Martinez’s (I-Trade) in Trouble with NFA – Ingrid Loiten, David Smith named

The NFA document reveals that David Smith is reported as failing to produce banking accounts resulting in him being forced to withdraw as a principal of I-Trade.  The activities of his companies, Olint TCI and TCI FX, are also labeled suspicious by the NFA.

Ingrid Loiten is also named in this complaint being lodged by the National futures Association,(NFA)’s Business Conduct Committee.

Suspicious activity included ‘trading accounts’ with little trading activity and withdrawals and deposits with no seeming business purpose, clear red flags. 

From the case document, the following quotes are of note. 

Item 5

For approximately nine months in 2007,l-Trade listed David Smith (“Smith”) as a principal based on his having contributed almost 100% of the firm’s capital.

Item 7 

As part of its investigation, NFA asked l-Trade to provide Smith’s personal bank records. However, l-Trade claimed that it was unable to obtain Smith’s bank records and, therefore, withdrew Smith as a principal on December 31, 2007 and repaid his membership interest in the firm.

Item 8 

“Although unable to review Smith’s bank records, NFA was able to review the activity in the l-Trade accounts of Smith’s investment clubs (i.e., Olint and TCI). NFA’s review of the activity in these accounts, as well as other accounts at l-Trade, revealed suspicious activity, which l-Trade failed to report by filing a Suspicious Activity Report with federal authorities.”

Item 18 

As hereinafter alleged, highly suspicious activity occurred in a number of l-Trade’s customer accounts between November 2006 and April 2008. Most of the suspicious activity occurred in the accounts related to Smith (i.e., Olint and TCI) and involved activity identified in both NFA’s Interpretive Notice and l-Trade’s own AML program as “red flags.” This activity included extensive and unexplained wire activity; deposits followed by a request to transfer the funds to a third party without any apparent business reason; and unexplained, extensive wire activity with very low trading levels in the accounts.

Item 19

For example, in November 2006, NFA reviewed the activity in an account Olint opened with l-Trade in September 2006. The Olint account opening documents indicated Smith and his wife owned Olint and that the funds in the account came from them only. During the first two months this account was open, no trading activity occurred; however, during this time, Olint made four deposits totaling approximately $59 million and eight withdrawals totaling about $35.5 million.

Loiten (allegedly of May Daisy) named

Item 25, 26

Another account at l-Trade which had suspicious activity was the account of Ingrid Loiten (“Loiten”), which was opened in August 2006. Loiten’s account opening documents listed her annual income and net worth as between $25.000 and $50,000. Yet, between December 2006 and March 2007 , seventeen deposits weremade to Loiten’s account totaling over $1.7 million.

Not only was the size and frequency of the deposits in Loiten’s account inconsistent with her stated annual income and net worth in her account application, but the wire activity in her account was also highly unusual. For example, Loiten opened her account in August 2006 with a $500 deposit and, over the succeeding three months, made four subsequent wire deposits averaging less than $2,000. However, beginning at the end of December 2006, the wire deposits changed dramatically in size and frequency. During the first three months of 2007, Loiten made multiple wire deposits (e.g., five to six per month) in amounts averaging over $100,000 each.

l-Trade did file a SAR for the Loiten account but only after it received information in March 2008 that Zambian authorities had anested Loiten for alleged money laundering. However, l-Trade never filed a SAR for the suspicious activity that took place in Loiten’s account between December 2006 and June 2007.

I-Trade must file a written answer to the complaint with NFA within thirty (30) , days of the date of the Complaint, i.e. by July 31, 2008.

You can and should read the entire document here. http://www.nfa.futures.org/basicnet/CaseDocument.aspx?seqnum=1620

N.B. This article will be updated on an on-going basis. Thanks to poster who pointing out this document.

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183 Responses

  1. I was saying this all along….lol

    People …..how dem ago get back money now…..lord help wi….nuh money nuh lef….jesus save us

  2. jay weh u deh…..we need yu now. The next step….how folks gonna get what left.More than likely there will be a criminal case….and a receive appointed to try reallocate whatever lef or seize DS assets. this is serious times folks….DS yu better leave tCI cause jcan people are serious…bouy yu betta go inna hiding…..the law after yu now and people ago come tooo…

  3. d_silver_lining Says:
    July 2, 2008 at 6:10 pm
    @ 270 CP

    Actually this topic re: i-Trade FX was discussed in that meeting with the 30 members lastweek, but the info passed on to me was a little choppy, i guess the member didn’t have a clear understanding of what D.S was saying about this issue…so as a result I never understood it well myself…and didn’t bother to pass it on.

    The member had told me, that D.S told them part of the Due Dilligence was due to an issue with his shares in i-TradeFX and how it related to the funds coming in and out of his trading account…but I really don’t know the details on this whole issue.

    I heard awhile ago that ‘O’ got funds today and was waiting on some kind of confirmation (not sure from who though Oanda or Bank)…I need to double-check on this and hopefully I can confirm if this is correct tonight!!

    June rate for ‘O’ to be posted tomorrow!!

    thats from our friends from invest4life…..are you kidding me….these people are in denial to th end. http://invest4life.wordpress.com/invest-clubs-archive-2/#comment-82

  4. I read the above statement and so far there are things that look strange and some that make sense. I dont think Itrade was a main trading platform for D.S. Oanda and others were his main trading platforms I think when you are one of (if not) the main pricipals in an organization how can u then trade fx on that same platform. NonConflicting interest. But what looks suspisious to me is the movement of money. I think Itrade was just a company used to move money (legally or illegaly). He came out about that money laudering thing awhile back, he sounded more concerned with that than his track record. I guess i know why now. If one can get OANDA’s trading record that would be nice

  5. I think that the allegations of the NFA is highly misleading when it speaks to unexplained activities. The heavy withdrawals correspond and coincide inter alia with court judgments both in Olint’s and other cases. That’s all. The good thing is I guess that the NFA has confirmed that DS is in fact trading and it is not a pyramid scheme.

  6. Guys,

    Get it into your thick skulls, D.S. was an imposter from the get go. Him betta have me money u see man tooooo rasssss. Someone need to complain to the NFA and tell dem seh D.S. have trading account with Oanda, and that dem fi check out what and what that account a say, cause if DS still a mek bare suspiscuous transactions inna him other account dem dat mean no trading nah tek place…

  7. Hi, just got back and say this absolute bombshell.

    Guys,

    This is some serious stuff, as reading the document it appears that the I-Trade FX accounts were really setup to move money around without actually completing any forex trading at all.

    Now what we do not know is where these wired funds were coming from and were they were ending up, but by all accounts it appears that they took deposits and made payments from these deposits.

    This looks really, really bad for both Olint and MD customers as while a complaint does not necessarily suggest criminal activities have taken place, it brings into sharp focus the character of the principals involved.

    I Trade FX has 30 days to respond to this complaint and there response will be posted on this website, as usual

    The documents were filed June 30, 2008 , which means I FX Trade is expected to respond to this complaint by July 31, 2008.

    Great work once again JohnDoe for providing this type of information to the public.

    It is interesting to note that some folks on “invest4life” seemed to have had knowledge of this info, but hid it from the rest of the “clan”.

    I repeat once again ” Regulatory Oversight & Disclosure” !!

  8. jay what is allarming is that DS stated that he and his wife were the owners of this $40M…….. Not olint club or any of the affiliates…..

  9. Damn good work guys. But I am sure this will pass over the heads of most of the DS faithful. They r gonna simply say that dem a fight ‘gainst the genius, Mr. David Smith. What a bunch a eediat dem. Let them try to explain away this one. The case document makes abundantly clear

    “… no trading activity occurred; however, during this time, Olint made four deposits totaling approximately $59 million and eight withdrawals totaling about $35.5 million”

    This has always been nothing more than a pyramid.

  10. olint has lost its membership or given up its membership since 12/31/2007
    12/31/2007

    Status Effective Date
    I TRADE FX LLC
    • PRINCIPAL WITHDRAWN 12/31/2007
    • PRINCIPAL APPROVED 03/27/2007
    • PRINCIPAL PENDING 09/27/2006

    http://www.nfa.futures.org/basicnet/Details.aspx?entityid=0375626

  11. http://www.nfa.futures.org/basicnet/Complaint.aspx

    this where members of olint can file complaints against olint……nfa may not iniate an investigation since olint withdrew their membership 12/31/2007
    but they may refer you to the appropriate place

  12. @miracle worker,
    The allegations of NFA are NOT misleading…They have made those allegations based on the evidence and their review of “I trade”, some thing you cannot do with OLINT.

    “I Trade” is in trouble because it failed to follow the rules. This is just a complaint and they can respond. That is why your statement “Regulation is for entites that want to be regulated.”, in response to another post, does not make sense.

    Here is a quote and read well. Point # 36

    At some point after Estrada was hired, I-Trade began filing SARs for suspicious activity noted in customer accounts. However, the activity reported in those SARs paled in comparison to the suspicious activity that went unreported relative to the Olint and TCI accounts and the Harris and Loiten accounts. For example, I-Trade filed a SAR for a customer who deposited $10,000 in an account and withdrew the funds several months later without ever trading. Similarly, I-Trade filed SARs for two other customers who each deposited $5,000 and then withdrew the funds a month or two later without conducting any trading. The activity reported in these SARs was far less suspicious than the suspicious activity which went unreported in the Olint, TCI, Harris and Loiten accounts

    Open your eyes. It is not the FSC you should be questioning it is DAVID SMITH and INGRID LOITEN.

    Secondly, the NFA complaint repeatedly made the point
    1) that only small percentage of money in some accounts were every use in trades and 2) in many cases little or no trading occured. This is why the AML Red Flags came up. Read the document again…

    How do you know that OLINT was not doing the same thing with Oanda?

  13. It’ll be interesting to see what the response is, although it appears (from a glance, since I’m not a lawyer) that I Trade is accused of not reporting some of the withdrawals and in other cases accused of not reporting enough.

    I could have sworn though that D.S. was working with Oanda and FXCM? Doesn’t look good for Olint.

  14. BTW all, I’ve been watching this site for a while, this is just the first time I’ve felt like commenting. There have been a number of investment clubs out there pulling all sorts of issues, not just in Jamaica.

    “I think Itrade was just a company used to move money (legally or illegaly). ”

    Well – its difficult to say. They do say that after D.S. was released as a principle that they had about 10 million in client accounts in April 2008 (the complaint says that the TCI accounts were done in Feb 2008 and that D.S. had been removed). My guess is that D.S. was a major player in the founding of I Trade, then they realized they had a cancer on their hands and tried to excise it, leaving about 10 million in client accounts. Like I said in my other post, we’ll see in the answer. I don’t know about Jamaica, but in the US (where I’m from), the law says they get a chance to respond, so I’ll be curious to see what they say. They might have reasons – who knows.

  15. Has the figure $100mm USD caught any body’s attn like it did mine? This Olint debacle going mek cash plus look like small tings.

  16. The activity in accounts at I-trade referenced in the NFA document belong to several individuals who sign up with i-trade as a broker/platform. So little trading in some of these accounts have nothing to do with David’/olint’s accounts. The only thing relevant what was happening with David’s/olint;s accounts at I-trade… period! We will have to see if the NFA is investigating David’s/Olint’s accounts at Oanda and elsewhere to see if they dig up the same pattern of activity.

  17. Hermes,

    The fact that funds were moving in and out of this account with little or no trading activity should be a cause for concern to you also.

    Q. Why were these accounts created.
    A. To facilitate forex trading activites.(Supposed to).

    Q. Why were there so little trading activity taking place on these accounts, while at the same time O was continuing to post significant trading gains month after mont.
    A. Well, he was using the Oanda platform to do the bulk of his trading ( Supporters answer).

    Q. Why did the big wigs summond O to a meeting a week ago.
    A. Maybe its because they got wind of this document and demanded that he respond to the allegations that were made.

    Disclosure is really important “eno”. (Jamaican word)

    When this new platform was being created/launched by O last check , it was one big thing, check this link.

    http://www.jamaica-gleaner.com/gleaner/20071207/business/business5.html.

    Look carefully at the date of the article, you saw that ie Dec 207.

    Now when was DS booted from I Trade Fx.

    Did you see that.

    Later folks

  18. Itrade fx has to answer to the charges which im sure they have a good answer for, the fact that you have a multimillion dollar usd investment club and most persons withdraw funds that whithdrawal is a suspicious transaction because it is out of the normal business activity. Once I-trade responds to these claims appropriately their shouldnt be a problem…we so often beleive allegations, blogs and opinions without facts its a shame….OLINT Will Prevail and when we do I hope these blogs will be filled with as much apologies as judgements

  19. The other blog site call us the renegade and call bloggers here the mole etc. The fact of the matter is because our thoughts and opinions are contrary to popular beleive we are being berated for that. the fact is however that :

    1. Most O feeder clubmembers have not received withdrawals of money in 6mths from ds. The ones who have received have only a fraction honored or minute amounts honored.

    2. DS and O blame this on due diligence etc. But the due dilligence should have been over and yet money is not being paid to members.

    3. Alarming new info has come to light about ds financial dealings with itrade which does not show the O in a good light.

    4. No verifable data is available on O trades, financial fitness and practices.

    Whether we like it or not things are not right. No communicate from O has even made the situation worst. People open your eyes. I personally have six figues to lose but I still have to base my evidence on the facts not on faith and trust.

    Love to you all and have a wonderful 4th of july celebration

  20. July 3, 2008

    Dear Club Members/Customers,

    You may have seen Complaint NFA Case No. 08 BCC – 014 against I-Trade FX LLC and Isaac Martinez.

    That complaint was filed against those entities/persons after an investigative report on I-Trade was submitted by the compliance department of the private body National Futures Association of which I Trade is a member.

    David Smith and Olint is not the subject of the Complaint and is not the subject of the investigation.

    We have sought and obtained legal advice in relation to the complaint so far as relevant in order to be able to clarify its terms for you. The clarification follows below:

    1. The Complaint refers to and relies on the fact that [t]he Financial Services Commission (FSC) investigated Olint and Smith for allegedly offering illegal securities, and issued a cease and desist order in March 2006 that, among other, prevented Olint from accepting new members. The Jamaican Supreme Court upheld the FSC order in December 2007.

    2. Following from the above the complaint continued, [b]ecause of concerns about Smith’s background and the source of funds he used to capitalise I-Trade…NFA commenced an investigation into I-Trade’s operations.

    3. It is important to note that the complaint has failed to state that the Order of the Supreme Court is on Appeal.

    4. The complaint has also failed to state that since its issue the Cease and Desist Order has not been in effect because at all material times to the date hereof it has been stayed by Order of the said Supreme Court of Jamaica. The latest stay has been granted pending the hearing of the Appeal.

    5. To the extent that the complaint states that the investigations commenced out of concerns about Smith’s background and source of funds. It is important to note those concerns and the information about the source of funds are grounded in the same Judgment that is on appeal.

    6. As it relates to the trading activities of David Smith. It should be clearly stated that Smith cannot trade on the I-Trade platform if he is a shareholder or otherwise has a close connection to the entity. It is not surprising therefore that there was no trading activity at the material time. His trading activity was and indeed took place on other platforms.

    It is unfortunate that National Futures Association should mention the name of Smith and Olint in its complaint in the manner that it has and both parties have been advised to seek legal advice in the relevant jurisdiction as to what action if any can be taken to protect their respective reputations.

    Club Member Care
    For Olint TCI & David Smith

  21. Bad mind a go kill all a unoo who a fight gainst Olint.
    Unoo nah go have di last laugh.
    This NFA matter has already been refuted by Olint, so unoo can gwaan chat all unoo want.

  22. The noose is tightening around the ConMan. I have seen his response to the allegations and it is laughable at best. His operation is operating like a classic Ponzi scheme.
    The process is money comes into Olint’s bank, then they have to deposit the money with there broker because he needs to convince the bank that he is doing some form of business. He dposits it with the broker (that he owns) and then naturally I am sure he tells the bank that the money coming from the broker is “profits”
    His explanation about not trading on his platform makes absolutely no sense. If that was they case why is he shuffling money around in there in the first place? Why did he deposit all this money in the brokerage account? Isnt that what his bank in TCI is for?
    To believe his silly explanation you will have to be the most gullible person on the planet. The ConMan has been caught red handed.m and yes the Con Man still cant pay back any money because he is bankrupt.
    Game, set, match

    Good reporting

  23. So, Mr. Olint for Life can I ask you a simple question? When are you going to see your money?

  24. I have seen my money already. I am here to lend unwavering support to David and his family, to Olint, and to my fellow club members.
    I have deferred taking my money in the past so others can be paid before me and accepted it at a later date, albeit a few days later.

    I tell you this, the people who are feeling bitter right now are those who didn’t practice good money management, and when they read the negative postings by these Olint-haters, they are furhter depressed.

    I say to them, take heart, try to believe in David, because he has not let down anyone to this date, and I don’t think he will, even though persons like Jason are already singing his dooms-day.

    Remember this, “It is darkest just before the dawn”. and “Joy cometh in the morning.”

    PS:
    I am sorry that i cannot post on this blog my two new houses and my three new cars that I recently purchase, they are fabulous. And it is all due to David alone and no one else.

    That aside, it is David’s wish for everyone to be financially secure, independent, and wealthy, and this is what I wish for you too club members.

    And no ponzi schemes around here Jason; my houses and cars were purchase with bona fide withdrawals (my own money) that I get from the club. Pity there won’t be any for you, only club members.

    Olint-for-life

  25. Olint for life.

    So you are one of the benefactors of the ponzi schemes.
    This is typically what happens with ponzis. The guys who got in first make a killing from other folks money and then seeks to promote the ponzi by showing all his ill-gotten gains .

    The government of Jamaica should use the proceeds of crime act to move against those persons who made money from these ponzis schemes as in effect they have profited illegally from those folks who have lost money.

    Here we have Olinter-for-life who no doubt got in early and no doubt encouraged others to get in so he could continue to “profit” albeit illegally.

    I will be lobbying the government for the above action to be taken to prevent the continued exploitation of the masses by a few for their own personal gains.

    Look out Olinter, as we will be coming after people like you.

    Have you sought to find out the suffering of those thousands of folks who have not be able to collect a cent since January, of course thats not your concern, as you have profited at their expense.

    Great job!! 🙂

  26. Jay

    We are not in a debate, because you sound like a politician, as well as a player-hater.

    Other than chatting, you have not offered on this or any other blog, at least one of the safe and better ways for people to make money. Yet, because you are not a beneficiary of the club, then you think something must be really wrong wid it (sour grapes)

    For your information, there are many more members than me, thousands even, that has prospered tremendously. You will only know about me because I choose to come here to share. Not to boast because I am one of those who got in early, but to demonstrate the possibilities of earning real rewards.

    So let’s agree on one thing as you said:
    let us hold off on any condemnation of David and Olint until we see what happens next.

    Seen and btw, it is I-Trade to submit a response by July 31st, not Olint.

    Olint-for-life

  27. Olint-for-life

    I see you have migrated over here with your nonsense about two new houses and three new cars. Why you keeping telling lies…I know who you are and you still living in a 2-bedroom rental apartment with your spouse and three kids and taking public transportation. Why you keep changing your Nickname on these sites? You have been discredited on the other site and now you come over here spouting you loser messages. You haven’t made a cent from Olint, so stop talking nonsense.

    The only thing you have to thank Olint for is “hope”! I hope you get some funds from Olint soon, before you next rent is due.

  28. DaveSin

    If you really know who I am, then you would know that everything I said is true, so good try; but the extent of the truth would be frightenly envious to you and everyone else.

    At this point, because we all do not want to give our real identity, I am sorry that is the case, because then I could communicate with you directly and make a believer out of you. So sorry.
    Then you would understand the reasons for my staunch defence.

    Mind you, I think things right now appear that Olint is being poorly managed because people cannot get any money, but HOW DO WE KNOW IT IS NOT SABOTAGE?!!

    So I will continue to defend David and Olint until I have reasons not to do so.

    SO WE WAIT, some more.

    Olint-for-life

  29. JAY U ARE A SORE LOSER, I HAVE NEVER SEEN SOMEONE SO OBSESSED OVER SOMETHING THEY ARE NOT A PART OF, IT IS OBVIOUS UR IGNORANT ABOUT FX TRADING, AND ITS POTENTIAL, I MYSELF TRADE FX, AND HAVE ACCESS TO TRADER WHO MAKE BETWEEN 20 T0 OVER 200% PER YEAR NOTHING NEW, LOSES ARE MADE , BUT U SIMPLY STRIVE TO MAKE MORE GAINS THAN LOSES.

    OLINT PROBLEM IS THAT THEY ARE NOT REGULATED, AS IF THEY WERE, THERE WOULD BE NO RED FLAGS RAISED BECAUSE OF THEIR HUGE TRANSACTIONS, AS PEOPLE WOULD KNOW THEIR SOURCE OF FUNDS, FOR THOSE WHO DONT KNOW ANY TRANSACTION THAT U DO OVER US$10,000 IS REPORTED, AND DEEMED SUSPICIOUS IF U HAVE PROBLEMS WITH THE LAW, OR IF U ARE HAVE A HIGHER NUMBER OF TRANSACTIONS THAN ANTICIPATED BY UR BROKER

    JAY GET A LIFE, DS IS THE ONE WHO DETERMINES IF OLINT SWIMS OR SINK, NOT PEOPLE WITH FEAR MONGERS, AND STEREO TYPICAL PEOPLE LIKE U.

    LEAVE THIS SITE TO PEOPLE WHO HAVE SOMETHING TO LOSE, NOT THE BADMINDED PEOPLE ON THE SIDELINES EATING POPCORN, THE CHEERING AND LAUGHING AT THE MISFORTUNES OF THOSE WHO MIGHT LOSE THEIR MONEY.

    IT IS FUNNY HOW SO MANY PEOPLE HAVE LOST THEIR MONEY WITH CASH PLUS AND NOOBODY HAS ANY THING ENCOURAGING TO GIVE SOME KIND OF MORAL SUPPORT TO THE PEOPLE WHO LOST THEIR MONEY. NOW WE KNOW THAT THE BADMINDED PEOPLE HERE ARE ONLY HERE FOR ENTERTAINING OF WATCHING OTHER PEOPLES TEARS.

    NOW THAT CASH PLUS HAS CRASHED, THE BADMINDED PEOPLE HERE ARE EATING THEIR POPCORN AND WAITING TO SEE HOW MUCH TEARS WILL FLOW IF OLINT CRASHES.

    THE PEOPLE WHO LOSE THEIR MONEY DONT NEED UR CONCERN, BECAUSE THEY MANY OF U ARE MALICIOUS, A REFLECTION OF OUR COLD SENSELESS SOCEITY, WHERE PEOPLE LIKE JAY TAKE PLEASURE OUT OF SEEING THE PEOPLE THEY COMPETE WITH FOR WEALTH, SEE THEIR LIFE GET WASTED AWAY BY CALOUS PEOPLE

  30. Oneil

    …”OLINT PROBLEM IS THAT THEY ARE NOT REGULATED..” (please stop using caps!)

    Why is Olint not regulated? Is it becasuse they donot want to provide pertinent financial information that would prove they are just shuffling money around? What’s your take?

  31. I have just stumbled against this Blog site and I am simply astonished at the defenders of David Smith and OLINT. I liken this to the remaining 28% of the American population that is supporting George W. Bush. Just like the G. Bush supporters, you have your heads in the wrong place.

    The case against I-Trade FX by the NFA goes directly against David Smith — OLINT, OLINT TCI, et al. The NFA had to file its COMPLAINT against its registered agent [I-Trade], but clearly this is for suspicious activities against OILNT, et al. David Smith / OLINT are really what the NFA is after, but cannot file a case against these entities because they are not [no longer] members of the NFA. This could not be clearer from the case document.

    Having said this, I strongly believe David Smith started out the FOREX Club with good intensions. He simply made a couple bad trades, like 90% of FOREX traders, and did not have the experience and fortitude to recover; he panicked and turned the club into a Ponzi scheme. A sad reality…

    The FOREX market has the highest risk profile of all financial markets, bar none. This market is not for boys with 5 or even 10 years experience with financial trading. No one, not even “DS” as I see him referred to here on this blog, can tame the wildest financial market. The FOREX market is a “suckers” market, where it teases you with huge profits for a period, and then it sucks your account dry. If this sounds like Las Vegas to you, then you are getting the drift. The FOREX market is a gamblers’ market, and one should only put up monies you are able to lose.

    For the OLINT diehards, there are actually Hedge Funds out there that you are able to make as much as 150 to 220% in a given year, but again this cannot be consistently done over a long period. These Hedge Funds could be up 180% this year and down 75% the next. But their investors are astute, seasoned, and very wealthy, so they understand the risk. These investors are willing to take their “play money” and invest it in these funds.

    Nobody should invest money in Hedge Funds or the FOREX market that they cannot afford to lose. Did OLINT disclose that to its members?

    I know for a fact that they did not. I have friends, family members and investment acquaintance that have invested upwards of $500,000 each in OLINT with no disclosures and zero accountability. To date, many of these people are yet to receive a dime from the scheme. They simply get this statement stating the percentage increase, deposit, encashment [a popular British-Caribbean term for withdrawals] for the month, etc. With these fantastic interest earnings, they all decide to “let it run” to use a term from my cousin who is now as nervous as hell.

    Here is a link to a company that tracks Hedge Funds across the world.

    Main site: http://www.barclayhedge.com/

    They track by Forex, Agriculture Futures, Metal (Gold, etc.) Futures, etc.

    FOREX Managed accounts…

    PERFORMANCE RANKINGS:
    Managed Futures
    Currency Traders Managing $10 Million and Above as of Apr 2008
    CTA Program Apr 2008 ROR YTD MUM
    1 Auriel Capital Management LLP(Auriel Currency 2X)
    10.56% 7.02% $442.0M
    2 JB Currency Hedge Fund – Disc. Seg. Port
    4.13% 10.66% $50.6M
    3 Stonebrook Capital Management, LLC(Currency)
    2.96% -2.63% $30.8M
    4 Excalibur Funds Mgmt. Pty(Excalibur Abs. Return Fund)
    2.96% 8.61% $15.0M
    5 Boston Trading & Research(Devrim FX – Platinum)
    2.80% 14.25% $30.0M
    6 Rhicon Currency Management (UK) Ltd(Strategic)
    2.68% 4.84% $303.0M
    7 24FX Management Ltd.
    2.40% 21.37% $14.0M
    8 Carlo Scevola & Partners(Resolute Cap. Growth Fund-A)
    2.33% 4.34% $55.0M
    9 Analytic Investment Management(Strategic Currency)
    2.28% 2.38% $70.6M
    10 Glitnir Bank(GLB FX)
    1.90% 8.75% $120.0M

    Last year (2007) the top performing fund made over 152% for its investors, but this year was tougher and a lot more unpredictable for the FOREX market. Notice the top performer YTD made only 21.37% — this is not bad, but would be a travesty for “DS” to make this small return. “DS” was publishing that some months he made in excess of this return.

    I am not recommending this site, just letting you all know that services are available to point you in the right direction to get into risky trades.

    This OLINT debacle will make Cash+ look like child’s play when this is all said and done.

    In closing, I am a seasoned financial market investor with over 22-years of experience. I am not even sure if David Smith is 22 years old. In my 22-years of trading the financial markets, I believe the FOREX market offers us the best chance for huge profits, but the risks are even bigger [HUGE]. I will say this again, you must only invest what you can afford to lose in this market. Last fiscal year (year ending September 30th for me), I was down 48% in my FOREX account. So far this fiscal year, with 3-months to go, I am up almost 63%, which is very good. My FOREX account is simply to diversify my portfolio and is money I can afford to lose. I hope not to lose it, but this was my going in position.

    Best Regards,
    PIPSologist

  32. DAVESIN I TYPE IN CAPLOCK CAUSE I AM SHOUTING LOL

    olint will be forced to regulate , he will not win his appeal, people dont trust nobody again after cash plus. he probrably is hiding his wealth if his books are open, if his books are open it might ven show that martinque is trading for him lol. only regulation will tell the truth about his activities, he has no chose, now or he might end dead, because of an angry investor having problems with their bank because of his “suspicious activity” only through being regulated all this will end.

    u all should stop the specualtion and seek the ttruth

  33. PIPSologist

    Assuming you have two children, one of them who is always careful and the other who seems to be somewhat reckless. You draw this conclusion based on what happens to them when they go out the door (school, mall, wherever) and return home thereafter. This also assumes you have never taken time out to follow them to know what really happens out there, but voila, one is deemed careful, and the other is deemed reckless.

    Do you say to the careful one, “mind you don’t become like the reckless one.”
    or
    Do you say to the reckless one, “why don’t you try to be more like your careful sibling.:

    While everyone’s post is welcome, do you have any evidence that David is the “soon to be reckless one?”
    or
    Should your admonition be towards other reckless traders to try and become better traders like those you have heard about such as David, as unbelievable as it sounds.

    It makes no sense for you to come here and unload all those statistics of the many unsuccessful traders who are most likely “registered”, in an attempt to scare people about David and Olint, when you don’t even know anything about the man, not even his age.

    Just like how many persons can’t run anywhere near the 100meters world record, not all of us can do what David does. Please give him his due regard until you and me find out otherwise.

    By the way, in these many blogs read by so many persons, even by officials associated with Oanda I presume, do you ever wonder why after so many negative, disgusting, and potentially incriminating postings about David/Olint and their association with Oanda, that you never once have any official Oanda notice disassociating it from the alleged conman (David) as Jay and Jason have said so many times. to my certain knowledge, he is still trading through Oanda, That must count for something.

    And if the Feds were after him, they would have certainly sent to pick him up a long time ago if they have proof that he was into money laundering, and all his accounts would have been frozen and we would have all heard about it..

    Come on people, just because you don’t believe in the tremendous things that David can do, don’t make a criminal out of him.

    I will wait to hear more

    Olint-for-life

  34. Oneil…Stop shouting, we hear you loud and clear, with or without caps!

    Despite what you and others think, the detractors are not bad minded, envious, etc. I am dead set against these schemes that profess to be genius at investing, only to find out later that they are running Ponzi schemes. I would care less whether you make or lose money in these UFOs, since guys like have options available if you are on the losing end. They are those that are not in a position to lose a dime and these are the people that we should be concern about. Just like how many of us that lives outside of JA and are very concern about the high crime rate, it is the same concerns that entice a small number of us to very vocal against Olint and others.

    Again, if the Olints of world want to silent ALL the detractors, show us an audited financial statement from a reputable accounting firm and I can guarantee you this blog would cease to exist. Until then, the speculation, supported by the available data, will continue. No amount of shouting will stifle our vocal opposition to any these UFOs!.

    I must admit though, you are indeed searching for the truth, otherwise you would only post on the cult site…you know, the invest4losers site. Keep searching…………

  35. Olint for life. Please never leave this blog, your comments are simply hilarious.
    However the debate as to whether Olint is a scam is over. It is time for him to prove himself and start paying money.
    My predictiuons
    There is absolutely no 700 plus million with Oanda. Anybody who knowns anything aboutt forex or trading in general would know that if Olint had so much money they would have a prime
    brokerage agreement.
    Remember this is basically what he said in a couple of months as he indicated that Wachovia which was his broker was carrying out due diligence.
    To the naive and the untrained eye DS may seem to be legitimate. But to any profesional, who has a slither of knowledge about the industry, it is as plain as day that he is a fraud.

  36. One of the major concern for me is O inability to pay withdrawals for such a long time now. One of the rules of trading FX, is that only about 10 – 20 % of each investors fund was exposed to the risk of trading. Infact that was one of its key selling points when outlining the level of risk to potential investors.

    So if that was the case, why is there no available funds to pay withdrawals, any at all for over six months. I am a firm beliver of FX trading and the efforts of DS and O; but something has to be fundamentally wrong, which has not been communicated to us all, why payments are delayed for so long which serves to give so much credence to FSC ad the naysayers of DS and O.

    If i was in DS position, i would be doing everything to shut up all those haters and naysayers, which i am sure that he wants to (but seems unable to do). Therefore why has’nt he, what could be the reason? Can i get a proper and educated response from someone in the know, and not from any of those doomsayers who dont have any knowledge of FX trading.

    Cheers

  37. As for 200 plus million coming next week you are more likely to see pigs flying outside than any money coming.

    What you will probably get is another excuse as to why the ConMan cant pay the money

  38. Olint-For-Life:

    You have one of the most amazing circuitous reasoning abilities I have ever seen. Are you saying that there is no existing Drug Kingpin living in the world, since they have not been arrested or proven in a court of law? WOW. Are you sure you don’t go by the name of Madmax? Bwouy yu fool-fool eh?

  39. Jason, Jay, DaveSin, others

    Let us make a pact or agreement.

    If over the next 3 weeks, no money is flowing in Olint, then I will post an unreserved public apology to you both (and others too if necessary) to say that you were probably right all along.

    But if people are getting their money, then you must post a public apology to David, Olint, and the many club members for calling David a conman, and claiming that the scheme he is running is a Ponzi scheme.

    This pact covers the next 3 weeks, okay. We can make other pacts after July 25th.

    Can we agree on this pact?

  40. Olint for Life. I will take up that offer. I know 3 people waiting to get paid all over $250,000. They made requests in January and early february. If they along with others get ALL there money that they requested and Olint proves they are making money, I will write an apology personally to the Confidence Man.
    I will give the scam artist until whatever time you propose.

    Now payments don’t mean the small people who are owed 2000 and 5000 get paid. It also doesnt mean someone who requested 100,000 getting 20,000. I mean everyone getting paid
    This of course will certainly not happen
    Olint for Life you dont seem to be a olint employee it looks like you actually believe that this organization is legitimate. ITo tell the truth I more feel sorry for you now than anything else. Your head is so far in the clouds you wouldnt even be able to see your own hand if you looked on it.

    But anyway, Good Luck as this is a bet i wouldn’t mind losing

  41. Jason:

    The way YOU setup the bet, you can’t lose. Olint-For-Life just want the fact that Olint to start paying period, as the deciding factor. We all know that for the six months or so that he was not paying, the inflow into the funds will be use to pay a “few” people “some” of the withdrawals. That way, they will come on blogs like these and proclaim that money is flowing from “O”.

    This will build even more confidence and the inflow will increase even more and the cycle starts all over again.

    Bottom line Olint-For-Life, I will sign up for the bet under the conditions that Jason has setup. In fact, I will go a step further and wager a $5,000 USD bet!

  42. I too will apologize under the same terms. I am up for the challenge and I will donate $1000Us to DS favorate charity

  43. Hey guys

    I treat you with respect, at least return the favour.

    My pact about payment solely relates to agreed terms between Olint and its members. You cannot alter it by saying that people must get back all of dem money when they may not have asked for it according to the agreed Olint encashment policy. Let’s be real.

    People should expect to get what they requested from Olint based on the terms of encashment that they agreed to. This is the substance of the PACT that I ask us to make.

    Olint-for-life

  44. BTW, did you guys see the posting on the other blog site.
    Copied here for your information.

    http://invest4life.wordpress.com/invest-clubs-archive-2/

    #518
    paul h Says:
    July 4, 2008 at 8:01 pm
    D.S. was on nationwide this afternoon .As we already know the present issue is a storm in a teacup.Firstly he was not the main principal nor did he finance (capitalize I-Trade) his exposure amounted to around 11%.However because of the rules regarding his position he D.S. decided not to trade on that platform as it would constitute a breach and conflict of interest.He also stated that the request for info on his and O,s bank accounts was being honoured but seeing that they were holdings in every brokerage house and bank (except B.N.S.)he ran out of time and was advised to stand down on those revelations by his lawyers as those disclosure could possibly jeopardize his ongoing battle with the FSC.Questioned about the ongoing dd His response was quite clear ..D.S. and his entities are not under dd its the brokers who are affected and couldnot release the funds.He has been providing them with everything they request.He was quite firm but very emotional. You could literally hear the stress in his voice as he stated that he is praying and is asking the Jamaican People and his club members to continue to pray.Basically it is out of his hands.He is still committed to honour request and did say “they” had better make sure the money was in the accounts by next Friday

    #519
    paul h Says:
    July 4, 2008 at 8:04 pm
    Also he said that the money with I-Trade was used a float to satisfy encashments in Jamaica

  45. olint for life…

    I understand what DS is saying but that is only words. CH defended CP until the very end.

    My argument is
    1.y DS did get get a letter officially from oanda which he could copy to its members about the DD.

    2. why not pass proof of the funds in trading accounts to releif stress on his members.

    him saying they better provide the funds by friday is contradicting his argument. If the DD is over y the delay in sendind funds from brokers unless his brokers do not have the money.

    His it that he cannot show us those accounts because they are less than what he owes members and people could easily figure out that he did lose on trades and hid this info……

    there are alot of questions not answered…his interview has not satisfied this and as made me more nervous…

  46. I overheard part of what the Confidence Man was saying and it was BS and spinning at its best.
    He still did not explain why he was sifting money between his banks and Itrade. If he couldnt trade it in Itrade why was he moving the money around?
    They had better have the money by friday lol what a joke. The Conman knows he is bankrupt and I am guessing is planning an excape, because he well and knows he doesnt have the money fullfill the encashments.

    Olint4 life, when I mean encashments. I mean the people will have to get what they have requested. If I request $100,000 and they give me $1 that is not fullfilling the agreement.
    The end of the ConMan is at hand….now what we will have to do is wait untill friday to hear news that he is missing or another excuse will come up

  47. LOL. I refuse to believe he said the money with Itrade was used as float to satisfy encashments. LOL
    This con artist tek people for fool. If he wanted a float he would leave it in his BANK ACCOUNT and not put it in a BROKERAGE ACCOUNT. Anyone who has worked in the finance industry knows that this guy is full of it.
    The lies continue, he is manufacturing them a rate of over 10% per month

  48. LOL Jason on dat last line. Good one.

  49. Olint-For-Life:

    We respect you more than you think! But I have a few questions:

    1) By policy/agreement I’m assuming you are alluding to the 25 % ceiling for encashment? How do we know if the 25 % is met? Should we just take Olint’s word?
    2) In order for us to see if you lose the US$5,000 bet, could you let us know if you (personally) have an encashment request and what is the $ amount? I know you want to buy another house off Olint (3) to match the number of cars (3).
    3) Where can we meet for you to hand over the money to me when you lose the bet?

  50. Devon

    Firstly, the initial payout for periods covering Jan-May is not affected by the 25% ceiling. The 25% ceiling applies for June requests onwards. Yes we will have to take Olint’s word. Can we do otherwise?

    Secondly, the PACT that I put on the table spoke to apologies; you will notice I have not bought into the money terms that the others have thrown in. Nevertheless, they can contribute their funds to the Olint charities as indicated, that is good of them.

    Yes, there are other major transactions on the table for me, including another house (investment properties). I am expecting to get a much larger sum, probably more than most persons blogging here, let’s say it will exceed US$500,000 very comfortably.

    As for meeting, the whole purpose of blogging is to hide our true indentity. That said, you know we can’t meet unless it’s by chance.

    Olint-for-life

  51. Devon

    Out of curiosity, are you an Olint club member or a wanna be?

    I ask this question because given the extreme positions bloggers here have taken either for Olint or against Olint, I maintain my position that those like Jason who are out of the club and criticising, cannot fathom the enormous potential that exists for serious wealth creation.

    Just imagine what it is like retiring at the age of 40, allowing you the time to pursue personal ambitions and not worrying how you will finance yourself comfortably. This is my position, so can you imagine the many others who have far more than I.

    A final word to those that join late in the game. I know you are worried about your funds, and it is not helping the situation when other bloggers here are singing the dooms-day song of David being a conman, and that he is running a Ponzi scheme. I say to you, take heart and pray for David and his family to succeed, His success means our success. There are too many persons against him, ranging from the institutional enemies to the small minded individuals, both here and abroad who desperately want to see him fail.

    But with our help and support, I know he will prevail and succeed, just like those rich and wealthy individuals in those first-world countries.

    Just like being passengers in a plane high up in the sky, we must believe that our pilot will see us through.

    Leaving space now for the nay-sayers to continue to sing their dooms-day song.

    Olint-for-life

  52. Jason said: If he wanted a float he would leave it in his BANK ACCOUNT and not put it in a BROKERAGE ACCOUNT. Anyone who has worked in the finance industry knows that this guy is full of it.
    ————————————–
    Jason,
    Actually, since the glass-steagal act and the deregulation of the financial industry blurring the lines between bank and brokerage firms, many many many people (professional traders as well as regular investors) use their brokerage accounts (say at morgan stanley, goldman, schwab, or even e-trade or any other etc) as bank accounts. Furthermore, the money market accounts at brokerage firms are very popular as substitutes for keeping your money in a bank. It is much simpler to manage your portfolio if you keep cash in brokerage accounts when you want to quickly take advantage of a market opportunity etc. In addition, money market brokerage accounts pay higher savings interest rate than the similar savings account at a bank. Sorry Jason, on this point you are incorrect.

  53. Response to #36 – Mux

    You raise a valid concern with regards to Olint’s inability to payout withdrawals [or encashments].

    For those of you with any experience in the FOREX market, you know that this is the most liquid market in the world. It trades more than $3.2 Trillion U.S. Dollars each day. That’s a whole heap a corn! The FOREX market is also different from other market in that when you execute a trade to sell a position in your account, the trade gets executed immediately; and the funds are immediately deposited into your account. This is true for the small investor with $300 in his/her account or the big institutional investors with $30 Billion. With stocks or options, a trade is called T+3. Meaning after your trade (T) gets executed; you must wait 3-business days before the funds show up in your account.

    Even if Olint was trading under the T+3 rules, which he is not in the FOREX market, payouts should not take as long as they are taking.

    Another factor in delays could be the type of trader that Mr. Smith is. Is he a “Scalper” or a “Day Trader?” Scalpers are very short term traders. In the FOREX market a Scalper could stay in the market as little as 5-minutes, but will usually be out in less than a day. A “Day Trader” on the other hand, will stay in a trade for as long as a month. With the FOREX market, most try to stay away from long-term trades, because of the volatile nature of the market. The big institutions are usually in trades for months, but they can afford to be.

    Risk Management:
    Mux — you mentioned 10 – 20% of one’s trade being exposed to the market at a give time by David Smith. This percentage might be OK for stocks and/or options trading, but may not be for the FOREX market. A good FOREX trader will only expose 2 – 3% of his total account to a given trade. Keep in mind that you will usually have 5 to 10 trades running at the same time depending on the currency pairs you track and trade. So with this 2% formula and 10 trades, you will get to the 20% total account exposure. I am not sure if this is what David Smith refers to when he says 20% gets exposed to the market. You should ask him for a prospectus and a trading risk guideline if you are a member of his club.

    Now, with regards to delayed payments. Liquidity in the FOREX market is like no other financial market. On that basis, DS should be able to payout withdrawal requests as soon as they are requested. Additionally, if one invested, let’s say $100,000 in Olint and your statement says you now have $400,000 after 16-months (money doubles every 8 months), one should be able to get one’s money. This sort of compounding would be applicable to your funds being held by Olint along with all the other members who are getting these returns. It should not matter if someone withdraws $10,000 or $10,000,000 from Olint. If your monthly statement indicates that these funds are in your account, then you should have access to them.

    With the FOREX trading your only real asset is cash. This is because you can execute a trade today and the funds are immediately in your account.

    Here is a quote from a Hedge Fund manager in England on OLINT…

    “With FX trading, your inventory is cash. It’s not like you have to liquidate assets to make payments. It is the one area where available assets can readily match your liabilities. That’s why I find Olint’s inability to make payments at this time disturbing. He has to make it irrefutably clear that unlike Martin Tremblay his organisation is not just some unscrupulous ruse or a Ponzi scheme, for that matter. It’s time that question be put to bed or it will forever dog Olint.” End quote.

    I have no idea who Martin Tremblay is as mentioned in the quote…I shared the quote with you verbatim. This was written about 2-months ago.

    As an investor in the club, you ought to be concerned that you are not receiving payouts.

    I thought about joining the wager offered by Olint-for-Life, but decided against it. Olint will create serious issues for many people I know, so I do not want to play games with their misfortunes. I also believe Olint could impact the Jamaican economy if it were to fail. This would be a sad day for all of us.

  54. Olint for Life you are something elase. I thought you would have come here with more substantative arguments. As I said on other blogs I have over 20 years experience in the securities industry. I know more about forex, commodities, stocks , bonds than 99.5% of the world’s population. I am in my mid forties and largely retired. I currently make my year to year income solely in the markets
    I am not here to brag, but I have seen this situation already. Back in the day one of my jobs was to evaluate new investments and to give clients advice. I have seen many ponzi schemes pop up and eventually fail.

    Clowns like Davids Smith have always been around claiming to do wonderful in the markets but when asked for evidence they cant produce any.

    If a track and field athlete came to the world claiming he could run the 100m in 9 sec flat would you believe him? My immediate answer would be show me the evidence that you can do it. Now if his response was to dodge showing the evidence (like the conman Dave) i would immediately dismiss him until he could show proof.

    The fact is David Smith has shown no evidence of trading profitably, has dodged or blocked every attempt to show his so called “ability” and the one account that has been exposed by force has shown him to be doing absolutely no trading, but just shuffling around money to give an appearance that he is operating a legitimate business.

    David Smith is not the first ConMan to come up with these claims of market greatness and wont be the last. After his scheme crashes there will be some other financial genius to come around somewhere in the world with some scheme and there will be the same believers that will support him “for life” and the people opposing it will be deemed as naysayers, fight gainst, opposing-insert race here – people, dont want to see the little man prosper, not understand the opportunity and blah blah blah.

    Olint 4 life you are in love with a dream, a hope, but that is all David Smith’s “profits” are a dream and belong in dreamland.

  55. Hermes

    Dont come here with your nonsense. No one uses a bucketshop broker as a bank account. Itrade fx offers no money market instruments. David Smith says the money there was kept as a float. That is nonsense. A float is kept in a bank account.

    The only reason he was moving money into Itrade fx was to give an appearance that he was doing trading to his bank. Because if he only had a bank account that was just accepting money and paying it back out, it would have caused numerous red flags with the bank as he stated business was “forex trading”

    Now the money that he transfers back into the bank from Itrade he would simply tell them that it is “profits”. So as to not generate suspicion.

    This is in true ponzi scheme fashion. Hermes nice try but as someone who knows how things work and has seen most of these tricks being pulled off already you have to come better than that.

  56. “No one uses a bucketshop broker as a bank account. Itrade fx offers no money market instruments. David Smith says the money there was kept as a float. That is nonsense. A float is kept in a bank account.”

    Actually, in this case, you are incorrect. I’m a licensed CFP and a CFA (Chartered Financial Analyst), and while it is unusual to see a person with an extremely large amount of money use a broker as a “bank account” or a float, it is not unheard of. I talk to a number of people who use their brokerage account to hold large amount of money, even if they’re getting paid nothing on it, or they’re getting charged fees on it. When I ask about it, they’ll tell me they’re doing it to “diversify” (like they really know what that means) or they’re keeping it “liquid”.

    Even assuming I-Trade is a bucketshop (which seems a big assumption, since I’m thinking you’re not a client of theirs), it would be reasonable to think someone could keep it there as a fairly liquid asset.

    I would question why he would keep money there in such high quantities if he couldn’t use the platform, and since I’m not in Jamaica, I have no idea what he said on the TV or radio, since I can only read it on blogs, but saying that no one would ever use a broker as a bank account, even in something like the forex, is contrary to my personal experience. I had a client with about 30 million liquid keeping a good chunk of funds (not the whole 30 million) in a sharebuilder account where he was getting charged fees each month and he wasn’t even trading. While I wouldn’t do it, that doesn’t mean that there aren’t people who won’t.

  57. You know what is funny about blogging; we can all hide behind a virtual persona without people knowing who we really are.

    I mentioned that I have over 22-years of trading the financial markets, but no one can prove it until I fully disclose who I am.

    By the way, olint-for-life, I know that David is not 22-years old; this was simply a reference and comparison to his limited experience in the securities market. I know exactly how old he is and how much experience he has dating back to JMMB to current date.

    Jason is saying that he has over 20-years experience in the securities industry, but again none of us can prove it.

    Hermes seems to be a fact based person, and brings out a valid point with regards to brokerage accounts after the glass-steagal act. I believe Insurance companies are also included in the act. Correct me if I am wrong Hermes.

    And I can go on and on about the different personalities on the blog.

    The only reality I read from these blogs especially from Olinters, is that they are nervous as heck. I can hear fear in their posts. There are only two driving factors in the financial markets – fear and greed. And they feed off of each other. We saw this in the late 90s with the DOTCOM bubble. During the DOTCOM bubble, the NASDAQ index went up 85% in one year. This was unheard of for an index to increase this much. During this run up in stocks, every portfolio was up. Then this bubble popped. And then we had the Real Estate Bubble. This bubble allowed people to get 100% return on investment properties. Real Estate is a buy and hold asset, not a buy and immediately sell as most people used it for. And now we are in the Commodities bubble. We are seeing 300% increases in some Commodities like Corn and Soy. The commodities bubble is still inflating/growing, but it too will pop.

    The popping of these bubbles usually happens when enough people reverse the trend from greed to fear. Once fear kicks in, then all hell breaks loose. This is what we are now seeing in the Jamaican investment schemes. The greed has become fear, and we will see a popping of these schemes. Another interesting thing about bubbles is, when everybody is talking about them, it’s already too late. When you hear people talking about Olint, Cash+, etc. at restaurants, parties, and just on the street, you have already missed the boat. At that point, you have missed the boat.

    The Bible says we can know a tree by its fruit. A good tree does not bare bad fruit nor does a bad tree bare good fruit. And every tree that bares bad fruit must be cut down and cast into the fire.

    What is certain is that at the end of all this we will certainly know what kind of fruit Mr. Smith is bearing. I met David Smith once and from his outward appearance, he looked like a nice guy. But we ought not to judge people by their outward appearances, but rather by their hearts. The Bible says who can know the heart of a man, because the heart of a man is deceitfully wicked.

    Let’s all pray for a positive outcome for investors in Olint. But if DS is deceiving the people, he should pay dearly.

    PIPSologist

  58. They are coming out of the woodwork this morning

    Sinta A forex trading account is for trading forex. Now if you transfer large amounts of money into and out of a forex trading account and not doing any trading it is the DUTY of the broker to report you for suspicious activity and possible fraud.
    Now if the broker had a money market account where you would get interest on that may be a different matter. But these brokers are for the trading of forex alone. This my friend is not something I am asking it is a fact, and it goes to the heart of what the NFA is alleging.
    Also it looks from the allegation that another reason for the account was for David to transfer money to Martinez approximately 50 million dollars it is alleged. Now for him to transfer such a large amount to Martinez from his bank would have set up such a huge red flag with his bank the bank would have certainly questioned it. So what does the ConMan do? He transfers the money firstly to ITrade (which he and Martinez owns) then it is transfered to Martinez’s account which god alone knows what martinez does with the money.
    If this is not indicative of fraud I don’t know what is. NO legiotimate hedge fund or forex operation operates like this unless you are just moving money around different entities to put up an appearance of making profits, in true old fashioned ponzi manner.

  59. Jason,
    I have several live FOREX accounts with different brokers, but only trade from one currently. I have never received a notice from FOREX.com, FXSolutions, or ICON indicating that I need to trade in those accounts. In my IB account, where I do most of my trading, I am allowed to trade Options, Futures, Stocks and FOREX. I can also transfer funds to a money market account, which bears interest.

    http://individuals.interactivebrokers.com/en/main.php

    I do agree with you, however, that this is not what David Smith is doing based on the NFA’s complaint. DS has other plans for the monies it seems.

    PIPSologist

  60. PIPSologist. Having dormant accounts is not the issue. The issue is opening accounts then constantly shuffling the money around for no apparent reason.
    I too have dormant accounts but if tommorow I put 100,000 then next week put another 200,000 then withdraw it then put back some, then withdraw it again in a game of financial musical chairs that WILL raise suspicion.
    Even greater the suspicion when you are dealing with larger amounts eg 50 plus million in Olint’s case.

  61. PIPSologist and Jason

    I have difficulty going down the same road with you guys. How can you stay where you are and speculate about the supposed truth behind David’s motives/actions?

    If you guys are experienced in the financial industry as you both claim, then I no doubt believe you would have knowledge of some things that appear unusual at first and subsequently is proven to be suspicious and corrupt. (albeit not everything). But can you just willy nilly jump into the analysis of the NFA document (which contains allegations and requires proper explanation if those same allegations are to be disposed of), and condemn David without you knowing the full story.
    This is the problem that I have with the way you guys analyse things.

    PIPSologist, by your own admission, you state that you do somewhat similar things that the NFA would consider unusual, yet you were never called upon to explain them. Now isn’t that unusual? How would you feel, if in attempt to explain how you do things, you offer that explanation and persons like Jason start tearing you to bits, accusing you of illegal activities. Would you continue to offer explanation or be willing to share your techniques/know-how if this is what you can expect?

    David has said that both himself and Olint has passed the United States “Due Diligence” with flying colours, yet people like you are still condemning the man like he is some common criminal. He has repeatedly said (for those of us who were listening) that the funds were not flowing because they were blocked while this DD was taking place. He has said that it is over, so funds should start to flow. Why can’t we just chill and wait then.

    We as club members are not shareholders and will not know everything. This is the way business is done, regardless of the difficulty we may have from time to time in not getting proper explanation for happenings. This is why we all were given the opportunity to take our funds and leave if we are uncomfortable.

    So it comes down to this. Will David be proven correct or will we condemn him unnecessarily?

    Jason, remember we have our PACT.
    PIPSologist, it is okay to participate in the PACT because it has to do with apologies to either parties who are either for or against Olint.

    Olint-for-life

  62. Just a little bit about Martin Tremblay guys. David Smith is truly going to be a legend.

    http://www.usdoj.gov/dea/pubs/pressrel/pr012306.html

  63. Thanks Johny P for posting that link about Martin Tremblay and for PIPSologist to bring our attention to it in the first place.

    I read through and from the look of things, Martin Tremblay seems to have set up companies much like how Carlos Hill set up the many companies under Cash Plus group and himself. Additionally, his operation was very much registered just like what bloggers here and elsewhere have consistently called for. I was reading to see if he was involve in currency trading like David, but no.

    If I am not mistaken, we all can agree on one thing, that David’s Olint operation has claimed to be involved solely in currency trading. So this means that the investigators should not have far to look when the time comes to investigate him.

    The question is, will we be satisfied when he has satisfactorily passed all the queries on his operation, including scutiny of the several bank accounts through which large funds pass through?

    If the answer is yes, then can we just give the man a break and allow him to do his thing.

    Until evidence says otherwise, I remain now and forever more

    Olint-for-life

  64. Very well said! I couldn’t agree more.

  65. Olint-for-life, Said: …”Yes, there are other major transactions on the table for me, including another house (investment properties). I am expecting to get a much larger sum, probably more than most persons blogging here, let’s say it will exceed US$500,000 very comfortably.”…

    Olint-for-Life, given the level of encashment you are talking about, would it be correct to assume that you are one of the “pigs” we often hear about? How many people riding your back? 🙂 You must be under a lot of stress with all these people calling you every minute about their money?

    What name do you post under on the other site…I have only seen one post from you on that site. You would think you would feel more at home on that site. Do you notice that no one is banned from this site and you are not attacked or demonized? All opinions are welcome here, unlike the other site that seek to silence all detractors.

    Now I understand your lack of humor and the intensity of you commitment to Olint. You do have a lot riding on a perfect outcome. True? You need to lighten-up a bit…the questions I ask about meeting you for payment was just a joke, so was the issue of buying another house!

    ….“Out of curiosity, are you an Olint club member or a wanna be?….

    Wannabe!..but you might have to give me a small loan to kick-start me. What you think? I will pay you back when I make my first 100 % interest payment.

  66. Thanks for responding Devon

    I decided to take an extreme position in support of David and Olint, (which explains my lack of humour) to balance the extreme positions people took in attacking him unfairly. This is just role-playing on the blog.

    No, I am not a pig.

    I also post under the name True-Olinter-for-life. I am not there because I wish not to participate in general discussions, but I will post when persons are “unfairly” attacking David and Olint, ie no evidence/ facts to base their scurrilous attacks. I have no problem when people “fairly” criticize David/Olint.

    Ha Ha. Picked up on your humour at the last part.

    I will say this though. In the early days, there were persons who I was encouraging to become a member and they basically laughed at me. They waited until the door was shut, then they can’t get in straight (have to ride a pig) or not at all. Now look who has the last laugh.

    I have spent far more money in the past 2 years than I could ever imagine. In fact, I was in a gathering of about 10 persons once, and I hazard a guess that if their average earnings was J$3M per annum, then my paper returns in ONE (1) of the better months exceeded their combined salary, but i kept quiet about it with a smile on my face. This is as much clue as I feel a bit willing to give into my money status.

    Olint-for-life

  67. The old saying goes: “Some people have more money than sense”. Unfortunately it is obvious that there are too many people involved (or claiming to be involved), here, who haven’t got a clue about either currency trading or money markets.
    So many seem to focus on the fact that there is little or no trading carried on on the I-trade FX platform, and seem extremely ignorant of the fact that 75% of the “O’s” funds reside on the OANDA (a subsidary of WACHOVIA BANK), platform, where most of the trading probably takes place. I do believe that there are some funds with FXCM.
    A fact is that an ignorant man is a dangerous man, nd there are an awful lot of ignorant people floating around who have accumulated sizeable accounts that DS and his team.
    I firmly believe that those of you who fit this description, should seekto close your accounts, and get out of this business. You really don’t belong here. Go try your luck in the stock market, you may then come to the conclusion that that is just another “PYRAMID” scheme.
    The rest of us would like to be left alone to remain committed members of a team, constantly seek ways to improve our lot in a market which we believe provide tremendous opportunities.
    Some of us are even busily pursuing the development of the skills to trade for ourselves.

  68. Oanda is NOT a subsidiary of Wachovia bank. There is another saying out there my friend. “A little bit of knowledge is a dangerous thing.” I look forward to hearing about the “big payments” you Olint “investors” will receive this week. HA!

  69. LOL Anthony Robinson, another clueless person coming out of the woodwork.While you are developing skills to trade for yourself I ALREADY HAVE THE ABILITY. So young man in a few weeks when no money shows up you will learn a valuable lesson when it comes to investing.
    Where did you get that Oanda is a part of Wachovia? I know of no such relationship.
    If you want to spread propoganda there are other blogs to talk nonsense. You Olint supporters are in fact grasping at straws.
    But arguing is finished now we are waiting for the money.
    Where is the money?
    As the Conman stated in the interview that it better be there by Friday..LOL

  70. LOL

  71. “A forex trading account is for trading forex. Now if you transfer large amounts of money into and out of a forex trading account and not doing any trading it is the DUTY of the broker to report you for suspicious activity and possible fraud.”

    Actually, it is the duty of the broker to evaluate, then decide to report POSSIBLE suspicious activity. The question with I-Trade is that the NFA thinks they did not do enough. I-Trade has a chance to answer. There are many cases when a broker might not have to file a SAR on a non-trading client.

    Should the amount have raised red flags at I-Trade? Yes, probably, but keep in mind, this wasn’t just a trading account by a client – it was a partner for the firm. The issues in dealing with a partner who helps to capitalize your firm are a bit different than just a trading account by someone you don’t know. In the end, they did kick him out when he couldn’t substantiate his bank records.

    “Now if the broker had a money market account where you would get interest on that may be a different matter. But these brokers are for the trading of forex alone. This my friend is not something I am asking it is a fact, and it goes to the heart of what the NFA is alleging.”

    You’re assuming that everyone is rational, and in my experience in the financial field, some larger clients can be VERY irrational. A forex account is fairly liquid, and while I don’t deal directly with forex, I have seen people deposit large stock brokerage accounts when they’re getting no interest and getting hit with fees, simply to have it available just in case they decide to do it at some point. If you choose to doubt my word on that, that’s fine – I really don’t have it in me to try and prove it to you.

    While unusual for someone to deposit money in such a manner, its not unheard of. Now, the fact is, I think D.S. probably isn’t on the up-and-up, but the absence of information on what he’s doing isn’t conclusive proof of what he is actually doing.

    On an off note, the JIJ Investments seems to be a stock company (when you search for them on google, they have several stock notices where they bought into various equities). So who knows what the money was being moved for and what it was being used on. If there was an actual money laundering charge (which is not the case), it would be a matter for the Department of Justice, not the NFA.

  72. Jason – I agree with you on the issue not being about dormant accounts. The NFA’s issue with David Smith / ITrade was the suspicious activities in his accounts.

    Olint-for-life – I was not admitting to any wrong doing and the NFA would not find any of my accounts suspicious. And even if they did, my broker would be given free access to my bank accounts for audit trail purposes. Nothing to hide on my part. You need to go back and read paragraph 36 from the NFA’s case document. You clearly read into people’s blogs what you want to hear. And I do not see where Jason was tearing my comment to bits. He was simply stating the obvious even though he also misunderstood my response.

    By the way, I am writing a book on FOREX trading strategies. When the book is done I will come back to this and other blogs to post a link to it. Just so you know there are no Holy Grails in the FROEX market. A strategy that works very well today may not work in your favor again for another 6 – 12 months. So whatever I submit in my book or on a blog is open for critiquing.

    Given that I have nothing to lose with Olint’s success or failure; I will refrain from responding to further posts. With the FOREX market being closed for the weekend and me taking a couple days off from trading / working, I had some spare time so decided to lend my thoughts on all this stuff. But it is clear that there is no middle ground on this topic. You are either a diehard Olint-er or a diehard Olint-hater. I thought I brought some middle of the road reasoning to this blog and topic, but obviously I was wrong.

    This will be my final blog. And I am sincere when I ask for God’s protection and blessing on all investors in the Olint Club.

    This blogging stuff is really for people with a lot of time on their hands.

    Good night and good luck!

    PIPSologist

  73. PIPSologist

    On behalf of my fellow bloggers, thanks for your contribution. It added to the discussion tremendously, and I know that we all can learn a lot of from each other when the learning atmosphere is conducive to it.

    But it is unfortunate that we had our exchange at such a sensitive time, which should explain prompt responses from bloggers like myself who think that David/Olint is under unfair attack. Forgive me if that was your feeling.

    I also thank you for your closing sentiments, it came across as being very sincere.

    But don’t go too far; you are welcome to post anytime you wish, because “some of us” like you know who, who claims to know more than 95% of the population, needs to be corrected from time to time.

    So let us not wait too long to hear from you again in the very near future.

    Olint-for-life

  74. Want questions answered about Olint. Ask Sirach

  75. Sinta, You are one of those people that see 2 plus 2 and say it maybe four but could be 5 or four and a half. 2plus2 is four plain and simple.

    From all the facts I know about Olint and seeing this done in the past on numerous occasions, it is as plain as day that Olint is a ponzi scheme.

    If it walks like a ponzi, sounds like a ponzi, moves money like a ponzi, has “consistent” returns as a ponzi, dodges regulators like a ponzi, refuses to show its accounts like a ponzi and now cannot pay out like a ponzi then IT IS A PONZI

    Olint4 life you have great faith. But your trust is misplaced. I wish you luck

  76. Jason you have an argument there that is hard to contest. The truth is if Olint simply showed its trading account live while being logged on they would save a lot of things….like peoples lives. What could be more important than human lives. Show the trading account…simple. There is no valid excuse for them not to show it to the World. Full Stop. Unless of course they are selfishly trying to save themselves. Against just proving that you have the money Olint chooses to let people suffer, loose their homes, lose their families, and their lives? And to add salt you also say you are christian? Fire bun babylonian!

  77. Olint-for-Life

    With all due respect OFL… if DS is “under unfair attack” in TCI where a bottle of water costs US$3. Then pray tell what are the members of Olint UNDER……the cow that just gave birth to them?

  78. Hail all.

    I have been very busy in the recent past working full time and setting up my accounting practice on the side. Hours beat I still log on and see what is happening.

    I finds it strange that the people in the other place say that they only want facts but this blogs is the only place they can find real, cold, hard fact; good work guys.

  79. Jason,

    I have a couple of questions for you:

    1) With respect to my comment that you referred to as “nonsense”, which part of my actual comment is nonsense:

    A) the fact that glass steagal act and deregulation blurred the lines between Banks and Brokerage houses
    B) the fact that there are some people who use brokerage accounts like bank accounts
    C) That money market accounts at brokerage houses pay higher rates of interest than bank accounts

    Which one of these are factually incorrect?
    If you cannot answer this directly, then please refrain from calling my comments nonsense. We should be able to have an intelligent, logical, fact-based, reasonable conversation without resorting to “ad hominem” attacks or circular reasoning. We, as civilized people, should let the power of our reasoning and our arguments stand on its own without being rude to each other. Dont you agree?

    Furthermore, Jason, let me ask you another direct question, and please don’t “dodge” or “spin” or “go off on a tangent”. If you don’t answer directly, then I accept this as a concession on the point

    2) Do you know of anyone (personally or otherwise) that has ever used a brokerage account (at a major brokerage house) like a bank account? NB: I am referring to brokerage accounts in general (i.e. at schwab, e-trade, etc) NOT the specific narrow use (i.e. bucketshop) that you try to fit everything into but I will get to that specific in a moment.

    If your answer is no, then sinta, pipsoligist and myself will perhaps begin to doubt your so-called 22yrs of experience in the securities industry.

    3) Do you categorically deny that no-one has ever LEGITIMATELY used, currently uses or will ever use a brokerage account like a bank account since glass-steagal act? [by LEGITIMATE, I mean NOT for purposes of fraud, deceit, money-laundering,]

    If your answer is no, then I must admit that not only do you have more knowledge than 95% of the population but you are omniscient.

    Your error in logic is as follows:
    [paraphrasing JASON’s Statement:]
    Major Premise: No-one ever in the world in all of history ever LEGITIMATELY uses a brokerage account like a bank account

    Minor Premise. David used his brokerage account like a bank account.

    Conclusion: Ergo, David was involved in illegitimate or fraudulent activity

    Your logical error is typical of a deductive syllogism (i.e. using the general to draw conclusions about the specific).
    But the deduction can only be true if each of the premise is true. If one of these premises is found to be false then, your conclusion is faulty on logical grounds. Hence, when we investigate your first premise, we see that you claim is rather unrestrained and wildly unscientific….NO-ONE EVER USES A BROKERAGE ACCOUNT AS A BANK ACCOUNT. If you are educated, you will agree that the bar you have to reach to use a premise involving NO-ONE is pretty high. It is better to say “rarely based on your knowledge, does one use a brokerage account like a bank account”. But even then you are on shaky ground because you have never undertaken a study or a review of a proper statistical sample of everyone who uses brokerage accounts, and as such then your premise of ‘NO-ONE” becomes weaker and weaker by the moment. Sinta, pipsologist and myself are 3 people who have been involved in the world of finance, and we 3 have given testimony that we know people who legitimately use brokerage accounts like bank accounts. So what do you do with that? do you say we are all lying? I have even given you the legal framework under which the lines between bank and brokerage have been blurred visa vie glass-steagal act, which provides the regulatory rationale for why someone could legally use a brokerage account like a bank account but you still refuse acknowledge this. We have given you theory, law, and experience. So if you want to say NOONE previously, you certainly cant say NOONE now because now you know of 3 people who claim evidence to the contrary. All we would need is to find one example of a legitimate use of a brokerage account as a bank account by a legitimate person, and you premise is proven false and hence conclusion crumbles to pieces.

    Now to the specific:
    If people use brokerage accounts at the major houses like bank accounts, then why it is impossible for a person to use a forex account like a bank account? Some of the reasons would be the same …..wouldn’t it? Especially given the fact that a person like David, will have a specific strategy to leave a certain amount of money untraded and employ leverage on the rest in the trades. It’s called cash management and risk management. David has promised that a certain portion will never be exposed to risk.

    Furthermore:
    You claim that the NFA filed the complaint against I-trade because David was moving money into and out of with little trading (i.e. using it like a bank account). Here you are actually incorrect. NFA filed the complaint BECAUSE I-trade failed to file SAR’s AND failed to provide source of funds from David; and because I-trade failed to file SARs on Ingrid Loiten and provided inadequate information that explained the source of funds from Ingrid Loiten (i.e.homeworkfor jamaica.com etc). The issue for the NFA is not whether one uses a brokerage account like a bank account but whether the money is clean. Hence the count/violations that have to do with Anti-money laundering concerns, and NOT with the transactions themselves (by themselves alone in a vacuum) in that it is traded little or a lot or none at all. Note that the NFA complaint mentions that for two customers who deposited $10K and $5K respectively and then withdrew them months later without ever trading, WAS NOT AS SUSPICIOUS as amounts involving millions of dollars and for accounts that had source of funds issues unanswered or unclear.

    Think of it this way….suppose I won USD$1milllion in the lotto and I paid my 30% ($300,000) in taxes. Then I opened a brokerage account and placed $700,000 in there. Then lets say I did not trade on it but sat on it for a month. Then lets say that I changed my mind and decided to put it into real estate instead and thus moved most of the money out of the account without trading it. Do you think the NFA would have a problem with that as long as they know that I got that money from the lotto and that I put the money into real estate afterwards? This proves my point…the issue is the source of funds and the destination of funds. Not the trading or non-trading of accounts itself. Now, admittedly, non-trading of accounts can be an indicator that leads to other questions (especially when combined with other facts like no source of funds, large amounts etc) but by itself non-trading is not violative. If the NFA did not have information on where I got the money from then this ADDED TO the transactions and the amount of money would generate a red flag. But a red flag is just that…a red flag, not an indictment or a guilty verdict.

    So let me ask you a question based upon the above hypothetical (that is if you can handle hypothetical reasoning)….

    4) Do you think the NFA would find the above to be a violation?

    If you don’t like hypothetical let me bring down for you.
    5) Do you think if David provided source of funds and bank records to the NFA AND adequately explained what he was doing (eg float), that the NFA would have a problem with David regardless of whether the account was traded little or none at all?

    Just a couple more questions for you, Jason, based on some of your other comments:
    6) On a scale of 1 to 10 how sure are you that Olint is a ponzi scheme? (1 being complete ignorance and 10 being absolute certainty). Remember careful about wild unscientific absolute conclusions with very high thresholds of provability.

    7) What level of education do you possess (i.e. high school, Associates, bachelors, Masters, PHD?

    8) Also, have you ever taken a course on logic?

    Since you have bragged about your 22yrs of experience in the securities industry, and used that against others on this blog to belittle them, ……
    9) If I asked for proof that you have 22yrs in the financial industry, would you give it to me?
    10) If I asked you to tell me how much money you made on a yearly basis during those 22 years, would you tell me? How much money do you make yearly now by trading for yourself, which you claim YOU ALREADY HAVE THAT ABILITY
    11) What exactly was your position or positions in the financial industry?
    12) What level did you reach during those 22 years?
    13) What institutions, banks, or brokerages did you work for?
    14)Do you have a CFP or CFA designation and what level?

    15) If you refuse to give answers, would that mean that you are lying or hiding something?

    16) Why don’t you tell us your real name, so that we can do research on you to see if you are lying about your background? If you dont, does that mean that you are a lying fraud with something to hide, hiding behind anonymity on this blog where you can say and get away with anything?

    This is how you reason to reach the absolute conclusion that David is a lying fraud. Now, dont get me wrong, maybe David is a lying fraud. All I am saying is that the reasoning you employ to arrive at that conclusion is faulty.

    Bloggers, lets put Jason on trial here and give him a taste of his own medicine. If Jason refuses to answer these simple basic questions, then we should regard him (based on his own method of reasoning) as a “conman” and a “fraud” and not ever believe that he is some financial wiz that worked 22 years or anything else he says.

  80. Hermes I will cede one point to you. The use of the word Never is irresponsible. Now on the evidence that has been put forward, including the shuffling of money in and out of his “brokerage account” has led me to believe its a ponzi. Read my earlier post above, about walking like a duck.

    You asked how sure on a scale of 1 to 10 I believe this is a ponzi. My answer is 11

    As to real names, if you put as much energy into researching DS as you want to do with me members probably would not be in the position they are in.

    I dont have to give you any info or prove anything to you BECAUSE I DONT HAVE ANY MONEY FOR YOU. I am not the one who accepted money claiming to trade for other people.

    In the future keep your questions short because to tell the truth i merely skimmed through your post

  81. and another thing i did not say i am a financial wiz I merely said that I currently live off my investments now, part of which is trading. I have had not only down months but down years.
    But whether you believe me or not to tell the truth i couldn,t care less

  82. Hermes,
    The fact is Jason does not have to answer any of your questions that is directed at his personal affairs.

    1. Jason did noty accpet money and promised an average of 10% pm.

    2. Jason has not had investors money for 6 months and refused to pay back a dime.

    3. Jason is not operating a schemes were he talks peoples money and promises then above average rates of return.

    It amazing how you are asking him all these personal questions and not asking any on the AIS some of the same sort of information.

    You and other should have been asking DS those questions months ago, but of course it was not important then as the 10% per mth was flowing.

    Very sad state of affairs, and the typical Jamaican behaviour.

  83. Jason and Hermes- To tell you the truth my financial education and background is pretty decent. However the financial aspect and rational, logistic, forensic auditing is sadly, at this point, totally irrelevant.

    When people who take money provide you with a guarantee that 80% of your funds shall NEVER be put at risk start singing the new tune which is, “don’t you remember we told you this thing is high risk and you can loose everything” then the expertise required is that of a criminologist, lawyer, judge and corrections officer….Even the pastor, husband, wife, and mate are late for this party.

    Only two people actually know everything and that is DS and TS. Speculation on our part is just that. Perhaps the bloggers and their readers could mobilise the masses to simply demand the truth immediately from those who hide it from us, we might all be better off. Hey we could even meet up after for a party and laugh with each other!

  84. Jay,

    My point is asking some questions about Jason background is two-fold:

    1) Jason himself made his background an issue when he himself introduced it as a basis to claim that others on this blog dont know what they are talking about. I did not introduce his personal affairs, he did. As such it is now fair game. He has set himself up as an authority and as such should be prepared to defend that authority. He has nothing to lose, does he? Why doesnt he just shut me up by answering my questions?

    2) I wanted to show that just because you refuse to give information, does not mean automatically that one is a crook or has something to hide. I am sure Jason would agree with this WHEN applied to himself but does not seem to agree with this when applied to David. This is a double standard at best and hypocrisy at worst.

    I have not stated whether or not I have invested with DS. So you cant make that assumption. but even if I did, you dont know if I asked those questions or not. So you have to be careful how you jump to conclusions and how you guys assume that just because someone can see both sides of the argument, that somehow they are stupid.

  85. Robin Irie Said: …”I find it strange that the people in the other place say that they only want facts but this blogs is the only place they can find real, cold, hard fact; good work guys….”

    Robin Irie, it’s embarrassing that they have to come over here to get the latest information on their own investment club..LOL. Then if you go over to their site and say anything negative about Olint (their opinion), they ban you for life…. ah, “BanUForLife” that should be their site name!

  86. This site is pathetic. this reminds me of when cash plus was called a pyramid, but no one had any evidence, and when the finanicials were published, the blogger were not even financially intellegent to use their statements to prove their claims. Only when the auditors came in then they had to ratify that cash plus was really a ponzi. So i believe this site should be used for distributing factual information,, not speculation, people here like Jay and Jason are not even cpas or cfas,but would rather post hundreds
    of threads of speculation for drama , rather than factual info and qualified analysis.

    U ARE A BUNCH OF LOSERS WHO LOVE DRAMA WHO ARENT CANT EVEN ANALYSE A FINANCIAL STATEMENT EVEN IF IT WAS STARING U FACES.

    NOW STOP THE SPECUALTION AND GIVE ME FACTS, OTHERWISE SHUT THE HELL UP AND FIND SOMETHING CONSTUCTIVE TO DO.

    AFTER HEARING WHAT DAVID SMITH, MANY OF U HATERS AND EVEN SUPPORTERS DONT KNOW WHAT THE HELL IS REALLY GOING ON LOL

  87. Jason, Jay, DaveSin, Sirach

    Hermes has put pertinent questions on the table for Jason to answer. It is extremely important that he does because of how he has maligned the integrity of David.

    I for one is waiting patiently to read them.

    Jason, I still remind you of our PACT and am fully prepared to honour it should you win.

    Olint-for-life

  88. Anthony- your statement, “…should seek to close your accounts…” is a sad irony. The fact is many have tried for over 7mths to no avail. Furthermore and with all due respect you miss a fundamental understanding that once a request is made to close the responsibility to do so resides with Olint. And their inability to do this represents negligence. No one is ever fired for it and so this blaring shortcoming is thereby overtly and covertly sanctioned.

    The truly scary thing is that you may well be right in that, “….you really don’t belong here..” Yes it’s like being a slave on the Plantation without a ride up North.

    Olint-for-life

    We wish DS all the best. HE is the one who has malinged hi own integrity……We are giving him ample opportunity to retrieve it in a simple way…..PAY BACK THE MONEY. He can then retire with his integrity. We won’t bother him….promise.

    Oneil

    DS and Olint can call in the auditors at any time. I would say it’s time now…..wouldn’t you?

  89. Hermes

    Are you for real? how can you equate me with David Smith? I am a private citizen if i dont disclose info it doesnt affect the price of rice.
    David Smith on the other hand has millions of jamaicans hard earned money. People cant pay there bills because of him, relationships are ending because of him, because of him some people are having a nervous breakdown. He OWES MONEY TO PEOPLE. Since he cant pay them IT IS HIS DUTY TO DISCLOSE INFORMATION.
    So once again your arguments are plainly foolish.

    Olint for life

    I have not maligned David’s reputation, David is the one that is doing that. If he could pay people and prove he is running a legitimate organization, I would simply be laughed at and dismissed.
    I also remember the pact, in the back of my mind i think that you are joking because i dont know how you could take this Smith guy seriously.

    Oneil
    You say after hearing what David said…. Listen i couldn’t care less what he has to say. As far as I am concerned his words mean nothing, just like Carlos Hill, Higgins Warner and the rest of these thieves
    Action is what matters

  90. “and another thing i did not say i am a financial wiz I merely said that I currently live off my investments now, part of which is trading. I have had not only down months but down years.”

    I don’t have any issues with you stating your opinion. At the end of the day, this is just a blog, and everyone on here can take it or leave it. I think D.S. is probably a trader who tried to trade some money – he might even have done well for a while, but at the end of the day, he couldn’t continue the payouts we was saying. It might even be a Ponzi – I just don’t have enough information to decide.

    What I don’t understand is how you tout your financial experience, respond to my comment telling me how I’m essentially wrong on my comments about brokerage accounts, then offer a mea culpa as “I never said I’m a financial wiz”. When you toss your years in the market out as some sort of credential, you are basically throwing your credentials around to add weight to your statement.

    That said, everyone should back off of Jason and let him alone. At the end of the day, he doesn’t have to disclose anything – this should just be a friendly chat about the post, not a courtroom to prove if someone is libelling/slandering Olint or David Smith in a blog discussion. We can get back to the situation at hand – wondering what the next thing that’s going to happen is.

  91. Olint-for-life, Hermes.

    Hermes, did you see Jason post 12:50 and 12:58? He conceeded on the point that he was wrong. I think JAy, Sirach is spot on at this time.

    Jason can defend himself but I find it amazing that you are here questioning Jason and his credentials. Even if Jason is a fraud, that does not change the real issue that brought you this blog. Jason does not have money for anyone in an investment club so even if he wants to fantasize about be a financial guru that is his problem.

    The real issue is the problems OLINT and its related/affiliate clubs along with other AIS. The FACT is
    a) they have not paid monthly payments for 6 months and has failed to honour requests for the same period.
    b) Olint has continued to accept deposits either directly or indirectly while delaying and promising payments
    Those are the real issues. It is the principals behind those schemes that need to declare the true positions of all the clubs.

    Hermes and others, I recommend you objectively read the following if you have not yet done so. (they are at the top right corner)

    1. How Olint Survived? , https://investforlife.wordpress.com/2008/06/06/how-olint-survived/
    2. Olint is failing, https://investforlife.wordpress.com/2008/06/24/olint-failing-to-meet-goals/
    3. Forex to Ponzi , https://investforlife.wordpress.com/2008/05/29/forex-to-ponzi-part-2/

    Put aside the emotions, the hurt and read objectively.

  92. Oniel,

    Did you call us over here losers, anyway you are welcome to visit and try to get the information that is seriously lacking from Olint and the other sites here.

    As we have said before, we will continue to provide you and other who are really searching for information on your investments with all the AIS investment here, and so you really should be thanking us.

    The real losers are sadly those who invested with

    * Lewfam
    * Pro Capital Solutions
    * TCI FX (now Lewfam?)
    * WealthBuilders Club (Jamaica)
    * Willshaw Forex Club (St. Lucia)
    * Prominent Capital Solutions
    * FI Investments
    * UWIN Antigua International Limited (Antigua)
    * FX millionaire Club

    Oneil, what do you say to all these people who thought that :

    1. Olint was legitimately making money in the forex market
    2. Thought 80% of their was protected as only 20% was being traded.

    I don’t want to hear;

    1. Have faith in DS he has never let us down before
    2. Is bad mind and “grudgeful people” why you not getting paid.
    3. Is Big banks and Leaching why you all are getting paid
    4. Is continuous DD , why you aren’t being paid
    5. IS NOT DAVID fault why you aren’t being paid.
    6. Now its the NFA fault why you aren’t being paid
    7. Oh, Oanda wont release the funds, that is why you aren’t being paid.
    8. Trust in DAVID, he has been there for you in the past and he will come good this time around.

    I personally will STOP post if.

    1. David releases audited financial statements.
    2. Pay all outstanding amount.

  93. Let me put this brokerage account issue to rest.

    When opening a brokerage account with an institution, one question that will be asked is the purpose of the brokerage account.

    A forex brokerage account is slightly different from a brokerage account to trade stocks, bonds, money market funds et al.

    A specialty forex brokerage account when filling out the account opening documents for a company or hedge fund WILL ask you the purpose of the account( speculation, hedging etc)

    Now if the company deposits 50 million in there and it merely sits there, that in of itself is not a problem, but the point is when you put in money, take it out, put it back in, with great frequency, for no apparent business reason, and you are not doing any trading it sends up all sorts of red flags. You will be operating the account contrary to the stated reason.

    Now what the broker may ask is what is the reason for the frequent activity and you can give one then you will be fine, but it is the broker’s DUTY to report suspicious activity.

    Now that being said DS said he was using the money there as a FLOAT implying when he has encashment request he would pay from this float. Now the proper place for such a “float” will be in the bank account which he has so as requests comes in he could send the money to wherever.

    I reject his assertions because they make no sense to me and will believe my scenario that he was using the brokerage account to make an appearance to his bank that the money coming in was being sent off to be traded, so when it comes back from Itrade he could report to the bank that the money is “profits” or “gains”.

    Call me what you wish but is my opinion and based on the past this is exactly how a ponzi scheme who is making an attempt to look like they are operating a legitimate business operate.

  94. Jason,

    I am not equating you with David. What I am doing is illustrating a principle.

    There you go again calling my comments “foolish”. Ok, why dont you answer my questions instead of using ad hominems.

    You conceded one point earlier and thats good. Because it shows integrity on your part. Can you follow through and simply answer the 15 other questions. If you dont want to tell us your name fine. but at least answer the other questions. You cannot continue to belittle others without defending your claims of superiority.

    I am signing off for now.

    Later

  95. look that is the last i am saying on the brokerage account issue.

    2 Hermes as to the 15 other personal questions I have the answer but my editor is carrying out some “Due Diligence” on the answers but as soon as the “Due Diligence” is finished i will send you answers

  96. Jay-

    I agree with your ultimatum. But in the other order. If Olint pays my money I will save their time and mine and save the ecology by foregoing the audited statements.

    Let me ask you all a legitimate question:

    If you got all your money tommorow would you go in a gain to possibly face this almost a year nightmare again?

    I really want to hear from each of you

  97. Audited statements….Audited statements….we don’t need no $$%& %&^@# audited statements at this time! Give that to Caveman or some student sitting CXC to review. $$$$$NOW!

  98. Sirach,

    I have no funds invested with these AIS.

    Paying money out does not necessarily means that its from trading profits.

    We need the audited financial statements to determine how money is made in the “O”.

    He could very well be making payments from other folks deposits, how can we confirm this without the company’s financial statements.

    I understand folks frustration however, they just want back their monies RIGHT NOW!!

    As old people seh ” Wish for the best but prepare for the worst”.

  99. I have a dumb question. If a brokerage is conducting a due diligence (DD) on your account, does that give them the right to “freeze” your funds? If I say, I want my money, what give them the right to hold on to all of my funds?

    I thought a Bank or Brokerage can only refuse to refund/freeze an account based an a valid court order.

    I’m ignorant on such matters, so could one of the bloggers in the know explain the process to me.

  100. After being treated with so much respect. In an atmosphere of accountability and security. Friendly courteous staff full of relevant information. After being given only 5 working days to get JP to sign fancy new encashment proceedures. After seeing the pretty cars the planes, the boats. After hearing that bad man a get them pay. After being told all about what is “your” responsibility (everything). After all the calls you made that were answered on time. And all the calls and e-mails returned.

    AFTER MAKING PEOPLE WEALTHY but being dealt with as if “you” are the sole beneficiary.

    After all that you want and audited statement? You want to continue?

    After scrounging for scraps of on the internet like mangey puppy.

    You never worked hard for your money?

    Is not you own?

    Would you invite back the rapist to have dinner with your mother and sister sometime later in the week!

    Nuh meek greed and vanity nyam you soul.

  101. Jay, Olint not taking in ANY new money since week before last. They are smart enough to know that if they carried that system into these weeks Olint would have reached the end of the road.

  102. So is it official that OLINT have not accepted any new money since July? Then again, we have been there already.

    That is my question Sirach, Why is it that for the period it was not paying Olint was busy collecting people’s money?

    “we don’t need no audited statements at this time! ” – Was it not this attitude that has brought us to this sorry path?

    Jay is right, audited statements every-time.

  103. Jason-

    I hear your point. So from what you say if a highly reqonisible bank (that would stand to loose a lot for a reporting ommission) were DS’s bankers that could serve as a safeguard angainst any collusion that is not in our intrest (a the case is suggesting). hhhmm clever…

    So….why can’t all the members demand of DS and Olint that they form an inmmediate exclusive customer relationship with a big name bank….Eureka!

    On the same petition we could also choose the club member’s desired auditors. Just like the clubs we were in at school. Where we could vote.

    How come our club has One Napolean, one snowball and one squealer?

    And the rest of us in the cold barn looking at them living it up in the big house?

    Animal Farm……we get….ahh….. ducks

  104. Sorry “highly responsible well know bank with serious prestige to lose …were “

  105. John Doe- Yes I beilieve in audited statements..of course but the point I am majking is audited statements ..AT THIS TIME BROTHER??….that is a slap in the face to your whole humanity friend. If you took anything before your funds you will have devalued yourself.

    They could have given you that long before the New Kingston raids and brother they did not because dem never give you no ratings.

    If you take goalpost moving this week even little kids going to hold down their heads when you walk by. Might as well yu go wash window at the traffic light.

    How much more chat you going to take. They should close it down, close the trading account and show us thoose documents and make a B line straegy clear to pay people the money. This is their Duty! Not to speak to us from some pedestal or high and mighty platform.

    Then they could start again if they truly have integrity!

    What they spit out is jibberish! How much more you need.

    Who knows why they were busy collecting money….maybe they were using to pay people….but that has no relevance now. They must be cornered as quickly as possible into space where the only movement is to shut their gums and start haning out full sums of money.

    You think after all that has happened they have some sort of a right to be vex wid us…..for any reason?

    We have shown pateince….it is for us to cosider forgiving them but Noooo I there world we are a bunch of ungratefuls…..whoose names are written down at Braemar if you make a fuss…and the valed threat of blacklisting…..which was threatened before but never used with the same rock the boat people allowed to com back in.

    Don’t Bow

  106. Look-

    When Cash Plus had the run, there was no a/c like when you placed your funds, no watercooler and a whole heap of bodyguards trying to tell you what you could and could not do. The tone had changed. People spoke to you differently.

    When the naysayers (thoose who got paid) reached to the check payment area they were ALL asked to consider not taking out all but only some of thier funds.

    Most replied that they loved cash plus (and they were sincere) but they could not stand the difference between what happens when giving vs when trying to recieive.

    Most continued to say look, “once you sort yourselves out we will be honored to come back. Sounds reasonable to me.

    Well the rest is history but those who got money out are reverved by the masses and the horror stories of that debacle aren’t pretty.

  107. You know what is interesting? I keep hearing the figure $200MM
    USD is due to be sent to pay investors bla bla bla. I have even heard this from a close friend who claims to have seen
    documents to “verify” this. Now I have no reason to doubt
    what my friend is saying is true. However here is the question
    I would like to ask. How much does Olint owe its “investors”?
    What if they r owed $210MM, $250MM, $300MM, $400MM
    or even $700MM. No one knows because no one is privy to Olint’s books but David Smith and his cast of characters. So while this story of “$200MM to be wired” may in fact be true. How many “encashments” will be satisfied by this amount?

  108. Now Carlos Hill never came to the people and said sorry to this day. He never sold his trappings and took the shirt off his back to pay. He gloated like the animal he is.

    Would DS do differently. TO BE HONEST I THINK HE WOULD.

    But the million dollar question is would SNOWBALL and SQUEALER talk him out of it if it came to that.

  109. Johnny P. I doubt strongly there is any 200m dollars. You should ask your friend what document he had to verify it. Because unless it is from an independent source, not simply David typing up some crap, I wont believe it.

  110. Oh I don’t believe there is any $200MM either. However I do believe my friend is being truthful in saying he saw what he saw. Now I have seen enough scams come and go and document forgery is certainly not below that of a conman. But for arguments sake lets say dat money is there. How can that be of comfort Olinters when they have no idea what Olint owes to their “investors”. But alas this is where they now find themselves as they chose to invest in a scheme that has zero transparency.

  111. Question for 1 billion.

    Is it asking too much of Olint, having realised the severity of the situation as it stands now and in light of the fact that they adamantly state that they are in ownership of our funds then consider this:

    Set a date (e.g. This Wed) that if money is not paid in full then Olint in good faith and as a reward for denonstrated uncoditional loyalty its members have already shown; do hereby agree to release to each member all the data and facts of the club.

    I challenge anyone to tell me something is wrong with this.

  112. Guys

    Peace be still.

    Some of us like myself believe that DS and O has been particularly and unfairly targeted, and it is going to continue because of the fact that he operates from off-shore banking centres or tax haven jurisdictions (Panama and TCI).

    At the heart of the concerns raised by the document is money laundering and financing of terrorism. It can be easily inferred that the best way to trouble the waters is to block funds from being passed to such persons that they are doing their due diligence on.

    Please spend some time to read by going to the following link.
    http://www.stvincentoffshore.com/pdf/USA%20Patriot%20Act.pdf

    Remember to pray the prayer for David.

    Olint-for-life

  113. Jay and Jason, on behalf of all the people who have something to lose, we the people who do have a lot to lose dont need ur gossip and fear mongering, the horse gone through the gate already.

    It is not ur lost , if we need financial assistant after we lose our money, it wont be becoming from people who pretend to care like u all.

    U all need need a real job u have too much free time on ur hands.

    U dont represent any of us , and we dont need u opinions, as this will not affect the outturn of this situation.

    So stop pretending like u have anyone’s interest at heart, u are all so sadistic.

  114. If David Smith fails, i can guarantee u he wont live long enough to tell what really happened.

    welcome to jamaica 2008, enough said lol

  115. Oneil,

    Are you saying that the life of DS will be in danger if Olint collapses, and why would this be the case.

    Did you and other only invest what you could afford to lose, so if you lost why would Mr Smiths life be in danger. (see Investing is for gains not for losses, https://investforlife.wordpress.com/2008/06/27/investing_for_gains/ )

    Did you an others not sign a document which said amongst other things
    ” Forex trading carries substantial risk, which could result in loss of principal invested”.

    That being the case, coupled with the fact that you “risked” what you could afford to lose, I do not see the reason why Mr Smith’s life should be at risk.

    You are therefore writing one thing but thinking and acting very differently from what you wrote.

    Think and Check, I am seeing a distinct disconnect here.

  116. Oneil

    I think you were out of order to imply that negative of DS in your last posting. If you are not careful, you will allow the pressure of the blog’s debate to get to you.

    May I suggest you take a break and give yourself time to thaw out., so you can continue to make wholesome post.

    Olint-for-life

  117. Jay u seem to be a blogging from two sides of ur mouth or should i say two different hands lol

    Have u not been preaching that DS is a con man, u have been preaching that he is a ponzi, taking from peter to pay paul.

    Now all Olint members including my self did not sign up to join a ponzi in our agreement, we signed up for 80% of our money to be traded, on the assumption that 20% of our would be traded, ie 80% guaranteed.

    Now if i lost more than 20% of my investment , then he would be in breach of contract, as he would be exposing my invest to a greater risk than what i signed in my contract.

    I DO NOT have have a problem, if he makes losses on some of my money, as long as on a yearly basis, the returns are greater than govt paper.

    Now, if DS is really running a ponzi, that is a totally different issue which i would have a problem with. As he would have deceived all his club members.

    If he is i can guarantee, his life will be at risk ,as people know they would NOT get their money back.

    Also agreement say 20% of funds are traded, ie maximum loss 20%, ie unless him spend off we money lol, only time will tell, unlike u folkes, i wont speculate.

    wecome to jamaica 2008

  118. I have been doing further online research into the reasons for Due Diligence; particularly the kind which Olint had to undergo over this lengthy and protracted period. Once again, The 2001 US Patriot Act.

    From my reading, I find it hard to think how persons arrived at their conclusion that Olint does not have any money, when it is the large sums it is handling that triggered the due diligence in the first place. I personally have no doubt about us club members getting money, just concerns as to when we will get it because of the lengthy DD requirements.

    Read the article below, which can be found at the following link.

    Olint-for-life

    http://www.whitecase.com/publications/detail.aspx?publication=801

    US Issues Correspondent/Private Bank Account Due Diligence Rules

    February 2006
    Financial Services Advisory Update, Vol. 3, No. 1

    Kathleen A. Scott

    Among other provisions, the 2001 USA PATRIOT Act required the US Treasury Department to issue regulations regarding due diligence and enhanced due diligence with respect to correspondent accounts established or maintained by US financial institutions for non-US financial institutions and private banking accounts established or maintained for non-US persons. In 2002, the Treasury Department issued an interim rule requiring only certain financial institutions such as banks to comply with the due diligence provisions in the statute. On January 4, 2006, the Treasury Department published final rules on the topic. The regulations are effective February 3, 2006, but carry a delayed effective date of April 4, 2006, for new accounts and October 2, 2006, for accounts established prior to April 4. US financial institutions covered by these rules are banking organizations, broker-dealers, futures commission merchants and introducing brokers in commodities, and certain types of mutual funds.

    A covered financial institution must establish a due diligence program that includes risk-based policies, procedures and controls “reasonably designed” to detect money laundering through or involving any correspondent account established or maintained for non-US financial institutions, which generally are defined as institutions similar to the US financial institutions subject to the rule, as well as money transmitters and currency dealers or exchangers. When assessing the money laundering risk posed by a particular account, the following factors should be considered:

    Nature of the correspondent’s business and the markets it serves.
    Type, purpose and anticipated activity of such account.
    Nature and duration of the financial institution’s relationship with the correspondent and any of its affiliates.
    The anti-money laundering and supervisory regime of the jurisdiction that issued the charter or license to the correspondent, and, to the extent reasonably available, of the jurisdiction where the owner of the correspondent is licensed or chartered.
    Information known or reasonably available regarding the correspondent’s own anti-money laundering record.
    Covered financial institutions also must establish similar due diligence programs for private banking accounts (defined in part as accounts with a required minimum balance of $1 million in funds or assets) maintained for non-US persons. At a minimum, the US financial institution must:

    Ascertain the identity of all nominal and beneficial owners of a private banking account.
    Ascertain whether any owner is a senior foreign political figure.
    Ascertain the source of funds deposited into the account and the expected use of the account.
    Review the activity of the account to ensure that it is consistent with information obtained about the client’s source of funds, stated purpose and expected use of the account.
    Additional requirements also would apply to accounts for or benefiting senior foreign political figures, defined as including senior foreign government or political party officials and their immediate families. US financial institutions must undertake enhanced due diligence reasonably designed to detect and report transactions that may involve the proceeds of foreign corruption, a defined term including assets obtained through misappropriation or embezzlement of public funds.

    Both due diligence programs must contain procedures to be followed when the US financial institution cannot perform the required due diligence on the proposed correspondent or private banking client, including criteria on when such accounts are to be refused or closed.

    The final rules can be accessed here.

    ——————————————————————————–

    This newsletter may include links to websites other than the White & Case website. White & Case LLP has no responsibility for any websites other than its own, and does not endorse the information, content, presentation or accuracy, or make any warranty, express or implied, regarding any other website.

    The White & Case Financial Services Advisory Update is prepared for the general information of our clients and other interested persons. It should not be acted upon in any specific situation without appropriate legal advice.

    This newsletter is protected by copyright. Material appearing herein may be reproduced or translated with appropriate credit.

    © 2006 White & Case LLP

  119. Guys

    I have maintained my unwavering support for David and Olint, both here on these blogs as well as in my private conversations with friends and families. I only ask you all to do the same as is evident on this blog.

    Until we have evidence to say otherwise, let’s continue trusting David when he says that Olint has successfully passed the due diligence test. Let’s continue to pray for him because it is not easy for him alone to bear the brunt of this burden, legitimately making money for us, while some bloggers here and elsewhere are cussing him in such an ungrateful manner, while expecting to collect money from him.

    Good nite to you all.

    Olint-for-life

  120. You should have all used keenExchange

  121. Olint-for-life

    ACTIONS SPEAK LOUDER THAN WORDS

    I “invested” with Olint starting in 2006 and made subsequent deposits in 2007 totalling over $50,000 USD.

    My paper gains put my account balance over $200,000.

    I have not taken a single encashment.

    I have signed all subsequent club member agreement documents and encashment policy documents.

    I have 1 encashment request for less than $5,000 made in March 2008 which has yet to be paid.

    I have not received any communication from Olint explaining why they did not comply with the encashment policy effective June 2008 which said that encashment requests from March would be paid out in late June.

    Again, ACTIONS SPEAK LOUDER THAN WORDS

    AND

    OLINT’S ACTIONS make your WORDS MEANINGLESS

  122. Doris

    I have no problem with the way you and other legit O members feel at this time. I can only encourage you to remain hopeful, regardless of whether you want to hear this or not.

    Read this recent post from the other blog to give an incite into the stressful conditions that David is working under. Form your own opinion:

    http://invest4life.wordpress.com/invest-clubs-archive-2/

    # 711
    “Kullchull 578
    I have a trusted friend that knows Mr. Smith very well, goes to Turks a lot and has watched him trade, he uses four monitors on his system, my friend says that the methodology that he uses is so simple that it would blow most traders minds. He did not stipulate and I didnt ask as I dont trade and the explanation would be lost on me.
    I urge you (and Jonathon) to try and remain calm and let us see how this plays out. There is a lot that is going on behind the scenes that you and I are not privy to and that David Smith is not at liberty to speak about publicly at this point in time.There are many whose interests would be served if Olint folds and are trying hard to do the same. So rather than spending all your time complaining perhaps your time would be better spent by trying to find out whats going on and whos fighting down the club, then maybe we could expose it, free up our funds and get on with life.”

    Olint-for-life

  123. LOL Olint 4 life because DS uses four monitors what does that have to do with anything?
    Just because the so called friend saw David trade profitably means nothing, he could be just on a winning streak. I can walk into a basketball training session and see Shaq hit 12 free throws in a row, does that mean he is good a free throws?
    What kind iof primary school thinking is this?
    The only thing of relevance going on behind the scene is the fact that DS has no money to fullfill all his encashments and has been lying to the public
    The law suits are mounting. But DS is a smart conman i am sure he will pull another stall tactic out of the hat

  124. and the only forces fighting Mr Smith’s club are the natural forces of justice who know that Mr Smith is conning the public stealing there money in a grand fraud about making “gains”

  125. Jason

    What goes through your mind when you read the following quote?

    “I think you are a liar, a cheat, a hermaphrodite or a transvestite, a woman disguising as a man, a conman, an online crook, and all the nasty things that any one can think of.”

    All this is being said and I don’t even know you, never seen you, etc.

    IS ANY OF THIS THE TRUTH?
    or
    Wouldn’t you say that I am just being reckless and malicious with my statements.

    Please don’t take this the wrong way, and I apologise if you do.

    All I am trying to do is to metaphorically put your position you take in these debates into a skewed perspective.

    Olint-for-life

  126. Olint 4 life

    David Smith more or less done things so the public could see. It is based on a mountain of evidence I have based my conclusions. Now back to your example you know absolutely nothing about me, so saying I am a transvestite etc etc is simply ridiculous
    Now you may go into a doctor’s office and see a string of DNA or a X Ray and to you it looks fine. Now to the trained doctor’s eye he may see many things that you cannot see.
    Again DS story has been played out time and time again. Based on the evidence I have seen so far I am 1000% sure this guy cannot fullfill his total encashment requests.
    Now what you are holding on to is a hope and a prayer but the facts are right in front of your eyes for you o see plain as day.

  127. Jason , ur so negative and sadistic, if DS turn out to be a con man, then probrably u are just as pathetic as him, no better.

    I am really disgusted by people who like to stereo type people with such negative labels, before the truth is fully and thoroughly investigated.

    Bear in mind, such labels have no effect on the outcome of DS , just girlish gossip. lol

  128. Great news guys

    I got a rare opportunity to speak at length with Wayne (David’s brother) just now and I told him that a lot of you are in full support of David, Olint, himself, and the club’s effort. He was pleased to hear this and shared the enormous amount of stress/pressure that David, himself and others are going through because of these administrative issues that you are aware of.

    I told him of the nasty attacks and maligned statements that some bloggers here and elsewhere are making against David and the club to which he said that they are aware of them but have no time to be bothered because there are bigger and more pressing issues to attend to.

    I pointed out the unease that people are feeling at this time because of the lack of funds for 6 months and the lack of communication which feeds speculation. He wishes to assure us that these speculations are so far from the truth that we should not bother to respond to them. However, he knows the communication is poor but because everyone at Olint, bar none, is so heavily involved with various management/administrative issues, they do not have the time to formulate proper communications, which is bad. Nevertheless, he says that they will try to improve in this area.

    While I cannot go into detail about the various things we spoke about, he has given me permission to share the following with you all (at least this is a form of communication – smile).

    *****************************************

    1
    Their (himself/David) families and background are firmly grounded in christianity and it is these christian principles that they live by daily. On that basis, they would never seek to mislead anybody, especially as it relates to their financial status.

    2
    There are significant amounts of administrative difficulties/hurdles that are being constantly put in their way. Nevertheless, they are holding strong and dealing with them as they arise.

    3
    David spoke with Oanda today and has gotten assurances that requested funds are being processed. They should be getting confirmation of this soon.

    4
    Returns for June will not be released until they are given the go ahead by their auditors. So at this time, don’t believe any rate that is not officially given.

    5
    Olint will continue into the foreseeable future until it is not financially feasible to do, which is not any time soon.

    6
    Trading will continue regardless of any difficulties you hear about.

    7
    Olint was formed with a mandate to help “poor” people and christian minded individuals. These are the persons that have been the club’s most loyal supporters (not the “big man”), and it is these persons why Olint will continue to provide them with the opportunities that they never had before.

    *****************************************

    Guys, my interpretation of the conversation is that you should remember when certain persons had predicted in the past that Olint will fail, and they cannot see that happening. Therefore, you have to wonder who is behind all these orchestrated attempts to make Olint fail.

    I leave you all to think on these things and draw your own conclusions.

    Olint-for-life

  129. I forgot to tell you the most significant item.

    8
    At the end of the day, David’s name will be cleared and it will be embarrassing to those persons who wanted him to fail.

    Olint-for-life

  130. BREAKING NEWS:

    Those of you in Jamaica, tune in to RJR 5pm news.

    Olint is cleared by the overseas investigators.

    Olint-for-life

  131. At this point, I think there are only 4 options for David Smith.

    1) By next week start paying out money. If he is able to do this, he will barely avert disaster. [By disaster I mean, lawsuits, criminal/fraud complaints in Jamaica (arrestable here) and elsewhere, threats of all kind, untold financial misery for clubmembers, irreparable damage to the reputation of DS and Olint, a complete roasting in the local & intl press, and a puncturing of the many hopes and dreams and faith of the people including many churches]

    2) If there are still delays by next week, then he has to produce to the club members financial records to show the $750M plus in his accounts. [the same records he showed the big investors last week privately in JA]. This might hold off the disaster for a little more or little while longer. There is no more reason to not be forthcoming with these records. If he can show the big investors, then he can show the small club member. At this point, by next week, this whole approach has to come to an end…..that is this whole savvy offshore, I want to keep my privacy, I dont want to reveal my trading strategy, I dont want to pay taxes or I dont show that I am making 40% per month which will irritate members etc, attitiude now has to give way to “I dont want to go jail”, or I dont want to die because some angry clubmembers take things into their own hand, or I dont want my name irreprarably damaged etc etc

    3) If he doesnt do either of the above, the only possible scenario where he can come out of this somewhat vindicated but ironically so, is for David to announce that the Feds (Fincen, USDOJ, etc) have frozen the $750M plus dollars in his accounts (along with some documentation that proves it since few will take his word for it) and that he is facing charges of being an accessory to money laundering because he unknowingly accepted questionable money in the early part of OLINT’s history when administrative procedures were not streamlined

    4) Buy a one way ticket to somewhere hard to reach or track down like Brazil, and live in the amazon jungle with primitive tribes, or go to some place like Zimbabwe and seek a hiding place from badman Mugabe. this will be his only option if indeed he turns out to be lying, or a fraud, or lost the money or whatever.

  132. Guys

    For those of you who did not hear the news item on RJR 5pm news, here is a brief summary.

    The person at the National Futures Association (NFA) who was interviewed, says that Olint and TCI FX are not the subject of their investigation, it is i-TradeFX.

    He says that i-TradeFX should have complied with regulatory requirements to report large transactions in Olint’s account, and automatically generate an SAR (Suspicious Activity Report).

    Their investigation requires i-TradeFX to respond, and it maybe that a simple explanation would have clarified the large transactions in Olint’s account.

    Consequently, they have no jurisdiction in investigating Olint/TCI FX, that is left to the local authorities.

    Olint-for-life

  133. Olint-For-Live:

    Isn’t those points already acknowledged? There is nothing new.

    Thks for the info anyway.

  134. Olint 4 life

    No one cares what Wayne Smith has to say. These ponzi’s when they are going down will always be positive. This christian angle is total BS another tool that attempts to trick people. Carlos Hill was singing praises for Cash plus untill he went to prison. These scamsters have no credibility and is tiome now to see some cash. If you want a reminder of Carlos Hills lies( and what David and Wayne) are doing now here is a link

    Money talks BS walks

  135. Olint-for-life, where did you get it that “OLINT or TCI FX was the subject “?

    Clearly you did not read the article. The Investforlife authors have never said OLINT or TCI FX was the subject of the complaint. Indeed it is very clear who has to respond to the NFA complaint

    What we have also pointed out is that it was the behaviour of accounts held by OLINT, TCI FX, Ingrid Loiten and Harries that aroused suspicions and raised BIG RED FLAGS.

    What we also pointed out that the NFA found I-Trade failure to file SARS report very suspicious given how other accounts with significantly less funds and activity were treated. Read the complaint again (item 36).

    That is the relevance, that is the issue, not the NFA complaint, in and off itself, but the companies involved, OLINT and MAY DAISY and their respective principals.

    There is even more relevance in the issue when you consider the apparent close relationship between David Smith and the Martinez. Did the Martinezs turn a blind eye? If they did why?

    How then can you post on another blog – “OLINT cleared by overseas investigators” – when they are not the subject of the investigations?

  136. olint for life is blind…

    I have sought legal advice and will be giving DS until the end of the Month.

    I am tired and beaten and have given enough time.I neeed my 100K+

  137. Olint-4-life reminds me of another blogger called “One Don” who used to post on a cashplus site.

    This guys was always telling folks the “truth will be told” and “hold the faith”.

    When Cash Plus crashed no one ever heard from him again.!!

  138. JohnDoe, I think by now you would have read my post again to correct what you misquoted. Because the way you form conclusion based on what people neva say, I would a neva want you to give witness for your friends or family.

    Guys, keep up the debate, or the speculation. I will still be here reading your postings based on wild speculations which you consider facts (smile).

    And Jason, just remember this, pride cometh before a fall.
    I think you should be more cautious in your pronouncements. But then again, you know more than 95% of the population (LOL).

    Olint-for-life

  139. Olint 4 life, you continue to provide good comedy

    I know more than 95% of the population when it comes to finance because it is the field I have worked in all my life.
    Just like how a doctor knows more than 95% of the population when it comes to medicine
    OR a pilot will know more than 95% of the population when it comes to flying planes

    Olint 4 life your arguments are getting more and more desperate and I will say it again I am 1000% sure Super Dave cant fullfill his outstanding encashments

  140. Olint-for-life, here is revision, my apologies…

    Who said or could think that “OLINT or TCI FX was the subject of the investigation “?

    Clearly they would not have read this article. The Investforlife authors have never said OLINT or TCI FX was the subject of the complaint. Indeed it is very clear who has to respond to the NFA complaint

    What we have also pointed out is that it was the behaviour of accounts held by OLINT, TCI FX, Ingrid Loiten and Harris that aroused suspicions and raised BIG RED FLAGS.

    What we also pointed out that the NFA found I-Trade failure to file SARS report very suspicious given how other accounts with significantly less funds and activity were treated. Read the complaint again (item 36).

    That is the relevance, that is the issue, not the NFA complaint, in and off itself, but the companies involved, OLINT and MAY DAISY and their respective principals.

    There is even more relevance in the issue when you consider the apparent close relationship between David Smith and the Martinez. Did the Martinezs turn a blind eye? If they did why?

    How then can could someone make a statement like – “OLINT cleared by overseas investigators” – when they are not the subject of the investigations?

  141. Jason

    All I can say is you are a trip.
    I laugh and laugh and laugh after reading your last post.

    Please, please continue to post.
    I enjoy the comic relief.

    Olint-for-life

    PS
    Anyway, stop, stop. I am not in a tracing match with you. I will continue to read everyone’s postings and only post when necessary.

  142. JohnDoe

    Apologies noted.

    Please read the following as if you are whispering.

    “It is the RJR news that I was quoting when it said “Olint was cleared”. Sorry if you and others thought that it was my own words.”

    So apologies to you and others also if I was misunderstood.

    Olint-for-life

  143. The Gleaner reports….

    “Olint mulls court action against US regulator

    Unregulated investment scheme Olint says it is seeking legal advice on what action it can take against a United States-based regulatory agency that alleged that its principal, David Smith, was involved in suspicious activity.”
    http://jamaica-gleaner.com/gleaner/20080708/news/news3.html

    Olint should go ahead… more information might result…

  144. “I know more than 95% of the population when it comes to finance because it is the field I have worked in all my life.
    Just like how a doctor knows more than 95% of the population when it comes to medicine
    OR a pilot will know more than 95% of the population when it comes to flying planes”

    Jason, I agree with you on a lot of things, but this set of statements makes no sense. Are you actually claiming to know 95% of the finance population?

    And Olint-for-life, I’m seriously wondering if you work for Olint or something… I’ve never seen such one-sided tripe before.

  145. Sinta

    I mean I know more about Finance than 95% of the GENERAL population, not 95% of the finance population.
    I would never claim to know more than 95% of the finance population as that would put me up there with the likes of Buffet, Soros and may i dear say LEECHING. lol

  146. Sinta,
    Please, no name calling, using the word “tripe”.
    Notice I have tried to keep things above board.

    No, I don’t work for Olint, but I have come to know David, and I don’t know him to be the kind of person anti-Olint bloggers make him out to be.

    I once posted here that I have adopted an extreme pro-Olint position to counter the extremely ridiculous anti_Olint positions taken by certain bloggers here and elsewhere. So, as long as they continue, I will continue, but I certainly won’t be making wild speculations without the benefit of facts.

    Also, you will notice that I try to share info with all bloggers about current happenings, regardless of who may shoot it down as non-sense.

    I repeat, I have no problem with fair criticisms of David and Olint, because they are plenty and certainly warranted. But if anybody come with some ridiculous and clearly unfair criticsms, it’s gonna be “GUNS BLAZING”.

    Olint-for-life

  147. The US Regulators speak .
    The US securities watchdog company, “National Futures Association” (NFA) says local investment clubs Olint and TCI are not part of its investigation into foreign exchange trader, I-Trade.

    http://www.radiojamaica.com/content/view/9731/26/

    It was the local news media who got this wrong and not “investforlife”.

    They rushed to print and mis-read the information which the happened to come across.

  148. Jay , Jason, John Doe,

    I think u all becoming pretty repetitive and boring. I think u all showed let the facts and records be presented here, and stop calling the man a con man. I think people should be held to be innocent, until they can be proven to guilty beyond a reasonable doubt to be guilty.

    Carlos Hill in time was proven to a ponzi, after factual auditing of his records, so in time DS will be forced to be audited, or his gains verified for the sake of becoming regulated. No of u, for or against ,have any access to financial records to back up ur claims.

    I believe that DS will lose he case and be forced to regulate, and then the truth will be told.

    So give us the facts, keep ur opinions to urself.

  149. Can anyone tell me who is the moderator and owner of this site??

  150. @Oneil. In answer to the moderator/owner question.. Read the comments forum and About Us.

    Where we have facts we will present them. Where we have our opinions, based on the facts we have, we will express them.

    We are free to express our opinions just like how we allow you to freely express yours. We will try our best not to bore you but the truth has a way of doing that.

  151. Oniel,

    Are you asking for disclosure . 🙂

    1.Can you tell us who are the principals of Olint and what are their respective stake in the company.

    2. Can you tell who are their accountants

    3. Can you tell who are their lawyers.

  152. JohnDoe
    Even though I believe we are on opposite sides of the debate, I endorse your views 100%. Free expression for all.

    Oneil
    While participating in these blog discussions, try not to take them too personal. By not being emotional, you can shoot from the hip when the time calls for it.
    So when you see ridiculous things being posted, just come out with full “GUNS BLAZING” (smile).

    Just remember, we are all role playing here. We all don’t know each other true indenties. So step on the stage and do your best acting, man pop some style, just like Jason (LOL).

    Olint-for-life

  153. Here is my response to Jay under F1 Investments Addresses May Daisy.

    I copy that here because I want to once and for all shift the tone of the discussion here to one where we stick to the news and the facts and opinions about the facts and NOT opinions about each other. It is insulting to others when you denigrate their intelligence and ascribe thought processes and motives to people who are varied in background, education level, geography, worldview and experience. To treat them as monolithic is an injustice.

    Furthermore, it is amazing to me, that when I gave Jason a taste of his own medicine by holding him to his own standards of scrutiny, not only did he refuse to answer very basic simple questions which would simply defend his authority (that he keeps invoking and using to belitting others on this blog), but several others ran to his defense to defend him and to protect him from having to answer these basic questions, without knowing him or verifying his claim to superior knowledge. It is interesting to me that, Jay, and others are acting like defenders of Jason, in the same way that they accuse OLINT investors of defending David, without really knowing the facts. [maybe some of you should change your screen name to JASON-FOR-LIFE. If Jason is fraud and lying about his background, then it would be a disservice to allow him to continue to call others stupid and brandish his so-called 95% superior knowledge over the rest of the world. Let Jason answer…. his education level, which banks or brokerages he worked for, how much money he made per year etc [refer back to the questions I asked prior]. I would not ask this if Jason did not continue to wield his so-called superior knowledge over others on this blog in order to try to shut them up or try to make them look stupid. By him not answering my basic questions, he now looks stupid and will be a laughing stock as he continues to invoke his special authority without simply answering my questions, which will not hurt him in any way.

    Anyway, I hope the following once and for all stops the denigration of the intelligence of every single OLINT investor

    ____________________________________________
    Extracted From F1 Investments Addresses May Daisy.

    Jay, there are two kinds of people that invested with David.

    1. unsophisticated folk – those uneducated in general or about finance in general, and those naive or inexperienced with investing,
    2. sophisticated folk – including those with PhDs, MBAs, MA’s and those including bankers, government ministers, lawyers etc

    Your argument for why people invested in OLINT may to some extent be applied to the unsophisticated. But your argument is overly simplistic and naive in that it assumes that people who are more educated than you and smarter than you did not invest with OLINT.

    Jay, here are some of the rationale for why sophisticated people invested with David as follows:

    1. David’s trading skill and background was verified with Julian Muir and Keith Duncan at JMMB (senior investment manager and owner, respectively). This also was reported several times and confirmed in both the Gleaner and the Observer.

    2. David survived a raid by the FSC on his office in 2006 and the FSC returned his property without any evidence of fraud or wrongdoing on his part. The only thing left in question was the technical legal definition of whether currency trading constituted trading securities. The US does not define cash-spot currency trading as a security. So sophisticated investors understood that from an international perspective, the FSC did not have a substantive charge based on international standards. To the extent that the JA courts found that OLINT was trading securities, this was tied to the members contract given to club members (which they said constituted a security) and not to the underlying instrument of currency trading. This is legal sleight of hand to get a certain legal result (the JA local courts can do as it wishes but it is out of sync with the most advanced nations in terms of their definitions, but that is another point for another time). So on the merits, many sophisticated investors felt that David was able to survive a certain amount of scrutiny after the raids and court case. Now of course, the lack of disclosure of the financial records still was a concern but many decided to take a calculated risk allocating a portion of the aggressive part of their portfolio to OLINT. Sophisticated investors have the bulk of their money in a balanced portfolio but can afford to look for aggressive growth vehicles with higher returns. As such this why they will invest in a Microsoft in the early days, when no one knew if the company would be successful. This why they invest in venture capital, and hedge funds etc, the riskiest investment vehicles on the planet. This does not mean that they are careless. In fact US securities laws assume that a sophisticated investor has the means and the wherewithal to get necessary advice in order to know exactly what they are getting into. Even so, sometimes they make a bet that fails them. It happens everyday in the sophisticated Investing world. So to assume that only naive people invest with high risk entities, is evidence of a naive reductionism.
    Furthermore, hedge funds by definition are secretive in general because they do not want to disclose their trading strategy. If someone sees your trading strategy, then they can duplicate it and then you have no advantage in the market. Thats why many legitimate hedge funds incoporate offshore in order to get around public disclosure. Because sophisticated investors understand this, they dont necessarily run the other way when disclosure is not public or transparent. In many cases, however, they will meet with the hedge fund managers and ask to see certain things but whatever they see is not public or evaluated by regulatory bodies. So even-though in general, disclosure is best, and especially for the unsophisticated, it is pure ignorance to think that this is deal-breaker for many sophisticated investors.
    Think about it this way. Would the Issa family, the Wildish Family, the Matalons, (some of the wealthiest people in JA) invest (as has been alluded to and in some caases confirmed) and for example would Mr. Errol Ennis former junior Minister of finance, defend (& invest) with OLINT if there was not some merit to their operation?

    http://www.jamaicaobserver.com/magazines/business/html/20070123T220000-0500_118270_OBS_ENNIS_SAYS_OLINT_RAID_WAS_VULGAR_ABUSE_OF_STATE_POWER.asp

    3. Many of the sophisticated investors had an inside contact with David. I know several of these investors that met with David before investing, some have been to Turks & Caicos, others know Julian Muir and Keith & Donna Duncan, who all testify to Davids ability and track record at JMMB.

    4. Some investors have known David personally since high school at Wolmers Boys High, went to parties with him as a teenager and later went to church with him when he became a Christian, got married and settled down. Many knew his father, who was the former principal of Wolmers Boys for decades. David did not just drop out of the sky with no context. This sense of knowing David from a youngster till now, gave many investors, a sense of comfort in that they knew that David was not the type of dishonest person that would run off with the money. Now this is not to say, that David cannot ever do wring. it is quite possible that he got careless and proud, or that he made some mistakes and is trying to cover his ass. We don’t know either way right now though the facts, I admit, are building against him. But We will soon find out. But I cannot stand by and let you use reductionistic fallacies to question the intelligence of every single OLINT investor

    5. Other investors had a clear risk management strategy that seemed rationale to them, namely, invest a certain amount of discretionary capital for 7 months, then withdraw the principal and leave the doubled interest to now start again. This way they had no real skin in the game. If it worked then it worked if not, then they would not have lost heir original principal. Now some got greedy and did not stick to this plan but tit still does not mean that someone could have begun with a clear reasonable, intelligent plan to invest in a situation with risk under uncertainty. It is done very day with capital budgeting projects. If you understand finance, you will understand what I mean by capital budgeting scenarios with risk under uncertainty

    6. For those with a finance education who were considering investing with OLINT, the critical theoretical question was the sustainability of the returns. According to traditional finance theory, excess returns significantly above & beyond market returns are unsustainable. Arbitrage theory, CAPM, Efficient Frontier, Markowitz portfolio theory, etc all come into play to cast doubt upon, not the achievability of 10% per month, but the sustainability of 10% per month. So educated finance people, looked at George Soros and his Quantum Fund, the infamous currency speculator and saw that he was able to consistently outperform market returns of every asset class using currency speculation. For those who dont know, Soros broke the bank of England in 1998, making billions overnight by taking the right currency positions. Then there is a lot of Scholarly research coming out over recent years showing how currency speculation is generating true “alpha” far in excess of traditional asset classes. See recent research coming out of NYU Stern school of business for example:

    http://www.reuters.com/article/pressRelease/idUS181201+26-Feb-2008+BW20080226

    http://w4.stern.nyu.edu/finance/docs/WP/2007/pdf/wpa07023.pdf

    7) Furthermore, within the highest levels of the most complex theories of the markets, namely derivatives, option pricing and financial engineering, the current state of finance research states that the mathematics cannot account for a small portion of the trading population who have superior timing abilities. Academics can’t account (except to say that it is superior instincts in trading & timing) for these few people who rise to the top of their trading field and consistently outperform the statistical black box trading created by the most brilliant Math, Finance, Physics PHDs.
    Because educated finance people understand that there are these few % of top traders that exist, the question was…is David one of these few % of top traders in the world. With David background, experience and trading abilities verified by JMMB officials, and with 4 years of superior returns given to OLINT members and with the FSC & the JA govt unable to point factually to any ponzi or fraud situation after their raids, it became a more reasonable proposition to take the risk with David.

    So, please stop denigrating the intelligence of every single OLINT investor. Some invested for foolish reasons. Others had a clear intellectual rationale for taking the risk. Either way, I think that OLINT has to now prove itself and I agree with a lot of the criticisms of OLINT such as the mismanagement, the need for audited records, the need for better communication, etc etc etc. but you can point these things out without attacking the motives and smarts of others.

  154. I notice that the authors of this site appear to be in the censorship business. I have posted two comments now, which have been held up “awaiting moderation”. I thought this site was dedicated top the free expression of all.

    Can somebody explain who is control and why they censor?

  155. Hermes

    That happens to me sometimes (postings being held).

    Now that one of your posts gets through, may I suggest that you repost them now with a note that they be identical to a post that is not yet reflected.

    Olint-for-life

  156. hermes part of your reasoniong is flawed…

    1.I myself have a master’s degree so do many people I know. Your formal education has nothing to do with how sophisitaced you are. Or how investor savvy one is, some the most dumbest people or people with poor financial and investment sense are college educated.

    2. Noone is asking DS to reveal is trading stragey. ALL we want to know now is how much money he has, how much he owes and when members will be getting paid. This require proof .

    peace

  157. Catd, I never said formal education alone constitutes the sophisticated. I said experience with investing too and “means and wherewithal” as defined by US law.

    But your reasoning is very flawed. If education is not a component of sophistication then what is?

    Catd, you need to read more carefully before you jump out, otherwise you will seem frivolous.

    Also, I have not disclosed my level of education. So you must have deduced that I am well-educated from the power of my arguments. I take that as a compliment

  158. Hermes:

    No one is censoring your post! If you are changing you Name/Mail information between sites and forgot to change it back to the one this sites knows you as (match IP info), the you will get the “awaiting moderation. The same is true and any of the other sites. So, before you hit the submit key, check to make sure the original name/mail info matches this site (IP). Try it with a different name (Herpes) and you will see what I mean.

  159. “I notice that the authors of this site appear to be in the censorship business. I have posted two comments now, which have been held up “awaiting moderation”. I thought this site was dedicated top the free expression of all.
    Can somebody explain who is control and why they censor?”

    We do not censor or delete persons post except under certain circumstances explained below. Although I am tempted to remove you false accusation of censorship but I understand that you are not aware of how the web application works.

    The exceptions are where there are duplicates(as people have to read the same thing twice) or someone posts a correction to a post has certain language we might put *** but that is it.

    If your posts have multiple links they are automatically held and assumed to be spam, because of spammers. Sometimes we forget to check the spam comments for legitimate ones.

    You use a new username or e-mail your post will be held.

    Those are then approved at regular intervals.

    Problem
    At this point I have a choice in approving the ones that you have posted that are held and remove your later identical(duplicate) posts or the reverse.

    Decision
    What I have decided to do is leave the originals (to show that they were not deleted) and delete the later (duplicate) posts.

  160. Hermes I could see that you are a man or woman who prides themselves on intellectualism and your argumentative abilities. Thats great ,very few people are like that nowadays.

    But their are other issues I have with DS and even more so his recent interviews on nationwide.

    1. DS said he was unable to tell clients when they would be able to get their money even with the DD over. If the DD is over and he still cannot get money, why not pursue the legal recourse instead of telling clients his hands are tied. This is what F-1 did. If he doesn’t ,don’t he think his clients will against him…its been six months.

    2.DS argument that Olint did alot for his customers..like improving their standard of living etc.He made it seem like people owe because of what he did. I agree but did he not too make money. what about those folks who invested on the tail end and were not able to recoup their initial investments. this is purely an investment issue not about what he did for peoples life.

    3.Using GOD in his reasoning.Either the money is there or not. GOD cannot save him now. Religion has no place in business.whether he prays befoere each trade or not is not relevant to me the investor. I trust him because of wisdom and knowledge of the forex market.

    I was generally diospointed because of how he answered the questions. He really was not as verbose as the martinez. in terms of clarity etc.

  161. Invest For Life,

    Thanks for the clarification.

    Noticed I said it “appears” so I left wiggle room there to indicate that I was not formally accusing you of censorship. I was just saying it appears that way based on what I saw happening from where I sit. Also, I asked for an explanation to give the benefit of the doubt to you.

    You can delete post:
    Hermes, on July 8th, 2008 at 10:39 am Said:

    But leave the original post:
    Hermes, on July 8th, 2008 at 9:24 am Said:

  162. Hermes has made some good points in his defence of Olint but there are certain flaws.

    Point 2.

    You made reference to legitimate hedge funds – How do you explains the difference between a legitimate hedge fund and an illegitimate one. Is it that one is regulated and falls under the ambit of the CFTC , SEC or NFA.
    Are’nt we saying that our problem is that Olint is unregulated and therefore is operating illegally under Jamaican Laws.
    We are saying get regulated, not reveal your trading strategy.
    You made reference to the raid and that most(some say 70%) of all investors were repaid. I keep hearing tis figure being banded about, but how do we know that to be the case.

    Where are the finanicail records to corroborate this information which has been floated about in the public domain for some time now.

    Point 3.
    Many sophisticated investors had “inside” contact with David Smith. Once again with a properly structured and regulated operations why would you need any “inside” contact, his record (verifiable) would speak for it itself and if you want to risk your funds then you would have had enough information on which to base your investment decision.

    Point 4

    None issue, because you know me well and know my background does not necessarily mean diddly squat. Ones personal integrity is important, yes and I agree, but but David’s constantly dodging of anything that resembles regulation flies in the face of all that has been said about the character of the individual.

    Point 5
    While this could very well be true and there are those who invested ‘what the could have afforded to lose” , the fact is that at this stage no one knows what Olint really is. Is it an hedged fund or a forex trading club. Where is this information.

    Point 6.
    You have mentioned other hegde funds of forex traders who have made great profits from forex trading.
    1.What were their monthly/yearly return on average.
    2. Did they post gains every single month over a sustained period ( Olint has about in four year period post no loss in any month, correct me if I am wrong).
    3. Did they ever suffer any loss in any month.
    4. Were there trading results verifable, and if so by whom

    No one is saying that money cannot be made trading forex, what is being said is “If you are really making what you claim to be making, why not legitimize your operations, and operate under the rules that exist in relation to these financial instruments.

    If you check on the interent your would have seen the tremedous number of hedge funds that have collapsed over the last 10 years or so.
    The fact is that for those that were regulated there were criminal cases brought against the fraudsters and in some cases investors were able to recoup some losses, for the other you just had to kiss your money good buy.

    Now if you look at the blogs what you will see is people literally begging for information and wanting to “just back mi money”.

    These folks I am sure makes up the majority of Olint investors and you can make your own determination if they would fall into your “sophisticated” or “unsophisticated category”.

    Also was it that some of the names you mention of sophisticated/wealthy investors had inside knowledge of what was happening and hence “withdrew” their principal and accumulated “interest”. ? (Before all hell broke loose)

  163. Jay,

    A couple of quick points,

    A legitimate hedge fund is one that is not involved in money laundering or a ponzi.

    Olint is regulated under the laws of turks & caicos. It has applied for and received the appropriate licenses there.
    Olint is unregulated in Jamaica but Olint is not incorporated in JA.

    The SEC, NFA, CFTC regulates us-based entities. They have no jurisdiction over non-us entities. They have to rely on multi-lateral treaties between countries (OECD) in order to gain access in cases of money laundering or terrorism etc.

    What we are dealing with here is the question of jurisdiction.

    But I agree that David now needs to become transparent. I was just showing how in the initial analysis how a smart, savvy, sophisticated investor could justify the investment decision in a company like OLINT.

  164. Important

    Reports are surfacing that DS will be at Braemar Ave. on Thursday, 9th July at 9:30 a.m. to address all members

    Can we get a confirmation of this?

  165. Olint made a loss this month according to my sources -15.63 %

  166. Oneil, any word bout Thusrsday’s meeting?

  167. I think the correct way to phrase it is “had a loss”. If he was down 15.63% then he really didn’t make anything did he.

  168. Oneil:

    Its interesting that you did not post that info on the other site first. That alone made your -15.63 % suspect. I guess you are attempting to bait the detractors….right?

  169. Dave,

    What Oneil does not realize is that the loss posted by him is completely irrelevant at this point in time.
    Even if Olint made 100% for last month, that too would be irrelevant as they have not paid most members in 6 months despite “posting” ( I did not say making) a profit every single month since the start of this year.

    Posting a profit here means, “indicating to its clients that the company made a profit”.

    Oneil since you know what is going on with O, can you post TCIFX monthly gains/losses since the start of the year.

    This is the audit fund which the returns are verifiable, I have heard some numbers but since you are a O member I think you could confirm the actual numbers.

  170. “The NFA has just blown the lid off I Trade FX’s finances. I Trade FX has had a wild financial history going from $6,500,000 in adjusted net capital in March of 2007 to $-3,000,000 in April of 2007 then up to an astonishing $34,000,000 by December of that same year.

    Last month the firm took a huge net capital drop down to $16,000,000. Who knows what it will be next month. But judging from this just released NFA BCC action against the firm we are beginning to get an inkling why the firm’s numbers are all over the place:

    http://www.fxstreet.com/forum/showthread.php?p=13665#post13665

  171. “JohnDoe”, that’s just the same information that was posted here…

  172. After reading these blogs anonymously for a while. I must now say that it seems people here and other websites fail to realize that these NFA stuff are allegations. Some with simple explanations….as to the post JohnDoe just did There Is a simple explanation for that as I trade Fx bought out the dying broker CGF in Early Part of 2007 March April and took on all their losses and negatives so that would account fot the 6.5 to -3 mil in a month or so. By taking over the dead broker, they had to repay all customers and all and that plus other things associated with buying out CFG can explain the + to – between march and april. By december the whole issue was more or less resolved and Itrade fx now had a new customer base in addition to its old so naturally the customerr capital must had increaed

    http://www.itradefx.com/press_release_cfg.htm

  173. It’s over. The best seems to be being done which is to lock it down. The money is frozen. they say next week thursday and friday to get paid. It is best. lee chin and family have won for now. Chigro wins. For now. DS was naive it takes more than millions and a pure heart to beat the level of corruption he was up against.

    Could he have done better? Of course he could have. But he listened in the early time of trouble to those with flash…not realising the real influence lied with some friends who humbly stood in the shadows.

    Walk good DS. It really is a pity. cause we know you were about empowerment. Chigro and the brown banker never had people’s interest at heart.

    All the little scavenger street urchin gal dem $^%^ have HIV anyway so them time a come.

  174. david smith was brought in for questioning in turks and caicos. he was trying to move money from a bank in cayman to the tc island.

  175. Is NFA going to audit NCB and BNS too?

  176. Olint and TCI Not Part of Investigation

    The US securities watchdog company, “National Futures Association” (NFA) says local investment clubs Olint and TCI are not part of its investigation into foreign exchange trader, I-Trade.

    Last week it emerged that a complaint had been filed with the NFA about a failure to report suspicious transactions involving foreign exchange trading.

    Director of Communication at the NFA Larry Dykeman told RJR News that its investigations do not involve the local companies.

    Last week the independent investigators NFA commenced investigations into a complaint about I-trade, a foreign exchange dealer which had Olint’s David Smith as one of its principals.

    Mr. Smith withdrew as a principal of I-Trade at the end of December last year.

    Mr. Dykeman said the complaint arose because I-Trade did not supervise their complaint officer who should have raised an alarm about some of the account activity.

    “What we are saying in this complaint is that, I-Trade as a member of NFA had an anti-money laundering programme in place that should have triggered them when they saw this account activity on behalf of Olint and TCI, they should have filed a suspicious activity report to the Federal government,” said Mr. Dykeman.

    According to the NFA there could be a logical explanation to the account activity but added that certain transactions should automatically trigger a report to the authorities.

    I-trade could be fined if found guilty or the NFA could suspend its membership in the regulatory body.

    The NFA’s investigation into I-Trade will be completed by the end of the month.

  177. Is this another one of the Martinez or its just similar name.

    http://www.nfa.futures.org/basicnet/Case.aspx?entityid=0295431&case=08BCC00002&contrib=NFA.

    AML – tell us more on this one.

  178. He is not part of the sewer crew.

  179. i-trade FX and GFT are the best FCM’s out there! They have great customer service and don’t run and hide whenever a allegation is made against them. It is clear to me after understanding all the facts that David Smith was to MTI what Ryam Leaf was to the San Diego Chargers at one time: A bad choice for spokesman & representitive to the organization!-To Much Too Fast!

  180. I did not see the case of NFA vs I-trade published in the Jamaica Gleaner. At first I was surpised about that, but then I think that it’s because in light of all that’s happenning, people are ready to judge and jump to conclusions right now based on the NFA’s ‘suspicions’. Maybe we should wait to hear to outcome of the NFA.
    Right now I hope Olint does’nt have to pay any fines, because that may mean less money for the investors and more money in the pockets of the people who should have found out the problems looong, looong ago.

  181. After 182 entries and nuff speculation the the case is now over and no penallties given. What is going on ?

    L&LL

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