Chairman of the Cash Plus Group Carlos Hill remains
behind bars.
In court Thursday, government prosecutors strongly opposed bail and accused him of deceiving investors in the multi-billion dollar alternative investment scheme.
His brother Bertram Hill, a Director in the Group was also denied bail; however, the entity's Chief Financial Officer Peter Wilson was offered bail in the sum of $5 million.
From early Thursday morning, the police took no chances and threw a security blanket around the Half-Way-Tree Criminal Courthouse.
Police personnel armed with riot gear stood guard in front of the courtyard while a small band of supporters stood across from the building.
Shortly after 10 o'clock, the Cash Plus bosses were taken to the courthouse under heavy police guard.
The accused sat quietly while government prosecutors drew a damning picture of Cash Plus' operations.
The prosecutors accused Carlos Hill and his companies of providing misinformation in order to encourage persons to place their money in the scheme.
The prosecutors alleged that Mr. Hill and his organization deceived investors when they published information suggesting that Cash Plus had purchased the Hilton Kingston Hotel and Drax Hall Estate in St. Ann for a combined US$142 million.
They said this was false as Cash Plus does not own any of these properties and that the false information was designed to attract investors.
According to the Prosecutors, in February this year the police received complaints from lenders that Cahs Plus had issued them bogus cheques.
They argued that Cash Plus has no money in Jamaica to pay investors adding that documents seized from Mr. Hill's St. Andrew residence showed that he had been transferring money to countries all over the globe.
They also claimed that Mr. Hill is a flight risk as the authorities have information that he has been traveling in and out of the country on private jets.
Prosecutors added that police have intelligence that persons have threatened to harm him if he is released.
Head of the Organised Crime Unit Superintendent Fitz Bailey was also cross examined Thursday.
He reported that police are still trying to track down funds transferred by Cash Plus to accounts in London and China.
Mr. Hill is charged with nine counts of fraud and conspiracy, while Bertram and Wilson are charged with conspiracy.
Mr. Hill will pay his investors - Churchill Neita
Mr. Hill's attorneys said they are disappointed that the court denied him bail.
However, lead attorney K. Churchill Neita expressed confidence that his client could be released on his next court date on May 14.
Mr. Neita told the RJR News Centre that his client still intends to honour his commitment to his investors.
"The majority of people in Jamaica who invested in Mr. Hill have supported him and hoped that he would have been free so that he can discharge his obligation to them and I made the point also that he has always categorically and emphatically said that he would do so once he was (able to)," said Mr. Neita.
He said Mr. Hill's efforts to do so as promised has been hampered by his arrest.
Free Mr. Hill - investors
The defence attorney's announcements were proven as investors demonstrated in front of the courthouse in support of Mr. Hill.
They accused the government of bringing down Cash Plus.
"Ah bad mine a reach Carlos ... dem fi mek him come a road so wi can gt wi money ... mi pickney hungry and dem fi go school ... mi work hard fi my own ... an mi wha mi money," said one investor.
"I invested US$300,000 which is equivalent to JA$1 million and to be honest, the money is not mine. It is a line of credit that I put on my house in New York and got that money and I have to be paying back di money now. I haven't eaten it, I haven't done anything with it, I haven't enjoyed it. I put it in Cash Plus last year and I haven't gotten a cent from it," said another.
In court Thursday, government prosecutors strongly opposed bail and accused him of deceiving investors in the multi-billion dollar alternative investment scheme.
His brother Bertram Hill, a Director in the Group was also denied bail; however, the entity's Chief Financial Officer Peter Wilson was offered bail in the sum of $5 million.
From early Thursday morning, the police took no chances and threw a security blanket around the Half-Way-Tree Criminal Courthouse.
Police personnel armed with riot gear stood guard in front of the courtyard while a small band of supporters stood across from the building.
Shortly after 10 o'clock, the Cash Plus bosses were taken to the courthouse under heavy police guard.
The accused sat quietly while government prosecutors drew a damning picture of Cash Plus' operations.
The prosecutors accused Carlos Hill and his companies of providing misinformation in order to encourage persons to place their money in the scheme.
The prosecutors alleged that Mr. Hill and his organization deceived investors when they published information suggesting that Cash Plus had purchased the Hilton Kingston Hotel and Drax Hall Estate in St. Ann for a combined US$142 million.
They said this was false as Cash Plus does not own any of these properties and that the false information was designed to attract investors.
According to the Prosecutors, in February this year the police received complaints from lenders that Cahs Plus had issued them bogus cheques.
They argued that Cash Plus has no money in Jamaica to pay investors adding that documents seized from Mr. Hill's St. Andrew residence showed that he had been transferring money to countries all over the globe.
They also claimed that Mr. Hill is a flight risk as the authorities have information that he has been traveling in and out of the country on private jets.
Prosecutors added that police have intelligence that persons have threatened to harm him if he is released.
Head of the Organised Crime Unit Superintendent Fitz Bailey was also cross examined Thursday.
He reported that police are still trying to track down funds transferred by Cash Plus to accounts in London and China.
Mr. Hill is charged with nine counts of fraud and conspiracy, while Bertram and Wilson are charged with conspiracy.
Mr. Hill will pay his investors - Churchill Neita
Mr. Hill's attorneys said they are disappointed that the court denied him bail.
However, lead attorney K. Churchill Neita expressed confidence that his client could be released on his next court date on May 14.
Mr. Neita told the RJR News Centre that his client still intends to honour his commitment to his investors.
"The majority of people in Jamaica who invested in Mr. Hill have supported him and hoped that he would have been free so that he can discharge his obligation to them and I made the point also that he has always categorically and emphatically said that he would do so once he was (able to)," said Mr. Neita.
He said Mr. Hill's efforts to do so as promised has been hampered by his arrest.
Free Mr. Hill - investors
The defence attorney's announcements were proven as investors demonstrated in front of the courthouse in support of Mr. Hill.
They accused the government of bringing down Cash Plus.
"Ah bad mine a reach Carlos ... dem fi mek him come a road so wi can gt wi money ... mi pickney hungry and dem fi go school ... mi work hard fi my own ... an mi wha mi money," said one investor.
"I invested US$300,000 which is equivalent to JA$1 million and to be honest, the money is not mine. It is a line of credit that I put on my house in New York and got that money and I have to be paying back di money now. I haven't eaten it, I haven't done anything with it, I haven't enjoyed it. I put it in Cash Plus last year and I haven't gotten a cent from it," said another.
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