The shit is about to hit the fan for Cruz missile - Ted Cruz Failed To Disclose Ties To Caribbean [View all]

[malaise]

Please remember to thank that Jamaican ahole Panton.
http://swampland.time.com/2013/10/18/ted-cruz-failed-to-disclose-ties-to-jamaican-holding-company/#ixzz2i67wBl2r
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In an amended financial disclosure form filed Oct. 1, Cruz said he still holds a promissory note from a Kingston-based company called Caribbean Equity Partners Investment Holdings LTD, worth between $100,000 and $250,000. No company with that name is registered in Jamaica. There is however a dormant Jamaica-based private equity firm called Caribbean Equity Partners Limited of which Cruz was a founding director and preferential shareholder, according to documents filed with the Jamaican government and reviewed by TIME. The firm held $100 million in assets under management in the mid-2000s, according to local news reports, with a focus on service and tourism investments in Jamaica and the Caribbean.

Cruz says he has not had any relationship with the private equity firm since he cashed out an initial investment of $6,000 for a total return of $100,000 a decade ago in a private agreement with his former college roommate, a Jamaican Rhodes scholar named David Panton, with whom Cruz co-founded the firm. Cruz says the agreement yielded him $25,000 in cash and $75,000 in the form of a promissory note on the holding company. The agreement included an oral provision for the accrual of reasonable interest on the debt, Cruz says. He says he initially deferred and then paid capital gains taxes on his profits from the investment.

After inquiries from TIME, Cruz provided a copy of the promissory note, which gives the name of the holding company as CEP Investments Holdings Limited. Cruz says the agreement is effectively an IOU to him from Panton, who is the owner of the holding company. Cruz says that while the holding company operates out of Jamaica, it is in fact domiciled in the British Virgin Islands.

Cruz says he failed to include the promissory note among his assets on his first financial disclosure in July 2012 when he was a candidate for the U.S. Senate because he had forgotten about it. “In 2011, there was an inadvertent omission of this promissory note, and after a conversation with my college roommate I remembered it,” Cruz says. Cruz’s initial filing was made in the heat of his campaign. He was fined $200 for filing the document late.