(CMR) Matthew Leslie, promoter of the Cayman Winter Carnival, is waiting on a “million-dollar” Lloyds of London insurance payment in order to pay back his investors – this according to our well-placed sources.
The insurance claim is mostly for event cancellation and financial losses on the carnival due to inclement weather which Leslie claims were sufficient enough to impact profitability. This is an oddity because he also claimed to have been in a position to donate $182,660 in free tickets to non-profits. We had a financial adviser review the numbers submitted to Cabinet and they found this intriguing:
“If his carnival was losing money how would this make any sense to give away free tickets? He would have realized early on that the event was not doing as well as he claims especially in light of his assertions that he had to close the carnival numerous times.”
CMR examines Leslie’s Facebook and social media pages and found no mention of closures. However, we did find him giving away a lot of of free entries and discounted tickets. However, the amount he claims to have given to a list of non-profits is completely false. Not a single non-profit received ANY tickets and some have asked Leslie for a retraction (none has forthcoming).
One non-profit representative who spoke on the basis of anonymity stated that:
“We were very update to be on this list because after extensive investigations we know no one in our organization received any tickets. We take our non-profit reputation and name very seriously and this only tarnishes it for his own self gain. We make sure that all monies/donations coming into our organization are accounted for and that our accountant and auditors have a record of those.”
From these documents supplied to Cabinet we know that Leslie claimed to have a liability policy of $2 million, an event cancellation policy of “$million” and car content policy of $100,000.
Whilst we are uncertain of what amount “$million” is Saxon appears to have confirmed a policy for far less that he claimed in those documents supplied to Cabinet.
Cayman Marl Road is in receipt of an undated letter purporting to be from the Business Development Manager at Saxon Insurance which states that there was a Cancellation & Abandonment policy in place
“with a total sum insured of USD $1,175,000.”
In that same document, it claims that the claim is being processed.
We are aware that Leslie was offered a mere $300,000 in settlement of the claim but was advised by his major investor Margie Geddes to hold out for more money. It is understood that this investor has the most to lose as the sole major investor for the carnival.
It is unlikely that a full payout would be forthcoming unless the entire event was canceled. In fact, we are unaware of any substantial interruption to the business because of the weather. Our inside sources indicate that despite his public assertions to the contrary the carnival was a dismal failure. Even his New Year’s Even party with Destra that was MC by Selita Ebanks was unsuccessful. Our sources indicate he attempted to get his $10,000 talent fee back from her after the event. He also threatened to sue another local businessman who had promised to assist with promoting the event and getting him numbers.
At the time, one person noted:
“If they had ten ppl that wa plenty. I am a soca junkie and have never missed a fete or concert. That was shameful to attend.”
Leslie appeared slightly oblivious to the realities of the event stating that the Destra was waiving the $75 entry fee for the night to encourage people to come out.
Leslie has continually told numerous investors the insurance amount he is receiving will be sufficient enough to pay them back. Thus far, CMR investigators have tracked down multiple investors details and it appears that the money he has borrowed in fact far exceeds existing debt owed for the event and other monies borrowed. The minimum calculations we have the following numbers:
Margie Geddes – $500,000
Additional Investor – $100,000
Amusements of America – $100,000 + damaged equipment
Cost U Less – $5,000 (NSF cheque)
Belize Investors – $160,000
Christian Guzman – $100,000
CS (deceased) – undisclosed amount
SAM – $13,000 (NSF cheque)
Filipino/Pacquiao Event – $4,500
Paul T – $20,000
Note: Cost U Less has now confirmed his balance is under $2,000 and he has made arrangements to pay off the balance.
Most investors were promised at 25% return on their investment. However, as can be seen from this NSF cheque – they are still waiting to be paid anything at all:
CMR is certain this is only a partial list as some investors are too embarrassed to acknowledge that the loaned him any money. However, it is quite clear that even IF Leslie received the full payment on the insurance claim it would be impossible for ALL investors to paid back.
He has often encouraged people to NOT speak to CMR and others telling them that they will be exposed and embarrassed. However, it turns out that the real object is to limit exposure to himself.
One person summed up this approach:
“People are embarrassed once they realize they have been conned and in all likelihood will never get their money back. It’s a horrible feeling actually and people don’t often appreciate the devastating that this type of financial loss causes.
It’s not just about the money – it’s a serious breach of trust that will impact them forever. His objective is to use this cloak of secrecy to allow him to continue getting more and more investors and he can only do that if people are not aware of how many others are out there.”