The legal representative of World Wise Partners Limited said a cease-and-desist order issued on the investment scheme yesterday by the Financial Services Commission (FSC) was anticipated.

World Wise Partners and its principal, Noel Strachan, were ordered to immediately stop conducting securities business with the cease-and-desist order.

The FSC directive came the same day the investment scheme had announced it would resume transactions with its clients.

The FSC said the cease-and-desist order was pursuant to section 68 (1B) of the Securities Act.

The regulatory body's action limits the investment scheme from soliciting and accepting monies from the public.

Christopher Townsend, one of World Wise Partners' lawyers, told The Gleaner the investment scheme had actually scaled down its operations some two months ago.

Met with FSC

Townsend said his client had also met, and had discussions, with the FSC to negotiate a consent cease-and-desist order.

"Basically, we ran out of time with the negotiation," said Townsend.

"So the cease-and-desist order was anticipated a long time ago, and it is in fact in keeping with what World Wise Partners had been doing two months ago," he added.

At that time, the entity said it would not be accepting any new deposits or facilitating the establishment of any new partnership agreements.

In a release to partners on Monday, World Wise said withdrawals by investors would resume after a two-month break.

The company insisted investors must make requests for withdrawal through its Online Request Portal.

George Roper, acting executive director of FSC, said the cease-and-desist order would not prevent World Wise Partners from paying outstanding amounts due to investors.

Application being processed

Roper said though that World Wise Investments, and not World Wise Partners Limited, has applied to the FSC for a securities licence.

The acting executive director said the application was still being processed.

"An application doesn't mean they can, or any other entity connected to them can, offer securities to the public," said Roper.

World Wise had formally applied to the FSC for a licence after a December ruling by the Supreme Court that all such schemes were subject to the regulatory jurisdiction of the public body.