The TCI Weekly News is reporting that OLINT TCI is to be wound up beginning Tuesday June 2, 2009.
David Smith home and offices were raid in July 2008 and assets frozen by the TCI Law enforcement. Later that month, OLINT and David Smith’s accounts in the USA were frozen. In February 2009 he was charged by the TCI authorities for fraud and other theft related offences
The TCI weekly quotes, Justice Richard Williams as revealing that the Supreme Court in TCI had personally received “streams of correspondence” from anxious local investors.
“I feel terrible for them, it’s sad for all the people.” – Justice Richard Williams
The question then, is there enough money. According to the TCI weekly, Justice Williams is reported as saying the following:
“The amounts that the AG disclosed to me, there are not the amounts in that account to meet the amounts the creditors say they are owed.” …
Appointment of Liquidator opposed
However, it is understood that OLINT through its directors David and Tracy Smith are apposing the appointment of a liquidator. In the Cash Plus case Carlos Hill seem originally alright with the receiver but later fought to have the receiver removed. Subsequently a liquidator was appointed in the Cash Plus case. It should be noted There is already a wind-up order in place for TCI FX trader, a TCI based company.
In general, since January 2008, investors in OLINT has not been paid interest and have been unable to have their principal repaid.
There are currently a number of lawsuits against OLINT in the TCI and in the USA. It is interesting what will become of those lawsuits now that the liquidator has been appointed, given the lessons learnt from Cash Plus and other failed PONZIs.
Filed under: Olint | Tagged: David Smith, Forex, Jamaica, Olint, Ponzi, SCAM, Scheme, TCI FX | 452 Comments »