Wed | Sep 19, 2018

Cash Plus ordered to stop business

Published:Friday | December 28, 2007 | 6:54 PM

The Financial Services Commission, FSC has ordered investment scheme Cash Plus to halt its securities business until it registers with the Commission. The FSC today issued cease and desist orders on Cash Plus Limited and its principals, directors, officers and employees.



The orders were also issued on the company’s principals Carlos Hill and Khalil Harris. The FSC says the decision to issue the order was based on the findings of an investigation conducted by the Commission.



The FSC says its investigation revealed that Cash Plus has been operating in breach of the Securities Act, which prevents an entity from conducting securities business without being licensed as a securities dealer.



The cease and desist orders also require Mr. Harris to stop carrying out the functions of a dealer’s representative without being registered for that purpose with the FSC.



The FSC says failure to comply with its requirements is punishable by a fine or imprisonment or both