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