By Dwayne Mcleod, Staff Reporter
Cash Plus boss, Carlos Hill, was yesterday denied bail when he appeared in the Corporate Area Resident Magistrate's Court on fraud charges.
His brother, Bertram, a director of Cash Plus Developments Ltd., was also remanded.
Resident Magistrate Glen Brown remanded the men after hearing bail applications from defence attorneys, Churchill Neita QC, representing Carlos and Valerie Neita-Robertson, representing Bertram.
Chief financial officer for Cash Plus, Peter Wilson, was granted $5 million bail with one to three sureties on condition that the police keep his travel documents. He is also restricted from making any contact with the entity unless ordered to do so.
Carlos, Bertram and Wilson are all charged with one count of conspiracy to defraud. The Cash Plus head is however facing an additional eight charges; four counts of obtaining money by means of false pretence and four counts of fraudulent conversion.
Cops' investigations
RM Brown explained that he decided not to grant the two bail because the police were conducting further investigations.
Head of the Organised Crime Investigation Division, Superintendent Fitzroy Bailey, had earlier taken the stand and was questioned firstly by RM Brown and then by the defence attorneys. Interference with the investigations and the matter of their safety, were major factors why Superintendent Bailey and the prosecution opposed bail for Carlos and Bertram.
Superintendent Bailey told RM Brown that the police have intelligence which suggests that disappointed investors wanted to harm Carlos.
The court heard that the men were charged based on the statements of four investors. The statements indicate that a total of $8,246,147 is owed to the four.
Superintendent Bailey told the court that documents seized at Hill's Norbrook home suggest there might be substantial investments in a number of overseas banks and financial entities. No money was identified in Jamaica, the court heard.
The investigators said the accused may be slapped with additional charges such as money laundering and breaches of the Securities Act.
After questioning Superintendent Bailey, the defence attorneys made their bail applications.
The case is set for mention on May 14.
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