Olint Raided, Assets Frozen

Nationwide News Network has confirmed that Olint’s Assets in the Turks and Caicos have been frozen. This follows raids carried out on the offices of OLINT along with the home of its principal, David Smith, by the Turks and Caicos Financial Crimes Unit. It is understood that computers, other equipment and documents were seized. This development has sent shockwaves among OLINT investors and investors linked to affiliate/feeder clubs such as Lewfam, Wealthbuilders, Wilshaw among others.  

1-2 Months in coming

According to the police, following complaints received, investigations started 1-2 months ago. They pointed out that investigation of financial crimes can be very complex and it takes time to ensure it’s done properly. They believed they were at the point where they needed to carry out the raids. The Police said that they went to the Supreme Court in Turks and Caicos and received a search warrent for OLINT TCI offices and David Smith’s home. 

While refusing to say exactly what triggered the investigation or exactly what they were investigating, the Police would only say they were investigating possible financial crimes. According to a crimestoppers site, in TCI, the Financial Crimes Unit is interested in issues such as

  • Money Laundering
  • Fraud
  • Corruption
  • Internal Theft

Not Arrested

Based on reports, David Smith and his family are presently in Turks and Caicos. The Police state that David Smith was NOT charged or arrested, clearly putting rumors of his arrest to rest. At this time the police say David Smith does not face any travel restrictions. The police went further to say that OLINT TCI is free to operate while they are being investigated. With assets frozen, one is not quite sure what they will be able to do. It is understood that he could be questioned later this week.

Reactions

In Jamaica, former finance minister, Omar Davies, says he takes no pleasure in saying he told Jamaicans so. He said that the opposition was on record of saying, when you invest in unregulated investment schemes, these things are likely to happen. Olint Offices in Jamaica remained closed and the police in Jamaica say they have no reports of threats to Olint staff or of the bomb threat.

Olint is currently in locked in a court battle with the FSC in Jamaica and has an court injunction in place that bars National Commercial Bank from closing OLINT banking accounts.

Coincidence not related

In a separate matter the Governor of the Turks and Caicos, Richard Tauwhare, has ordered a Commission of Enquiry to investigate whether there is information about corruption or other serious dishonesty in present government and former government of the TCI formed by the Progressive National Party (PNP) People’s Democratic Movement (PDM) respectively. 

Opposition Leader Floyd Seymour expressed unease that Premier Michael Misick declared assets worth $50,000 when he took office in August 2003.
“But by February 2004 he had purchased property valued at $2.3million without a mortgage and built a multi-million pound property,” he is quoted as saying. – (TCI Weekly)

Summary of the situation:

  • Olint office raided and David Smith home raided yesterday evening, July 14, 2008
  • Computers, other equipment and documents seized
  • David Smith subject of criminal investigation
  • FCU – Financial Crime Unit involved
  • Supreme Court approved search warrant
  • Police started their investigations 1-2 months ago.

Listen to OLINT UPDATE: Assets frozen from http://nationwidenewsnetwork.com/

For Olint investors(direct and indirect), most who have not been paid in the last six months, this development is another twist in a story with many unanswered questions. OLINT moved its operations out of Jamaica after the FSC raided OLINT in March of 2006 finally settling in the Turks and Caicos Island

Related:

n.b.
1. Nationwide was incorrect in saying that F1 investments had also sued OLINT. OLINT does NOT appear in the lawsuit. I-Trade FX appears but there is no mention of OLINT.

2. CaribbeanWorldNew is also incorrect in  stating that the NFA file complaints against OLINT and TCI FX. That is NOT true. The complaint is against I-Trade FX but pointed to suspicious activities in OLINT/DAVID SMITH accounts

Does Olint/Feeder Clubs Owe You or Contact The FCU in TCI or The FBI

Contact the FCU in Turks and Caicos

Anyone wishing to contact the Financial Crimes Unit(FCU) in TCI please contact them via email at fcutcipd@tciway.tc
In this email they should include the following information:

  • Full personal details
  • Records of deposits
  • Encashment History
  • Amount invested
  • Contract details

Thank you for your cooperation, For comfirmation of E-mail Address see  http://www.crimestoppers.tc/index.php?id=15

 

The two leading investigators are: Sgt. Willin Belliard and Detective Superintendent Marc Knightom. Their numbers is 649-941-7691, 649-232-1063, 649-232-2195

 

Contact the FBI

1.The Federal Bureau of Investigations(FBI) can be contacted at (202) 324-3000 or https://tips.fbi.gov/
2. You do not have to be an American or PR of America to report a crime to the FBI. Since American banks and financial institution were involved. this constitutes a crime.

How Much Does Olint and Feeder Clubs Owe You

A rough tally of the funds owed by OLINT. Please post in this following. This is needed for a legal case

Please post in this format.

Club Name|Amount Invested|Amouted Owed|Assumed-Name

e.g.

HopeClub|$30,000|$15,000|JohnDoe

We do not need your exact name just a assumed name. Please be honest, no lies.

Thanks for your cooperation. Please support CATD in this initiative

OR ———–

JMMB Dismissed Rumours too

In an Observer article of September 10, 2007, Donna Duncan-Scott dismissed many rumors relating to David Smith and Olint that then and are still floating around. In the article she addressed three(3) rumours head on. Below are excerpts from the article. A link to full article is available at the end of the post.

Rumour #1

JMMB has been making the same type of returns that Olint is paying its club members, but didn’t want to share with its clients. According to one JMMB client, “Olint is ‘showing up’ the financial institutions that were giving us cents on the dollar (if so much) from the fruits of our investments.”

“This rumour especially has put us in a negative light,” said Duncan-Scott. “We brought the money market to the average investor and this rumour seems like we give and then took back.” Duncan-Scott points out that JMMB carries on the legacy of its founder, Joan Duncan, of transparency and love.

Rumour #2

David Smith helped JMMB make double-digit profits through foreign currency trading (FX trading) during his 1996-2003 tenure.

Consider this: for the year ended March 31, 2005, JMMB earned only J$26.6 million from foreign exchange margins from cambio trading. By the end of the 2006 financial year, this figure spiked to J$76.2 million. For the financial year ended March 31, 2007, JMMB earnings settled back down to J$64.8 million from its cambio operations. And in the last three years, cambio operations have not accounted for more than six per cent of total net profits.

Rumour #3
David Smith resigned from JMMB because he was not properly remunerated for his contribution to the company.

“Again, that is not true,” Duncan-Scott states. “David did not leave because he wanted more money and we refused to give it to him. There were other reasons, but it is not my place to say.”

This information was in the public domain since September 2007.

Source: Donna Duncan-Scott sets the record straight on David Smith

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