(Jamaica Gleaner) A financial institution has been ordered by the Supreme Court to pay US$70,000 with interest to one of its customers who was given wrong advice by one of its employees to invest her money in the failed investment scheme Cash Plus Ltd.
Supreme Court judge Bertram Morrison on Monday ordered RBTT Securities Jamaica Ltd, which is an arm of the recently rebranded RBC, to pay the money to Yvonne Powell.
Powell, who was represented by Queen’s Counsel Lord Anthony Gifford, filed a suit against RBTT in 2008 for breach of contract and negligent advice given to her by one of its servants or agents.
The court heard evidence that, following a discussion that Powell had in 2006 with Alvarine Smalling, an investment and securities broker employed to RBTT at the time, she invested US$70,000 in Government of Jamaica (GOJ) bonds and $3.3 million in a fixed-deposit account.
Powell subsequently had a discussion with Smalling about expenses she had to meet concerning her son’s medical condition.
Smalling then advised her to invest her money with Cash Plus because “Carlos Hill of Cash Plus had been in business for five years, that he was solid and that she (Smalling) had invested her personal money in Cash Plus”.