ANOTHER PARTNER plan appears to have collapsed. The police reported yesterday that a number of persons who were involved in the Flash Cash Partner Plan in St. Ann, have been calling the Fraud Squad office in Kingston, complaining that they've not been paid money owed.
Detective Inspector Fitz Bailey, who has been investigating the collapse of partner plans since late April, told The Gleaner that he was unable to say how many persons were involved in the scheme.
"We don't have any statements yet but people have been calling," he said. Several similar pyramid schemes have failed since the year began and some proprietors have been charged with several counts of fraudulent conversion, conspiracy to defraud, and breach of the Financial Institution Act.
On June 25, businessman Teddy Myers and his son Trescott, operators of the Instant/Community Partner Plan in Montego Bay, are to return to court to answer to several charges of fraudulent conversion amounting to more than $500,000. The elder Myers has been granted $1.5 million bail while his son is on $1 million bail.
In another case, Winston Gilling, proprietor of the Revolving Partner Plan in Montego Bay has been granted $1 million bail after several participants in his partner told the police they had not been paid more than $500,000 on their investment. He is to return to court on June 8.
In the meantime, Esmie Jones, operator of the Speedy Cash Partner Plan, also in Montego Bay, is still in custody and is expected to return to court next Monday. She has been placed before the court after investors in her scheme complained that they had not been paid more than $5 million on their principals.
