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