Tag Archives: CMMB

How PricewaterhouseCoopers grossly misled investors in CMMB – Caribbean Money Market Brokers

“The presentation of these financials (by PricewaterhouseCoopers) may be technically permissible but they are grossly misleading…

These accounts suggest, to the untrained financial eye, that the company is profitable and it is not.”

Excerpt from a reader’s analysis of PwC at Afra Raymond.com

PwC PricewaterhouseCoopers should be ashamed

Two days ago we directed our readers to a new Afra Raymond article about the CL Financial Scandal The CMMB story.

Today one of Afra’s audience left a devastating analysis of the activities of PwC PricewaterhouseCoopers in deliberately misleading investors into CMMB – Caribbean Money Market Brokers. Even though we just covered Afra’s new article, this latest comment says it all and deserves our attention.

People used to trust PwC. What fools we all were.

Without misleading, unethical auditors like PwC – willing to lie, deceive and be well paid for it – Duprey, Parris and David Thompson as their lawyer couldn’t have gotten away with what they did for so long.

Afra’s stories about the rot and fraud at CL Financial, Clico and the other scam companies have been going wild on the hit-meter because so many of us are victims, and will be victimized more as our tax dollars bail out the big guys and put the burden on the little people. The battle cry of crooks like Duprey and Parris: “Privatize profits, socialize losses.”

Here is what Afra’s reader observed about PricewaterhouseCoopers…. Continue reading

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

Caribbean Money Market Brokers Limited (CMMB) failed – but you could say it was planned

CL Financial Scandal gets more sordid

The slogan of CL Financial’s CMMB was “Intelligent Investing” but the reality is shown by their return on assets for the five years before their collapse:

2005 – 1.22%
2006 – 0.97%
2007 – 0.0015%
2008 – 0.0043%
2009 – 0.0094%

Yours truly, Robert, managed to average an annual 7.32% return on my personal investments over the same period and I know virtually nothing about investing.

There are big, big questions about the CL Financial, CLICO debacle: most of them unlikely to be answered by those with dirty hands. Our friend Afra Raymond kicks off the new year by continuing to ask questions in his usual devastating manner which I liken to a stiletto in the heart of the CL Financial and CLICO “executives” and their enablers: the politicians and PricewaterhouseCoopers auditors…

Given the very low profits earned during CMMB’s operations, there are two inescapable questions arising – “What is the real reason for the CL Financial group to hold onto this company?” and “What was in it for them?”

From the new AfraRaymond.com article The CMMB story

PricewaterhouseCoopers – Devouring widows’ houses

“Which devour widows’ houses, and for a shew make long prayers: the same shall receive greater damnation.”

Luke 20:47, King James Bible

How many lives did PricewaterhouseCoopers ruin because they did not do their duty? Continue reading

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Filed under Barbados, Business & Banking, Consumer Issues, Corruption, Crime & Law, Offshore Investments