July 1-18, 2008 was an eventful period for OLINT investors. This article is a reflection and a re-write of a previous article entitled “OLINT where is the money” .
One year later and many OLINT investors are still waiting. Some are listening and feeling around for something that will let them know that the money is here. Some are have sued or others have not , others are thinking evil thoughts that we do not recommend. Violence does not solve anything. Some have not spoken the liquidator while other OLINT investors have urged to come forward.
Whatever the reasons, greed, selfishness, need or peer pressure, that drove persons to invest in OLINT and other UFOs , OLINT and other UFO investors face a problem of payments being promised and not being delivered, repeated schedules announced and repeated excuses. The excuses given for non-payment have included the FSC, BOJ, NCB, to the now popular one “Due Dilligence” or simply “I don’t know” have all proven to far from the truth. The reality is “Money no deh” and from all appearances
“OLINT was nothing more that a glorified PONZI“
Court Losses, Arrests, liquidation
David Smith, the OLINT boss has been arrested and charged on two different occassions in the TCI on various counts of fraud and money laundering. The case is up for trial on August 5, 2009. Two of the companies that he was affliated to TCI FX and OLINT TCI have been ordered liqudiated. Lawsuits as mentioned before have been filed primarily in Florida, USA. One of the lawsuits seeks to recover US$2.4 Million which represent principal and “alleged interest”. (see court documents)
NCB was finally given the go ahead to close OLINT’s account and the Privy Council Judges rightly chatised the Jamaican judges for the foolishness that went on.
Carlos Hill has been thrown out of a home bought by Cash Plus investors funds and still roams freely while his fraud case is before the courts. The Cash Plus liquidation is far advanced and Jamaica investors in Cash PLus at this moment are looking a little better than their OLINT counterparts.
ITrade FX is effectively dead, having been fined $250,000 in relation to not filing suspicious activity report (SARs) relating to OLINT accounts. They also sold all their customers FXCM. The website is also appears to be currently down too.
Mirage in desert
Flashback to early June 2008, after a months of speculation, some money did appear to flow from the OLINT coffers but only very few persons got any relief. No sooner had the mirage appeared and hopes lifted, it disappeared.
For a fleeting moment it seemed like the detractors would be proven wrong and have to hang their heads in shame. Seriously though, detractors would have no problem saying we were wrong for at least people would have gotten back there money. However, it is sad to see how some people are suffering but it is worst to see people blind to the fact that maybe they are being scammed. Some who have publicly comforted themselves that they ”invested what they could afford to lose”, are now shell-shocked and are silently talking to the lawyers.
When the few drops of money dried up, reality set in and by the end of June 2008, many angry investors were left bitterly disappointed but others found more excuses and refuse to face the possibility that something was wrong and that they had been victims of a scam.
Cognitive Dissonance – Suspension of Reason.
Many Investors simply cannot beleive that their hero would do this to them and have suspended reasoning and rational and are now simply clinging on to faith, despite the overwhelming evidence that something is wrong, the arrests and the liquidation. I understand the term is Cognitive Dissonance.
To understand the depths of denial one only has to look at that letter sent out by Lewfam to investors in July 2009. Clearly the principals of that company are either misled or seeking the mislead.
FOr the christian minded and those who feel so inclined we offer a few passages of scriptures.
For those in need
Walk in the counsel of the righteous
How blessed is the man who does not walk in the counsel of the wicked, Nor stand in the path of sinners, Nor sit in the seat of scoffers!http://bible.cc/psalms/1-1.htm
Some Words of Comfort and lessons hopefully learnt
In the now famous July radio interview, David Smith had said his fingers were crossed. Many Olint Faithful whose faith have been tested and tried continued to look for word of comfort to soothe their troubled souls for much the rest of 2008. In 2009, one year later we can offer no word of comfort as it relates to OLINT and recovery
For the christian minded, and those who feel so inclined, we offer a few passages of scriptures. For those in need, “But my God shall supply all your need according to his riches in glory by Christ Jesus”, Philippians 4:19. God forgives, “For You, Lord, are good, and ready to forgive, And abundant in lovingkindness to all who call upon You.” Psalms 86:5 and finally listen to the counsel of the righteous “How blessed is the man who does not walk in the counsel of the wicked…” Psalms 1:1.
We invite you to check the following links, as the look on identifying scams and red flags investments.
Filed under: Cash Plus, Olint | Tagged: Carlos Hill, Cash Plus, David Smith, Jamaica, Olint, Ponzi | 1,265 Comments »