Nationwide News Network has confirmed that Olint’s Assets in the Turks and Caicos have been frozen. This follows raids carried out on the offices of OLINT along with the home of its principal, David Smith, by the Turks and Caicos Financial Crimes Unit. It is understood that computers, other equipment and documents were seized. This development has sent shockwaves among OLINT investors and investors linked to affiliate/feeder clubs such as Lewfam, Wealthbuilders, Wilshaw among others.
1-2 Months in coming
According to the police, following complaints received, investigations started 1-2 months ago. They pointed out that investigation of financial crimes can be very complex and it takes time to ensure it’s done properly. They believed they were at the point where they needed to carry out the raids. The Police said that they went to the Supreme Court in Turks and Caicos and received a search warrent for OLINT TCI offices and David Smith’s home.
While refusing to say exactly what triggered the investigation or exactly what they were investigating, the Police would only say they were investigating possible financial crimes. According to a crimestoppers site, in TCI, the Financial Crimes Unit is interested in issues such as
- Money Laundering
- Internal Theft
Based on reports, David Smith and his family are presently in Turks and Caicos. The Police state that David Smith was NOT charged or arrested, clearly putting rumors of his arrest to rest. At this time the police say David Smith does not face any travel restrictions. The police went further to say that OLINT TCI is free to operate while they are being investigated. With assets frozen, one is not quite sure what they will be able to do. It is understood that he could be questioned later this week.
In Jamaica, former finance minister, Omar Davies, says he takes no pleasure in saying he told Jamaicans so. He said that the opposition was on record of saying, when you invest in unregulated investment schemes, these things are likely to happen. Olint Offices in Jamaica remained closed and the police in Jamaica say they have no reports of threats to Olint staff or of the bomb threat.
Olint is currently in locked in a court battle with the FSC in Jamaica and has an court injunction in place that bars National Commercial Bank from closing OLINT banking accounts.
Coincidence not related
In a separate matter the Governor of the Turks and Caicos, Richard Tauwhare, has ordered a Commission of Enquiry to investigate whether there is information about corruption or other serious dishonesty in present government and former government of the TCI formed by the Progressive National Party (PNP) People’s Democratic Movement (PDM) respectively.
Opposition Leader Floyd Seymour expressed unease that Premier Michael Misick declared assets worth $50,000 when he took office in August 2003.
“But by February 2004 he had purchased property valued at $2.3million without a mortgage and built a multi-million pound property,” he is quoted as saying. - (TCI Weekly)
Summary of the situation:
- Olint office raided and David Smith home raided yesterday evening, July 14, 2008
- Computers, other equipment and documents seized
- David Smith subject of criminal investigation
- FCU – Financial Crime Unit involved
- Supreme Court approved search warrant
- Police started their investigations 1-2 months ago.
For Olint investors(direct and indirect), most who have not been paid in the last six months, this development is another twist in a story with many unanswered questions. OLINT moved its operations out of Jamaica after the FSC raided OLINT in March of 2006 finally settling in the Turks and Caicos Island
- Local Offices Closed
- No Money No Deh
- How OLINT survived?
- FAC recommends a Commission of Inquiry (TCI Weekly)
1. Nationwide was incorrect in saying that F1 investments had also sued OLINT. OLINT does NOT appear in the lawsuit. I-Trade FX appears but there is no mention of OLINT.
2. CaribbeanWorldNew is also incorrect in stating that the NFA file complaints against OLINT and TCI FX. That is NOT true. The complaint is against I-Trade FX but pointed to suspicious activities in OLINT/DAVID SMITH accounts