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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9 Responses

  1. PEOPLE. I AM IN MIAMI, FL. UNCONFIRMED SOURCES ARE REPORTING THAT DAVID SMITH HAS JUST BEEN ARRESTED.

  2. WHEN I GET MORE UPDATE…I WILL LET YOU ALL KNOW….
    I AM FEARING THAT WE HAVE ALL LOST OUR MONEY.

  3. NOT TRUE, I CALLED CAYMAN ISLANDS POLICE STATION (PLACE OF RUMOURED ALLEGED ARREST) AND THERE IS NO RECORD OF AN ARREST FOR DAVID SMITH.

  4. even if I lose all my money…the real life movie drama that is unfolding is a once in a lifetime opportunity to experience. That is surreal life…

  5. HSC

    It is like a movie, a HORROR movie.

    The mass hysteria that DS created is incredible, far eclipsing that of C+.

    How did two people of LITTLE or no PROVEN accumen (and one an ex-con) convince so many people from all walks of life and financial status to part with so much money ?

    One of those psych experts at UWI needs to write a book.

  6. WTF!

    Whats with all the rumours?
    Where is DS?
    Went to the office to find nothing.
    Were we duped? Is this the biggest con since slice bread.

    I doubt it. DS will pull through this one again.

  7. JMMB is ridiculous, u think any company is going give u inside information re their true relationship with DS. I think he trading their personal money, it would make good business sense to limit how much of a company risk goes to fx trading, that how other company does, they allocate small portions to fx trading, too risky

  8. In business there are risks – the higher the risk, the more money you make or lose. Whatever the outcome, kudos to David Smith who has made many of us realised some of our financial dreams. A man who can lead and unsettle the financial market as well as Governments, can only be stopped for a while, but he will rise again. Our formal financial institutions and Government Officials must take a page for David’s book and learn to do business out of the books as they can see that people are willing invest as long as they have confidence in your ability.

    Good luck DS and to all the persons who invested with your company.

  9. correction
    “out of the books”= “out of the BOX”

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