OLINT Silent

According to Nationwide News of July 11, 2008, sources at OLINT had indicated that OLINT would issue a statement the current situation on July 12, 2008.  At the end of day, July 12, 2008, no statement has been forthcoming and no one knows the status of funds to be wired.

It should be noted that Nationwide News, bombarded with calls from worried investors, indicated that they tried to contact David Smith and Wayne Smith and where unsuccessful, so they were not able to confirm what the sources at OLINT were saying. It appears that the ‘source’ got it wrong. What this means is that since OLINT issued a response to the NFA story involving I-TRADE FX, there has been no further official written correspondence from OLINT.

The only update that has been reported is that updated wire instructions have been posted on Friday July 11, 2008. Some investors have reacted to that development with disbelief.

Encashments Due on July 15

In addition to encashments and interest payments due prior to May 31, 2008 , other payments become due in the period July 15-31, 2008.  This is according to the encashment policy that came into effect on June 1, 2008.  Requests made between June 1 and  June 15 below USD $500,000 are due within 30-45 days.

In the meanwhile, the debates continue to rage as to whether or not OLINT is a PONZ/SCAM and whether persons “invested what they could lose” or not.

The coming week is of interest for members of another investment club that most persons now agree was PONZI.  Cash Plus boss Carlos Hill returns to court on July 17, 2008.


30 Responses

  1. David and Wayne Smith’s silence is cowardly.

  2. jamaica will never be the same finsac,cash plus now …………..

  3. CJ,

    You’d be surprised to know how God will provide other opportunities for Jamaicans.

    Don’t look to man, look to God.


  4. David Smith is not God, he is just a tool used by God. Brothers and sisters, remember God is our PROVIDER. Whether bank fail, you loose yu job, God forbid no money from Olint el al , God is still our provider. when everything looks hopeless, God can and will make a way. Sometimes we get all caught up with wave of making money and of course loosing money along the way, God has to put some spokes in our wheel, to remind us the love of money is the root of all evil. Let us all pray for David as he asks us to, but remember he is not Jesus. Prayer changes things. If Olint did wrong, then God will expose the company, and bring it to its knees and if Olint is in the right but is facing political blockades, then God will expose all and remove the blocks. Before Olint came and all the others, God made a way, He has not changed, Today as many of you are downcast and discouraged, put your hope and trust in God, He will make a way!

  5. this blog has become a religious center…….God cannot make the money appear if its not there…be a realist man…either the money is there or not…..Praying should have began long before now….when he was doing the trades….collecting peoples money etc….David Smith where is the dough.

  6. Folks,
    Over the last two weeks we have witness ferocious exchanges between bloggers over the Olint/May Daisy situation.
    During this time I am not sure how many of you had taken the time out to read the posting listed here.

    Read carefully and then compared what is written here against the Olint situation.


  7. Jay, If I had time I would have explore and expose the information provided. It is fascinating. People really need to read that document.

  8. Flashback ..from the Cash Plus Investment Archives…

    “Now…to all detractor…let us put all differencis aside and really look at this with no bias…Why would a man pay at a minimum $2,000 US to put in the gleaner that he will be doing some paying out, go on TV and proabably pay $5,000 Plus US$ to tell the inevestor he got the money to pay all investor in full.. He must have someone of getting the money or already have it, he cant be a mad man because a mad man cant build a business of that magnitude. We talking billions on $ in investment, regardless of how he get it done.” – Anthony, March 31, 2008


    It is now 3 1/2 months later…..

  9. JohnDoe:

    I really miss that site and all the regular bloggers (Winston, Anthony, Johnny, Aziza, et. al). Its a bit sad how that whole C+ thing turn out. To be honest, I was hoping we were wrong and I truly hope we are wrong about Olint…I just love the blogging aspect and the exchange).

  10. Oh, JohnDoe, I just realize that you are Lee-Chin’s Son 🙂 . Did you see that over the other bus?

  11. John Doe, u are not an investor in any of the AIS, u have nothing to lose, just like with cash plus, all these bogs u made had no effect on the outcome of the situation, same here, all his talk will have no effect.

    Only time will tell the truth about Olint, not all the speculators in here.

    John Doe, Nocotec, Jay, i am pretty sure two of u are the same person lol, ur agenda on the other site was quite clear to everyone, only to label DS as a con man,
    long before u had any financial records to prove it.

    I will not label anyone with such a label, until i have factual information, until then i wont waste my energy.

    I think u all have an agenda, as u are all so bitter, i am pretty sure u are all closely affiliated with some of our bankers/securities dealers who are anti-olint. Any sensible person would suspect it.

    The law says, ever man is innocent until proven guilty, Carlos was proven to be a ponzi after being audited, now i would suggest that DS be given the right to prove his innocense of such accusations.

    I find it ridiculous for u to be saying u have investors interest at heart. If u do stop spreading rumours and accusations, and go to Olint and have ur questions answered and report to us, if u dont think this is relevant then i dont think any Olint investor needs ur interest in their potential losses.

  12. Does anyone know if an incident happened at Breamar on Friday with an upset client? I am hearing that they will not be open tomorrow because of death threats. Is this true anyone?

  13. John Doe, Nocotec, Jay, same person, they all posted in the other site.

    If DS fails , i will like u guys to know that u are just as pathetic as him,as like him u ultimately had ur own agendas, which are not in the best interest of Olint people .

    It serves no good to claim to have people interest a heart, when all u do is label, feed fear, and bash the real losers in the dilema, which are the poor investors.

  14. Oneil,

    Weren’t you the same guy who said you knew CashPlus was a Ponzi and was going to crash almost a year before it did.
    I am pretty sure that it was you who said you told those close to you to pull out there funds at least a year before it crashed based on information that you had at the time.

    How did you arrive at this one year before it happened?
    The financials of CashPlus did not appear until December 2007 at which time it showed a bankrupt organization.

    CashPlus was officially declared a Ponzi in March 2008.

    Now you are saying that you will await the Olint financial statement to determine if its a Ponzi or not, rather interesting.

    Are you saying this because you unable to take out your money before they stopped paying.

    What are the differences between what was happening with C+ back then and what is happening to Olint right now.
    I think the only difference is that you “invested what you could have afforded to lose” and was not able to withdraw it before it suffered the same faith as CashPlus.

    Is that the case?

  15. I know that there are alot of people out there like myself who log on to this blog to see if they can find out anything new on the DS situation. I understand where Oneil is coming from in that some of the postings on this site and others are propoganda but you have to learn to separate fact from fiction. Here are 5 quick facts and 5 ficticious statements:
    The facts are as follows:
    1. Money never stopped being paid out from Olint. It is just that only a few people have gotten encashments from January to present.
    2. You are wasting your time and the credit on your cellphone by calling Olint because the people who work there do not have a clue what is going on.
    3.DS as heard on Nationwide will not reveal what exactly is going on in his company.
    4.Olint has come under mounting pressure to prove that they are not participating in international money laundering.
    5.The money that was suppose to be here on Friday doesn’t seem to be here.

    Five ficticious statements:
    1.Olint is a pyramid scheme
    2.Due diligence took place between January to present
    3.NCB is holding on to the funds
    4. Michael Lee Chin is afraid of DS and Olint (he is a billionaire,why would he be afraid of DS)
    5.That DS was not a principal at I-Trade FX

    You see what I am tired of is these conspiracy theories, ain’t no one out to get DS or Olint. There is no grand conspiracy. Olint is an unregulated entity trying to do business with regulated entities so what do you think would happen. Obviously,red flags must be raised,questions have to be asked and answered with proper documentation. Do you really think that DS et al knew where the $$$ they were accepting was coming from? Look how many feeder agencies are linked to Olint, do you think those people asked where the $$$ was coming from?

    What we have here is a very messed up situation, you have clean money mixed with blood and drug money. I think this entire situation was inevitable. DS knew that he didn’t have the proper checks and balances in place and frankly I don’t think he really cared.

    All we can do is hope for the best, hope is all we have. I know there are alot of people who put all there life savings into Olint and I know life seems hard but it will all work itself out- soon.

  16. Olint just sent out a correspondence fille dwith excuses. Nobody nah nuh money…. This man scam the WHOLE a JAMAICA. Its only a matter of time before people wake up and realise this whole shyt was a scam.

  17. @Rob

    Well said rob but I HONESTLY always thought OLINT was always a pyramid scheme. No and I repeat NO legal investment entity can afford to pay people 5% and MORE a month without having a period or peeriods of loses. Sometime syou just have a bad month or two.

  18. If he really is a christain he need to sell his damn private jet and million dollar homes. Us all the million he got stashed overseas in turks and caicos and give people back SOMETHING.

    I only lose $2000 cause I never trust this shyt. But I know people who have almost 1/4 million all them damn live saving worth a money. Blood money is in OLINT for real because I KNOW a few suspects who have MILLIONS in there. And you think those people gonna let him PLAY with his money.

    The amount of SUSPECTS(drug dealers) that have money in olint is not even funny. Those people dont like there money gettting missed with. Lastly The people that I know that got ANY the only people that got ANY money out were the THE BIG SHOT BUSINESS MEN AND SOCIETY PEOPLE IN THE SOCIAL A GLEANER SUNDAY TIME!!!

    Obviously he gotta PAY those people BACK. WHat about the regular JOES. They are the ones that gonna feel it. Mr. Big shot well get his money because he KNOWS him and he cant **** with his money. I havent heard no regular joe getting back them money yet. I suspect he using HIS own money to pay back MR. SO&SO.

  19. “…we have suffered the inevitable whereby there is now an overwhelming run on the fund that it seems prudent for us to complete the appointment process so that we can determine with precision what is due to members.”

    WAKE UP!

  20. It appears that Olint has sent out an email last night to some investors.

    The big problem is alleged that it said nothing about when people will get paid.

    Stay tuned…

  21. Rob:

    I think your post is very balanced and right on the money! Personally, I think the money (at least some) is “there” to pay Olint investors. The problem is my mind is that a lot of Olint investors have made significant encashment request to put a serious blow to Olint. Going forward, it will be very difficult for Olint to continue as a going concern in the future. This is going to create a big problem for Olint paying its investors in the future, as more and more encashment request will be made in the coming months and DS has see the writing on the wall. That is why he was so upset in that interview.

    Listen, people are pulling funds from Olint, not because they Want to, but because the NEED to. The changing financial landscape between 2006/2007 and 2007/2008 have created a paradigm shift for a lot of investors. A lot of fund inflow to Olint came from outside of the Jamaica, a lot from funds taken from real property here in the US. With declining values and other external factors, a lot of Olint investors now desperately need their funds.

    Coupled with the fact that investors have not been paid for 6+ months, I can assure you that the accumulative encashment request have reach “epidemic” levels, akin to another big run on O, with the corresponding minimal inflow of new funds. The net effect being, without significant inflows over the next few months, Olint for all intent and purpose is, well…bankrupt!

    That my friend is the big picture. Meeting earlier request is not the problem; it’s the later withdrawals that have super Dave in a pickle.

    My take on this is like others, he started spending “equity” that have not yet fully be realized! Just like the housing bubble, where people where pulling equity out of their homes given perceived rising home prices, Dave was spending people’s funds with the historical perspective that new funds will continue to pour in. Now, just like the housing situation, the rug has been pull from under his feet and he is now in a quagmire: he is now upside down on his FX accounts!!! Going forward, how many people do you think are going to fund their Olint account? Even the ones who would want to, do not have the $ to do so. Even the Olint die-hards, you know the ones who say if DS is going down, they are going down with him, have already secretly requesting ALL their money….they ALL have seen the writing on the wall!

  22. Davesin, That’s a fairly good analysis of the situation. I belive if DS satisfies the initial outstanding requests up until July 31st, he will offer a staggered approach to disbursements from August onwards as that it the only way it can survive.

    This situation has happened in the US with their banks and also in the Uk, I gather with Northern Rock and more recenly Bradford & Bingley. They staggered repayments and then the panic wore off and stability was restored.

    In relation to Bearing Bank with Nick Leeson he had spent all of their reserves therefor there was nothing left. Just a few thoughts

  23. Great post Dave, good summary!!

  24. Davesin

    I hear your argument but it does not make any sense. Are you saying if he pays out all the encashment there will be no olint?

    Its their money….why should we not request it. The whole point of high risk investing is to make enough as fast as possible and recoup principal. Its not his and his wife money…..They would be no better than theives if they are intentionally holding on to peoples’ request.

    Another problem could be that he lost money or was not properly managing the money (gains not acurrate). Whatever he has left is not enough to pay out request. So he could be buying time to build back up O stash or really lost it all. This seems more plausible.

  25. Catd:

    Why doesn’t it not make sense? If all investors withdrew their funds (principal, maybe interest), what would be left? Yes, its their money, but, like the run last week on IndyMac Bank, a $1.3 Billion withdrawal cause them to be undercapitalized, resulting in takeover/collapse! Catd, I think you are confusing the two things. But clearly, total outflow of funds from Olint means no Olint, period, end of story….Right?

    BTW, did you notice that the average account holder was not even aware that there was a run on the Bank? Only the “Big” account holders ( > $125K) and maybe the few with access to insider information were able withdraw money before it became public knowledge.

  26. Guys,

    What is the big problem? Hasn’t the 250mln been sent and is now here? Once that starts getting distributed, people should start feeling a LITTLE more calm….

    I’ve just read the email sent by Olint…. I’ll save my FULL comments for the posting the site admins will probably put up in a few hours regarding it.

    But I will say this. It is as if the thing was written by Carlos Hill himself.
    1. There is a conspiracy against the company
    2. The Big Banks are the cause. They don’t want the small man to make any money.
    3. We are trying to do the right thing (i.e. getting audited etc) but these things take time…
    4. blah blah blah

    I still have not seen or heard ANYTHING that has convinced me that this isn’t a scam that has run its course. Mr. Smith, I WANT TO BELIEVE! But you are giving me nothing to believe in!

  27. Investforlife:

    Can we have a thread on Olint E-mail as someone else has suggested.

  28. Congratulations are in order for Jasonn, Jay and Hermes. .And the rest of the naysayers Well arguged well done.

    Commiserations to Olintforlife and Hermes. And the rest of the backers. You may redeem yourself at some time in the future and we seek to encourage, not disway you in this endeavour.

    I’ve heared there is to be a meeting at Braemar sometime :)…..any takers?:-)


  30. Rass man…..I throw in a 5K two months ago and it looks like I’ve been shafted. One of the last interviews that I listened to with David Smith “defending” the current state of Olint and allegations was an incredible let-down. He “sputtered” and “stammered” like a nervous ninny. Him really need fi sell him jet and pay back ALL hardworking folks who made him a billionaire.

    Does anyone have any updates?

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