My thoughts on…the collapse of Cash Plus
If you’re a Jamaican, then you already know what’s the hottest thing on the airwaves. That’s right. Cash Plus, and the case of the amazing disappearing funds. If you’re a Jamaican that invested money in said entity, well, sucks to be you. The once beloved investment club that was famous for giving poor people a chance to “step up inna life” has been revealed to be nothing more than an elaborate scam. Normally I’d point and laugh at the fools who weren’t wise enough to look before they leapt, but people’s lives were destroyed by Cash Plus. For those who are late to the party, check this post.
I mean people sold their house, cars, virtually all their significant material possessions and put it in Cash Plus, in search of the American dream. And no, that’s not a typo. My Mom has a friend with $3 million in there. There have been news articles about a man with $30 million and a woman with $300,000 US invested in it respectively. There are also rumours about MPs and other bigwigs who suffered as well. Don’t expect any of them to admit it of course. And it’s not only the investors that suffered. Former employees of Cash Plus are finding difficulty in finding a job ’cause of the company’s shady reputation. My Dad was going to invest. He was even going to sign up the form. But a look at this article about Carlos Hill’s past convinced him otherwise. Hooray for teh Internetz!
People are now eager to get their money and put it back into traditional banks, the same banks that were once demonized as “fight ‘gainst, trying to prevent poor people from getting “real” interest. Songs have already been made about the debacle (feeding off its popularity I’m sure). Investigations have been conducted as to the whereabouts of the money, and it has been discovered that Mr. Hill invested the money in over 200 companies all over the world! And get this, one of the accounts has US$3 billion dollars in it! Now Mr. Hill is locked in prison with his brother Bertram. The police are actually being merciful, as releasing them into the hands of angry investors whose lives have been plunged into greater hardship would be downright cruel.
i was so close to put in my lickle life savings in there as well
Jamaipanese’s last blog post..My third personal hobby blog is in the works
It rough pon dem people deh! This scheme is just like the lotto, you buy a ticket and hope you win, but you don’t go taking all you life savings and putting yourself in debt to buy tickets! Those persons who could afford to put such large amounts of money in this type of scheme is just plain greedy! The commercial banks alone would give you damn good interest on $30M!
Stunner’s last blog post..So Disturbing
This very closely resembles the home loan scams that wiped people out over there in the states. Loans were being given out left and right to people who couldn’t pay which inflated the housing market and made a lot of the elite very rich in the short term. But what goes around comes around and the rich and poor lost out…badly. Avoid any of these things that seem too good to be true. As for the American Dream, well, I wish I could take a trip down to the beautiful Jamaica to tell the people there that it’s not everything it’s made out to be and many times is a money pit.
if it looks too good to be true it usually is
jdid’s last blog post..You talking to me?
sent you an email
Jamaipanese’s last blog post..My third personal hobby blog is in the works
BIG TIME BANDOOLOOISM,BANDDOOLOOISM and MORE BANDOOLOOISM!! PONZI SCHEMES!!
Don’t get it wrong though, cashplus brought to light that banks are still the devil and the other investments schemes are sapping up the stray cash plus clients. My cashplus profits are right back into another mad man’s coffer. Nobody is rushing to get their money back into 1% interest per month.