How OLINT survived?

There are persons that argued that OLINT could never be a SCAM.  They give basically three reasons.

The first one is, David Smith is Christian man who was a successful trader at Jamaica Money Market Brokers(JMMB). Secondly, the FOREX market is liquid, huge and lots of money to be made once you know what you are doing. The third argument is that no SCAM could survive the runs that Olint has had to deal with, first in March 2006 and then in Jan./Feb. 2008. Despite the alleged run in 2006,  OLINT allegedly paid back investors all their money and survived. They also claimed that during the period OLINT could not take on new customers or money as it was prevented by doing so by the FSC.

Let us look at the facts of the third argument . Indeed Olint was issued Cease and Desist Order in March 2006. While  it is not known if  OLINT  broke the law, it certainly circumvented the rule of law in order to continue operating. How did they do this?

Basically three ways:

a) OLINT TCI
Since the Cease and Desist was in the Jamaican jurisdiction, they moved offices overseas. First trying St. Kitts. finally settling in TCI and formed OLINT TCI. From what is understood all new ‘OLINT’ members are now OLINT TCI members. The FSC(in Jamaica) argues that although OLINT TCI is incorporated overseas the FSC has jurisdiction of securities dealings occurring inside Jamaica. Little by little Olint members have been converted to OLINT TCI members with OLINT in Jamaica left as “Customer Care”.

b) Feeder/Affiliate Clubs 
There is the issue of feeder/affiliate clubs. These investment clubs are based in Jamaica, Caribbean, United States and worldwide. Here are a few(and there are possibly more), others might be able to add to this list or send us corrections. This setup allows for money to come from multiple locations and sources.

  • Lewfam
  • Pro Capital Solutions/Prominent Capital Solutions
  • TCI FX (now Lewfam?)
  • FI Investments
  • FX millionaire Club
  • Willshaw Forex Club (St. Lucia)
  • WealthBuilders Club (Jamaica)
  • UWIN Antigua International Limited (Antigua)
  • SGL Holdings (Grenada)
In fact, because of the large number of Jamaicans and Caribbean nationals living in the USA, Canada and the UK, have funneled their funds into in OLINT by way of these affiliate and feeder clubs.

c) Piggy-backing
This is where individuals basically acting as mini-clubs investing new investors’ money via their own accounts.

Look at this quote, “The info will help me deal with the person who is investing on my behalf. You have given me more info than this guy ever did.” In effect the setup effectively allows OLINT to rotate the delays.

So the fact is there was always new money coming in, exactly what a PONZI needs to survive. The money NEVER STOPPED flowing but it might have slowed down. The Cease and Desist order did not affect OLINT too much. The NCB, OLINT court document demonstrates this. Rumours are that members are now being encouraged to open off-shore banking accounts. Olint now has a registered international business in Belize and also has a off-shore account in the Belize. Now OLINT could have started as a ‘legitimate’ FOREX operation but it could have gone bad.

So much for the claim that they survived runs , 70%  March 2006 and 80%  Jan/Feb 2008. They might be true but who knows how much money OLINT had or has under management. Those claims cannot be independently verified.

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50 Responses

  1. D. They could be a ligit forex operator who makes huge gains using leverage and gives small percentages to their customer. Thus not wanting to show the real gains he is making. knowing all too well that people will want a piece of the bigger pie

    E. He is truly a natrual. He has been trading for 5+ years. And studies the forex markets religiously. Having his market calendars and so forth. If something is good people will find it. So feeder clubs was as a result of his ligit successfull trading. Not the other way around. People trying to make a quick buck. Who wouldn’t do the same also..

    Have to have both sides ;-D

  2. Rd that is an answer a real investment amateur would give. But as said before the debating is over the lies of this organization will soon be exposed.
    Olint and DS will go down as one of the biggest frauds in Jamaican history

  3. No Jason you are wrong !!

    CashPlus and Carlos have that title already 🙂

  4. Jay. lol
    But the difference with good old Super Dave is that so many people believe in him and has took on a cult like following.
    I see people say we are praying for O to fail, they cannot spot a cat if it was infront of them. To these people let me give you a reality check OLINT HAS ALREADY FAILED

  5. I recently became a member of OLINT, I wired funds to my account on May 6, 2008 and my account has still not been credited. OLINT’s member care service has ignored the many e-mails I sent regarding my deposit.

    I definitely smell a rat. Be warned.

  6. @Tristan.

    Do you know any other person in your situation? You are at least the second person on this blog with this complaint. The is a serious issue. Have you checked back with you bank to see if the transaction actually went through?

    I have seen complaints like this on other blogs.

    The others out there in a similar situation let us know by posting a comment or emailing us at hyipmyths at yahoo dot com

  7. I have referred several people that waited and called for over a month, but the funds were finally credited. You should probably email DS personally. As a matter of interest they were credited a whole month of returns when they were in for 3 weeks rather than 4.
    I have learned that over $80m USD has been wired to the TCI bank over a week ago to relieve the encashments, but the funds have now been put on hold by the TCI regulators.

  8. Andy chin,

    I wonder where you are getting your info. Are you saying that the encashments will be sent from TCI.

    This seems like there is a never ending road. first the the US and wachovia and due diligence, now the TCI holding funds. When will this end. people need their money. 6 months now and no funds. what the hell is really happening.

  9. I’m about ready to hang “DS” from a freakin tree. This is getting really old.

  10. LOL I am sure 80 m was sent and now its more DD. LOL these people really take people for fools, but I dont blame them, they have been fooling people for the last 5 years so why not keep telling them lies?
    On the Invest4losers blog there is some clown that calls himself Living In Babylon who claims that he has vasts knowledge in the industry and maybe wanting to attract people to invest with him
    My question is how can any proffesional money manager actually believe DS was running a legitimate organisation. If he does really believe that he is not qualified even to manage a nickel of people;s money

  11. And by the way I have been saying this for a while. People do not expect to get back any substantial amount of money from Olint as I believe that David ( “Christian” “Good heart” “Honest young man” “talented trader” ) Smith is a Conman

  12. DS are you going to come through????????

  13. Reading these blogs provides a lot of cynical humour.

    It would be good if naysayers provide facts about DS and Olint’s, as well as MD’s inability to pay.

    I say to all doubters, be patient. You will not be told everything about the club and its operations. You came in on blind trust, and like passengers in a plane, you will have to trust the pilot to do his thing. And if not, its okay to jump, just make sure you have your parachute.

    I have benefited from DS and Olint far more that I could even imagine. I trusted him then, stuck with him through difficult and uncertain times, and I have no reason to start distrusting him now.

    True Olinter for life

  14. @ Tristan……Question..why didn’t you just take your cheque to deposit at Braemar Avenue rather than wiring it ? I have made two deposits at Olint’s Braemar office and on both occasions my funds were in my a/c by the following day. When funds are wired they usually take quite some time to get credited to your a/c through Olint. Don’t know why as a TT is supposed to be vey quick. I know someone who wired funds to Olint and his a/c didn’t get credited until 1 or 2 months later with all the accrued interest. Their customer service need to improve as there is no one to speak to in TCI just email and because of high volume they take a while to respond which doesn’t reflect positively on them. I am sticking it out though. People have been getting payments albeit very slowly.

  15. olinter for life, people are trying to jump bbut tyhey cannot get their money.
    Gemini, forex rookie and tristan….bouy you guys are either stupid or have some inside knowledge I do not know.

    when it taking 6 months to get money something is wrong.

  16. The best is lewfam took 1 percent from April to form some stupid CCTA which has provided no info to us whatsoever. One of their key objectives was to provide communication to its members. So much for that and the 1 percent. &**^%(*^.

  17. No money was paid out since the 6 of June, 2008.
    I have learned that another delay is current due to another “due diligent on the broker”.

  18. Well heard this from very very very credible third party source. One of DS account amount was exposed. 750Mil in one of his trading accounts. Not sure if 750 million is alot. I dont get why that commuigram was sent out earlier when things were still in motion. Going to try and get the document showing OANDAs Due dilligence report on DS,

  19. Or Wachovia’s on OANDA. Will try to find it and post it.

  20. Credible source. LOL there is no 750 million, there is no 250 or 80million DS and Olint are bankrupt. These foolish rumours are just intended to trick people and are used to make up more excuses for non payment.
    First Wachovia, next Oanda probably the next excuse may be NCB or the money was “abducted” by the Martians or the Jolly green giant had to do his due diligence.

  21. Come on Jason, dont be so hard on these folks.

    We are talking about real people , losing real money here. Any bit of information that seeks to say that O is not a ponzi will be accepted by these desperate folks.

    Seriously folks,

    1. How is that you cannot get any information from the “O or any of the alternatives on funds under management.

    2. How is it that you cannot tell how much profit/losses are being made by these alternatives.

    3. How is it that you cannot get any useful information on the operations on these firms.

    You however will notice that when monies cannot be paid you get the following:

    1. E mail outlying the reason why funds cannot be paid

    2. Report (official) indicating either a restructuring process or a due deligence process taking place and their bank or at the broker.

    3. You gets reports of the local bank holding up payments.

    4. You get rumours (sometime feed by the club) as to some process which does not allow for timely payments.

    Its funny that one has no idea how the clubs are structured, but are willing to accept “restructuring” as a viable reason why the cannot get back their funds.

  22. Jason and jay . I agree. No one is willing to ask the questions. They accept everything blindly.

    1st it was wachovia now oanda. what next. the guys at invest4life for finding justifcation and propaganda. Every reason as to why ds cannot pay.

  23. Jason is absolutely right! You read these ridiculous numbers these people are throwing around and you have to wonder which world they are in. First they say that one investor withdrew US$700m from Olint. Now, you tell me, which investor earning more than 10 % a month from a legitimate investment ( on a consistent basis for years) would drawn down from such a investment? We see where one Olint investor is looking forward to his encashments, yet inquiring amount how to funnel more funds into the club….total nonsense.

    Olint is broke and we all know it…its only a matter of time before it will be another C-.

  24. Lewfam customer service is great but thats all I will say. they seems to have the same standard answer.It makes no sense to have great CS when their is no money.Lewfam-“We have not received any money from the trader”. DO I care when I camnnot get the money I requested or cannot get any answer when I will be getting it. No accountability with what happened to my money.

    1st it was june 5 now august 19.when will this end.

    People I honestly think someone is wrong….this does not make any sense.

    I really do not think these people have any money. If someone knows differently please give me proof. Otherwise I will keep my stance they are broke or bankrupt or ponzi…you name it.

  25. @ catd…..I do not know what your problems or issues are, but keep your girlish tracing behavior and insults to yourself. It benefits no one on this blog. I know of persons who have been paid by Olint since June. They may be among the very few who actually got paid but they got it. Secondly whatever funds I placed into Olint I am prepared to loose it as I took a calculated risk. Any loss I may encounter from Olint or any other AIS I can afford it. I am in a fairly decent paying job so do not worry about my decision to join Olint. If you could not afford to loose what you have invested in Olint why were you so stupid to join it ??

  26. gemini good for you.

    I can afford to lose when they honest…not when they say they make a profit and still cannot pay.

    I am upset at the principle of how they operate. Whether anyone can afford to lose or not is not the issue.

    The issue is honesty and credibility of what they are saying and not producing any real returns.

    I am entitled to my opinion…so shut your trap.

  27. lol

  28. gemini….for your info….indepenedent of lewfam and other investment…..my household income exceed $150K per annum here . Both my spouse and my self …..so your few thousand dollars you make a year in ja nuh cut nuh dash

  29. US dollars not Jacan

  30. OK Miss Lashy ( catd ).

  31. the guyys over invest4life danews and d silver lining is saying they have from good source that olint has an issue with their brokerage house oanda…This has been verified by lewfam. the july 2 date is coming from olint.

    However what we do not know how creditable this info is since this is all coming from olint. Until we can see a copy of the document or indepenedent auditor verify the info about 240M on oanada platform. we really do not know.

    I will update as soon as get anymore info.

  32. Jason, I assume you have not invested in any of these schemes, so why bother posting so much comments. You are more obsessed with this than the investors.

  33. Gemini,

    That crap about “I invest what I can afford to lose”.

    What “good” investor , invest to lose.
    What really is investment, lets define this:

    Investing: the act of investing; laying out money or capital in an enterprise with the expectation of profit .

    Money that is invested with an expectation of profit .

    So one expects to make a profit from his investing activities, not losses.

    The very act of investing call for some of the following.

    1. Careful analysis of the business within which one wants to invest.
    2. Careful analysis of the sector within which one plans to invest.
    3. Pouring over the financial records of the company you plan to invest in (ie stocks).

    etc etc.

    The idea is most of us want to make sure that the downside of investing is low, while the upside is great.

    Having done all the above does not however guarantee you profits, as unexpected acts could take place which throws your plans off track.

    The idea however is that you would have done the best you can to make sure the outcome is in your favour.

    The lastest buzz word for those “investing” in the AIS of “investing only what you can afford to lose” is nothing more than rethoric.

    If Olint or any of the AIS every post a loss in any month after a string of monthly profits, we would all see these guys scrambling to get out.

    At the end of every month these same folks are asking.

    1. How much did O, Lewfam post this month
    2. When am I going to get my requested funds.

    If they like gemini can afford to lose it, then it really does not matter if they are every paid.

    I am sure that the AIS GUYS read these blogs and are not paying as after all ” these guys who invest with us can afford to lose their investments, so what is the big deal”.
    🙂

  34. jay although dem cuss yu so and sometimes yu ca be a bit annoying….wi caan do without yu.
    Yu are right.
    It does not matter how much money yu have yu always want more.

    Say yu have $1m and yu decide fi invest $1k inna olint or other investment. The reason yu put it deh is fi mek mek. Whether yu mek it or not is another question.

  35. Catd
    You shizoprenic !
    What R you are doing over on the darkside?
    Come back over4 some light 🙂

  36. Jay why you dont shut your *** and stop talking crap.

    It is a well known fact that in investing , you should only risk what you can afford to lose, meaning, money not set aside for some other use, daily/monthly expenditure. So that if your risk is not rewarded or basicall you lose, you can survive.

    That’s it man!!!! stop the pendantic *******. What I can afford, yes AFFORD TO LOSE, the next man maybe cant, and that’s why certain types of high risk ventures are not suited for everyone, especially fx.

    So done with your ***** now.

    If I invest in Olint is my ***** business. If I win or lose is my business so what the hell is it to you?

  37. DONTGIVEADAMN : If I get money from Olint
    DONTGIVEADAMN: If I get my money from Lewfam
    DONTGIVEADAMN: If I get my money from MD.
    I guess all the above AIS DONTGIVEADAMN about you and your money either.
    BTW:

    I invest to make a decent and steady return on my money.
    I complete a risk analyis to determine if I would stand to lose more than I stand to gain.

    If the risk is greater than the reward I DO NOT invest.
    I do not throw my money into some “blackhole” and HOPE for the best.
    That is not “investing” its more akin to gambling.

    Well I guess you “DONTGIVEADAMN” do you ?

  38. good for U then why do you care so much ?

  39. DONTGIVEADAMN…..I went over to the dark side after 6 months of being in the light and no money. I have been faithful, loyal and diligent with the UFO…..but they failed me…..So I had no choice…..I had to join the dark sid even thogh I have 100K US to loose ….Please DS, OLINT help me change my mind.

  40. @ Jay…I am wondering why are you so concerned about funds which I choose to risk in an AIS. Remember its my funds. Not yours. The first rule of investing is ” Risk What You Can Afford To Loose”. Yes I can afford to loose what I invested in Olint. What is so shocking about that ? Not that I would want to loose it but I can afford to. Its not like I placed all my life savings into it. Every one is entitled to his or her opinions. Empty barrels tend to make the most noise.

  41. I have been an investor with Olint since 2005. I have made several deposits and withdrawals with them without any itches. Since, February-March 2008, I have submitted withdrawals requests which have not yet been honored. Everytime, I called the company to inquire about its status I was able to speak with a rep. The latest is that funds are been disbursed, however they are a few days behind. Withdrawals submitted Jan-Mar will be honored by June 27th, 2008. Let’s keep our fingers crossed. Should I loose my money with Olint, I would be very disappointed, but would be the last one to consider them “a fraud”. Olint has given me a secured financial status and I believe that despite the audits they will recover with the ability to pay their c ustomers. This calls for patience. HOWEVER BE SMART, I DO NOT THINK THAT THIS IS THE TIME TO BE MAKING DEPOSITS.
    Remember a true friend sticks with you through the good, bad, ups and downs. Give Olint time to have their problems rectified and then take it from there!

  42. Well Today is June 2nd. No official emails about the delay, no official comments from Olint. Dis is nuff disrepect! Disrespect of faith, trust and honesty. Dem Lie an ginal! Not even an acknowledgement or sorry bout last weeks lie.

  43. Let’s face it people, your “clean” money has been infected by “dirty money” so in turn all of our moneys have been dirtied up. Simply put, the authorities believe you are all “money launderers” and so you wont get a cent until they prove your deposits were not illicitly earned, that is, if they can prove it.

  44. eileen wah yu a get paid by O or DS.whe yu a defend dem……let them releaese dem ownnna public announcement

  45. Catd:

    It’s O.K for Eileen to say what she wants. We welcome ALL opinions. However, is fair game to address anything she says in a non-hostile way. Let’s not scare her off.

  46. sorry eileen just frutrated thanks davesin for reminding me

  47. i jus wan know when dem goin start pay out some money. I’m simply tired of waiting. Whilst i don’t believe that the scheme is fraudalent i do believe that they have not been practicing proper business procedures hence the glitches experienced now. DS should i believe seek to regularise its operations so that investors who invested in faith, trust and goodwill can recover all of their investment if not their principal sum invested

  48. let me say this about all this stuff, that is going on, Mr. Smith is a fraud in no way in hell he did what he did, and when someone says i am Christian that is a sign to run, the other way. Olint being such a great fund manager they would have appeared in industry magazines world wide, the claims of how much they have under management what they are making, can not be real when you Google mr. smith he only shows up in Jamaican newspapers and let me ask you what was the reported profits at jmmb, when he was there not as much has he claims people do the work and stop this. Remember the partner plan one that was religious people too. Mr. Smith got caught in his own game and he as used the banks and fsc not to pay people, if his accounts outside of Jamaica was good then he can cut cashiers checks from the banks he is in good standing with and pay people. A cashiers check would not be endorsed by olint but by the bank which issued it. So his excuses do not make sense.

  49. oh by the way theirs is no money to get folks so get used to it now one penny. will be given back. no matter what lawsuit

  50. I have receive encashments from Olint as late as June. I have not had any trouble receiving money since i have been a member (Over a year). The only request i have not been paid out was my last request which was for the month of August.

    I think many of you are missing a larger part of the puzzle. We all have had varied experiences based on where our monies have been submitted. If you are in JA then you have had issues because of the banks refusing to transfer funds.

    I am in Florida and am vested through a another company. My money was never stopped or slowed until the August of 2008… I have can say this because i have encashed interest every month month up until August.

    I understand the risks of investing and as such used what is knows as “Disposable Income” to invest with Olint, I just consider this one of them.

    We are hearing so many rumors and speculation and not enough facts so perhaps you could reas between the lines. Notice carfully, no one has reported that “there is no money”, instead we find various bank account with US$ millions in various accounts.

    I have met and am now working with a private forex and comodities trader and I see that the 10% monthly is a drop in the bucket compared to what a experienced trader can do. Lets put it this way… I have seen money return 100% in 1 month, repeated.

    Is Olint possible? Yes. Could it have been a scam? sure. Do i think it was one? no. I will give the man his requested 9months, if i get my money back, GREAT, if not, i am already diversified, so i will count that as a loss.

    The lesson to learn from this is not to make any recommendations about investing to anyone and 2 use “disposable income”.

    I know many investors that gained millions and then lost millions when President Bush came into office and also around 9/11. There are no garauntees.

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