People You Can Rely Upon: Pretty Ethiopian Orphans, Rich African Widows, CLICO Investment Bankers…

Jepter Ince has never said "Now is not the time to invest."

Jepter Ince has never said "Now is not the time to invest."

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..

My dear

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…

Dearest One,

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…

jepter-ince-barbados

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?

Further Reading

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.

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27 Comments

Filed under Barbados, Business, Business & Banking, Consumer Issues, Ethics, Offshore Investments

27 responses to “People You Can Rely Upon: Pretty Ethiopian Orphans, Rich African Widows, CLICO Investment Bankers…

  1. Hants

    The man is doing his job.

    He could also change jobs but an Investment banker sells Investments.

    It is up to those with a modicum of intelligence and lots of money to take the RISKS.

  2. Passin Thru

    Mr. Ince bills himself as a “financial analyst”. BFP asks a good question about has he ever advised against investing.

    The house of cards has fallen. Mr. Ince was one of the builders who did what they did with no oversight and took risks with clients’ funds that anyone could see were out of line.

    Now I’m supposed to believe him?

  3. Hants

    If that is what he did, he just followed the examples of his counterparts in North America and Europe.

    Word to the wise “average” person. Risk is for the Rich.

  4. A thief in a suite

    Anyone who encourages the public to borrow for investing purposes, needs to be outed as dishonest, and untrustworthy.

  5. Hants

    Here comes the Canucks.

    Michael Lee Chin’s AIC is leveraging about US$150 million of unused cash it says it has in its Caribbean private-equity fund in a bid to acquire portions of troubled financial group CL Financial’s prime assets.

    “I was in Trinidad this week and last week looking at the opportunities with respect of certain assets of CL Financial,” Lee Chin, AIC’s executive chairman, confirmed to Wednesday Business towards the end of last week.

    “We are looking at the best way to participate.”

    The Jamaican-Canadian billionaire already has a presence in the twin-island republic through AIC Trinidad, a troubled mutual-fund subsidiary that was restructured more than a year ago.

    But he is not the only suitor, and will likely have to go up against CIBC of Canada, which, our sources have said, has a proposal before the finance ministry to acquire the 55 per cent of Republic Bank on offer.

    His bank, the National Commercial Bank of Jamaica, whose stock also trades on the Port of Spain exchange, is already a fierce rival in the Jamaican market with CIBC’s regional subsidiary FirstCaribbean International Bank.

  6. Hants

    A tale of two islands: Jamaica vs Barbados

    Interesting reading in the Jamaica Gleaner.

  7. Underdog

    Wrong Hants,
    I spoke with a representative of another Mutual Fund in July/August 2008 and he openly told me that now was not a good time to invest. He did say that statement applied to the short term and that the fund should hold for the long term. The difference? Integrity!

  8. Veggieman

    Another snake oil salesman in a suit.
    I would like him to show evidence that his funds ever delivered. He will run and hide when he hear about this article.

  9. Sargeant

    I just read the Nation story and note that another Financial adviser “agrees with Ince and goes further” but this lady is not mentioned in your article so I must conclude that Mr. Ince is not very popular.

    The bottom line is if want security, invest your money in Term Deposits with a local Bank. If you can’t bear the thought of losing money stay away from equities and mutual funds because you will die from stress in today’s volatile market. In Canada when you open an account with a brokerage you have to fill an information sheet which determines your risk tolerance. Generally the more risk you are prepared to take the greater your reward or vice versa.

    Mr. Ince was only repeating what many investment professionals are saying today i.e. that there are opportunities as many blue chip companies are trading at all time lows and if you buy today you will be well positioned when the market rebounds. I can’t comment on the mutual fund industry in Barbados but as a personal preference I stay away from mutual funds as gains are minimized on most of them because of hidden fees.

    One should always remember that in investing as in life there are no “sure things”

  10. Pat

    Not necessarily. That is done in many markets. It depends on the benefits. For instance, I did that and wrote off the interest payments. However, that was years ago and the loan was insured.

    However, one should only take risks with money one can afford to lose. Dont mortgage the house to go itno the stock market.

  11. Hants

    TORONTO, Feb 25 (Reuters) – Canadian pension fund Caisse de depot et placement du Quebec said on Wednesday it lost C$39.8 billion ($31.6 billion) in 2008, hit by tumbling stock prices and a depreciating Canadian dollar.
    Caisse, one of the country’s biggest pension funds, posted a negative return of 25 percent. The median return for large Canadian pension funds in 2008 was negative 18.4 percent.

    Some potential tourists staying home and counting their losses.

  12. bajanbat

    Clico Bah has been put into liquidation. They own 51pc of Clico Guyana and that co holds about $6billion of their NIS debt. What a problem if the NIS has to collect this money and it is not there. Let’s hope that our NIS is not in a similar position. Would we not feel a lot better if our PM took his people into his confidence and shared whatever comforting facts he has with us? Instead of talking in private to Leroy and other foreign investors and using our $$ to support their investments.
    The whole group has evidently been moving numbers around between companies to prop up their statements while the cash is moving elsewhere. Our regulators have much to answer for but they are no different to the regulators in the USA where the SEC is now the laughing stock of the professional world.

  13. bajanbat

    Mr Ince knows very well that this is not a time for the unwary investor to be making investments. If he considers himself a “smart” investor then he is fooling himself and that makes him more dangerous. He may know a little more about investing than the man in the street but in the world of stock markets he is a babe in arms and your money will disappear faster than you can blink. He has a job to do, get funds into the group. What happens to the investor’s funds after that is determined by the market. not Mr Ince’s promises.

  14. Laughing

    Jepter Ince still at CLICO? I thought he had left there!

  15. ru4real

    As Rayside ( Clico) got the ABC highway completion job does this mean it will never be finished?

  16. bajanbat

    the highway is not moving along very quickly now. If the $$ probs add to the delay it is going to be bad news.

  17. bajanbat

    @ace
    does C-R A-P stand for:
    Clico
    Rayside
    And
    Parris?

  18. PiedPiper

    Bank of Scotland posted a loss of 34.5 Billion dollars……..and so it goes.

  19. S

    Even the boy who cried wolf told the truth

    If I had the available capital I would definitely be buying. If business entities are clamouring to take control of Clico and other businesses it tells me that either they smell a bargain or there is something of value in the prospective company. Which in any event would at least vindicate Mr Ince. One of the bigger mistakes I made was not investing in a mutual fund from the outset. It did exceedingly well over the years.

    I will definitely be investing and looking for a bargain if I can find it. The less people are looking to invest the better for me. Less demand better price.

  20. S

    http://jamaicagleaner.com/gleaner/efg/

    “Billionaire Michael Lee Chin is looking around for businesses to buy, saying now is the best time to snatch up deals.”

  21. Elombe

    I agree, S, the fewer who invest, the more that is available for those of us who do!

  22. paul sealy

    lol at your screen name..there are so many of them in this island that they overshadow the average street robber.

  23. paul sealy

    the below comment was meant for you.

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