Financial adviser on fraud charges

A 32-year-old Fi­nan­cial Ad­vi­sor and Man­ag­ing Di­rec­tor has ap­peared be­fore a Port- of- Spain mag­is­trate to an­swer fraud charges.

Shel­don Pow­ell was grant­ed bail to the sum of $300,000 with sure­ty af­ter he ap­peared be­fore Mag­is­trate Maris­sa Gomez.

Pow­ell, of DW Pow­ell In­ter­na­tion­al Fi­nan­cial In­vest­ments, whichis based in Port of Spain, was charged with lar­ce­ny to the sum of $160,000.

It is al­leged that in No­vem­ber 2015, Pow­ell took $160,000 en­trust­ed to him to in­vest in a UK In­vest­ment com­pa­ny by the name of Shard Cap­i­tal Part­ners LLP on an in­vestor’s be­half.

How­ev­er, the in­vest­ment was nev­er made, and the in­vestor was un­able to find Pow­ell con­cern­ing the trans­ac­tion there­after.

It is al­leged that Pow­ell in­stead used the mon­ey for him­self. He evad­ed the in­vestor from that point.

Fol­low­ing an in­ves­ti­ga­tion by the Fraud Squad, Pow­ell was ar­rest­ed at his Palmiste, San Fer­nan­do, home on Mon­day and charged.

The mat­ter was ad­journed to Jan­u­ary 8.

Reporter: Peter Christopher

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