We’re All Going To Be Rich! Filthy Rich, I Tell You!
One never knows what little GEMS of financial information and advice will show up in your inbox each morning. Today all I have to do is to show a little faith in what these folks are telling me and I shall be rich, rich, rich!!!!
Email #1 – From A Beautiful Ethiopian Orphan..
I am miss florence naissm from Ethiopia , i am single and 26 year old girl. Immediately after going through your profile i made up my mind to contact you for friendship, marriage or long term relationship because you are my choice of trust. I must reveal to you that my daddy was the Financial controler to the Common Wealth North African Region who was killed with my mother. i am the only child. Before my daddy died he made me the beneficiary of his final WILL and i am the beneficiary of the sum of 4.5 Million USD$ in his Domicilary US Dollar account…
Email #2 – From A Rich Widow In Need Of Assistance…
I am Mrs. Aisatou Mohammed; My late husband used to worked with Chevron/Texaco Cote D’Ivoire for twenty years before he died in 2005. My late husband deposited some money $7.5 million with a local bank here. And this money is still with the bank as the management just wrote me as the beneficiary to come forward to receive the money or rather issue a letter of authorization to somebody to receive it on my behalf if I can not come over due to my health situation…
Email #3 – Nation News Publishes Promises From Former CLICO Investment Banker Jepter Ince…
For years Jepter Ince and others like him have been flogging Barbadians all kinds of “investment vehicles” – financial products like the CLICO Balanced Fund he launched in 2000 with his promise as Fund Manager that it was “designed to create economic wealth for individuals and families in the short, medium and long-term.“
Mr. Ince even advised people to borrow to invest in his fund…
Yup, back in the year 2000 Mr. Ince and CLICO said we should all just step right up and borrow from Clico Mortgage & Finance Corporation to invest in the Clico Balanced Fund. Then the fund would invest “throughout the region”.
Hmmmmmm…. I guess Mr. Ince forgot to tell us that the Clico fund would be investing in companies owned by Clico and its affiliates.
If that all sounds a bit circular and house-of-cards-ish, well couldn’t we all see back in 2000 that everything was fine and under control? Silly people… step right and borrow the money from CLICO and we’ll invest it in the CLICO fund that will invest in the CLICO companies. Simple, yes?
Of course in Barbados we are all honest so there was no real oversight necessary. Never mind that now in 2009 everybody is saying that there should be better oversight in the financial and banking industries…
Now Mr. Ince is telling us “A recession can be a time for prudent financial investing…” and “now is the time to strategically invest, with the potential of great pay-offs…”
Really, Mr. Ince? Well, I guess that could be true if things are not going to get any worse. And if we had any faith left in your industry, or in the products you previously sold us.
Mr. Ince, why don’t you tell us what returns you’ve achieved for your clients since you created the CLICO Balanced Fund in 2000? How did all those folks do who borrowed money from you to invest in your fund so you could put that money back into Clico? Huh? How did they do?
And one more thing, Mr. Ince…
Was there any time in the past ten years when you told us “Now is NOT the time to invest…”
I’ve been looking all over and I can’t find one report of you saying such a thing. Why not?
The Nation: Jepter Ince – Now “good time” to invest
Stabroek News: Clico (Barbados) statutory fund in deficit – Mottley
Keltruth Blog: CLICO Quiz (You must take this delightful quiz!, Cliverton)
AND HERE’S A LITTLE SOMETHING WE REMEMBER TOO!
CLICO fund decline
(Wednesday, 15 February 2006)
The CLICO Balance Fund is looking to 2006 for an improved showing. Fund Manager, Jepter Ince, says there was a five percent decline, but he is optimistic this year’s performance will be better.
Speaking at a training seminar for over 70 agents at the Accra Beach Hotel, Mr. Ince anticipates a growth in the capital market and greater harmonisation in cross border trading. He says recent education programmes have also contributed to the fund’s viability.
One of the fund’s director’s, Tony Marshall suggests it’s never too late to invest in the fund.