Wed | Aug 23, 2017

Carlos Hill trial postponed again

Published:Tuesday | May 23, 2017 | 5:00 AM

The fraud trial of former Cash Plus boss Carlos Hill is scheduled to start in the Home Circuit Court in downtown Kingston tomorrow.

The trial was expected to start yesterday, but was again postponed because the judge selected to hear the case was unavailable.

Hill is accused of fraudulently inducing persons to invest in Cash Plus, the failed unregulated investment scheme that collapsed in 2008.

He was arrested and charged in April 2008 and has seen the trial postponed several times.

More than 40,000 Cash Plus investors are still owed close to $10 billion.

While Hill's case drags on, similar trials in other jurisdictions have concluded and the accused serving sentences. They include:

 

ALLEN STANFORD

 

- February 17, 2009

Charged by the United States Securities and Exchange Commission with fraud and multiple violations of US securities laws for a "massive ongoing fraud" involving $7 billion in certificates of deposit.

- June 18, 2009

He voluntarily surrendered to authorities.

- March 6, 2012

Stanford is convicted on all charges except a single count of wire fraud.

He is currently serving a 110-year sentence.

- September 2014

Stanford appealed his conviction.

- October 2015

Appeals court rejected the case.

 

BERNIE MADOFF

 

- December 10, 2008

Madoff's sons told authorities that their father had confessed to them that the asset-management unit of his firm was a massive Ponzi scheme, and quoted him as describing it as "one big lie".

- December 11, 2008

Agents from the Federal Bureau of Investigation arrested Madoff and charged him with one count of securities fraud.

- March 12, 2009

Madoff pleaded guilty to 11 federal felonies and admitted to turning his wealth-management business into a massive Ponzi scheme.

Prosecutors estimated the size of the fraud to be US$64.8 billion, based on the amounts in the accounts of Madoff's 4,800 clients as of November 30, 2008.

- June 29, 2009

Madoff was sentenced to 150 years in prison, the maximum allowed.