Payment Delays and Problems abound

Despite the annoucements of schedules,cycles and policy, the reality is that payment problems persists

  • May Daisy: There has been delays, stories of changing management and questions of who is in charge.
  • Olint: There have been delays already people are becoming edgy. The second batch of payments should have be completed on June 26, 2008.
  • TCI FX: 0% return for May as allegedly no trading took place but people appear to have been paid.

Affiliate Clubs feeling the pinch

Also of concern is that rumours are surfacing that many affiliate/feeder clubs are having problems paying as they have not gotten paid by the source, allegedly Olint.

  • Lewfam: Some members claim no payments since March,others got paid in May although some not the full amount requested. They also seem to have investments in other suspect schemes.
  • UWIN ANtigua: Has told some persons that  there will be no payments until September 2008. If you look at the OLINT’s new encashment Policy you might see a relationship.
  • Wealth Builders: They have been having problems with accounts where the investments is with OLINT . In this Observer report of  March 3, 2008, Olint run delays payments, members have been warned of delays

Returns falling?

Another interesting thing that is happening is that nearly all the that have not been paying have reported lower than usual returns for May. Returns have fell to the 4-5% range, far below members’  expectations. Whether the returns are real and existed in the first place remain the question as there simple no way to independently verify this. The returns for June will be of interest.

Deposited money not being acknowledged

Another worrying development is that a number of person who have allegedly wire money to one club in particular are not seeing those moneys credited to their accounts although their bank accounts have been negatively affected. In some cases the money is credited weeks or months later.

Documents Disappearing.

Another interesting thing that is happening is that documents are disappearing. The TCI FX website is no more, after briefly pointing to the Lewfam website. Whether this was an accident or not, it occurred. Documents no longer available via the web include

  • TCI prospectus has disappeared with their website ( we have a copy)
  • Willshaw’s Prospectus has also disappeared. (we have a copy)
Other Factors
In addition, the climate for unregistered financial organisations(UFOs) is tense and rightly so. The number of scams being uncovered across the world have made “investors” edgy.  The change in one club’s policy means a reduction in the number of accounts one person can hold. There also allegedly no need the middle man anymore which is putting the present middle men under great strain as they are now caught in the middle. Interesting times are ahead and we will keep watching.