Former head of the Jamaican investment firm World Wise Partners, Noel Strachan, has been indicted in the United States district court in the Southern District of Florida.
He has been arrested and is currently being held on multiple charges, including wire fraud and aggravated identity theft.
It is alleged that between March 2017 and April 2019, Strachan, along with several others, acquired vehicles through various means, including by theft and deception, and prepared and submitted documents to remove the vehicles’ lawful owners and lien holders from the title.
It is also alleged that he retained the vehicles for personal use or sold them for a profit.
In 2008, World Wise Partners, one of several unregulated schemes operating in Jamaica at the time, collapsed after its operators were served with a cease and desist order from the Financial Services Commission, FSC.
The police Fraud Squad investigation at the time revealed that more than one hundred World Wise investors were defrauded of more than 260-million dollars.
In an interview eight years after the entity’s collapse, Noel Strachan denied that he operated a Ponzi scheme and used his clients’ funds to purchase a private jet, several luxury vehicles and real estate in Florida.