World Wise Partners Limited, the latest investment club to be issued a cease-and-desist order by the Financial Services Commission (FSC), has been slapped with a US$539,000 fraudulent misrepresentation lawsuit by an alleged member.

Apart from the claim of fraudulent misrepresentation, the US$539,744 suit - which names Kingston businessman Hurshell Cyrus as the claimant - is also claiming damages for breach of contract and is seeking compensation for unjust enrichment plus interest.

The suit, filed in the Supreme Court Tuesday by the law firm Hart Muirhead Fatta, names World Wise's chairman and founder Noel Strachan, director Judy Strachan, and former director Patrick Cawley as defendants.

The suit was prompted by the alleged non-payment of interest by World Wise to Cyrus, who said he became a member of the financial investment scheme last year. The company has been in operation since 2003, but only opened its doors to the public January last year.

The lawsuit comes just three weeks after World Wise and Noel Strachan were issued a cease-and-desist order by the FSC on August 5.

The FSC is claiming that the entity had been dealing in securities without the relevant licence, in breach of sections 7, 10 and 26 of the Securities Act. The order, however, does not prevent World Wise from making payments owed to its club members.

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