OLINT Responds to NFA complaints

Below is a response from Olint on the NFA matter…

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

A full response to OLINT’s statement will be posted  but we can say that we find the statement very shallow as it fails to address the substantial matters raised. 

Update(July ,2008): Read our response:-  OLINT’S Hollow Response

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34 Responses

  1. Ok? So when will the money start flowing to the “investors”

  2. 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

  3. I also took a look at the other blog for the first time in weeks. We have seen there story already, the faithful over there are behaving like the people on the higgins warner blog.
    If they want to know what will be there outcome just read that blog or the cash plus blog, the outcome will be the same. There is no money to pay them. David Smith was running a ponzi scheme. Showing fake letters from Oanda is not going to help him.
    David Smith was quick to respond to allegations but not quick to pay people back there funds.

    David Smith…Checkmate

  4. Jason
    Please let the investigation run its course. Why would you put millions in a bank account which is only insured for $100,000?
    Most brokers pay higher interest than a bank, don’t they?
    Stop passing judgement, and let the NFA release its conclusion.

  5. And what a large ponzi scheme it was indeed. I must say you have to at least give de brother credit. There I was thinking only the Nigerians had the ability to pull off something like this. Once again we Jamaicans have found a new arena in which to shine. Kudos Mr. Smith your name shall live in infamy.

  6. I guess I am a cultist (according to one contributor). I still believe in Olint. Would like some money to flow (got bills) but I met Mr D. Smith and his wife for that matter, Dem a nuh tief. Furthest thing from it. God Bless Olint, its friends and its enemies, GOD BLESS them all

  7. And another thing, David opened our eyes to the world of Forex trading, and made the training available to club members at a discounted rate. I trade my own account, thanks to this opportunity (teach a man how to fish). I think that was his intention all along, to show how it can be done. Before the Olint haters start to spew hatred out of your mouth and keyboards, think about this. What if your wrong, what if DS intentions were genuine all along, think how encouraged he must feel now reading some of these blogs (wish I hope to God he doesn’t). Let me tell you this, even though Olint has made DS very rich, he would have been rich without Olint, in fact , he wasn’t doing too bad before Olint. But its a free world and we are all entitled to our views and opinion, and I have to respect yours, even when it runs contradictory to mine. PEACE.

  8. I want to add two things. First, every man has a right to his day in court and this inquiry in I Trade will affect Olint in one way or the other. Second your word must stand for something. Olint promised its investors a monthly return and this has not been happening, the promise has not been met. If David is a man of honor, he shoud understand that when he does not live up to his promises people will become suspicious and loose trust in him. People invested not because they love David Smith but because they want a return on their investment, and he is failing them.

  9. Ok so let me get this straight. This man has not paid investors since January, continues to roll out excuse after excuse as to why he cannot pay yet the best that can be said is well he taught us “members” how to trade at a “discount”? Surely you have something more than that. perhaps a recent deposit to your account from Olint perhaps. I just got back from investing with Olint and TCI and all I got was this lousy lesson on how to trade FX. Ha!

  10. Me a bawl too. Lawd a mercy. A hope we all get back we money from Olint/DS/Willshaw all adem

  11. To all YOU Olint haters, bad mind a go kill all a unoo.

    As seen above, David has already refuted di allegations dem, because they are just that, allegations. Unoo nuh want believe it because unoo have bad mind, ( i.e. quick to believe anything bad about David and Olint).

    Di whole a unoo a run wid di news like it is fact. Unoo just a jump di gun and a run off unoo mouth like unoo a JUDGE, JURY, and EXECUTIONER.

    Tell you what, I look forward to you all olint-haters and bad mouthers to just get all of the money due to you, that is your initial principal and the gains that unoo nuh really deserve but tek it same way, and leave all of us true club members alone and gwaan bout unuh business.

    Long live David and Olint.
    May we all as true Olint club members continue to enjoy the rewards of your effort, the successes and achievements of the club, as we stand by you in this hour of well-needed support to demonstrate that we continue to believe in you without fail.

    True Olinter for life

  12. TrueOlinterfor life.

    I will await the official response to the complaint which must be filed by July 31, 2008.

    The response will be posted on this site, which as usual is up to date with the latest news as we seek to continue providing valuable information to the investing public.

    In the world of investing there are no secrets as it relates to how peoples funds are accounted for.

    Olint has had his lawyers craft a quick response after the information was made public here and then on the local news.

    Why did Olint not tell his club members via email that this document existed and that his activities on I Trade FX was being investigated.

    He waited until the entire thing blew up, then he asked his lawyers to draft a response.

    Guys, can’t you see Olint has ZERO plans to keep you all informed and has no intentions of adding transparency to his operations.

    Most club members had no idea what was happening until after the information of the NFA actions were posted online.

    Is this how you want yo be treated having “invested” $000’s in this AIS.

    The truth cannot be suppressed !!

  13. It’s interesting, if not ironic, that the “invest4losers” bloggers have to come to this site for up to date information on Olint and the other UFOs. Due to the fact that they are ashame of being identified, they post under different names between the two sites.

    It is clear that after banning most of the supporters of this blog, they now seek to come over here and make disparaging comments about “our” posters.

    Look what one of the loser (Floridian – uses a different name on this site) @ “I4L” indicated on that site:

    “Floridian Says:
    July 3, 2008 at 8:32 pm
    Debby & Equality…

    I don’t know if you guys are old enough to remember that a few months back, there were some very negative bus riders on this site… Well several of us used to beat them up and box and kick them all the while and I think one time… The Drivah did let go the guard dog dem to go bite dem pon dem ankle… I think it was a Rockwilder or Doverman guard dog…

    Anyway… After them get them beaten and di dog dem bite dem up, them apparently went and formed a new blog… And pirate (Jamaican word for “copy” anyway them pirate this site name… But instead of the number 4 in “Invest4life” them put the word “for” where our bus number is and create the new blog…

    Anyway, on that deh blog is pair negative people… Blood sucking vampires… In other words, people the red eye and bad mind… I’m not sure if you’ve ever heard the term “One bad apple spoils the whole bunch”… Well think of the people that created that site as several rotten apples that have worm… They seem to get joy out of being miserable…

    Anyway again… It is on that site that they have printed a 14 page legal complaint against a company that David Smith was a part of… David isn’t in trouble with them and I have a feeling that the people at that site leaked the info to the press in Jamaica, people don’t understand what the lawsuit is about and a spread pair propganda that Dave Smith is being investigated by the FBI, CIA, KGB, Interpol, etc. for money laundering…

    My advice… Go read the blog over there if you strive on negativity… At least on this site, some of the bus riders will give you two joke every now and then to cheer you up when you are down… Over there them have a rule that you can’t smile and can only go on there bus with a frown.

    Our own O’neil go over there sometimes and start fight with them, but them too plentiful and them gang him with them negative talk.

    One day we should take our bus over there and every one of us should bum rush dem… What unnu say?”

  14. Jason I think you need to relax as some of the comments you are making amount to libel, and you could potentially be setting yourself up for some sort of defamation action.

    I appreciate the information I obtain from this website, but slanderous comments such as calling people conmen lowers the tone a little bit.

    Cheers

  15. ….. All this reminds me of when CrashPlus was crumbling. You have people blaming the banks and saying that Carlos WANTED to pay people. But just give him more time.

    …… You live and you learn

  16. I wish more people knew David and know that conman and David just not in the same sentence. I happen to know that this encashment hurdle is finally coming to a close next week and im eagerly waitng to return to this site to gloat about Olints continued resilience in the face of much adversity
    D. Smith the real big man we nah lef u side don how u fi fight alone

  17. I am neither for nor against OLINT…but do the large corporations tell their clients whenever they are having legal trouble?

    For example, I am sure the little investors never knew about the deeply discounted sale to JPMorgan Chase until it was too late for them to have a say:
    http://edition.cnn.com/2008/POLITICS/03/26/senate.bear.sterns/index.html

    And of course the taxpayers whose money went into this bailout certainly were not asked their opinion as to whether or not this should be done…meanwhile many of those little people sturuggle to keep up with the cost of living that has risen with no hope of a bailout for them.

    The fact of the matter is this: a lot of people have been making decent money for years with OLINT. Giving them the benefit of the doubt that all is legit…they need to recognise that in this time of economic uncertainty there will be may people and institutions outside and within the West Indies that will be displeased by the success of the firm…

    Please do not be fooled. The U.S. watches all that happens elsewhere and whenever a country or people prosper they want a piece of the action. Do not think that they will just let 3rd worlders make $, and become financially free without putting up a fight. The point is to keep the little guys dependent so that they have a captive audience at all times. They always need a consumer base that is in debted to them in some way. That is why they are called capitalist.

    They will put pressure on instituions in the 3rd world countires for transparency etc. to ensure that there are barriers to entry and also to ensure that they can profit from this also.

    The other side of the coin. If this is indeed a pyramid scheme, well shame on the people that bet more than they can afford to loose. What we all need to realise is that NOTHING is guaranteed. Not even our sacred 401K’s. There we simply hand money over to corporations faithfully each pay period, with the promise that in 40 years we will have a golden egg.

    We do this because, well let’s face it – that company match is darn hard to beat. Never taking thought of the fact that we cannot understand head or tail of those annual reports that we get from the funds that we so faithfully contribute to.

    Investment and finance is as much a material thing as it is spiritual. What works for one person may not work for another. We as consumers must take the power in our own hands. Do not jump on a bandwagon if your risk aversion dictates otherwise. You as the consumer need to judge how much you can risk and remember NEVER risk what you cannot afford to lose. It is as much your responsibility as it is the corporations’.

    Here is the link to the document filed on Monday, June 30 by the NFA:
    http://www.nfa.futures.org/basicnet/CaseDocument.aspx?seqnum=1620

    Remember – you as the investor have the power. Do not surrender it to anyone.

  18. have anyone ever considered that the reason why OLINT has not been making large payments over the past 6 months is that funds might have been withheld by their brokers, due to this investigation. Read the report. At least you know that he was trading money and not operating a PONZI. People who know David personally will tell you that he is not a thief. Would you have wanted him to tell club members that payments were being temporarlly withheld because of Money Launding investigations? Get Real.

  19. Let us remember that OLINT survived a run once before, and that some clubmembers received funds (albeit small) recently. This is not the behaviour of a PONZI or thief. You might all be pleasantly surprised soon. Patience is a virtue.

  20. To the people who are saying if we knew David we would know he is not a thief.
    ConMen by nature are very charming people who normally you will never dream would do bad

    Con in Conman is short for Confidence, so essentially he is a Confidence man who has won over people’s trust and has created a loyal following. But the unfortunate thing is the charming, honest, Confidence Man is running a ponzi scheme and now the Confidence Man cant pay back people.
    But instead of admitting he is broke the Confidence Man is doing what he does best, trying to instill Confidence among his naive followers.

  21. Jason and Jay

    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?

  22. Didn’t Olint make a “pact” with you guys to pay you your money since January? Yet six months later your anger is directed at Jay and others that simply set out to inform you people. These guys have done more to inform you as to the status of your “investments” than Olint and all these other schemes have. SIX MONTHS people. He has not paid in SIX MONTHS. In fact this site is indeed the ONLY place where you Olinters can get real information about what is going on. Olint’s recent response to the reports of the NFA action said didly squat about u guys getting paid. Yet you guys continue to beat up on Jay and others who simply ask appropriate questions and actually do real due diligence on these schemes. Perhaps most importantly they dish out a healthy dose of common sense towards these schemes. Nothing these guys have said on this site has anything to do with you guys not being paid since January. You guys can only blame Mr. Smith and his cast of co-conspiritors for that.

  23. I will advice all investors into OLINT to get in contact with the Turks and Caicos Police and see how we the investors can help in bringing this conMan to justice and recover some of our money

  24. tci4life

    that may not be possible since ds and the primier are in bed…..lol

  25. Thank you Johnny P.
    I was once a poster on the “invest4life” site and they kicked me out, saying I was providing to much inside information on the club to its members who were not even getting email correspondence sent to other members.

    If you go to that site now and read the blogs, over 80% of them makes absolutely no sense at all.

    Also I am seeing a lot of those person now over here looking for real information, the sort that they are unable to get from Olint or even on that site.

    We will continue to do what we believe is in the interest of Jamaicans despite the verbal abuse that comes our way from time to time.

    Big up “investforlife” who continues to find the “good stuff” which is being posted here with the sole intent of informing the unsuspecting investor.

    Great job, “investforlife”

  26. 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

  27. I hear the interview.

    David was nervous as hell and was not his usual calm composed self. It appears that this entire situation has got the better of him.

    BTW,
    They are a certain group of investors who may have been privy to this latest NFA document, and who summoned David to a meeting for clarification.

    Guess what, most Olint members were not even aware of what was happening until the document appeared on this site.

    So what does that tell you ??

    All those “Olint for life lovers”.

  28. I thinnk we are catching up with him and he knows….that y he came out of hiding……I hope I am wrong for the thousands of investors

  29. The truth be told, it is impossible to sustain 10-12 percent per month, I was in World wiose for six months, made US$13,000.00 in that time, I was lucky, I came out just as they started having difficulties. I am trading now for myself and I cannot see how these guys were able to pay me 12 percent per month, any seasoned trader will tell u
    12 percent per year is a bargian, We all want to be rich, but lawd man 12 percent per month is just not sustainable, I was greedy and lucky
    I got out ahaead of the game, but i am sorry for my brothers and sisters left back in Olint and Worldwise, the future look bleak

  30. you are not able to make any money because you are not a good trader. I am neithe with olint or worldwise what I do is to trade for myself. I have been doing it for the past two years and the lowest monthly increase i have ever gotten is 8.35.
    You need some more lessons

  31. Shannel
    Are you in Ja or in the US. I would like to talk to you in more detail about trading.

    All the posts have been interesting – one in particular was very close to true – it does appear that the regulatory bodies are trying to clamp down and I think this is just a start. There is no fair play when it comes to money – unless Olint hires some K Street boys or some Wall St boys – it will be an uphill fight.

  32. I can assure you that the Premier has absolutely no control over the Police in TCI. Police falls under the Governor.

  33. tci4life

    Everything falls under the British government who fall under the british people. Even the governor.

    Th

  34. Is it that Blogs are set created ONLY TO feeds filth, and there is no room for the truth?

    Why start a thread IF there is no space for one to seek to find the truth.. OR to argue both sides with credibility?

    If Blogs only embraces VOMIT… Well remove all the responses then and DON’T Push the corruption trigger your self!

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