The big question is now, will Dr Fenton Ferguson still give that national broadcast come this Sunday .
He will still be in charge up to Sunday.
In a expose that appears in the June 2015 issue of Bloomberg, David Evans goes behind the history of OLINT and David Smith. Much of what he says is already known, however there are a few things that stand out.
The key one is one why was the Martinez Family from I-Trade never prosecuted? Many persons law enforcement agents and prosecutors are puzzled. David Smith seems to reveal that part of his pleading guilty was in exchange for providing information and feels he was tricked and thrown under the bus.
“Once I decided I’d plead guilty, there was no holding back,” Smith says, locked up just a few miles from the turquoise waters and seaside villa where he often entertained the Martinez family. “I went all the way. I did everything they asked me to do. I got nothing in return.”
A number of persons are named in this article for their roles including members of the Martinez family. There are the stories of many who persons would call greedy still lamenting what the lost.
In a related article, Leverage as High as 50-1 Lures OTC Forex Traders Who Most
Martinez admits the dangers for FOREX Trading or Currency Casino
He says he’s taught 30,000 students a formula for making consistent profits with MTI’s Ultimate Traders Package, which sells for $7,995. Yet, in an interview with Bloomberg Markets last year, Martinez estimated no more than half his customers make back trading what they spend on their MTI tuition.
The role Market Traders Institute(MTI) played is beyond question in Jamaica as those organisations gave legitimacy to David Smith and his OLINT operations. In fact, Jared Martinez openly praised the skill of David Smith and called him a Jamaican Moses. Listen carefully and note a few things:
Whether they were complicit in a conspiracy is the question that will probably be never known, unless there is a confession.
For more read The Con Man and His Mentor
On Friday, ABC news via an Associated Press(AP) article had quoted a spokeswoman for the U.S. Attorney’s Office, Amy Filjones, in the Middle District of Florida, saying that the U.S. government was “actively seeking to extradite” David Smith from the Turks and Caicos Island(TCI)
On Saturday, the Jamaica Gleaner reported that David Smith had been arrested on Friday, January 23, 2015 on a provisional warrant and will be extradited to the United States of America next week.
Given that David Smith served only little more that four years in a TCI prison it is will be interesting to see if he will serve 24 or 26 more years in a USA prison.
Why David Smith was released on January 22, 2015 with no arrangements made to have him immediately picked up by the United States Authorities is a question the Turks and Caicos Authorities would have to answer.
While his wife and family might be grateful, many who would have suffered as a result of Olint will be left wondering why?
The Jamaica Gleaner reported that David Smith of Olint Fame has been released from prison in the Turks and Caicos early based on good behaviour . In September 2010, David Smith was sentenced to six and half years in prison in the Turks and Caicos for fraud related charges. In 2011 he would plead guilty in a United States Court to four counts of wire fraud, a count of conspiracy to commit money laundering, and 18 counts of money laundering, after being indicted in August 2010 (See Document). He was then sentenced to 30 years in the United States.
It is not clear when and if he will now report to the United States authorities to serve the remaining portion of his 30 year sentence. After the United States Trial, in 2011, it was reported that he would serve six and a half years in a Turks and Caicos jail before serving time in the United States.
According to the Gleaner, Oliver Smith his lawyer (of no relation to David Smith) offered no comment when contacted. The Observer seems to believe based on their report that he will extradited to serve at least 24 years in United States prison.
The Turks and Caicos Islands SUN is reporting that David Smith appeared before Chief Magistrate Clifton Warner in Grand Turk yesterday.
The David Smith led Olint operations which turned out to be nothing but a Ponzi was reported to have raked in over US$220 Million from over 6,000 direct investors and many more via feeder clubs.
In a 2013 article the Gleaner reported that the Jamaican cops were seeking the operators of World Wise Partners. The charges to be laid against the operators include operating an unlicensed securities business contrary to Section 7 of the Securities Act; operating as unlicensed investment advisers contrary to Section 8 of the Securities Act; and fraudulently inducing persons to deal in securities contrary to Section 47 (a) of the Securities Act.
Now in 2015, Noel Strachan one of the principals of World Wise Partners continues to claim that World Wise was not and never was a Ponzi . However, the most interesting statement was that that 90% of investors/partners have been repaid facilitated by some unnamed lawyer(s).
But in a swift response to the Gleaner article, many readers questioned the truthfulness of those statements and pleaded for help. The Gleaner did not give an idea how many responses were received. Some of the responses, abbreviated, are highlighted below.
Have you been repaid or lucky to be among the 90%? Leave us a comment here….
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
David Smith of OLINT fame today was sentenced to 30 years in prison. He was sentenced after being found guilty on 23 counts of wire fraud, conspiracy to commit money laundering and money laundering. David Smith was previously sentenced to six and half years in the Turks on Caicos in 2010. David Smith ran OLINT as a foreign exchange (FX) outfit that promised persons high returns that averaged 10% per month. In reality OLINT was a massive Ponzi that managed to rake in reportedly over US$220 million from over 6000 investors.
OLINT started sometime in 2004 as a quiet members club whose growth depended on word of mouth referrals. By 2006 however the Unregulated Financial Organisation as it was called began to face scrutiny in Jamaica from the Financial Services Commission (FSC), the financial services regulators in Jamaica. Despite many public warnings by the FSC and leading bankers at the time money continued to flow into OLINT via intermediaries that would become know as feeder clubs and ‘pigs’.
In 2006, after a raid on OLINT and LewFam Investment, they shared adjoining office areas, by the FSC, the club then moved to Turks and Caicos where it operated. David Smith was also connected to TCI FX, a registered company in Turks and Caicos. OLINT was registered at different times in Panama and St. Kitts. David Smith also formed a partnership with the principals of I-Trade FX (now defunct), a foreign exchange platform owned by the operators of the Market Traders Institute(MTI). In late 2007 the formed a partnership called GotradeJamaica.com and also launched the OLINT foundation.
It has been reported that David Smith was hailed by the FX Chief as one of the greatest foreign exchange traders something that would later turn out to be false. The National Futures Association investigation in 2009 of I-Trade FX would show that David Smith/OLINT did little to no FX trading and when they did they lost. The same was fate of Ingrid Loiten of May Daisy apparent attempts at FX trading.
OLINT was acknowledged to have supported both political parties in Jamaica but the Jamaica Labour Party(JLP) is reported to have garnered significantly more support than the Peoples National Party(PNP). In fact some have argued that OLINT funds had a bearing on the outcome of the Jamaica elections in 2007. Information available indicate that politicians from both sides of the divide in Jamaica, leading money market experts in Jamaica, doctors lawyers and the likes are those that invested in OLINT. One politician, Errol Ennis, a former minister of state in the Finance ministry, described the raid, on OLINT at the time, as a vulgar abuse of power by the state. Audley Shaw the current Finance minister was reported to have said in the Gleaner of January 31, 2007, that FSC’s actions against Olint, an entity which offers attractive interest rates, were unacceptable.
OLINT also sponsored the 2008 Jazz and Blue Festival, an annual music festival held in Montego Bay, Jamaica or its environs.
Former heads of the FSC, Byran Wynter, now the present governor of the Bank of Jamaica and George Roper the acting head 2007-2008, took much heat from the public for their strident opposition to the unregistered and unregulated financial operators or alternative investment schemes as OLINT and others like Cash Plus, May Daisy and Worldwise etc became known as.
Impact on the Diaspora
OLINT word of month referral led to the investments coming from Jamaicans living in the USA, Canada, UK among other countries. The impact of the OLINT crash was particularly felt in Florida often referred to as Kingston 21.
In 2008, after the Ponzi ran into difficulties paying its customers and Money Laundering and other charges surfaced in July 2008, David Smith was arrested in Turks and Caicos and the famous confession letter surfaced. He was later charged and convicted and subsequently brought for trial in the USA in 2010.
According to the Orlando Sentinel, Smith is to serve his sentence in the Turks and Caicos then the rest of time in the United States.