OLINT’S Hollow Response

We have taken note of OLINT’s response and we find it hollow. We know and understand very well that the complaint is not against OLINT, but I-Trade and Martinez.  We also know that OLINT, in and of itself, is not the subject of the investigation. The information presented by the NFA has relevancy given the failure of OLINT to pay most members since January 2008.

However, the response fails to address at least these issues among others

  1. The fact the David Smith, a principal of I-trade for the period March-December 2007, refused to disclose his banking records as requested by the NFA. It was as a result of this why he was forced to remove himself as a principal of I-Trade. See http://www.nfa.futures.org/basicnet/Details.aspx?entityid=0375626
  2. Did Olint not launch a service in partnership with I-Trade, gotradejamaica.com. What is the status of that partnership? see http://www.jamaica-gleaner.com/gleaner/20071207/business/business5.html.
  3. His explanation for the moving of the money around is seriously lacking and raises more suspicions. It fails to address the fact that it was this strange activity involving his accounts and along with his problems with the Jamaica regulators that aroused the NFA interest. See the following quote from the document. (item 36). Note the highlighted sections
l-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. l-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, l-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, TCl, Hanis and Loiten accounts

To quote one poster, “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?”

Olint failures

Other big questions he could have answered, which would satisfy people a lot of desperate and disappointed people,  would have been to tell his members

  • When the excuses would end?
  • What was the nature of the problems with Oanda?
  • Where is the money? 
  • When will the people who have not been paid in the last 6 months, will be paid?
There are other questions, rumors flying around, like, has the Federal agents in the USA, caused OLINT funds to be frozen? Has INTERPOL been notified of certain concerns? Is there pressure on the authorities in the TCI to freeze OLINT’s accounts?

The facts are that for six months OLINT has failed to honour its commitment of paying monthly interest, although posting monthly gains, and generally failed to honour encashment requests while still collecting funds for new investors, an worrying “red-flag” issue we raised in the article, “How Olint Survived”.

Should OLINT members bury your head in the sands while OLINT is Failing and D still stands for Disappointment?

May Daisy

While a lot of focus has been on OLINT, the revelations also is of relevance to May Daisy members. A lady who was or is still allegedly a principal of that organisation is mentioned in that NFA complaint against I-Trade.

We now know why there was a rush to produce this response as the Jamaica Observer today published an Article, Olint under US pressure. 

Related
N.B. For the record it is a shame that the Jamaica Observer Article, Olint under US pressure, got the report wrong on many points. The is sad example of poor reporting. The facts are.
  • The complaint is not against OLINT but against Issac Martinez  & I-Trade. Jared Martinez and Jacob Martinez are father and brother respectively.
  • David Smith,OLINT TCI or TCI FX, DO NOT have to respond to the NFA only  Issac Martinez  & I-Trade has to. However, David Smith is named in the report because he was a principal of I-Trade and  the suspicious activity of his accounts(OLINT TCI and TCI FX) along with Ingrid Loiten and Mr Harris that raise concerns.  
  • The Observer report like the CVM Report fails to mention anything about Ingrid Loiten.

The Journalist in Jamaica need to do better than this.

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36 Responses

  1. “Did Olint not launch a service in partnership with I-Trade, gotradejamaica.com. What is the status of that partnership? see http://www.jamaica-gleaner.com/gleaner/20071207/business/business5.html

    Actually, a few days after D.S. was listed as “offering his money”, the offer changed and David Smith was removed. You can look it up on google and see that it changed right around the time D.S. was booted. So its hard to say for sure by the complaint, but since it says that I-Trade paid back his interest, it looks like there is no partnership anymore.

    I wonder what Oanda and FXCM will say if they have D.S. funds with them…

  2. Dear i-Trade FX Trader,

    As a Founding Members of i-Trade FX, LLC, (ITFX), we would like to address the recent complaint filed by the National Futures Association (NFA) against ITFX regarding the firm’s Anti-Money Laundering (AML) policies and procedures.

    ITFX has been and will continue to be committed to implementing a comprehensive AML program, which includes written policies, procedures and controls to prevent and detect potential abuse by money launderers and/or terrorist financing. ITFX does not participate in laundering money and we strive to meet and exceed the reporting requirements regarding any suspicious activities to the proper authorities.

    ITFX is reviewing the NFA’s complaint and we are taking the allegations made by the NFA as a serious matter. ITFX will publicly respond to the complaint and will outline our position concerning the issues raised by the NFA in light of the firm’s comprehensive AML program and controls. It is our belief, which will be explained in the response, that many of the NFA’s accusations are unwarranted.

    As a Client of ITFX, we want to inform you that this NFA complaint will not interrupt your day to day trading or jeopardize the safety of your funds on deposit. All business activity will continue uninterrupted as we address our position with this complaint.

    Should you have any questions concerning the NFA’s complaint against ITFX, feel free to contact us at questions@itradefx.com

    Please rest assured and trade with confidence knowing, that ITFX has always and will continue to abide by all appropriate guidelines enabling ITFX to be “The Choice of Forex Traders”.

    Health, Happiness and Successful Trading

    Jared Martinez / Isaac Martinez / Jacob Martinez

  3. investforlife,

    Maybe the reported was rushing to make headlines, he should have checked with this site to make sure he got the information correctly before rushing to print.

    I too notice that there has been no comments about May Daisy and I am wondering why is this case.

    Is it that folks thinks MD is a ponzi but O is not ?

  4. Look….when Olint members were not being paid Olint was removing money from peoples accounts to the Martinez organisation to pay for the two day course taught in Jamaica. There were irregularities with how the interest accruals were recorded when peoples’ money was moved to pay MTI. The course itself did only about 2-3hrs solid training over the two days anyway. You know us Jamaicans….Some cheap sandwhiches and kool aid and a chance to loaf and socialise is enough to make us claim the course a success. And of course DS passed through. For US$2400 DS couldn’t give us a “one small trade demo?” And how could one forget the former retail clothier who showed up “impromptu?” to take up over an hour telling the class that despite his admission of failure he was now reformed. Rolling along with a CV riddled with holes and full encouragement of the lecturer he said he was going to reform the attendes before they had even started. He was also allowed a free plug for his own cadre of traders. Of course the front row seats of the class had all been “bagsed” by enthusiastic repeaters eager to spend two whole days without n seeing one live trade. Solid questions to the teacher were swifty dispatched with a “your an idiot” response which was encouraged by peels of laughter from the students, not surprisingly mostly repeaters……hmmm…..I don’t seem to hear the laughing much these days. Shhh…be quiet they must be attending thier third , forth and fifth classes as we speak.

  5. Sirach

    I heard at these meetings when DS would enter the room he was greeted as a folk hero. Little did they know the only trading he was doing was accepting money from peter and paying it to paul

  6. Jason-

    your first point is correct. In some cases it was more like a deity than a simple folk hero. You will tend to mingle and laugh with a folk hero and that still occurs with DS. But as deity certain questions, requests or demands are deemed insolence.

    In fairness to DS I cannot say he was taking Peter’s money to pay Paul. There are some strong arguments against that assertion. However I also cannot say what DS has been doing with the money and frankly no one else here can. Threre may be two exceptions but I’m not going into that. The fact is even if you say you know what DS does with the funds you can not PROVE it ito me or anyone. UNTIL A UNILATERAL FIRM DEMAND IS MADE FOR TRUTH IT WiLL NOT COME.

  7. D is obviously trading, form all this. We don’t realize how big Oanda is. Oanda handles 20% of the world FX mkt! 20% of 2 trillion or $40 billion daily. David needs a broker this large due to the size of Olint. Est. $1.6b USD. Oanda is Located in NYC and Toronto http://www.oanda.com/site/oanda/com_index.shtml
    Word is just over 8% for June A and B.
    If you have an account at Smith Barney and there is subsantially large accounts being traded, it falls under the SAR report. I have witnessed accounts being closed for very wealthy US Gamblers/businessmen going to Europe bring back the cash and checks – declaring it to customs and the IRS (this was over 1mUSD)
    Citbank was the bank handling the funds. The client refused to show Citi his accounting and personal financial statements – and Citi closed his accounts. He was a bank client with over $5 mil in checking and a respected successful real estate developer.

  8. Javier,

    How is it obvious that D is trading.Do you work directly alongside him.

    Enlighten the world of naysayers please including myself as i become more and more suspicious as time passes.

    Please do us all a favor so that we can stop this “obviously unwarranted suspicion as it is very “obvious” that D is trading.

    Please the blog is your’s take it away tell all

  9. Does anyone have info on the meeting this thursday with members down at Braemar?

  10. The wire has been received at BOJ today, checks will start to be cut Wednesday. $250mm was original but some more was added.

  11. @javier

    How much money did OLINT and its affiliates collect between January 2008 and June 2008?

  12. javier why Bank of jamaica….thats strange.Is it TCI or jamaica

  13. Javier

    Thanks for the good news. Perhaps after wednesday we can blogg together about all the deeper concerns about Olint vis a vis the damage to its brand and any future liability and the damage it has done to many professionals who have had accounts there etc.

    Javier– What’s up with the meeting on Thursday? From what you say it would seem logical. Does Cesear plan a triumphant return to the city?

  14. Javier

    Thanks for your candor and boldness. Respect. It takes a lot of guts. Wednesday is tommorow so you’ve squarely put your reputation on the line.

    If you don’t come back to the blog tommorow I will understand. Soiled credibility has no place here.

    Diffrently man i hope u right.

  15. Good news from Javier BUT is this even remotely enough to cover the run expected on OLINT ??

    Is another LARGE amount due shortly ??

  16. If that money came I would eat my head.

  17. well if we are talking U.S dollars. It reminds me of when Carlos Hill was always saying the money is in the banks is just them holding it up. LOL

  18. Very interesting responses and assertions. If there are no audited reports, anyone can claim to be making x % as interest per month. There is no transparency and I do have proof that Regency Worldwide Capital (RWC) run by Chester Stewart is a ponzi scheme and that RWC has money traded by David smith (DS).
    RWC claimed in January that his money was tied up on the trading floor. RWC claimed that his money is under a due diligence review in March 2008. RWC posted 16% on some of his accts in April 208 when there was no trading activity. In May 2008, he offered 3%. RWC offers gains that were not realised , a blatant lie and aimed at deceiving people. Please be advised that the law and the reach of the US Government is long and finite. RWC and DS should cover their 6 as the footsteps are closing in.

  19. New boy have you heard that DS will be meeting select members to pay some of they off on Thursday?

    Can you send any proof to the operators of this site so they can verify and show us all?

  20. NewBoy, you indicate that you have proof that Regency Worldwide Capital has traded money by David Smith.
    On another blog in May 27, 2008 you wrote the following ;

    “I am sure that Olint is a Ponzi scheme similar to the Regency Capital Worldwide (RCW) scheme run by Chester Stewart. In fact, monies from RCW are traded by Olint. RCW has failed to make payouts and has quoted the setback with Wachovia”

    Can you share with us the “proof”.

  21. It seems that all the BACKERS have retreated since I started to blog.

  22. Plans will be made to dissolve the club and everyone made whole. I would est. that 4 wks from today would suffice to satisfy the Feb-May encashments. Keeping in mind to Physically to do so. This will give us up til Mid-August, then some will stay others not and I would assume October for the ultimatum and elimimination /declaration of the Club (the over fed gorilla). To set up that kind of money I would guess another 3-6 months. FYI – the wire today to BOJ was from Oanda. BOJ will diseminate the proceeds from/to bank affiliates (Cayman National/TCI/Butterfield etc). Keeping in mind all DD is satisfied going forward.

  23. Thurday and Bramfield is untrue as the several death DS – BS rumors in the last 2 days…But if thee wish to believe this nonsense go ahead and die wth the Plebes. I am not a Christian my fellow man but i try to help though your own words. But I am in the same boat with you coming ashore.

  24. Javier,

    Now i know that you are not serious.LOL

    Let me get this straight BOJ is going to disseminate funds which was received form Oanda who is not liscenced out here as a deposit taking institution which would therefore put it in contravention of the Banking Act of 1992. LOL this is a big joke do you even know what you are taking about.
    Listen BOJ does not receive funds like that.They receive % of the Commercial banks deposits which is in keeping with the relevant liquidity ratios which must be mainatined.Institutions that are regulated by the BOJ have the ability however to buy GOJ securities through BOJ via there accounts which have been set up to deposit the relevant funds.Through what is called CIFT i have forgotten what the acronym stands for.

    Ahhh why am i wasting my time this is a big joke.So tell me what Latibudiere said when BOJ receivesthe funds. This is damn hilarious.

    Rahtid BOJ turn commercial bank now did you say that BOJ is gonna Dissiminate the funds on behalf of Oanda/David to the relevant banks.So whole on David run the BOJ now.Hahahahaha no this is downright comedy my yute yu fi go on comedy central.

  25. Guys,

    If you want to the full scoop on BOJ operations and what it does go to the website http://www.boj.org.jm and go to FAQ and you will see that what Javier is taking about makes no sense whatsoever unless he has just rewritten the laws of Jamaica.

  26. 2.35 Days for DS to save the Planet…..The countdown begins…..

  27. Refrain:

    “he’s got the whole world in his hands.
    he’s got the brothers and the sisters, in his hands,
    he’s got he whole world in his hands,

    Come on now sing!

    he’s got he litlle bitty babaies…”

  28. Is that superdave I see flying in? hahahaaaaa

  29. A day late and a dollar short ehhsuperdave?

  30. May all the naysayers who have been spouting the negative bend over and take it up th cuulu when the checks start arriving.
    Fact is there are those with enough pull to create all kinds of ‘blocks’ for Olint that have motive to.
    DS and his family will pull through and even the stubbornest ******** will have to give him a clean bill of health. June is slightly over 8% but watch the rest of this year.

  31. I have been reading on all the investment schemes in the last couple of months and they are all doing the same thing ,Olint,Maydaisy mainly ,, give u high % one month and low the other to make it seem they are still doing business .I did tell my family back in Ja that a schem like this can only last for a yr or 2 so if they are going in do it for a year then take profit and run ,, 3 of them did not listen so now they are going to loose money ,,it is a take from peter to pay paul scheme so the word can go out that they are legit

  32. Come on We can pray:

    Many bulls surround DS and Olint;
    strong bulls of Bashan encircle DS and Olint.
    Roaring lions tearing their prey
    open their mouths wide against DS and Olint.

    DS is poured out like water,
    and all DS bones are out of joint.
    Ds heart has turned to wax;
    it has melted away within him.

    DS strength is dried up like a potsherd,
    and his tongue sticks to the roof of his mouth;
    you lay him [b] in the dust of death.

    Dogs have surrounded DS;
    a band of evil men has encircled DS,
    they have pierced [c] his hands and his feet.

    DS can count all his bones;
    people stare and gloat over DS.
    They divide DS garments among them
    and cast lots for his clothing.

    But you, O LORD, be not far off;
    O DS Strength, come quickly to help DS
    Deliver DS life and his Forex Trading from the sword, Banks, Medias, and All spirits of Jealously ALL who want to uphold poverty in high places and DS precious life from the power of the dogs.

    Rescue DS and Olint from the mouth of the lions;
    save [d] DS and Olint from the horns of the wild oxen.

  33. Lets get back to Ingrid Loiten and how she was able to relocate to South Africa buying houses for cas and investments in Zambia and Swaziland. Why is she escaping this?

  34. I heard from an employee of ITFX that DS called in last year with technical difficulties. His computer and charting software were completley out of date….even new customers/students of MTI had the better versions! This comes from never updating to the newest software, because it was not USED often enough to recieve the updates. Also MTI has always been willing to accept funds directly from OLINT as payment for their education, now that is over and done. Looks like ‘one hand washes the other’ in a ponzi scheme……where money is all that matters……not the welfare and trust given them. God help them as they forfeit their souls for cash.

  35. Funny that the former MTI Employee who was fired from stealing from the company would now be one here calling them out in anyway he can. Find something better to discuss like how do you stop being a hippocrite, thief and a liar. The only employee to ever be fired for theft from the company is now trying assert the company has no integrity! The Irony is incredible!

  36. Chester Stewart and his RCWC employee assistant/lover “Tarike Clarke” (Search Facebook) have opened accounts in Panama at various banks uder the names of RCWC Regency Capitol, and various other offshore company names and have used banks there such as HSBC and Stanford to hide money they stole from investors. They even stole money from investors in Panama where charges are being filed against them for fraud and theft. A online seach of the Panama Public Registry will show Chester Stewart and Tarike Clarke as directors on many different companies such as “President and or Secretary of such Panamaian companies……..can someone pass this on to the newspapers in Jamaica….

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