KINGSTON, Jamaica — Former Cash Plus boss Carlos Hill this morning pleaded not guilty to fraud charges in the Home Circuit court.

Hill, who was charged in April 2008, is facing trial for fraudulently inducing persons to invest in the Cash Plus scheme. 

He faces seven years behind bars, if convicted.

Hill was scheduled to go on trial a week ago. However, Hugh Wildman, former trustee in bankruptcy, and liquidator of Cash Plus, requested a delay.

Wildman told the court there were positive developments, which could benefit depositors as Hill intends to repay depositors who lost more than US$100 million in Cash Plus.

Last Friday reports emerged, suggesting that Hill has more than US$75 million within reach, paving the way for a possible pay out to Cash Plus investors.

The former Cash Plus CEO also promised that, on or before March 25, the Office of the Trustee in Bankruptcy would receive a bank letter, confirming that US$90 million has been blocked on behalf of the Trustee in Bankruptcy for repayment to lenders to Cash Plus.

Seven jurors have been selected today and witnesses will be called when the case resumes tomorrow.