your own racism made you part with your money, good I hope it is a lesson. 40,000 of you lot are certified racists…
Oh yeah and let me tell you why NCB could never offer 10% a month returns, even in they made 1000% returns a yr. To put it shortly – Arbritrage aka risk-free profit. 1) If they offered depositers 10% a month, then the borrowing rate would have to be higher than the other banks, then they would be uncompetitive in the loan market, NCB would have no customers wanting loans. 2) Arbitrage: people would simply take out a loan from Barclays Bank UK, put the money in an NCB account, give back the money to Barclays and pocket the rest. *assuming barclays borrowing rate is lower than NCBS lending rate. In other words NCB would go Bankrupt in no time. Go and spread the word and tell “de poor people dem” how it all works.
Man I beg someone give me a Big banking Job in JA. Gov’t should have closed them down as soon as they heard “10% a month”.
graham // June 5, 2008 at 1:36 am
the whole of u should go to hell and leave c+ alone.do not invest what u can`t afford to lose.
an for those who never put anything in there tek unno mouth out a we business punks