Head of another failed Jamaica investment scheme arrested

(Jamaica Gleaner) Police investigators say more investors in the unregistered investment scheme Nipon Farms are coming forward following the arrest of its principal, businessman Carl Ranglin.

“We are seeing more complainants coming in to the police,” one investigator told The Gleaner on Thursday.

Ranglin, accused of pocketing nearly $100 million from investors including $50 million from one client, was arrested and charged on July 26 with breaches of the Securities Act.

The businessman was granted bail in the sum of $15 milliom when he appeared in the Corporate Area Resident Magistrate’s Court. He is scheduled to return to court on September 18.

The revelation surfaced the same day former Olint boss David Smith was handed a 30-year sentence after he pleaded guilty to wire fraud and money-laundering charges.

Carlos and Bertram Hill, the former principals of Cash Plus, along with Peter Wilson, the former chief financial officer of the scheme, are now facing fraud-related charges arising from its collapse.

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