Olint (Jamaica) Investors angry and disappointed.

Olint investors left the two meetings held by the Olint Liquidator very angry and disappointed

The liquidator has stated that the only persons who are likely get back anything, would be those investors who deposited funds directly to Hallmark Bank & Trust Limited in the Turks and Caicos Islands between the period April 2006 and July 2008 and had entered into a Private Club Members Agreement with Olint TCI.

On the other hand those persons who were forced by David Smith into signing the Private Club Members Agreement with Olint TCI would be left penniless.
This is a very cruel blow to Olint investors who had gathered at the Jamaica Conference Center hoping to hear some good news on their money.

Unanswered questions.

What was the real purpose of this meeting?
Why did the liquidator need to come to Jamaica to tell the investor in Jamaica that they would receive nothing?
Is there a hidden agenda?

I suppose these questions will be answered in the next couple of days.

http://www.jamaicaobserver.com/news/Olint-Creditors_7401310

Olint Liquidator schedules meeting – Latest update.

The liquidator of Olint has schedule meetings for defrauded investors on next week, February 8, 2010 at the Jamaica Conference Center.
He has indicated that the only persons who can attend are those who have filed a claim and have been contacted by the liquidator via email or otherwise to confirm their attendance.

Many persons are suspicious, as they have indicated that the liquidator would have had their files and be as such would have been aware if there are a bonafide investor or not, so why the need for these pre-conditions.

Some people have asked me the following questions?
1. Are persons from the Inland Revenue Dept going to be on hand
2. Will agents of the fraud squad going to be on hand
3. Will ‘investors” be identified on arrival at the center i.e. will John Doe be required to prove and then sign that he is in fact John Doe.

I have no idea what is likely to taken place at the door or inside the venue itself.
One question investor should seek an answer for is, what has happened since the expiration of the injunction that was filed in the Supreme court which sought to froze DS accounts.
Was there a second injunction filed and if not why not. Also since if one was not done, have the funds been since moved to a number of other offshore accounts

http://site.olinttciliquidation.com/

Update

A new Olint group has been formed to “protect” the interest of Olint investors.

The groups website which is still under construction can be found here.

http://acomaction.info/

Further update – Feb 9, 2010

The liquidator has stated that the only persons who are likely get back anything, would be those investors who deposited funds directly to Hallmark Bank & Trust Limited in the Turks and Caicos Islands between the period April 2006 and July 2008 and had entered into a Private Club Members Agreement with Olint TCI.

On the other hand those persons who were forced by David Smith into signing the Private Club Members Agreement with Olint TCI would be left penniless.
This is a very cruel blow to Olint investors who had gathered at the Jamaica Conference Center hoping to hear some good news on their money.

There are some unanswered question

What was the real purpose of this meeting?
Why did the liquidator need to come to Jamaica to tell the investor in Jamaica that they would receive nothing?
Is there a hidden agenda?

I suppose these questions will be answered in the next couple of days.

http://www.jamaicaobserver.com/news/Olint-Creditors_7401310

Worldwide freeze ordered on Olint assets

BREAKING NEWS!!

Today the Olint liquidator was sucessful in obtaining the supreme court in Jamaica to order a worldwise freeze on Olint assets.

Read more here.

http://site.olinttciliquidation.com/

Olint may have spawned many mini-ponzi schemes

The latest Olint liquidator report has shed new light on the operations of Olint. Investforlife has raised the issue before of “pigs” which we can now call mini-ponzi schemes, as was highlighted by liquidator in his latest report.
We read the sad case for example of one family who paid over $3.9m to a feeder club, however the liquidator was only able to find records of a substantially smaller sum actually making it into the coffers of Olint TCI.
The feeder clubs were in fact operating their own mini ponzi scheme, thus allowing for the entire sordid affair to continue long after David Smith had stopped paying.

We now know why we have seen very little action brought against David Smith and Olint from these so called feeder club, as they were busy “feeding” off their clients.

See liquidator report for additional information

http://site.olinttciliquidation.com/uploads/Olint_TCI_Liquidator_s_Second_Interim_Report_-_Published_30_November_2009.pdf

David Smith withdraws $20m from local accounts

The Sunday herald of November 22, 2009 reported that David Smith had removed $20m from a local financial institutions, while not taking the institutions involved.

There has been no freeze on his local accounts despite the fact that he ran and ponzi and stole millions of dollars, as local Olint investors have failed to take any action to ensure that the fleecing does not continue.
We wait to see if more funds held locally would be moved as the receiver tries to close in on all the loot that may have been stashed away.

http://www.sunheraldja.com/2009/11/fsc-alert-about-olint/

Stunning new development in the Capital Blu Forex Case !!!

The prominent forensic accounting and consultancy firm Lewis B Freeman has been placed into receivership. So who is Lewis B Freeman.
This was the firm which was appointed receiver for Capital Blu Management, which is the Donavon Davis Jr. led forex trading outfit which ripped off its clients almost US$17M dollars.
The receiver in his last report in May 2009 had then indicated that it had only found approx. $500k and that a significant amount funds were spent on sleaze, booze, vacation and rental.

Lewis B freeman itself has now been placed into receivership as the authorities recently raided the firm trying to trace us$3.6m which is said to be held by the firm.
This is a stunning new development, and the question is can Capital Blu clients now throw in the towel at this stage.

Read more here.

http://www.law.com/jsp/article.jsp?id=1202434695199&pos=ataglance

CashPlus Loot located !!

The liquidator Hugh Wildman is reporting that his team  has located just about US$25M ($J 2.2B) in a overseas account owned by Carlos Hill and his brother Brethram Hill, and that the funds have been frozen.

In a gleaner article published today, Mr Wildman is reported to have said that investors could indeed have a merry Christmas if all goes well. This is indeed a big breakthrough by Mr Wildman and his team.

Recall Carlos Hill had reported(declared) that he had assets of only $111m, but with this find plus the fact that the liquidator is looking at Panama and DR for more funds, investors sure seems to have something to smile about.

Mr Wilman is reporting that he has claim of $J5B, so this find of US$25 of $J2.2B could see those investors getting back something in the order of  44 cents on the dollar. This could be less as with lawyers fees and other related cost this figure may really by 30 -35 cents on the dollar

No doubt there seems to be some hope for CashPlus investors.

For more details see reports.

http://www.jamaica-gleaner.com/gleaner/20091007/lead/lead1.html

Cash Plus Liquidator Finds Possible Hidden Loot

Cash Plus Liquidator yesterday announced, that he had found possible hidden loot of about US $25 million in a Swiss Bank account held in Dubai. According to reports, action has already been initiated to have these funds frozen has the liquidator believes they are rightly belonging to the Cash Plus Investors.

http://www.jamaica-gleaner.com/gleaner/20091007/lead/lead1.html

http://jamaicaobserver.com/news/html/20091006T190000-0500_161288_OBS__CASH_PLUS_MILLION__FOUND_IN_DUBAI_.asp