Jamaica's No. 1 Con Artist Errol Hanchard... investors Beware
Investors beware of another money-hungry criminal Errol Hanchard.in 1993, more than 7000 people invested in the government-issued bonds of Jamomes Developers Ltd.in 1996, the Jamaican government ordered Jamomes Developers Ltd to close based on allegations that the company had diverted funds from its real estate portfolio to an equities portfolio without consent of the investors, and the Securities Commission launched a high-profile investigation into the company's business operations. There were suspicions that the scheme, which offered returns of a minimum of $50,000 on each $7,500 invested over a seven-year period, was a scam and that the development company didn't have enough assets to cover the promissory notes it issued. Hanchard, who held a Chairman position in the company, was imprisoned and was released on bail for $75 million ($1 million U.S. Approx.).
So, where is the money? That's the question that has investors puzzled. Recently, Hanchard was interviewed by a Jamaican newspaper, stating that the DPP cleared him of all charges and he has intentions of refunding the investors.
By now everyone in the world is aware of Bernard Madoff the founder of Bernard L. Madoff Investment Securities LLC, a market-making firm he launched in 1960, and the alleged ponzi scheme. A ponzi scheme is an illegal investment vehicle that pays off old investors with money from new ones, and is dependent on a constant stream of new investment. Because the invested capital is not earning a sufficient return on its own, such schemes eventually collapse under their own weight.
In America, Hanchard owns an estate in Long Island, NY and operates a number of other businesses that includes,
- WORLDDIGIBEAT.com, INC
- Digi Tourisim
- AMCA Limited Liability Company
- JIAT - LAFEA Enterprise, INC
- JAMOMES DEVELOPERS CORPORATION
In August Hanchard disappeared owing thousands of dollars to vendors and over 20 contractors. A former contractor from Worlddigibeat.com, INC, who wanted to remain anonymous, stated that there were numerous attempts to get in contact with Hanchard and in September he stated that he did not have the money to pay everyone, and was going to file bankruptcy to avoid having to fulfill the payouts. Because of this many people have taken legal action against Hanchard.
With everything that is going on in the world and the current financial crisis, it is unfortunate that greed and corruption has caused Errol Hanchard to steal from hardworking people and bringing him to justice would be the best option.
Kzeus
New York, New York
U.S.A.
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