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» GUEST RUNDOWNS » NEW PONZI SCHEME IN JAMAICA – BILKED INVESTORS OUT OF $4 BILLON!

NEW PONZI SCHEME IN JAMAICA – BILKED INVESTORS OUT OF $4 BILLON!

Former CEO of Intertrade Finance Corporation, Joan Powell- Contributed.Fitz Bailey
Former CEO of Intertrade Finance Corporation, Joan Powell- Contributed.

By Livern Barrett—-

The Organised Crime Investigation Division (OCID), says it has uncovered yet another unregulated investment scheme that allegedly defrauded investors of over $4 billion.

According to the head of OCID, Senior Superintendent Fitz Bailey, the scheme was operated through a company called Intertrade Finance Corporation.

Speaking at a press conference this morning, SSP Bailey said Intertrade’s chief financial officer Leroy Paul has already been arrested.

However, he said the police have not been able to locate the company’s chief executive officer, Joan Powell, who is wanted on fraud related charges.

He said the police are checking to see if Powell has fled the island and are appealing to members of the public to assist them in locating her.

The revelation comes even as the Financial Services Commission (FSC), continues to warn Jamaicans against investing in unregulated investment schemes.

The FSC’s warnings intensified after the collapse of Cash Plus, Olint, Worldwise Investment and other unregulated schemes that defrauded investors of billions of dollars.

radio@gleanerjm.com

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