Shelly-Ann Thompson, Staff Reporter

The Financial Services Commission (FSC) has beefed up its security measures amid its ongoing battle with high-risk investment schemes.

FSC Deputy Director George Roper yesterday confirmed that the firm has intensified its security capacity.

Mr. Roper was, however, unwilling to state a specific reason for the decision.

"We don't discuss security arrangements with the public," said Mr. Roper. "We will not discuss details of our personal security arrangement with the public as this may compromise the effectiveness of those arrangements."

Last Friday, the FSC issued cease-and-desist orders on the investment scheme Cash Plus.

The cease-and-desist orders demands that "Cash Plus Ltd. et al immediately stop conducting securities business, including soliciting and accepting loans with members of the public until Cash Plus is licensed by the FSC".

A demand was also made for Kahlil Harris of Cash Plus to stop carrying out functions as a dealer's representative or holding himself out as a dealer's representative unless and until he is registered with the FSC.

The FSC said failure to stop these activities is an offence under section 68 (7) of the act and is punishable upon conviction by a fine or imprisonment, or both.

Yesterday several Cash Plus investors turned up at its offices in Half-Way Tree and New Kingston, to get clarification on the current status of the company.

Investors were told not to withdraw their monies but to roll-over their investments for the next three months.

The cease-and-desist order by the FSC against Cash Plus came less than a week after a ruling by the Supreme Court against other investment schemes - Olint and LewFam - which stated that their activities were seen as the business of investment under the ambit of the law and, as such, the FSC had the power to oversee their operations.

This ruling had implications for other investment schemes, as the FSC could proceed against others that were deemed to be resistant to its offer to register their activities.

At least 23 high-risk investment schemes, also referred to a investment, have started in the island in recent years.

shelly-ann.thompson@gleanerjm.com