Posted on March 8, 2013 by jay
We have learnt that US$75M has been located to pay out immediately and US$15M is to be paid out next week.
If true this would be a massive move for investors who lost so much.
I am however very skeptical and is of the view that this may be Carlos Hill back at his old tricks
Filed under: Cash Plus | 6 Comments »
Posted on August 9, 2011 by jay
If prosecutors have their way David Smith the man who ran one of the largest Ponzi scheme in Jamaica and the Caribbean could spend the rest of his life in prison.
The fall of David Smith’s empire is nothing short of incredible,as at one point in time, if you did not have money in Olint you must have been an idiot. The “club” as it was called was exclusive and if you could not get in you just turned to a “pig” ie you latched unto someone who was already in the club.
The client that he had was some the who’s who in Jamaica and was said to have included some well heeled individual as well as some financial analyst. As Smith await his faith on Thursday, I am amazed at how he appears to have decided to take the full fall and not name his co-conspirators, some of whom made a lot more than he did in the fraudulent scheme.
That is so not “cool”. David is like a man in the middle of the desert on a fertile piece of land.
If you get my drift.
Heard the Feds were in the tourist resort last week “cooling” or was it “staking out”, not sure we will just have to wait until we hear from the District Attorney.
Filed under: Olint, UFOs | 43 Comments »
Posted on March 30, 2011 by jay
Seems like the USA is turning up the heat on former Jamaican Ponzi scheme operators. The lastest such person who seems set to come under heat from the USA authorities is Noel Strachan, the former Worldwise Boss who ran off with millions on investors money and went on buy spree in 2009 purchasing over J$1.8B in properties in the Broward County area of the USA.
Included in this purchase was a mansion for US$1.8M along with a Rolls Royce Bentley.
Filed under: World Wise | Tagged: WorldWise, Forex, Ponzi, Noel Strachan | 161 Comments »
Posted on March 30, 2011 by jay
The daily newspapers have reported that former Olint Boss David Smith has pleaded guilty to over 20 cases of fraud in relation to his ponzi scheme. In exchange for his plea, he appears set to speak about those who help him with his elaborate plans to defraud “investors”. Word is now that their is a mad scramble now on in Jamaica as persons try to further distance themselves from any association with David Smith as well as hiding assets they came in possession of as a result of the ponzi scheme.
The desert is bound to get real hot shortly.
Read plea agreement here:
Filed under: Olint | Tagged: David Smith, Olint, Ponzi, SCAM | 109 Comments »
Posted on February 25, 2011 by jay
David Smith Guilty – Usa
Donovan Davis – Guilty - Usa
Noel Strachan- Not yet tried
Not one of these guys ever tried in Jamaica where most of the fraud was committed.
An Orlando jury concluded last week that Damien Bromfield of Ocoee and Donovan Davis Jr. of Palm Bay had misled investors, stole their funds and otherwise violated federal commodities laws through their Central Florida-based firm, Capital Blu Management LLC.
Thanks to the poster for this link.
Filed under: Capital Blu, Olint, World Wise | 276 Comments »
Posted on November 19, 2010 by jay
Former head of Olint – David Smith has pleaded not guilty in a Florida court after being flown from TCI to the USA last evening.
Filed under: Olint | Tagged: David Smith, Olint, Ponzi, SCAM | 823 Comments »
Posted on September 23, 2010 by jay
The former head of the failed Olint investment club, today pleaded guilty to fraud-related charges in the Supreme Court in the Turks and Caicos Islands and has been sentenced to six and a half years in prison.
Does this effectively bring this sordid affair to an end ?
Filed under: Olint | Tagged: David Smith, Olint, Ponzi, Scheme | 492 Comments »
Posted on August 19, 2010 by jay
David Smith, the embattled head of the failed foreign currency trading scheme Olint, has been indicted on 23 charges in the United States.
Smith is certain to face a heavy prison sentence for his criminal activities committed against many Jamaicans and other Caribbean nationals.
Why has no charges been laid against Smith in Jamaica where it all started.
See the indictment document here . Thanks Maik for this link
Filed under: Olint | Tagged: David Smith, Olint, Ponzi, SCAM | 454 Comments »