Monday 23 September, 2019

Updated: Managing Director in court for fraud

Update: 

Financial advisor Sheldon Powell appeared in the Port of Spain Magistrates’ Court on allegations of fraud on Tuesday. 

Powell, who used $160,000 entrusted to him to invest in a company in the United Kingdom on personal expenses and investment, was unable to secure bail and was remanded into prison custody. 

He is due back in court on January 8. 

Original article:

A 32-year-old Managing Director for an investment company in Port of Spain is expected to appear before the Port of Spain Magistrates’ Court Tuesday morning.

The accused is expected to appear in the 11th Court, having been charged by WPC Lewis from the Fraud Squad.

He was arrested at his Palmiste San Fernando home on Monday by officers of the Fraud Squad, following allegations that he had been entrusted with $160,000 to invest in a company in the United Kingdom – a trust which was betrayed as he allegedly used the money on personal expenses and investment.

Investigations were launched by Snr Sup Lindon Greenidge, who confirmed that no investments were made, and that the money was missing despite being handed over to the 32-year-old.

The suspect was charged as a result, and is expected to answer the allegations today.

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