David Smith – fingers crossed

In an interview with Cliff Hughes, an emotional David Smith of Olint says he hopes and pray to God that come Friday July 11, 2008 the funds will be in Jamaica. He claims he only had a little more than 10% share in I-Trade at any point not the 100% as claimed by the NFA complaint. He blames time and his lawyers advice for failing to release his personal and business records.

Here are some quotes….

  • “Well right now it appears that the NFA was doing due diligence on I-Trade FX”
     
  • “Well this is no secret in Jamaica that … MTI group of family trades money on behalf of Olint”
     
  • “Well… as you know ..I think I answered that awhile ago , I think the due diligence  has held the money up”
     
  • “I want them to release the funds”
     
  • “I have a commitment to next week Friday( July 11, 2008 )  and I really hope and pray to God They will release these funds that I’ll get money in to Jamaica by next week Friday( July 11, 2008 )” 
     
  • “The whole of Jamaica should be supporting us and hope to God that we finally come through”
     
  • “The loyalty is kind of trickling down”
Questions they should have asked is when did he first deposit money with the NFA, when did he become a principal? and when did he step down as a principal?
You can now listen to the clips

David Smith alone – 16 min 
or 
David Smith and Martinez -27 min

as heard on Nation Wide News (http://nationwidenewsnetwork.com/)

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56 Responses

  1. I seem to have trouble playing the audio file for the David Smith interview. It plays in fast mode so that I cannot hear what is being said.

    Any suggestions?

  2. Time ran out on him toi get the records. What? Did they give him 5 minuites. I have 5 bank and brokerage accounts and can get those records within one day…
    Super Dave says “some companies are not as quick as others” lol
    He is also back with this Due Diligence nonsense. His “brokers” were under Due Dilige

    Interviewer “But what of those clients who are woried they have not been getting there monthly returns”
    DS ” Aaaaaam i am sorry whats the question” (what did the interviewer stutter)
    CH ” Why have so many of your clients not been getting their monthly returns”
    DS”………….well……………………………………as you know….aaaam………………………………….
    …………………………………………………………
    ………………………………………….. i think I answered that a while ago the due diligence issues has held money up”

    Now if that interview instills any confidence in anyone they have to be living in the land of oz.
    For the money to come friday he is “crossing his fingers”
    Then when asked what reason aspect of law are they relying on or what is the reason they are holding the funds he doesnt know. Is this man for real “he cannot understand why they are holding the funds”

    Then he wants people to pray for him.
    He sounds like he is having a breakdown, the pressure is getting to him. The lies are catching up with him

  3. i am unable to hear the recording.its in fast mode

  4. DS lawyers are a set of punks. The management that listens to them ….well……they are punks minus 100. the lawyers get paid….hmmm….the victims?……they get talk……Just before the start of a weekend…….. as usual

  5. Any confidence I had in Olint evaporated after listening to that interview.

    For someone who had one of the best business model in the world to run he certainly has made a mess of things. But at the end of the day, all his problems and persecutions are of his own making. If he would simply provide some basic level of assurance and transparency, then his so called ‘enemies’ would not have a leg to stand on, and the runs which caused the ‘problems’ in the first place would have never occurred

    The idea that you can be moving around hundreds of millions of dollars through the international banking system in a post 9/11 world without having to provide documentation to anyone (FSC, NCB or NFA) seems naive at best or like the actions of someone with something to hide at worst.

    The one question that he should be the most prepared to answer because it is at the heart of why his reputation is being tarnished, “Why aren’t people getting paid?” seemed to be the one question he couldn’t answer. That should be a really simple question. If someone was holding on to my $200 million, I can guarantee you that at the very least I could explain why.

    The idea that he doesn’t know why someone is holding on to his money, which causes him to be unable to fulfill his obligations to his customers which in turn is destroying his business and his reputation is laughable.

    Unless he can meet all his outstanding obligations unequivocally within the next 14 days, without any more excuses and delays, his reputation is toast and will be irreparable. If we are still here in no man’s land in two weeks, I can’t see any reputable bank, broker or financial firm touching David Smith with a 10 foot pole .

    On the other hand even if in July 2009 we are still not being paid, the blind ones who have blind faith in Super Dave will still have faith, and be still telling us to pray for him.

  6. Jason:

    This is the first time I have heard his voice and he certainly doesn’t sound too bright to me. The funny part about the whole interview was when he was asked about how or why should the DD prevent him from getting back his money and there was a long pause and then he side step the question and said he have to be careful about what he says on national radio because of the FSC lawsuit.

    I think it was a very embarrassing interview for DS. You could sense he was confounded. There was many comical sections of the interview…I guess everyone should listen and form their own opinion.

  7. John might have to reload the audio file: It is in wma format.

  8. I think DS was in the presence of his attorneys. I am pretty sure of that. I would not be surprised if those pauses where quick tips on what to say and what not to say. If he came on that show without an attorney beside him that would be utter crazy.

  9. Good job John Doe for getting you hands on this interview. I often wonder how you get these information.

  10. DS why not do an interview with your lawyer(s) present ??? Are they afraid? Are they competent? Or are they out of their Leaugue……..Like the most Olint people?

  11. Goal posts on the move again.

  12. Beingobjective.

    The problem is he nhas attorneys who are not in the Premeirship they are from colts or pepsi. DS’s bankers are not even in pepsi. I bet most of them can’t tutor CXC accounts. Even I can do that!

  13. If you ever wondered why Olint releases were hard to translate…the interview tells you the answer….they should have had the CEO on too.

  14. A communications specialist needs to enter their ranks but of course, that will never happen. They fear bringing in talent because they think they will feel intimidated.

  15. There are no lawyers beside him. He is just searching for answers. Then when asked why is the brokerage house holding his money he said he doesnt know. lol

    Then after fishing around for an answer he runs behind the excuse that he has a pending court case. This has to be one of the worst interviews i have ever heard.

    Actually the people i know who has money with him, upon hearing this interview they are even more nervous.

    and in all honesty the questions were very softball because if i was interviewing him, he probably wouldnt have survived.

  16. Have you listen to the interview? At the point of the long pause where he said “as you know” then long pause at that point he was being coached. He all need to listen to the interveiw.

  17. All I know is that DS didn’t sound prepared for the interview, I think he was speaking to his lawyers (the reason for the long silences) I wonder why he came on the radio since he wasn’t going to tell us what is going on but to say “pray for him” I am still sitting here wondering why he came on the radio for. The person we really need to hear from is Wayne since his brother doesn’t seem to know what in the world is going on. It is either he is clueless or he is hiding something, both prospects are not good for us.

  18. Two observations from DS interview:

    1. DS refuse to say which broker and why they are holding on to the funds and that we should pray that they release the money. This leaves me to believe that those brokers unlike ITrade did report SAR’s to the NFA which in turn has to refer these SAR to the US Justice Department and the DEA. I am sure the US sees Jamaica as source of dirty drug money and may be of the opinion that some f the funds flowing into Olint may have drug connection unbeknown to DS. If this is the case the US will put a hold on, or worse seize these funds if DS cannot show them acceptable traceability of where the money originate.
    2. I am shocked that DS himself said he moved 50 million out of ITrade to an entity for the Martinez brothers to invest on Olint behalf. We all thought that DS himself was doing all the investments. What has happened to these funds?

  19. Can anybody help I can only hear it in fast forward.

  20. This one is for Patricia from the other place when she next visits. She can leave an answer here of at the other place I will see it.

    Now Patricia having read your posts for the past 8 months or so I know that you are not fool fool so maybe you can answer these points.

    As far as I know, no brokerage house or bank can hold onto your money for any length of time unless they have been ordered to do so by the US treasury. Isn’t it a fact that if a finance house doesn’t trust you and ask for certain info, you can refuse to hand over the info and tell then to return your money? I admit that I am not aux fait with US laws but all my research tells me this.

    Another thing, if they are not releasing money to O for payout due to AML/ DD, is it plausible that they will still allow O to trade thereby making gains or losses that may not be payable due to their own DD? I don’t understand.

    Again, O was quick to take NCB to court in Jamaica ’s snail pace legal system, why aren’t they using the more efficient and seemingly fairer US legal system to release their funds assuming that the US treasury hasn’t frozen it?

    If the US Treasury has frozen it, wouldn’t this be public information?

    As many persons have said before, DD is normally done to ensure that the money coming in is clean, so if the DD is now being done on the money on account, how do you explain them being able to accept new money?

    Some people have said that the DD is not on O but on the brokerage house. Now if that was the case I guess that none of their customers can move money. Let us assume the O $750m portfolio is 25% of their business; that is $3bn on account. How come that hasn’t made big news? How come the broker’s website makes now mention of issues crippling their business?

    Another thing, does these forex outfits keep all their assets tied up in trade? Or do they trade some and keep some in the bank? If I am right what happened to the money in the bank.

    Lastly, what happens if DS has an heart attack?

    I know it is a long post but I pray you may find the time to respond.

  21. For those experiencing problems, you might be having a problem with your flash player. Please visit http://www.adobe.com/products/flashplayer/ and download and update you flashplayer.

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  22. Good Day All,
    My first time on the site, I am a Olint member and after that interview I have given up.
    He didnt give a good answer for why he didnt submit his documents to the NFA, but instead resigned from I-Trade…….seems very odd, as if he is hiding something or him nuh str8!

  23. thanks john doe…it works adobe media player.

  24. Scoobie:

    What is silly about that interview was when he gave the reason for not using I-Trade for his FX trading…you know, the conflict of interest nonsense.

    Now as a principal of I-Trade, Dave should have known ahead of moving the funds into I-trade’s account that such conflicts existed No, he waited until the funds went into the account to discover that a conflict of interest presents a problem. Does that make sense to anybody? I guess he underestimated the intelligence of others, is how is see it.

    I think the whole interview was an embarrassment to Olint/DS.

  25. Robin Irie:

    The questions you have of Patricia is same questions I posted somewhere on this blog (can’t remember on which heading)! No one answer the question, even though it gets to the heart of the whole DD issue. I hope Pat answer you, but I won’t hold my breath.

    Did they ban you from their bus also? I slip over there from time to time and they tell me to get off their bus. They haven’t banned me yet though…but I’m tethering on the edge. One more misstep and I will be cast off into perpetuity.

    Whey u think Robin Irie; Patricia is the only girl mi like pon them bus. Mi think she post pon the cashplus site under a different name (TROB), even though TROB said she does not invest in Olint or any of the other clubs.

  26. Look-

    If he did have his lawyers beside him then they only hurt the situation.

    Who cares about the court cases?

    Unless there is some mental condition(s) involved they must realise that the priority has shifted. The FSC case in the court of appeal could be lost. who cares. There is only one priority….RETURN PEOPLES MONEY ON THEIR TERMS NOT YOUR TERMS DS.

    The hours are ticking. Heed this advice or we will force you to come down from the horse of stupidity and arrogance….with your lawyers most definately present….in a place where you can pay homage to nooene except the person speaking in the dock!

  27. All you scardy pants backers of DS

    Get a job, get your hair did, go a school …..lazy life off DS and buy house and car set……join the game of Merit…..if you have any…..SLACKERS…..Olint done! You money GONE! and you get #%^&

  28. DS’d “fingers crossed ” Where?………in his………!

  29. BREAKING NEWS

    ALL BLOGGERS ARE INVITED TO A SURPRISE PARTY FOR DS. WHY WORRY ABOUT SUFFERING PEOPLE WHILE WE CAN PLAY IN LUXURY.

    BACKERS ENTER FREE

    NAYSAYERS US$100

    SECURITY and GATE – THE MARTINEZ FAMILY

  30. BACKERS
    what you worried about? It has not been that long. Have you forgotten how to say the words, “welcome to Burger King” already?

  31. IMPORTANT

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

    Can any of you confirm this?

  32. He doesn’t need to address anybody, what he needs to do is to pay everybody. It’s that simple.

  33. Well I agree CJ. We must have met in our oxbridge circles a while back. Or perhaps the Yale secrect society shin-dig last year. But you see the point is is that it is well known that some people get paid and some do not. So even seeing him might help to place one in the former category.

  34. Also CJ if we can’t see him in person we will be unable to pass on your most enlightening suggestion.

  35. Furthermore, If all of us visited all toghether the subsequent announcement of our arrival might cause the guest of honor to cease his manicure and pedicure immediately and opt to join with us in celebration.

    Simple enough?

  36. Truth is generally the best vindication against slander.

  37. BTW My good friend Peta B will have some comments – if my check does not cut. I will try to be less articulate and less Jamaican as the moderator alllows.

  38. Javier

    I’m hoping your theory is correct.

  39. Superdave…it’s Lois Help. hahahaaaaa

  40. Will any of you be closing your accounts with NCB? Will you be shopping at superplus? Will you be supporting the administration and the finance ministry with its superclose links to LChn?

  41. I listened to the interview and got a few things clear in my mind viz:
    1. DS is not a Ponzi scheme.
    2. DS no longer trades on the I-Trade platform because of a conflict of interest.
    3. I-Trade is being investigated for suspicious activity.
    4. DS is having difficulty getting funds from his brokers to make timely repayments.
    5. DS did not identify the difficulties and appeared awkward while trying NOT to explain why his current brokers are not releasing the funds. ( Does anyone know why the current brokers are holding the funds?, are these other brokers also being investigated??) .. Please do not speculate. If you don’t know , then remain silent as we already have an orgy of careless speculators among us.
    6. DS is clealy a better Trader than he is a lawyer, this would account for him answering some of the questions badly.
    7. I think the Ponzi angle has been silenced, which means that investors money has not disappeared.
    8. The question of when the money will be released and why it is being held is still open and require answers.
    9. I am starting to wonder ( I have no proof ) whether the NFA is using I-Trade an excuse to target david Smith. Many big players and big interests ( especially in Jamaica ) are anxious to see David Smith discredited, and would be happy to use any means necessary (including the NFA) to target him.

  42. JDollar:

    It’s interesting that you are soliciting answers with the caution that speculation should be with held, yet you are guilty of this same offence in Item #9. Actually, all listed items ARE pure speculation on YOUR path, since I’m at a loss as to how YOU arrived at these conclusions based solely on THE interview (as you so eloquently stated).

  43. JDollar,

    For every big player who might have it in for DS, there is at least one who is a club member 🙂

  44. There is this fallacy about “the big man a fight down DS.
    Then there is the reference to the fact that Olint is “legit” as a lot of “bigman” like Joey, the Bovells, Matalons and politicians have invested with them.

    So O supporters make up your minds as I think quite a lot of you are confused.

  45. Davesin, Sirach and Oniel, all a unu miss, you’ve been talking about me behind me back.

    The real issue is what Jay is saying is true if the “big man” was fighting DS, they wouldn’t be so concerned about their money. Remember the old phrase “duppy know who fi frighten” and the majority of the big man dem get fi dem money already. It’s the idiots who are afraid of the the duppy (DS) that are literally in the dark.

  46. Jay u are obviously out of touch with jamaica.

    I have many freinds at boj and at almost every major securities dealers. Many of our securities dealers and bankers have been lobbying via govt and boj to close down these schemes.

    I have a close family member, and many close freinds who are senior fund managers for our local security dealers. They have been meeting with boj for months.

    Also these people wont admit it, but many of them have lost many major clients to Olint. I have even heard that ever week , in a certain company morning meetings , fund mangers are distressed because many of their customers are investing pulling funds to invest in Olint.

    A lot of people are bitter towards olint, because as u know their jobs are dependent on how many new clients they can get and how much new business they can get from old clients, its all about making the companies sales budgets.

    DONT BE FOOLED, THE MAJORITY OF WEALTH IS CONTROLLED BY THE VERY FEW IN JAMAICA, THESE DEALERS CANNOT AFFORD TO LOSE THEIR POTENTIAL INVESTMENTS TO AIS

    I also heard from the horses’ mouth a good freind of mine runs one of these companies, they want Olint and other closed down.

  47. DaveSin
    Note that in item#9, I made it clear that I was speculating. Many of the bloggers have no interest in separating personal opinions from facts and I hope you see why this can damage their credibility. In fact these bloggers have discredited themselves so much that I no longer read some on them.
    Note also that I said that the DS interview was used to clarify a few things for me. It does not follow from that statement that the interview was the sole basis on which I relied to draw my conclusions. Consider the possibility that I might have already had 99% of the puzzle intact and that the interview merely filled in a few blanks, or reinforced certain conclusions.

  48. Jdollar, what are your conclusions then?

  49. Jdollar:

    Fair enough! So, as the WISE lady asked, is the conclusions item 1-7, maybe 1-7 & 9? Sum it up for us!

  50. Oneil says:

    “Jay u are obviously out of touch with jamaica.”

    “DONT BE FOOLED, THE MAJORITY OF WEALTH IS CONTROLLED BY THE VERY FEW IN JAMAICA>”

    Oneil I think you are out with reality as you have become addicted to this 10%per month that you are going to need to go to rehab to kick that habit of investing with all these AIS. 🙂

    Now Oneil, what if OLINT was to apply for a given a securities license to operator and Jamaica and was also able to get its securities registered.

    You seem to miss the entire thing and is caught with this “big man a try keep down poor people ting”.

    The real issue is if you are unregulated and operating in contravention of the law ie operating illegally then your operations should be shutdown.

    Oneil my friend, that is the law.

    If on the other hand you are saying that I am out of touch with Jamaica because ” a pure bandoolism a run d place”, then I would like to keep out of touch , as I do not subscribe to that type of behaviour.

    Cheers, and I really hope you get your encashment soon.

    BTW – Joey, Bovell and all the other “big man dem” cares not a kick about Olint, as they are only interested in their gains, like any real investors would.
    Once things started going south, they cut and run, while the “diehards “remained firmly rooted.

    When any investor however falls in love with the company that he has invested in( and here I mean none ownership) then he is more than likely lose his money when things go south, that others who have zero emotional attachment to the company.

    Friday is here ” The money had better be here” or a ” hell and powda house”

  51. Jay the so called “big man” dem get dem money already. They have no money with OLINT. A few politicians do, but that’s about it. The negative performance will never be posted as all of the pundits would want to remove their money. Therefore the only question today is WHERE ARE THE FUNDS and WHERE IS WS & DS???

  52. Jay, as usual , u have stayed from the point, u said
    “There is this fallacy about “the big man a fight down DS”

    My point is that they are very powerful bankers and security dealers who want Olint closed, for many reasons, one main reason is because a large withdrawls from their major clients.

    Spare me the crap about encashment and about regulation, as this was the case long before FSC had accused them of operating outside of the law.

    The people i am refering to are people who control the financial institutions, not the issa, matalons are those people.

    Another thing is that DS doesnt guarantee u 10%, so stop , making such false statements

  53. Jay u speak with a lot of ignorance, ur assumption is that if anyone here is an Olint member they automatically blindly believe in DS .

    Well wake up from ur ignorance, as most people i know will only support him, until if can be proven in court that he is con man, it doesnt matter now does it. lol

    Ur agenda is obviously very clear, ur like Fox New ” we are fair and balanced”, but the reality is their are all anti-black, and only support their republican comrades.

  54. well said oneil………………

  55. What I am bewildered about is, this company was formed five years ago and was operating and moving around large volumes ($millions) of funds through banks locally and abroad, and no legal, regulatory entity took notice.

    For five (5) years ??? Something smells really fishy.

    Just knowing this company was around for 5 years must have given some investors a false sense of security. Banks are regulated, so for sure they should have known long ago something was amiss.

    Seems to me its not so much what wrong Olint was doing, but whose pocket did they stop lining or did not agree to line, or who was grabbing too many cookies from the jar.

    Olint needs to first start paying back investors there initial investment and later look to pay them any interest/gain.

    If Olint does’nt cough up, others should be hunted and sought out to repay investors

  56. the entire scenario makes no sense at all. this is a ponzi scheme and once the investors accept that all they need to do is to move against DSassuming that he made promises/guarantees that he was unable to meet!!

    the end result is a class action -find assets wheresoever they are and move against them to recover.

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