F1 Investments is explaining to customers that problems with David Smith Led OLINT has put their GOLD fund in jeopardy. In a release to members they say that the Platinum fund is not in danger except for the problems that they are having with Ingrid Loiten led May Daisy. Please see the letter below.
July 25, 2008
Dear Valued Client
We would like to take this opportunity to thank you for your patience and understanding and seek to update you on the current status of affairs with regards to our Gold and Platinum Funds in light of recent developments which have occurred within the foreign exchange trading industry.
As you are aware our Gold Fund, as mentioned on the website, is traded by OLINT Corp. Limited (OLINT).
Mr. Smith sent out a communiqué on July14 & 18, 2008 and we wish to forward this to you, as this will have implications re your Gold Funds in trade.
We believe that due to investigations by various international authorities there may be a significant impact on OLINT’s ability to successfully trade this Fund and as such in order to protect the funds placed with OLINT we have decided to close this Fund and have requested that OLINT forward to us all monies due to date with a view to paying out our clients all amounts due for this Fund. It is our understanding that to date no legal action has been brought by the authorities against David Smith or OLINT nor has OLINT been ordered to cease its operation.
We have heard that the investigation, at this stage, is a fact-finding exercise on the part of the local authorities in the exploration of their mandate to stem the flow of financial crimes in the jurisdiction, however we believe that our decision to close the Gold Fund is necessary to mitigate any risk to client funds in light of these circumstances.
We are aware that possible consequences of this investigation could be the delay of these payments by OLINT and we are currently in dialogue with OLINT with a view to have payment made as soon as possible. A direct consequence will be the delays in fulfilling encashment requests for the Gold Fund.
We anticipate a resolution to this situation and will endeavour to keep you fully informed and pledge to address all relevant issues in a timely, effective and efficient manner as the situation unfolds; as we can only inform you of the facts as we receive them. As you are aware, this is beyond our control.
Our Platinum Fund continues to be traded by our traders with good results save and except for the sums placed with Ingrid Loiten of Maydaisy which we are endeavouring to recover through due process in the Courts of the United States of America.
We continue to monitor the events closely and commit to keeping you informed. We once again thank you for your understanding and wish to reassure you that your support
serves to encourage and strengthen our resolve to do whatever is necessary to ensure that our clients’ interests remain of paramount importance.
Please do not hesitate to give us a call for any queries you may have.
F1 INVESTMENT INC.