Yesterday, Olint investors must have breathed a collective sigh of relief, when the Jamaican Parliament amended the Mutual Assistance Criminal Matters Act...an Act that provides the legal framework for countries to work with Jamaica to solve cross-border crime.
In May of this year, the Turks and Caicos Islands' Supreme Court, issued a Confiscation Order to Jamaica, in order to retrieve the US $21 million that David Smith (former CEO of the failed investment/ponzi scheme), alleged that he had given the two major political parties - the PNP and JLP and prominent Jamaican politicians
The Confiscation Order was to be enforced by October 24,2012.
However, due to the fact that the Turks and Caicos Islands (TCI) was not one of the countries included in the Mutual Assistance Criminal Matters Act, the Confiscation Order could not be enforced in May.
The amendment of the Mutual Assistance Criminal Matters Act, now allows the Turks and Caicos Islands' authorities to carry out investigations re the alleged US $21 million and confiscate the money, on behalf of Olint investors, should the money be found.
Now, it will be interesting to see if the TCI authorities will be able to recover the monies from these politicians and political parties...
...and if there will be criminal proceedings against any, should he be found guilty... for in the Caribbean, it's very difficult to convict politicians of crime...
...Intra-country governments often shield themselves and each other, by dragging their feet on amending laws that will make them culpable, so it will be very interesting to see how the TCI authorities meander around this.
(One example of this, is the failure of the Jamaican Parliament to develop and enact impeachment laws that would see politicans being thrown into prison for acting unlawfully).
Anguilla, Bermuda, the British Virgin Islands and the Cayman Islands, are the other countries that were also added to the Act, yesterday.
In Related News
On October 3, the fraud trial of Cash Plus CEO - Carlos Hill, was postponed to March 4, 2013 - the 6th postponement in over two (2) years.
News emerged two (2) days later, on October 5, that current Cash Plus Liquidator - Hugh Wildman, had been unsuccessful at retrieving the JMD $100m that he claimed was overpaid to the previous liquidator -Kevin Bandoian of PriceWaterhouseCoopers.
(Kevin Bandoian had made claims for his fee of JMD $200 million (USD $2.23 million - as at January 2010), against Cash Plus monies recovered, for 45-days' work done immediately after the defunct ponzi scheme went into receivership).
I think that it would be very instructive for Cash Plus investors to ascertain how much money Mr. Wildman is being paid as Cash Plus' Liquidator...and whether or not the courts have given him a time frame within which he's to recover investors' monies, hidden all over the world...
...for it seems like everybody's being paid besides the investors in the above ponzi schemes.
(I'd like to thank Mike Schmid for the use of his Flickr inset photo above, entitled,"Pocket Change"...
...which is unfortunately what investors in the above schemes will be getting, by the time liquidators are through "administering" monies left in these schemes).