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:
- Local Offices Closed
- No Money No Deh
- How OLINT survived?
- FAC recommends a Commission of Inquiry (TCI Weekly)
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
Filed under: Olint | Tagged: David Smith, Jamaica, News, Olint, Scheme |
Real Investments For Life 
I told you…
Can we find out who started the investigation place…I bet it was MLC!!
well if this news is true, it is the best thing that can happen to investors, cause now Super Dave can tell us how the money guh. Let us remember that these funds have JUST today been frozen, This excuse cannot be used as a reason for not paying people last week. Poor DS such a silly bwoy, “how yuh fi get so big, and nuh regulated, yuh nuh must expect to get F@#K. Remember what dem do to the man dem from Mobay 4 years ago, and that man neva had a quarter of what DS had. NEVA GET TOO BIG.
Give me a break! Get off the MLC trip. It is not only Jamaicans in OLINT. THere are people all over the world who have millions of US dollars in the scheme. OLINT has become so large that the international community at large is more aware. And at what point does DS become accountable for his own business and the clear folding of that business?
Does it matter who started the investigation! What matters is what is uncovered!
It does not matter. MLC is a former bouncer who got an engineering degree and went on into finance firstly by selling insurance door to door. So he made a lot by telling people “buy and hold”—-your money with me and don’y move it. In doing so he made a lot of corn. But later many of his investors would become annoyed at his money management style.
MLC sold himself on the “I come from humble beginnings tip” an old and should have been discarded longtime trick common in Jamaica. Why? because most all Jamaicans believe that they can truly relate to this background and like to trust people they are lead to believe are like them in that regard.
DS also sold himself on this tip and included the tricks ever present cousin “I am a christian”
Perhaps with the cases of MLC and DS we as a people ought to change this horrid perspective that “to come from humble beginnings is some badge of honor” and the accompanying “those of privelege can’t know the things I know”
It is time we, the people of Jamaica release ourselves from such mental slavery and free us from these absolute fallacies that unfortunately command such a pivotal role in our Jamaica.
At this point even the tone of the totally inadequate letter from DS reeks of the arrogance and disrespect we have become accustomed to.
DS….You are no longer in charge.
To tell us to wait on some bad news vis a vis how much you think we are to be paid is imbisilic. We know what we are to be paid and your accountants foreign or local shall serve themselves well by reconciling their figures to thoose we already have in our possesion.
stingy,
i agree with you 100% maybe we can get some answers now.
ps. i can hardly hear the Turks police officer in that interview
OlintforLife
Are you still around?
mi really sorry for Super Dave. THe man bite off more than he could chew.
Stingy
Sorry for SuperDave? Him nuh wear nuh Kahki suit. Him leave school long time.
“sorry for SuperDave!!!!!!!!!”
Stingy get off the space station the toilet fix already and your services are no longer needed…ahhaahaaa
it doesnt matter where we come from and what our beginnings are. What matters is our integrity in the handling of our personal and professional lives.
It is a sad day when someone becomes aware of an opportunity to improve his life and chooses to destroy others in the process. I feel strongly that people should have done their due diligence to truly understand what he was doing and make a more informed decision on whether to trust their hard earned money to put into his hands. However as a financial professional myself, I understand that there are many out there who are vulnerable to people who are are educated on such matters. Unfortunately he has taken advantage of alot of people – some who understood and were willing to take the risk, and others who had no clue what sort of risk they were taking. I am sad because not only will this hurt alot of people, but it will damage the JAmaican economy even further! I dont know how much more the Jamaican economy can handle!
then yuh nuh should sorry for him, cause he is a good guy man, him just get wayward
Investforlife
DS and the queen of NIKKI beach partying should have hired you. Or at least taken a page out of your efficiency and credibility books.
So Sirach, what do you predict?
Stingy
Send me some money. Mi ready fi get wayward all in the name of J….
Sirach, BTW… Love your truths and rights.
TCI investigation started 4 to 8 weeks ago. Deputy Police is a bit silence about what triggered the investigation.
Oh boy, another one bites the dust. Lots of Jamaicans got lost in this. and now we will have to wait and see if funds are there and if so will it be unfrozen so that investors can get back even their principals
Lisa
I totally agree that it does not matter where we come from. However I was pointing out that the “I come from nothing” syndrome is promalgated as something tangibly credible and is meant to imply that people of privelege are nefarious and uncaring and many times also dishonest.
e.g
Bill gates comes from a upper middle class background and has given a tremeudous “PERCENTAGE” of his money away to charity.
He also does not live very extravagant….unlike….
e.g.
Our polititians who can give an excess of talk about why they must have PRADO and expensive hotel and the wife them that host party on NIKKI beach for tens of thousands of dollars!!!!!
started a bit before then!
Alfa 1:
What do you mean?
Can we finally expect full details in the mainstream media tomorrow? …..gleaner….observer……….would be nice to read a full report / statement from the TCI authorities……..less speculation and ambiguity…..more facts
BUMP BUMP BUMP another one bites the dust!
Yow Sirach! Any predictions???
Dat tieifing conmen gamble NUFF NUFF a wi money at Acropolis and in TCI – plenty people see him.
Buy out Margaritaville to entertain dem big politician from TCI at Jazz & Blues (which him sponsor with fi wi money).
Flying up and down in “fi wi” jet.
Prison wuk fi him !!
JD32:
Don’t hold your breath! The mainstream media in Jamaica is the laziest set of journalists in the world. They want to sit at their desk and the news comes to them. Well, come to think of it, they are probably mining stories from this and other blogs.
Nationwide is the best!
broke – lol
Mi have likkle sugar – so mi doctor recommend sweet potato 🙂
Miachica…ur tears are so yummy…
LOOOL U get con…simple…somebody had to for the game to survive lolol
Top shotta
I wont cry over $200o grand
I am very surprised at how cruel some of you are coming across as. Many people that you know could possibly lose everything if everything they are accused of is true. I find it disgusting that most of everyone on here is celebrating. It is not a time to be throwing around “I told you so’s”. Innocent people were seduced by one man’s greed. Sure, DS might hopefully get what he deserves, but the poor people who poured their lives into Olint in the hopes of attaining a better life for themselves and their families do not deserve to be ridiculed. Seriously guys, read some of the comments being posted in some these blogs and if you are any kind of decent you should be disgusted.
so yummy…mmm
miachica – yu large 🙂 Dat a nuff US$
Sirach
I understand your point fully. Was relaying my opinion more to those who actually feel that because a person comes from humble means that they can be trusted with a persons life/money. We would never give our lifes saving to a stranger at the side of the road to hold for us, so why would we put money into his hands.
u all sound intelligent,did anybody miss the frozen part. It is only for the period of the investigation and i assume it is from the $100m capitalisation. you are all just a little too jittery
Im selling Anti Depressant medication at factory prices, link me at youngmoneyja08@aol.com
THINK: they had enough money to put on jazz and blues….enough money for david to buy a new jet…and go to the casino every night…and drop up to 80 grand US…but they can’t pay u guys…hmm wonder why
youngmoney – rum is much better !
@ TopShotta
But I get MONET from you ALL the time
DO you like wendys???
YOU must stop somewhere and get gas??
LMAO
LOL di funny ting is if dat was tru david smith still owes u/ur family 350 mil US LOOOOOOOOOOOOOOOOOOL
Marcus – im trying to make some money dude, shhhh dont tell anyone!
LOL @ MIACHICA
and u wud have known what I was saying about di two big man dem weh him owe a tru LOL cah one of ur family started the run on olint
Inheritance get CHOP!!! LOLOL
younmoney – sorry, sorry 😦 We all gonna haffi find someting to sell fe ketch back up likkle bit.
TopShotta
Yu gotta liv ein Jamaic ato own a wendys LMAO….SO that have nothing to do with me.
I see you like our lifestyle though…dont hate you will make it up there one day!!!
jd32 hit the nail on the head. Both the Observer and the Gleaner have some serious questions to answer. Why did they fail so utterly to expose even the most obvious lies told by Olint? Why was Mark Wignall such a staunch defender of the scheme? Why did no other journalist dig even a little deeper into the Olint story??????
LOOOOOOOOOOOL one day…one day
p.s. ur tears are still yummy
which are his asset computers and papers??? that what they took ??? , money on the platform is that frozen???
I love the recession u guys are in to LOL…hows ur mortgage? lololol
Rich people DONT have mortgages..we leave that to people like you LMAO!
And in a recession the perosn with cash is KING. Do you no anything about economics boy?
Your obviously a child, I leave you to lay with yourself
LMAO!!
LOOOOOOOOL ur cash was in olint so i guess u get screwed LOLOLOL
TopShotta,
Please stop cluttering the site with your nonsense. It’s tiresome to read through your comments. Thanks in advance.
We don’t know how bad this is until we hear of the amount that was frozen.
How could David expect that he could be moving all that money around and not answer to anyone. Well he ran from Jamaica to St. Lucia, then to Panama, then to Turk & Caicos, only to run into the same problem he was running from in Jamaica.
So this is not looking like a smart guy. Get over your ego, and if you are legit go register with the FSC in Jamaica, and operate like a legitimate company. Then you can take on the people who are supposedly conspiring against you. You might even be able to buy NCB in a few years. But as long as you are a renegade, you will simply lurch from one problem to the next, wasting time and money which could have been used to make Olint stronger.
Pattyshop business done David. If you are legit, step out of the shadows. If you are not, pack it in and run, cuz we will hunt you down like a dog.
Top Shotta…regardless of the situation with Olints assets being frozen or what comes of it,one thing you’ve made clear about yourself is that you are a lttle no name bait that hides behind the computer screen because you’re rejected by society…..you probly have a small peepee and lots of acne,keep it real son and TRY and grow up and be a man you fish.
damn son, calm down
To all of you who may have lost your shirt in this ordeal I feel your pain. Next time you choose to put your hard earn cash into a fund manager hand here are a few helpfull tips.There should be total transparency in trading activities your account should be with the broker under your name,all the fund manager should have is power of attorney to trade for you.
You should be able to monitor your account in real time. Forget this famous 10% monthly ROI, all it should be is 70/30 split during profitable months that should be implicit in the power of attorney clause,and all deductions should be made accordingly by the broker, the trader should have no right to add or remove funds from the account. The most important part is before handing your funds over to your fund manager he should at least be able to produce his trading records at least for the last 6months it reads just like a bank statement all PNL for the duration of that period not from a demo account but from a live account,and than come the conversation you must have with your self how much of your money you are willing to loose to achieve those returns,remember there is 2side to this equation.
Losses happen to the best of them it is part of the market,but you must have a point set to where this man must stop trading your funds the standard is at 50% draw down. Oh yeah before
I forget quiz him a little bit about his trading strategies, and if he tells you he is using some type of signal company that provide him buy and sell signals run like hell.Remember any endeavor that requires a simulated environment to practice is not to be taking lightly.
In closing if you only invested what you could afford to loose,well you will live to fight another day, If you was crazy enough to put Jr’s college fund on the line because you wanted a Range too get your self a bottle of VX and try to numb your pain and hope you can recover. Welcome to The FX market, The world biggest casino. Got to got, got to see what is happening in tokyo 3Am london will be calling.Best wishes to all
The chinamen still has not been caught yet. The chinamen is more evil than David Smith. The chinamen has profitted from Olint’s(YOUR MONEY) money. The chinamen has lost your money. The chinamen has your money stuck in the washer. This is not over yet.
PRINCIPAL??
I lot of principal argument abounds. How would you calculate that? You think it’s simple? Think about it. when people put in money 10 times and more per month and withdrew differnt amounts at different times? Ha….forget the principal argument.
CHIMP
Sirach will get her money. Dig?
What about the two politrickcians that took the report of “proof” that DS showed them in the teleconference? JR and DV?
hahahahaa…..
What about the MoF who saw the “proof” and did not make a sqeek to the people of Jamaica. AS? hahahhaaaaaa
with all this happening this will surly ruin some of us
all I can say at this point is – Its really distasteful to see some people on this blog rubbing others noses into misfortune. There are real people involved here – real lives are affected, people will lose their homes, cars and other assets – little children will have to learn how to do without. If you were fortunate enough to have avoided a big hit, or didn’t invest at all please at least show some restraint in being gleeful at those who did..
Some of these guys are jerks, but always remember every one has their bad day, so dont laugh at others misfortune,
its really happening
“rubbing others noses into misfortune” has been the perogative of DS. Don’t try to give that title to any of the bloggers!
Does anyone have a link in Turks and Caicos that could shed light on the “investigation”?
sirach – I’m not sure how you got there – (with DS and the misfortune comment) but I’m talking about people who are mainly here to gloat.
Special thanks to the Jamaica Gleaner and the Jamaica Observer for their promt and thorough coverage and rigorous excellent journalism on our behalf.
Their concern for us shall surely be reflected in their future sales figures.
And now the grammy goes to the FSC for their transparecy and priceless defence of our interests. Pursuing their mandate to protect the Jamaican people.
And…..the lifetime acheivement award shall this year be shared by Derrick Lattibeaudiere and Orret Bruce Golding.
God is not sleeping, now we will know what is really going on with our money!!
chimp,
I’ve been looking for an online publication of Turks news but can’t find anything.Will post if i find one
I found myself laughing hysterically today with a friend who also had absolutely no reason to laugh at the magnitude of this situation. I think it’s a coping mechanism, cause trust me, if I didn’t laugh then I would cry and probably wouldn’t stop.
Thanks junkunoo. I’ll do the same.
chimp,
spot on.
CHIMP,
think i found one, didn’t go through it too thorough, looks like it’s the website of a local tv station, they even have videos posted:
http://wiv4.wordpress.com/
The Financial Crime Unit of the Royal Turks and Caicos Islands Police Force is located at the CID Headquarters, Old Airport Road, Providenciales.
For further Information please contact:
Mark Knighton, Detective Asst. Superintendent, Head of F.C.U.
Tel: 649-941-4450
Tel: 649-941-7691
Cel: 649-232-1063
Fax: 649-941-7690
Em: fcutcipd@tciway.tc
I suggest we all email/call/fax him immediately to get some answers.
This waiting is just ridiculous!!!
Here is an article from radiojamaica.com that may shed some light on what is really going on. This seems bigger than DS.
http://www.radiojamaica.com/content/view/9993/26/
Before you all take out the rope for the lynching can you simply wait to hear what the charges are. For all you know he might be vindicated by this investigation, after all the DCP did say he was free to continue in his business and that there were no ristrictions on his coming or going.
Sirach, hysterically laughing at your last comment. Those punks!
DS wanted to trade money for the govt….taxpayers’ money…
The money nuh lost, I know for a fact that there is 750mill on the Oanda platform. my cousin works there
It is amazing that when things were going well so many were rejoicing. Many of those who are mocking have already reap pass their principal. Olint has done nothing wrong if you understand Forex trading. We can allow those who have raped us (including our banks and government) to continue to do so. They are all apart of trying to sink this successful enterprise. I dont know when Jamaicans eyes will be open to the fact that only certain people in our society should prosper. We have to wake up and change our crab mentality of pulling down one another.
Of coursae David Smith name does not end with Chen, wang or the many well Known names. Please if their is something to investigate allow it to happen and let see the result. some of you were the same people who Lauded David Smith no curse him without proper info only judging from sound bites
Chill out
therealdeal
The Real Deal is that you are delusional.
He was not arrested and is just under investigation. You guys are making it seem as if case over. Guilty of money laundering. all money lost ect. He is under investigations. Innocent Until proven guilty. Wait on facts before you guys post negative comments and for all those who rubbing salt in peoples wound. Karma is a bitch..lol jus relax and see
Phil Sam, while I can relate somewhat I still don’t understand why DS constantly avoids being regulated! please expound
Phil Sam
obviously your not an Olint investor. And a close relative of “therealdeal”. I dont live in Jamaica so I should not be affected by all of this “government conspiracy theory” BS. Bottom Line is….
di money DUN!
and I just reviewed my Olint contract, which protects DS from all liability.
We get jook
Well said PHILSAM.
therealdeal…send us solid proof!!! PLEASE, lest I forget my manners. Get us a screenshot – something to ease our anxiety. I feel confident to speak on behalf of this entire forum – we are sick and tired of cheap talk. We want some hard evidence.
Phil Sam
Your obviously not a lawyer. That said, let me know if you need one.
i cant send proof, cause my cousin can lose her job. but the money is there, it is not being traded now cause the feds are monitoring it.
so wat was the excuse for the past seven months then? When it was being traded and we got all the bogus excuses.
Another thing. Isnt it funny how somebody always has a cousin that wuk somewhere?
Phil Sam,
My apologies. That was facetious of me. I am just not ready to accept what seems to be the devastating reality of this ordeal.
therealdeal… I pray God… (laughing hysterically again) ahhh bwoy…. that you are just that – THEREALDEAL.
LONG TIME ME DID A WARN DEM!
DAM GRAVALICIOUS!
U DONT SEE NOTHING YET!
WAIT FOR THE DISAPPEARING ACT!
actually i am just lying to liven up the room
Guys relax!
The money is coming. David is the best trader in the world. He has never had a loss in 12 years. Despite massive losses in WallStreet and the global market. He managed gains every single month……he is invincible this is just a snag ..hang in there we will all be getting 16 percent gains next month and if we play or cards right and follow DS we will all be millionaires in the next 3 years…….have faith the money is coming soon because DS cannot lie after all he is a christian from a humble background a champion for the ordinary man.
I like your sarcasm…….LMAO
DSLoyal & therealdeal – laughing hysterically again.
thanks …..its great alternative to insanity and assault and battery…the only options left for hapless olint investors
Indeed !
OLINT just got way too big to continue to be operated as a simple club. In this day of anit-money laundering and anti-terrorism and “know your client” etc, can you imagine the questions that were raised when a private individual (investment club) continues to repeatedly funnel large sums of money to thousands of people?
The money is still there, but it will be tied up for some time until every dollar and client can be verified.
Simply put, in order to continue trading, OLINT had to tidy up its house – but they started way too late.
I took a simple forex course before joining OLINT from http://www.forex.com (Gain Capital) and in a few weeks was able to post positive returns; some as high as 40% in a single day! I could only afford to gamble $2,000 us so I couldn’t quit my day job to trade forex so I found somebody to do it (OLINT)
OLINT doesn’t operate like other regulated companies trading forex. OLINT pools all cash and trades and then splits the profits with everybody – Other forex traders assign an account rep to your account and your account is traded by itself on the currency pairs you request.
Its a crazy market $2 trillion/day, but when u start to get into the wiring of $100’s of millions every month then alarms will go off…for anybody…unless of course you are a regulated business and not a “club”
russ u right i agree with u
why do we always big up in a big way and beat down just as hard. Pray that it all works out, BAD MIND NEVER CARRY ANY ONE UP , ONLY DOWN.
Peeps, it’s been great but i’m off to bed, I hope we can finally get some answers. People should be implementing their plan B..actually they should have been implementing their plan b from January. Good luck to everyone! see yas tomorrow!
Um guys…Im just looking over my Olint contract and it says:
I am guaranteed 80% of my investment.
My maths not so good yuh nuh….wat is 80% of nuttin?
is that still nuttin?
Oh you know what, let me go ask Mr. Lee Chin for an answer since he is the reason for all of this.
LET GOD BE THE JUDGE OF ANY MANS CHARACTER , AS HE WHO IS WITHOUT SIN CAST THE FIRST STONE.
Oh and I might not be without sin but im sure as hell without money.
It’s amazing how DS wasn’t being chastized when he was making the politicians rich..now all of a sudden since him gone on him own people are trying to bring him down………………..wake up and smell the coffeee……………
Mr Lee Chin better watch himself. a run on his bank would cause it to go under as well. Actually thats how he came to acquire NCB in the 1st place. During the financial meltdown in the 90’s when all it took to close a bank was to start a rumour and stand back and watch the run of depositors do the rest…There is no sure thing but death, taxes and bun.
Needless to say, there are many people out there actually doing their own trading and making good returns (10-15% higher than OLINT) but their cash transfers are still one on one and limited to a couple hundre thousand dollars each quarter.
Forex is risky, but what has happened in the financial markets during these last 5 years has been enough to make 100’s of millionaires (can you belive that its almost $2us to 1euro? the canadian $$ is worth more than the US – Stella Artois just bought Budweiser!)
Bun?
As in Bun and cheese?
or we jus get bun by DS?
I find this site very informative, but hilarious !! But the fact is that person'(s)’ money is(are) at stake, both the greedy and the needy. So, let us all hope that David Smith is not a con artist or thief, but true to his word of helping people make money. If he’s innocent praise the Lord; if he’s guilt still praise the Lord but his ass needs to be grassed !!! Send him to the wuk house !!
IMPORTANT
No partial payment will be tolerated. Unless of course the Smith’s are seen daily on the street begging at devon house traffic lights. Any payment if at all that is short or allows the Smith’s et al to continuehhigh living is deemed unwise now and in the future.
Did this email prompt todays raid on Olint:
This email was purportedly sent by an Olint investor to the TCI – FSC a copy of which was sent to us.
See full email below:
To:fsc@tciway.tc
Dear sir/madam.
I am an investor with Olint which I understand is registered in the Turks and Caicos Islands.
I am also made to understand that they are registered with the FSC, which has jurisdiction over their operations.
Over the last seven months I have requested and have been unable to get any encashments from my investments, despite many promises from David Smith, who is the principal of Olint.
This morning we received an email indicating the local office in Jamaica has been closed and that we will be contacted at some point in time in the future.
As an investors I am very concerned as I have seen his type of action before from two other companies who ran off with our monies.
In order to prevent a repeat of this situation in Jamaica and in order to prevent a repeat of this, I am making the following request.
1. I would like for a cease and desist order be placed against Olint and all its related companies.
2. I would like a court appointed receiver to take charge of the operations of Olint with immediate effect.
3. I would like a court order be issued to prevent Olint, David Smith, Wayne Smith and any other related party from transferring any assets to or from TCI, Jamaica, USA, BVI, Panama and any other jurisdiction.
4. I would like all his accounts in TCI be frozen during this period of time.
We have invested thousands of dollars with this company with the hope of great returns, and would not like to see this invested go the way of the others previously mentioned.
I appreciate your assistance in this rather urgent manner.
If this is not possible is there any other channels that I and other investors can look at in order to recover even a portion of our initial investment.
Once again thanks and I am looking forward to your reply.
See portions of email we received today.
”
Dear Club Members,
This e mail is addressed to Club Members as we are primarily concerned with responding to our Club Members’ needs and those who have stood by us over the years.
It is with some regret that we advise that, as a result of threats to staff members including a bomb threat within the last few days which is being taken seriously, the Club Member Care Office will be closed to the public as of Monday July 14, 2008. Efforts are being made to address the matter and we will advise you further. All customer care lines and e-mail lines will be opened to facilitate communication with you notwithstanding this safety measure which we have had to impose.
We fully appreciate that this sort of behaviour may well flow from the failure of the Club to honour recent encashment requests in a timely manner including our most recent efforts. The fact is that the last 18 months have been testing ones for the club, as we were clearly faced with conspiratorial scheme(s) since 2006, designed for us to fail by causing a run, to drive us out of business and out of Jamaica. That result would no doubt have brought satisfaction to regulators and bankers who by the methodology of their efforts could have no other intent. We have however fought these efforts strenuously and as we fought, additional responses seem to have been orchestrated locally and abroad, not the least of which is the effort at closing of our accounts which service our Jamaican Club Members.
Indeed it is no secret that since March 2006 the Club has had to face serious challenges all of which have been threatening its viability. It started with the FSC raid, the sudden threatened closure of the customer service accounts by local Banks and all the ensuing legal battles which still continue. The fact is that the constant negative and speculative reports have wreaked havoc on us. The effect, if not the purpose of these orchestrated speculative reports, is that collectively, they are intended and do cause ever increasing levels of encashment, which no sound financial operation can withstand indefinitely.
These negative and speculative press reports have put a strain on the management of the fund and the fund has come under more and more scrutiny which has also itself been triggered by the increased encashment demands. The reckless and prejudicial use of National Futures Association (NFA) report which was not against us but only mentioned us en passant, while not providing any evidence whatsoever but speculation, caused, as if by well timed design, further pressure on the fund.
We take much of the blame for failing to provide you with clarity on this issue. The fact is that it is difficult to deal with the public relations fall out in a matter such as this. This because every document or communication sent to you in confidence in order to provide relevant and necessary information ends up in the media or in some further affidavit in an attempt to prejudice the cases that have been legitimately defended or prosecuted, with the ultimate aim of benefiting you the Club Members. The patently false Jamaica Observer report that there was a complaint against us by the National Futures Association (NFA) is just one such example.
The thrust of the litigation has been to discredit Olint as being in receipt of criminal property and or otherwise involved in money laundering without any evidence. In effect that allegation is being made against each Club Member because we could only be receiving criminal property from you or laundering funds from you. You know differently, we know differently but we need time and must go through the justice system in order to prove this. Let me place on record that the Club has always operated on the Forex market, which is not in Jamaica. The ultimate benefit to you is to bring about a new financial market place that is in interests of the ordinary citizen and not only the traditional banks that seem only keen on maintaining Billion dollar profit levels.
Audited financial statements are an essential aspect of business but the manner of use by the local Banks against us is a ruse. We are not borrowing money from the banks. Nevertheless we have since the 19th December 2007 been making efforts to appoint auditors. You will appreciate that they too would be concerned about the reputational risks for them as against the type of wild allegations being made. Reputable international auditors prefer to take no chance at all as a result of which we have been in dialogue with reputable local auditors who appear willing to audit the accounts. This is necessary because with the increased negative pressure and press including the alleged NFA investigation, 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.
We have done our best and will continue to do our best to meet obligations to our members who have been patient.
Over the next few days you will each receive individual letters which set out the future direction of the Club and how the past year and the current state of affairs will affect each of you.”
Sirach, Finally someone with some serious talk.
We know who used badness and got paid. We know who bought what, where and when. We know that the Smith’s have a stash differently. We know alot. We know alot…..haahaahaa we know alot. This story not going to have no walk into the sunset ending.
How a man and a woman and an uncle can look at the children and say “you will never know peace, true happiness ever” and people will hate the sight of you forever…for what your parents did?
I read it somewhere. Yes, it is written in the Bible. Remember? the children shall suffer the sins of the parents.
I pray to the Almighty father that DS,WS and TS just pay all the money they owe in full and then retire themselves quietly from public lifeand hold a curb. That is the only solution that will cause this problem to be concluded.
Any other try will fall short and their children and grandchildren will be despised.
That’s just not fair. Pray yes….we must pray
Amen to Sirach. All we need to do is read our OLINT contracts. We aint gettin diddly squat
Jay,
Possibly, maybe the icing on the cake, since the investforlife post said investigations started 1 to 2 months ago.
So I guess we nah see DS in the casino or platinum blowing 10s of grands anymore…shucks
*US*
I don’t care how much badness you come with – nothing was ever guaranteed – and money can’t just manifest from gun-but if its not there.
I know frustration is setting in, but we can only blame ourselves – maybe more people will do “due diligence” on their own before “investing” = which is just a pretty word for gambling.
My grand-dad used to play a lot of poker and bet on plenty racehorse, but he lived by a very strong rule “Never gamble with your rent money”
Acropolis mus’ bawl 🙂
DSloyal
the sad part is is that if Olint people do not get more than diddly squat and if it is less than the full amount then the smith’s shall only be permitted to live on subsistence at best. And the smith’s include innocent youngsters who don’t know what is going on. That’s not fair.
russ
many olint people have none of their rent money in olint. yet they have millions. Many earned the money through hard work and not gambling like you grand dad.
On simplicity and simpletons
Many olint people earned their money that they have in there from KILLING PEOPLE. yeah MURDER.
Why DS let them in we may never know but they are there.
For real !! Everyone should at least get back their principal before David and family can live big life with money earned from investors’ hard cash !! Nothing less is acceptable, to RASS !!!
russ
Are you a Jagan? Honest you live a foreign long time?
Look: Badness trump “guarantee” and “run whey” and “promise” and “police” and “soldier” and “politictian” and “stash away money” and “fly out granma” and many other foolishness.
You playing?…probably you are….hahhahaa
respec….you got me there bro.
Golden lot
I thought I cleared up the stupid principal argument. Look many people have money for others. Some used to pay others encashments on behalf of DS if they had the corn…..calculating this is impossible. can we can the principal BS now?
A top police official said that if Olint crashes he would kill himself because thats all his saving
I feel the stress
Jay, i find it quite unbelievable and quite bothering a such an email was sent to from FSC-TCI,this is something which can be used in court.
Explain to me why something so person from FSC would be in ur hands, or is it thaT u or ur affiliates sent this letter yourselves, explain ???
If i sent a letter to FSC Jamaica, i dont think they would make it public
actually my grand dad wasn’t a very good gambler!
Sirach, you are perfectly right – plenty blood and drug money is in OLINT, but plenty in NCB, and First Caribbean etc as well.
I am interested to know how many of OLINT’s gamblers actually tried to understand how the ForEx markets work ?
People God answers prayers so pray about it
russ – not many if they think a trader can make profits every month for as long as they live….
Yes, Jay put the cherry on the top now….what was the response to the letter send to the FSC-TCI?
I trade the forex for myself last month i made 18% but some month u will lose
I want my money back !! I know I would carry allot of feelings to see private jet still flying and David and family still living the life of the rich and famous. I’m human with faults but I know to rass it not going so !! Oops mi start tink evil, OMG !!
Chimp,
I would think that today’s action may have been a result of that letter from an investor who decided to take action before Olint disappears with the rest of the money.
golden lot makes a good point….all this time while people have been waiting for their money ‘SuperDave’ (I like that…)has been jetting around and balllllin! you know how much jet fuel costs??? NUFF!
Jay i dont believe this email was sent from an olint member, why would u want a cease and desist order for olint, what this has to do with getting u money back.
I this email was sent from non olint member , otherwise why would it be in ur possession???
Even jesus came and did miracles and still got crucified!
If all of us unite and file a claim, just may be we will get some cents back on the dollar !!! YES, WE CAN !!
News flash
David has flown in his legal team from the USA so we will hear more shortly
actually that action may have more to do with Michael Misick and his corrupt governments pending commission of inquiry.
We complaining about our politicians driving prado…in turks they just step up from escalade last term to range rovers this term!!
They trying to keep OLINT money for themselves
Chimp are u an oxymoron, bout cherry on top, u tek bad tthing mek joke?? go yuh bed, yuh boyfreind callling
Remember the notice. “you can e-mail hyipmyths [at] yahoo [dot] com any information you want to share…” – nuff said
Jay are wrong the deputy commissioner says there has been an investigation going for 2 months now, long before u sent that email to them
Rich — Broke,
I will not divulge my sources.
Did you notice that we have asked that folks email us at the address at the top right hand corner of the screen with any pertinent information on Olint or other AIS.
As you can see from the email, the investors is trying to make sure that an independent body is brought into the fray tomake sure that ALL Olint investors are treated equitably and that the “big & bad man dem” don’t get all what remains in Olint, while other get zero.
This is what should have been done a long time ago, rather than sitting and waiting for something to happen.
We shall see what will happen in the coming days, after a receiver has been appointed to take over Olint operations.
NEWS FLASH
The invetigation on DS is because of his links to the TURKS Premeir
They are alledging that he may have gotten sweet heart deals from the Government to purchase prime real estate
Janice,
Olint lawyers are retarded, they have agrued poorly,
bout ncb a breach fair competition act, lame agruement that lol
broke again,
u must be an investigator or a lawyer !! brillant deduction !! I’m recommending that we nominate you to track DS assets
Rich back then BROKE
THese lawyers are not the stupid Jamaican lawyer
janice
Yes that Primer is a crock they even accuse dhim of rape one time. I know a friend who he GAVE land to in TC so I believe that one!
Janice stop spead rumours, i know ur a woman and u cant help spread gossip, but the commissioner spoke on Nationwide he said there is no relation, it is very likely that because of many complaints they got from TCI and Jamaica, they had to act, with a little help from court case re Lee Chin/fsc of course, makes a bad pictures for DS.
Rich & Broke
The police is lying u will hear on friday
Janice – how come everbody lie EXCEPT DS ?
DS have money for big lawyer…him betta have unu money too…
People my fund manager freind from Ncb and DBG celebrating, no more withdrawls from their big clients for Olint, little they know that if they lose their money, big clients will have to sell their stocks, and draws saving to cover their losses in DS
The truth will all come out soon both in turks and in USA
Have a link in Wacovia bank will tell u tomorrow what happening their
Nuh people poping champayne while other losing sleep. ??
DS also lied to us about many things i must say
But the facts r he has the money but it is frozen
He should have told us
RICH BACK THEN BROKE AGAIN
Exactly a good friend a mine calle dme up celebrating and laughing about this…I was like dont you know this is also gonna affect the banks in JA…People are gonan turn to whateva money they have left to pay for that second mortgage or fine food to eat until they can get back on their feet again..
I even knew some retired people that had their whole live savings in this…
This is gonna have a serious impact on the Jamaican economy!
bank of american is said to make $7 for every $1 invested i the forex market.ds did the same i think he is a very good trader because he use to trade for a bank let us all wait to see what the fed say. one thing about the us they will follow the money and every will know to the dime
Hope Janice doesn’t disappear from the blog, like our friend OFL. I anxiously await her insider info !!
Wachovia is used by Lee Chin bank, why u think their is a problem with Wachovia and Oanda, ncb executive having been using their influence to raise red fags for Olint.
Olint lost its case, good ammunition for NCB to use their links to sink the court case
The worst part is I hope it wasnt some stupid disgruntled Olint investor that blew the whistle. If there is evidence of any wrong doing. Nobody well get a DIME BACK!
DS get poor record would be hard for people to distinguish who had clean money from blood money.
DS is a jack ass i must say
U think wicked Lee Chin want him to pay
Lee chin has given instruction to his manager, say that if wires come in they must hold it as long as possible.
But lee Chin nuh realise that many of his staff has money in Olint nad every time him talk it comes out
If is really MLC that blew the whistle… I hope theres a run NCB like last time when people got scared and took out there money. These time because of him EVIL DOING, people just wont return.
Lee Chin better watch him head back , serious times, people dont use reason, just anger
Let me tell u if DS a theif me will help u to bring him down.
I have the links to do it so him cant hide
The only things seh me feel sorry for his poor children
But my 2 children a go suffer if me no get back some money
WHat MLC, Clarke and all this big bank exes need to release. When you miss wid people money it affects the banks to!
As the saying goes:
Don’t cut off your nose to spite your face
Janice
By now it is clear that DS has lied about several things. Assets were probably frozen since January. When you say money do you mean all that he owes?
Look if DS a theif he deserve to go prison
But only if him a theif
Me feel like fe bawl cause nuff people a suffer
MLC, JM(spanish bwoy), DS and the so call Olint member (informer) that caused the run and panic on olint in the first place…Need fi watch them back seriously.
Two people jamaica need to run out of jamaica
1) David Smith for paying high rates to con people
2) Lee Chin for making billions off poor people who cant do nuh better but borrow their lives away
more poverty more loans, less poverty more cash purchases
Yes the money that is frozen can pay everybody
But the problem if the USA government find any dirty money in it then all will be lost
If confrimation come tru that MLC was involved in this
DS can wait after all.
People must make wicked Lee Chin know how we feel
Me ago close all my NCB accounts
I am not sure if they can freeze all or just the tainted funds. It will certainly take longer to recover any monies if they find anything untoward. I am pretty sure some dirty is mixed with the clean because his account opening procedures were not the most rigid.
A freind of mine is in World Wise
They sent a wire to his BNS account the funds were credited to his account, but by the next day Bill Clarke told his staff that any money from these schemes must be sent back
So BNS took the money from his account and sent it back to World wise
So World wise is going to have trouble also
The banks have made it clear that they and these cannot co exist
My first comment seemed to have disappeared.
What happened to the 250 milion taht arrives in Jamaica last week.
Whats the hold up with that.
We really do need some answers
I want confrimation that the amount of the funds is intact before anything else.
Even if the feds take the funds at least you can say DS was not a TIEF!
Thats leaves the SNITCH!!
THe whistle blower!!
The badminded fool!!
Yezzirr, thanks for pointing that out. correction made.
People must boycott SUPER PLUS
Stop suporting Lee Chin And Wayne Chen dem wicked
DS has the money but it is frozen
All he had to do was tell the truth
If DS is found guilty under the CRIMINAL PROCEED ACT all his money and assets will be taken away and he will be sent to prison a broke man and we will all suffer
Last word
We must mek Lee Chin Know how we feel,started to boycotthis companies
DS ncb account has money in it and is active so some people might be getting money secretly
I just wanna know that the guy HAS the money
If he has all the money(which the feds probably are gonna take). Its not so bad.
Now if money is missing then its a problem!
I just wanna know who blew the whistle
I hear its between MLC and a Olint member?
I not mad because I didnt lose that much but..my phone been ringing off the hook. I feel it for some people.
For the fed to take the money they have to prove wrong doing by DS that was deliberate
It was Lee Chin who stop DS from bringing in the second batch of funds
Remember that funds came in early June that sum was in excess of 100 Millions dollars this was use to pay people that had request in December and the first 3 weeks in January, you can check u bank links for yourself.
Lee Chin then made a report to the Feds that suspicious money was coming from DS/Olint to his bank and that when they froze the money again
People Lee Chin a wicked
Lee Chin think seh when him ded him cantake the money with him
Vengance is mine says the Lord
janice you have my full attention. You seem to know your stuff (no joke). Is DS going to comment any time soon? What are his long term plans?
Somebody give Janice sleeping pill mek she go sleep!
Cant say if he will make a comment soon because this thing i Turks has hit him hard
Will make some calls then post it
tomorrow
What can he say we knows the facts that the money is frozen so will have to wait for the out come
http://www.jamaica-gleaner.com/gleaner/20080716/lead/lead1.html
guys…apparently its not only turks authorities but also US government involved as Olint office in Miami was also shut down
Quote
A joint team of United States and Turks and Caicos law enforcement officers reportedly raided the offices of multibillion-dollar investment club Olint Corporation on those islands yesterday.
The Gleaner learnt yesterday that Olint’s offices in Miami, Florida, were also ordered closed by the US authorities who removed computers and files from both locations.
Problems
“The source claimed Olint’s most recent problems started two weeks ago when it sought to wire US$200 million through a prominent Jamaican bank. The bank reported the suspicious activity to the authorities and an investigation followed”.
I wonder who this could be?
Whch offices those Olint have in Miami? can anyone tell?
lol…well at least the gleaner article says Olint sought to wire 200M last two weeks. SOOO…..mayb DS has the money for real…things looking up
The same article also said A certain bank reported it suspicious…i guess we can all kno which bank that is and now the conspiracy theories now have traction
And everyone thought Janice didnt know what she was talking about.
Well MLC can pat himself on the back..til it backfire in him FACE!!
It’s unfortunate with these further complications of the process of Olint streamlining their operations. All you members I wish you the best and keep the faith. The local Ja. financial institutions(govt/private) really have the audacity to talk of unregulated investment schemes. Our former and wise financial minister should remember two things ‘FINSAC’ and ‘economic models’. Also, the coincidental issue of a letter of disclaimer from one of our unbiased institution right the memo sent out to members of Olint. But it’s funny how come our elected representatives have remained somewhat silent during all this turmoil.What you tired to talk after you done counting your own money? Mr. David Smith. you need to get a ” Johnny Cochrane” of securities and quickly clean up this mess and send out the money in turn build back you credibility. What’s also funny after all the sabotage, they haven’t arrested or charged the gentleman in question and they have frozen his assets and he is still allowed to operate…lollll People wake up….the pretty bulidings on the boulevard aren’t concerned about but they are concerned with their balance. In my opinion they would benefit so much more from support this scheme than sabotaging it. These bright sparks could easily have special high-yield checking for the members, charge higher transaction fees on the accounts, the goverment would benefit from spending of richer public, more GCT,taxes etc..
It’s finally time to start building up each other and stop tearing each other down.
ps. members if you dont look out for Mr.smith and God forbid harm comes to him . who the hell are you going to get back your monies?
I told u soooooooo
Now u beleive me
My source is quite good
The problem iS NCb all aloNg.
So why we don’t have a plan of attack fi wi own, like call NCB head office throughout the whole a tomorrow, and ask dem why dem so lie. Tie up dem phone line too, Den dem wil understand how it feel fi be sos spiteful gainst the club. We fi call RJR and gleaner and naionwide news too
NCb number 9299050
bwoooy Janice jus me a beg u.. mek u call dem an update we tomorrow and as u hear something new
stated by the gleaner
http://www.jamaicaobserver.com/news/html/20080716T020000-0500_137931_OBS_SOME_OF_DAVID_SMITH_S_ASSETS_FROZEN.asp
read the obsever too online
I think Janice is the Director of the CIA.
How else can she know what the Finance Minister, Gov of BOJ and MLC talk about in private conversation.
How can she know what MLC told his US banking friends in private conversation; for surely there will be no writen record.
how can she know what Bill Clarke and MLC talk about on the golf course? Or who reported what to the FBI? This is incredible.
DS can clear all of this up by making the following statement of facts:
1. We have $750m on account with Oanda.
2. We wired $250m from our account at back a to our account at bank b. Here is the evidence.
3. The funds are frozen but we are working with authorities to resolve all questions.
If Janice and others are right then these are simple facts. How can they harm his defence? How is the silence and allowing speculation helping his business?
I would appreciate some answers
Not good news for Olint , but dont know many ponzi schemes wiring 200 mill to pay investors. This must add to the credibility of Olint. Interestingly enough if the gleaner is correct, the banks which claim to be facilitating Olint seems to be the same ones giving it a fight. Not sure how much blame to give them in this case though. I cant see a transaction of that size going unreported. But TCI authorities seems to be acting on complaints received, so I guess the very same club members trying to get their money may have hurt themselves more with their enquires to the TCI authorities (not a statement of fact)
Cant see how i can keep money in MLC institution still, gonna close them, may try JMMB. Superplus will never see a cent from me, dont even mention BNS
Yezzer, Janice,
Does Olint have an office in Miami?
I am afraid to and ashamed to say it but that gleaner article sounds like some postings on these blogs
a source seh, a friend seh
Does anyone know of an OLINT office in Miami?
FACTS:
1.
JULY 2nd: (2 Weeks ago), Olint sought to wire US$200 million through a prominent Jamaican bank. The bank reported the suspicious activity to the authorities and an investigation followed.
http://www.jamaica-gleaner.com/gleaner/20080716/lead/.html
2.
Two month ago the (British) Governor of the Turks and Caicos Islands (which is a semi autonomous independent country, but is still under British rule) launched a commission of inquiry into corruption of TCI Prime minister and other key TCI government members related to kickbacks from oversees businesses operating in TCI. On July 6, The UK Parliament’s Foreign Affairs Committee (headed by the UK FOREIGN SECRETARY), released a report in which it argued that said Commission of Inquiry should have been appointed earlier. The commission ” is to report to the Governor within sixteen weeks its preliminary findings and recommendations concerning instigating criminal investigations by the police or otherwise; any indications of systemic weaknesses in legislation, regulation and administration”
This investigation is now ongoing and is the reason why Olint’s property has been seized.
Reference: http://www.suntci.com/
3.
In May, the National Com-mercial Bank was barred from closing three Olint accounts until an appeal was also heard. Then On July 15, following the july 14 closure of Olint’s offices in kingston, JA, in an advertisement carried in The Gleaner, the National Commercial Bank (NCB) stated that it could not lawfully refuse to accept any deposit which Olint would wish to make to its accounts. NCB’s primary share holder is Michael lee Chin.
4.
The TCI investigation has been ongoing for 2 months and has not to this date turned up any evidence implicating David Smith in any activities warranting his arrest or detainment. He is currently free to travel locally and internationally at his own will.
Reference: https://investforlife.wordpress.com/2008/07/15/olint-assets-frozen/
This situation feels like an instant replay of March 2006, though of an exponentially escalated proportion. A raid but no arrest after an investigation that has purportedly gone on for two months. Unlike CH who was arrested! What do you think of that one, guys?
Joe, thank you. Someone who shares my point of view. The “million” dollar question remains, “when will any of us see our money?”.
Joe,
re You facts
1. The Gleaner said that a source said. That is not a fact.
Dou you care to address the following?
“DS can clear all of this up by making the following statement of facts:
1. We have $750m on account with Oanda.
2. We wired $250m from our account at back a to our account at bank b. Here is the evidence.
3. The funds are frozen but we are working with authorities to resolve all questions.
If Janice and others are right then these are simple facts. How can they harm his defence? How is the silence and allowing speculation helping his business?”
Maybe those members that got friendly with the TCI authorities can keep getting friendly with them and ask them to send the money so we can get it. Self induced hardship
anonymous,
I agree with you, the gleaner article definitely sounds like is someone from a blog wrote it. So far, the most credit worthy information I get is when Investforlife posts and no where else. Journalists out here are pretty lame. From the news break they should have a correspondent fly down there and get hard facts instead of reading blogs and getting info from ‘sources’ that are never right.
FYI: The UK has not had a good history with FX traders also known as currency speculators. Does the name George Sorros ring a bell??
On Black Wednesday (September 16, 1992), Soros became immediately famous when he sold short more than $10 billion worth of pounds, profiting from the Bank of England’s reluctance to either raise its interest rates to levels comparable to those of other European Exchange Rate Mechanism countries or to float its currency.
Finally, the Bank of England was forced to withdraw the currency out of the European Exchange Rate Mechanism and to devalue the pound sterling, and Soros earned an estimated US$ 1.1 billion in the process. He was dubbed “the man who broke the Bank of England.”
Ref: http://en.wikipedia.org/wiki/George_Soros#Currency_speculation
janice, WAY TO GO, MI STILL A DS SUPPORTER, but as nocotec point out, mi a try give people hope, so that is my view, mi nah impose it pon nobody… Janice mi outta town still thats why mi nuh have yuh back. It hard fi mi post right now, as soon as mi get back mi gots ur back because mi a deh top shotta…lol DaveSin,Jay what a gwan??? investorlife, mi ip change but its just fi today and maybe tomaaarow.. si deh money deh 200m…. gwan supah D, mi still trust yuh until proof tell mi otherwise…
Pob not anytime soon. This is what happens when there is a run on the club. Same thing in ’06…but everybody eventually got paid – what happened since 2006 is that OLINT grew exponentially by the number of clients and money under management. When this run started, the same questions arose – money is available but not until the authorities can verify every depositor and every depositors source of funds. So if you making $1.5 mill/year and have $10mill in OLINT be prepared to prove that your money is from legitimate mens. I am sure past tax returns will be called into play as well
People come on this site and lick out agaist speculation while at the same time dem posting that a friend seh dis and a source seh dat. While dem doing that they are slaundering MLC, Bill Clarke, the bank and everyone wit no evidence. Isn’t that just speculation?
Why hasn’t DS cleared the air? Let me repeat because I am still looking for a Pro-linter to address it.
“DS can clear all of this up by making the following statement of facts:
1. We have $750m on account with Oanda.
2. We wired $250m from our account at back a to our account at bank b. Here is the evidence.
3. The funds are frozen but we are working with authorities to resolve all questions.
If Janice and others are right then these are simple facts. How can they harm his defence? How is the silence and allowing speculation helping his business?”
I guess it is easier to skim over the issues and talk bs
Taking the time to investigate and to empower oneself with learning is a far more profitable excercise than speculating and beginning to panic.
“Knowledge will forever govern ignorance; and a people who mean to be their own governors must arm themselves with the power which knowledge gives.”
James Madison
Robin Irie, u wuk fi the jamaican govt? You is a tax man? Any day u mek dem breed a money deh and nuh pay nuh tax pan it, dawg nyam yuh suppah.. lol So mi sure you wouldnt want to show no proof seh yuh have it… A LIE MI A TELL? Yuh only have mout cause is not you in the situation… Show me deh proof seh him nuh have it…. Well mi cyan talk loud now cause nuhbaddy nuh know nuttin, maybe I 100% wrong sah, suh wi si how it go…
So realistically…..should there be money / assets left to divvy up and pay out…………….what kind of timeline are we talking here? i’m guessing ppl can expect NOT to receive anything for another couple months……..who knows
I think someone previously mentioned about “piggybacking” and how difficult it would be for some members to accurately declare value of investments due to joint accounts..etc..
i think the bigger issue now is this chain of events is really gonna “test” people’s relationships…….you imagine I have $10 k in an account……5 is mine and 5 is someone else’s…….and I get want to withdraw EVERYTHING but only get a payout of $4 k eventually……….am i going to divvy it up 2 for me and 2 for my friend….or that $4 k all mine….and my fren salt..i.e. can wait
not trying to add to any speculation here…..just a hypothetical situation to illustrate that money (or lack thereof) can defi change ppl….and we have a situation now we prolli > half of the money invested with OLINT is via “piggybackers”……so it will be interesting to see how any partial payout is handled…..whenever the time comes
Robin
I think Olint has some funamental problems and no one will listen to anything he says right now.
1. He has failed to provide timely updates to his clients
2. He has failed to deliver on his promises.
3. He failed to pay consistently of 6 months.
4. He has not been honest.
Olint was reported to have meet with some “big wigs” recently and shown them “documented” evidence of funds.
Why would he have not done this with the majority of his clients.
The only way there can be any credibilty to thiis process is to remove David from the helm.
didn’t an olint employee say when they asked david if the funds were wired, he said “NO”. I dont believe the gleaner source. My friends who work that a bank, are laughing at this story, because this is not how they say it works. When funds are wired come into an account, and its over the threshold limit, it is still posted to the account, and the customer is not informed that a suspicious transaction report is filed. The customer can be asked, the source of the funds. That what they say. So the gleaner article is wrong, and the olint employee “member” confirmed this, when they ask DS if a wire was indeed sent, and he said no. Pppl lets get real, stop the foolishness, adjust our lives and try to move on.
Jay, mi feel seh u was smoking some herb this morning to mek dem deh statement.. IS DAVID CLUB, wah deh rass you a talk bout remove?!?!? You have nuh sense, is not a cooorporation weh u have board of directors… My boss easy yuh self, mi ask yuh fi verify some funds and all now yuh nuh get back to deh I!!! Mi feel seh u did have big linkz… Cho man, you was mi independent verification source…Cho..
Suggestion for Olint investors – Must do items.
1. Make sure you have a copy of the original contract/agreement with Olint.
2. Make sure you have a copy of the second agreement that you signed in june.
3. Make sure you have copies of all email to your from David Smith or any other Olint representative.
4. Retain copies of all emails that you have sent to Olint.
5. Ensure that you have copies of every single deposits and interest payments made to your account.
6. Retain all checks stubs and if possible request a statement of accounts from your banks since you started your business relationship with Olint.
7. Ensure you have proof of the source of funds that you initially gave olint and also all subsequent deposits.
8. Ensure that all other correspondence or documentation sent to or received from Olint are readily available.
These items will/may be required by the court appointed receiver should one be asked to take over Olint operations.
Further advise will be forthcoming.
Majid,
Think about this
1. If he has the money its a fact. The taxman has way to find out. The can get documents through the courts and bilateral relationship with the States can also provide the info. There is nothing to hide.
2. If he sent the money there is a paper trail. He cannot hide or deny it. The taxman already has access.
So come back to my question: What is to be gained from all of this?
The wonderful fact about this entire mess, is that David Smith single-handedly exposed the Jamaican people as a whole to forex trading and its huge potential. Maybe super forex brokerages/ dealers will never again be viable, but at least now, you and i can go online, read, open demo accts, practice, discuss, trade and eventually start to make money on an individual basis. This approach can also be taken with Stock exchanges all over the world and other forms of e-commerce. Individually we can each take charge of our financial destinies if we have the discipline to study and practice, until eventually the whole jamaican economy will be strong because Jamaican people will be savy to world finance, emerging opportunities and trends. We all have David Smith to thank for this, no matter what happens. I know i do.
worried, your friend that work at that deh bank deh tell you rubbish, just because it seh wire, dont mean seh it go directly into fi yuh account.. Deh bank weh a send deh money send one file weh deh receiving bank receive pon dem server. DEN deh bank clerk hafi manually enter deh amount into deh various accounts… LOL, dont mek wire tranfer fool YUH into thinking seh its all electronic… If a lie mi a tell, correct mi sah, mi always willing fi learn suh mi cyan fight better next time… lol
The gleaner report is NONSENSE. I listened to the police commissioner on nationwide yesterday. He said that the usa was not involved in the raid.
We also know that Olint has NO miami office.
One more thing, any wire transfer of 200mil would automatically be reported, so they could not raid ds for that, and when he used to payout, DS used to send wires of far more funds than that.
Do not lift your hopes, the fact is that DS has not paid anyone for 7 months. Last week he told 2 politicians in jamaica that he cannot payout anything now until a years time, but would not answer questions as to the amount of money in the fund.
People do not lift up your hopes, there will be no money that will be forthcoming to you all. There was no wire transfer of 200mill that was stopped by any bank in jamaica. Do not trust the gleaner report. They quote no source, ” a friend say” lol,
Yuh eva hear such FOOLISHNESS?
JOE YOU ARE SO RIGHT, THAT IS THE WAY THAT I LOOK AT IT TOO. WE HAVE BEEN EXPOSED TO THE WORLD OF FX TRADING AND SHOULD GO AND PRACTICE DOING IT FOR OURSELVES.
We’re all gonna be ok.
therealdeal, THERE IS NO MONEY, WHY U DEH PON DIS BUS DEN? IF THERE IS NO MONEY, THEN GET ON WID YUH LIFE AND STOP BADDA BADDA THE PASSENGER DEM PON DIS BUS… Right DaveSin Ducta, tell Jay, seh him need fi restock deh white’s, it a get HOT up in yah…
Janice said…”DS is a jack ass i must say”…
Janice its good to know that DS and myself are in the same category….both ****!
Janice, since you are soooooo connected, why don’t you answer the question about the existence of a “miami office” of Olint. This is the first time most people have heard of this. Any comments….what does your LINKS say?
Ducta my stop dis…
Majid you are a fool. Why are you on the bus? Are you going to find money on the bus? I come on the bus to read what fools like you have to say. It is like a comedy club here. Infact I should just do a play with the comments here. Oliver could star it
Majid:
Since you are away from your base for today…maybe tomorrow, why you have so much chat? BTW, mi know weh yu deh!
there is no Olint office in Miami, infact DS does not go to Miami, when he travels to the States it is usually to Las Vegas. That is a FACT
majid how much money does Olint have for you?
I wouldn’t say they don’t have a miami office – they have at least one spin off/ feeder company there – Its possible that’s the one they raided as they were a major feeder way before all the other feeder companies opened up. I have a couple sources there but It’ll take time to verify.
Hahahahahahahah…..yeh majid.
there were no feeder company raided in Miami. Why dont you all listen to the interview with the DCP in the Turks and Caicos?, and stop clinging to hopes and dreams.
THE MONEY DONE
We can communicate without the trading of insults.
I would therefore like you all to desist from throwing insults at each other as this is an unacceptable form of behaviour.
Thank you
We the original detractors play the long game. We have been saying that these schemes are unsustainable and we have seen them all fell.
Everyone is entitled to there own opinion but their own set of facts (who said that again?). The point is there can only be one truth. Not my truth, your truth, or your source’s truth. In time the truth will come out but even then we don’t expect everyone to believe it. People are still talking about Carlos Hill getting a fight.
Remember, 2 + 2 must = 4 every time.
Let me repeat what I said about C+ in January. If the money is there then all this is just a temporary blip. No amount of bad mind rumours, fight gence or anything will stop Supah D. Olint will get through it and us detractors will have egg on our faces.
therealdeal:
I find it hard to belive that the Gleaner would make that statement about the Miami Office/US authorities. This is a very BIG issue if true. Is there anyone that confirm this?
The Gleaner article is obviously pointing at Lee-Chin, but I do believe the source of the article is one of DS former VERY close friends. This ex-friend is getting revenge through misinformation and further defamation. Yet he has has still made untold millions. How could the Gleaner be so gullible? Obviously there r no Miami office of computers and files. Oh BTW his “offices” in New Kingston, there is only one. Just another attempt to create even more panic than is already there. As well as it being the US auth rather than the Brits created greater worry.
all that is happening is that the Turks and Caicos are freezing DS assets to protect the investments of their citizens, cause my brother;s wife, sister, cousin, friend told my mother that her helpers, baby father, brother, baby mother who lives in Turks and Caicos has not received any payment on the fund since she opened it up 4 months ago.
That is the one fact that you must always keep in the back of your mind, that since December, no monies has been paid.
I wonder what DS et al eating for breakfast this morning? I eating bread and margerine an so fresh mint tea…..wha? sugar done? oh r….ss.
TINY…TINY…TINY!!!!……..yeesss Sirach what yu caling mi fah…..tiny beg you likke sugar nuh mi run shart……You run shart? Big Olint gyal likka yu? heh heh..eeee. yu ever si mi trail….what is dis Sirach? Sirach…yes tiny? Sell di fancy PRADO an buy two pung a suga. and Sirach…..yes tiny….stop come ova mi yard and pick off mi mint a marnin time.
also if this was some BIG international raid, the feds would also have searched his office in Jamaica as well.
what office, you dont hear , they are quietly moving out stuff at night.
therealdeal:
Why you think it was close on July 14? He had a heads up on these raids and close the office and took all the files, etc. Remember, it was DS that phone in the phony bomb threat!
moving stuff? What? The staff did not know until Saturday that they were not going to be opened on Monday. DS brother has been out of the island for at least 2 weeks. So who has been doing this moving out quietly. Also if the feds were involved, they would have had all his offices as well as DS under connstant surveillance, that is how they work. remember that this investigation was not concocted overnight
THE REAL DEAL how can u make the statement that this story has no truth to it, i wont speculate.
Banks will not tell the public about what goes on re people account, it is their senior managers and compliance mangers who know the truth, suppose some money was sent by Olint but blocked because of inadequate source of funds, details . u never know, they wont tell u when ur transactons are suspicious
DaveSin, mi know seh u a falla mi man, dats why mi mek it clear seh mi deh pon deh move.. mi nah hid it sah… Yuh a fret seh mi a come fi yuh? Weh u deh? Maybe one day wi will meet up fi a white’s…
therealdeal, mi have responsiblity, suh mi never put nuh big dallaz in Olint, mi is sort of a long term man, suh mi seh, bwoy mi wi put likkle, and leff it deh over time… seems like if every man did do that, wi wouldnt inna dis yah high tension high stress mess now…
as far as i am concerned DS and his friend the prime minister of Turks and Caicos probably planned this sham raid as a further excuse to not pay out any funds.
Where else are you going to hear that police raid a man suspected of major laundering, freeze his assetts, yet he still has permission to operate hi financial biznizz, and of course travel the world. So they raid his places to collect evidence. Evidence of what? the raid is a SHAM
majid I had money in Olint. BIG money. but what i did was i collected my interest every month cause i needed it, so at the end mi nuh really lose, But i am really dissapointed, cause I know DS personally, he is a good man, have a good heart. For the life of me I cannot understand how he has constantly lied to people about their money, and used it off. This guy had a great thing going and because of ego and arrogance he has blown it. So many people trusted him, Until this week you never heard anyone here call him a thief, and look what he has come to now.
Why are you people so concerned with this supposed $200mln. EVEN IF that was sent, is sent, is found, this is not NEARLY enough to pay everyone even just their principal….
Its going to be a long hard road ahead….. either the road to getting paid, or the road to realizing and accepting that there is NO money coming
And as for David Smith and his reputation…..
If it is that he is/was being 100% honest, then yes he is in for a stressful period.. but at the end of the day he WILL be vindicated, and he will have his reputation cleared. If he is being honest at the end of the day he will emerge as a HERO that was targeted and who came through on top…
But if on the flip side he has lied through his teeth, then, well he and his kids will forever have this legacy held over their heads…
what is in the mailboxes?
unnu listen to the breakfast club now
(munch, munch, munch) … dis yah star bwoy is de best!!! … while janice & de O (me money gone) fe lifers still ah gwaan like sey him is (non)Verbal … (burp) … Keyser Soze stayin one step ahead of de Feds, TCI constabularly, One Order, Clans, villagelawyah … (munch, munch, munch) … an’ have de Usual Suspects still haffi be defending themselves … unreal (munch, munch, munch) … blow-wow, of course … dis ya movie fliming inna Anancy land (burp) …
David , Where are you.
We need a word from you
We want to hear you soon
We don’t know what to do
Only a word from you
Good Morning all,
Let me say I was a olint supporter until 3 mths ago…no one could tell me or say anything neg about DS and O.
But I started to smell stinking fish and mi know sey fly ago follow…If he had been honest and forth coming with info from day one all his cleints would be behind him 100%.
Wheteher he is honest or has all orr some of the moeny to pay back is one question. But his reputation has been is forever tarnished.Thats why I repeat religion and business do not work. Just like how friend and company and business nuh work.We all have to play by some rules…why play russian roulette with peoples lifes..
God is love
I have been reading this blog for the past few weeks and somehow, nobody has made it clear. So here goes. It’s official:
Olint (Lewfam, F1, et. al.) has CRASHED!!!!!!!!!!!!!!!!!!!!!!!!!!!
There is no way anyone will ever fund their Olint Account again (with exception of the walking dead).
We are taking “possible” obituary statements. Winner will get a life time certificate worth $1 Billion for the sole purpose of investing in Olint FX.
The amount of misinformation on this blog is outstanding, DS has not jet here, when he flies he charters flights but not his own jet, and i’ve never seen at any of the TWO casinos that we have here.
He’s not under arrest and he’s still on Island.
Dave sin
All u do is laugh at peoples misfortune.
I promise your time will come
DaveSinner i hope u and ur team members along with David Smith drop dead
U are all the same, pretend to have interest in financial welfare of jamaicans but really dont give a %uck
Stop making malicous statements over people dilema
Tito:
I agree with you (to an extent). People should not post information that they know is not true.
Anyway. What’s you opinion? Olint is dead or what?
Janice/Oneil:
Are you saying that Olint has not crashed? Help me understand why not?
catd, dont bore us with the emotional unstabilty, most people i know in olint was only behind DS as long as they trusted him, that is all they could count on.
Now they no longer trust and want their money back, the truth his even if he has money to pay u back, his accounts are frozen.
Dave sin
Today u laugh at people, nobody lives forever, i hope u live forever
When u go to meet your maker i hope u will be laughing
RICH BACK THEN BROKE AGAIN (aka Oneil):
Not all of Olint’s funds are frozen. Right?
Janice:
You are so naive. Why don’t you post under you real name. Mrs. David Smith (common law).
DaveSinner satan, nobody is denying that Olint is in trouble/crashed/ whatever, our point was to tell u that was are malicious for making jokes re peoples misfortunes.
The very fact u replied with such a sarcatic comment make u even more pathetic, it all entainment to u
I hope u and team members just drop dead like olint
That Gleaner report is plain wrong. The bank is prohibited from informing, or acting in anyway to tip the customer off that a SAR has been filed. That would include refusing, delaying or in anyway interfering with the transaction. All the Gleaner reporter would have to do would be to go READ the actual statute, but I understand, that would be real work. Far better to simply pass on a rumour on the front page.
The Gleaner report quoted no person and made do clear statement, so it’s going to be very hard for anyone to refute these statements in the Gleaner.
At least the Observer took the position, we have no additional facts to report, so we will say nothing. That is what the Gleaner should have done.
The Gleaner report was based on speculation and rumour and contains some facts that are at odds with what the police official from TCI said in the interview on Nationwide yesterday.
That report belongs in the gossip section, not on the front page.
I am gonna hold my comments aginst DS some things are answered:
1. How much money dose Olint really have to trade with?
2. 200 mil that was wired should be seized also, maybe we can get confrimation of it? At least that would prove he was making efforts to pay people back.
3. If DS is being sabotaged the evidence will probbaly show that pending the outcome.
4. IS the Jamaicagleaner that unreliable that they would publish unfounded information that 200m was sent to start paying back people?
5. If a Jamaican news paper was that dumb to publish news that is NOT factual information, I will NEVER buy that papaer again.
6. why would DS and the primer stage a fake investigation that involved the FEDS and got his assets frozen, unless the Jamaican news reporters made that up as well?
7. DS got greedy and took money from suspects and will PROBABLY suffer the consequences of that.
8. The Candian CARTEL is at it again?
9. This “investigation” as been going on for nearly 3 months, And they havent found anything to arrest him on yet?
10. AS more evidence come out that points to a canadian cartel involvement, how will MEMBERS OF THE BANK, that probably will lose money becaus eof this react?
I have heard that LOlint money with his trading platform was also frozen, therefore he cannot trade
If it is proven that the “Prominent Bank” is behind this so called conspiracy then investforlife should create a new thread “Number of Accounts Closed at Prominent Bank”.
Janice, I’m sure u wouldl take the lead and make the 1st post.
Lets not pay Dave sin any mind because he is an immortal, and he will live forever
Daxve sin by the end of the year your misfortune will come in a big way
@ Davesin word here is that some group or individual has it in for DS, the word witch hunt comes to mind.
I don’t know exact details but will soon find out but for sure there is money (significant) whether it’s enough or not i don’t know.
I personally think DS will pull through this but I’m certain Olint will be no more after this fiasco, I already know of one feeder club that will be no more after this.
“Lets not pay Dave sin any mind because he is an immortal, and he will live forever”.
janice,
LMAO
Janice is an Obeah uwoman….oooooohhh. She has put a hex on me.
I think DS is to blame but when all is said and done…ONLY the CANDIAN CARTEL will be left standing…
CJ , bank has the right to return a wire for there own regulatory interest, the fact that u return a wire to sender, still doesnt change the fact that u can say “we have not received any funds in the account”, as the balance on the account hasnt changes.
U will be surprised depending on who u ask the response u will get.
The more than likely will keep everything confidential, especially like how there is a court case going.
They wont tell u if u have breached anything, u will just hear u wire was returned.
Miachica:
Is this the same cartel that brought down Cash Plus; Higgins; May Daisy; Swiss Cash; Ricky Azan; etc., etc., etc.?
olint has no money, they are broke, They started as a fx trading operation, and paid reasonable interest. That was why they survived the first run, the funds were intact then. DS was still humble. When Cash Plus came on the scene, Olint then became a Ponzi scheme and then raised their interest rate to compete with CP. Everything went well since 90% of Olints client rolled over their interest, so the Ponzi was not exposed. DS then started to believe the lie that he was a super trader, and that ppl would continue to roll over their interest. Then in December CP crashed, this was followed immediately by the crash of Ricky Azan. Suddenly as a result clubmembers wanted to withdraw their funds from Olint . Suoer Dave who was busy gambling. drinkng, going to gogo clubs, was suddenly caught by surprise. There was no way that he could survive this new run, since he was no longer a trader but was now a PONZI. This is why noone could get any encashment since December. He tried to spike the market by opening new accounts for clients, thereby now bypassing his brokers. This did not work. then he came with new encashment guidelines this too did not work. He gave dates for payments, and renegade on these dates. At the same he published interest rates. From the time that he stop payouts, when the interesst rates were compounded, Olint would now have an additional debt of 79% over 6 months. This was unsustainable.
I see that MY hex on Janice has worked….she is now speechless!
Good, we won’t hear from her for the rest of the blogging session.
DaveSin
I am not defending DS never was but I will wait of the outcome of this investigation before I call down the MOB.
Rich Back then broke again;
Why wouldn’t Dave Smith and Olint just simply say that? NCB is under a court order expressly forbidding them from doing just that! All Olint would have to do is to go to court and that would be reversed in one afternoon.
if NCB is returning an Olint wire that would be a violation of a court order. Olint would have a remedy. Why wouldn’t they expose NCB and pursue the remedy?
Will tell u later whats happening in his NCB account,
as cheques r being encashed on it
It still has some money in it though small
DaveSinner,
U not too open minded are u. Miachia point was just to point out that these clubs are responsible for jumping off the cliff themselves, however, the banks, NCB in particular, gave them a good push in the back before jumping off.
U ask any senior official about the their internal meeting re these schemes , long before they were found to be illegal, i have many internal memos to prove that fact…
They committed suicide, but NCB aided to pointing the gun at their heads
All Ncb has to do is report the wire as being suspicious to the FEDs and the wire will be cancelled
Under the money laundering act the would no be compelled to accept it unless given the authority ,
DaveSinner,
I did not say that the wire was returned, but my point was that banks often make decisions without making public their reasons.U just hear the outcome like, no wire received.
I do many wires for my company via SEVERAL banks u will be surprised at how confidential they can be when it comes to regulatory issues, not to mention the mistakes they have made
Further more Olint was just an investment “club”. Not an investment fund that was regulated by any entity. WHy on earth did you NOT take off the interest and save it?
DS made alot of people money. The amount of 5 series and x5 and POSRCHE Cayenne I see in Jamaica was unreal!!
Ja even had a little housing boom…as soon as the house build they would be sold out in know time.
Where did all these people get money from??
If DS is a liar this investigation WILL give us answers… and he will be EXPOSED.
But god forbid the man was telling the truth and actually have the estimated amount of money in assets then what?
IS not DS Fault you neva save the interest and you was living it up for the past TWO YEARS!
DS is to blame but The Canadian cartel is as well.
I will wait until the investigation is over before I open my mouth again.
In the Gleaner this morning the report said:
The source claimed Olint’s most recent problems started two weeks ago when it sought to wire US$200 million through a prominent Jamaican bank. The bank reported the suspicious activity to the authorities and an investigation followed.
If this is true, it would mean DS had attempted to pay funds.
I will not make another post here until the investigation has been completed.
People are blaming everyone except;
The guy who has their money and doesnt even have the basic courtesy to tell them directly where their money is.
Do you know why they wont tell us definitively where the money is from OANDA through to NCB? Simple. Because someone out there could verify it.
If the money is out there, how does it harm Olint to tell us where it is? It is exactly this kind of obsessive secrecy and paranoia which got them in trouble in the first place. The more they keep that up is the more they convince me they do have something to hide.
All the detractors quiet since story bruk. The ponzi argument losing ground minute by minute. If assets frozen, then money neva went off to payoff other people. if the gleaner is correct when it say DS tried to wire $200M into JA, then nobody can say DS is a liar.
observer;
I have gotten several drafts and wires from Olint over the years. NONE have ever originated in Jamaica.
Why then does the funds which represent supposed profits from forex, which by Olints own concession takes place outside of Jamaica, has to go through a Jamaican bank in order for Olint to pay its club members?
My wires and drafts have ALWAYS originated outside of Jamaica.
Hey real deal. I was able to pull out $40,000 USD in March 2008 and it was paid on time. I made the request on Feb 28 and received the money on April 3rd. That was only a small percentage of what I had in there. The rest is up in the air now. God help us all.
miachica, RICH BACK THEN BROKE AGAIN, janice,
Please tell me what is stopping DS from telling his investors?
1. We have $750m on account with Oanda.
2. We wired $250m from our account at back a to our account at bank b. Here is the evidence.
3. The funds are frozen but we are working with authorities to resolve all questions.
How could this harm him? Isn’t every investment relationship based on confidence? Wouldn’t this strengthen confidence?
CJ
Where exactly is “outside of Jamaica”? Did you get these wires and drafts without a request?
It means the wires or draft did not ORIGINATE from a Jamaican bank. The correspondence bank was usually a US bank, but the sending bank was usually a bank somewhere else in the Caribbean, but it was never Jamaica.
Obviously, I must have made a request to have gotten the wires.
People
My link spoke to DS who say he is not worried,he said that he has the money, and his lawyers are trying have it release
The money, may or may not be there. One thing is for damn sure, the US,TCI have all our information on those computers. how long before that is shared with the Ja Gov’t and the Tax authorities. Can you smell assessments
janice, Said: …”People; My link spoke to DS who say he is not worried,he said that he has the money, and his lawyers are trying have it release.”….
Right…….
Your last name is not Lewis? Is it? Because we can then put your comments into perspective.
to Olint_Piggy_Back_Member,
I requested monies on February 18, and did not get a cent. How come you were so lucky? I have friends living in the US requested money Dec. 2007 and did not receive a dime. Are you rich and famous?
I request funds in January. All now. nothing!
That gleaner article is questionable on many funds? what if the Gleaner article is wrong?
1. OLINT has no known office in Miami? Can anyone identify the hidden office?
2. There is only one office in New Kingston not offices
3. A source sey, a friend seh, a source, mmh. A real sorry article…really sounds like some the speculation on the blogs
4. is it not true, that funds being transferred over $10,000 has to be reported to the regulator?
Guys,
you are all fooling yourselves. There is no money, its gone. Suggest you all get together and find a good lawyer.
Janice
If there is money frozen by the feds, 10-12 months. “Released” by whom?
I think the Miami office is Lewfarm.
Mikki:
Don’t listen to Janice! She is just a mouthpiece for Olint. After all, she and her family have a lot at stake here.
Janice, why don’t you declare you close association with Olint? Why don’t you tell us where in the US you reside (which State)? I dare you to be honest on this one! You are a fraud Janice!!!
Davesin,
Why dont you tell us if you work for leechin? do you?
Is this chat helping the situation.Whats the recourse.We wait but what are we waiting on.
Anybody with any financial sense and economic knowledge to shed some light on the process of what is happening,
Can we get this money back and whats the time frame
I have a simple question: If all or most of the money went into a ponzi to pay out to earlier members, then how come assets exist in TCI to freeze; and how come US$200M was attempted to be wired into JA?
Truth whats wrong with you. How could he work for MLC
I have bills and debts to pay !! I don’t want, I NEED MY MONEY.
Concerned,
he keeps questioning Janice and using personal attacks, like he has a personal agenda. It makes one wonder!
Let everybody express their views, nuh!
Lets not forget ITRADE JM and IM involved in this too. Do they still have until july 31 to respond to the NFA.
No one has been paying attention to Itrade debacle. if Olint was a sham, do you think DS pulle dit off all by himself?
Frozen accounts can take up to six months to be cleared. I heard that the list of members were handed over to Turks authorities and 300 of those names appeared to be suspicious.
Truth, it depends on the amount.
Even if Olint is an out and out ponzi, (There is still no definitive evidence they are), they will still have assets, which could be frozen.
If we hear that what was frozen in the TCI is above $200 M, then that is a good SIGN. If that is ALL of their assets, then that is not a good sign. So it depends on how much was frozen in the TCI and what percentage of Olint’s assets that is.
As far as the US$200M being wired into Jamaica, no one (not even the Gleaner) has been able to confirm this. Olint could easily confirm this and but and end to all the speculation, but so far they haven’t.
We are all hoping for the best, but it is looking bleak. Far better to be realistic than to keep holding on to false hope.
** CORRECTION ***
Truth, it depends on the amount.
Even if Olint is an out and out ponzi, (There is still no definitive evidence they are), they will still have assets, which could be frozen.
If we hear that what was frozen in the TCI is above $200 M, then that is a good SIGN. If that is ALL of their assets, then that is not a good sign. So it depends on how much was frozen in the TCI and what percentage of Olint’s assets that is.
As far as the US$200M being wired into Jamaica, no one (not even the Gleaner) has been able to confirm this. Olint could easily confirm this and end all the speculation, but so far they haven’t.
We are all hoping for the best, but it is looking bleak. Far better to be realistic than to keep holding on to false hope.
You figure that out. Maybe somehting is just wrong with that or you just don’t understand forex trading
We need to give DS some credit. He has been the only one who have been fighting to give his investors money. Carlos H, did not even try. Higg just disappeared in this air.
All,
I have read through as much of this as I can stand to read and I have come to the following position:
It seems obvious that many persons originating from various economic backgrounds, have one thing in common at least, they do not believe that they deserve to be wealthy. They believe that wealth is only alotted for a select minority. Negativity and victim syndrome is seemingly celebrated.
In 1994 I was employed to a firm in Jamaica that was unionized and through some agreement salaries were increased and this increase went back to a year previously I was paid in addition to my monthly salary, JA$80,000. Many persons got more and some about the same give or take a few hundred dollars, these persons largely spent their monies on building blocks and cement etc adding on to the mortgaged homes. Many bought clothing and cars etc. I was on my way to an investment company on Oxford road when a friend of mine called me and said that I should take it to another investment firm in New Kingston and speak directly to a trader. Now I did not know what a trader was but the prospect that this money could grow and afford me and my family a chance at some development wassounding real good to me. The Trader /Broker whatever the term she used to describe herself explained that she handled large funds for wealthy clients and that she would be pleased to assist me but the amount was too small to be justifiably encorporated into the fund that she managed. She however invested my money with the giants and it grew in a short time into JA$150,000 my nerves at the time did not allow me to keep it on any longer so I exited. I went on to invest in buying shares from the new kid on the block on Haughton Crescent bought at $5 and sold at $12. something (Nerves again) I have since bought land that I have seen the value appreciate to more than three times.
I invested in Swiss Cash, and many more and managed to get ought some and have the rest seemingly frozen etc. I managed to get my money out of other banks or financial institutuions which we were told were not treating the depositors fairly or honestly. I have seen Holding or Handling agencies invented and appointed to oversee the best interest of the depositors. Appointed with boards and executives who have to be paid extremely nice salaries and given nice vehicles and maintain enterages including security officers and then the depositors recieve 30cents on the dollar. Good looking out.
I say all this to say that at this point going through the ups and downs thats associated with investing in any business or fund management schemes and still considering myself wealthy and in the process of attaining even more wealth, its all a risk, even the banks that can be sold without the consent of the shareholders. SOld for a figure below the net worth of the instituation which good be the largest asset based bank in the region. Sold for one figure even though low and only about half that figure actually paid over, then we see spending unparralled over priced over specified Aircraft purchases etc. Its all a risk. Persons decide which risk their nerves can stand and which risks pay more that the meager bank interests payments and the extreme cost of saving and withdrawing your own money. Some of us opt to go to one of those Mega department stores and buy a safe and pay armed security rather than give the banks our money to trade for themselves and record hundreds of millions in profit and pay out profit sharing to key employees worth more than some of us will be paid keeping our money in these same banks for twenty years.
Its all a risk and it can crash. But what has been happening to these schemes such as Olint etal is not that it crashed on its own, but it has been targetted for crash and if you doubt this look at whats happening in some banks in the states after a news release that some banks are going to crash how the run on the banks cause them to prematurely go under. Now while I only know some of the facts about these latest victims of economics and the need to mop up liquidity I assure you that no good can come of negative actions and thoughts. “You Attract to yourself that which you focus on the most”. This applies even to investments. Focus on wealth gain and consider yourself in the process of learning all you need to know and do to attract even more wealth and health and good relationship to yourself and it will happen.
Blessings.
CJ,
Well, I think things are better now than the alternative….i.e. DS could have announced him dont have the money or that him lose it.
There was much speculation about those two scenarios being correct. With this new story, it seems that its more a matter of unfreezing the funds and not getting caught in an AML case, and not that he lost it or spend it off.
Attorney-at-law Bert Samuels said concerned investors could band together and apply for a court order to get the assets released.
Read the news posted here: http://www.radiojamaica.com/content/view/10004/26/
Truth;
I agree with you, however, it concerns me that he hasn’t said where the money is.
I cant understand why the money HAS to go to Jamaica.
I cant understand why Olint hasn’t conclusively explained the cause of the payment delays.
I can’t understand why he seems to always run away from oversight and regulation.
I cant understand the inconsistency in the story Olint put out regarding OANDA. (there was due dilligence, but there was still trading)
I am concerned that OLINT can’t simply explain all these things away.
Given Olint’s size it should be obvious it can no longer operate in the shadows, subject to all these conspiracy theories and speculation. Thats just stupid.
I have been reading you guys comments for a while and some of you really really crack me up. Others of you are so mean. I have faith that things will some how work out but if they do not, you must always have an alternative. Have any of you ever tried making money online ? It is really lucrative and the GREAT part is that you do not have to spend a dime (if you do not want to) but the potential to make a good income is really really there. This is a really, really good website to check out. The signing up process is a little tedious but hey you gatta do something!! Remember it is 100% free, not a thing to lose but a lot to gain. Just watch the video . And good luck to all of us that we will get our money back.
http://thespiderwebsystem.com/Denese
Truth, Said:…”Davesin, Why don’t you tell us if you work for leechin? do you?”…..
Has it ever occurred to you that leechin might work for me? LOL
Sorry for the typo’s
DaveSin
We could just cut and paste our posts from the cash plus blog and it would be relevant. Yu notice how them ignore my 3 points?
Bwai call me insensitive but dem fool fool.
DaveSin,
You are very annoying and your contribution to this blog has been nothing but negative. Nobody wants to hear your damn mouth anymore!
Here some issues for all Olint investors to ponder:
1. If you have not yet, read the article on the Home page… What Happens to the Money in a Ponzi. If Olint turns out to be a ponzi scheme, there is a strong possibility that the outcome will be similar to that scenario.
2. Have you been paying your tax obligations? You have, right? With this now with legal authorities and if the Gleaner is correct (sloppy as the reporting is) that the FBI is involved, your account info will likely end up with tax authorities.
3. Note that taxes are due on income when earned or accrued which is not the same as when you withdraw the money. For example the bank may withhold the taxes on your interest and pay it over to the government… even though you did not withdraw any of your principal or
interest.
4. If you are in the US and your Olint statement at the year end said you had say a gain of $100,000 for the year… you are supposed to pay taxes on that $100,000 whether you withdrew it or not.
5. If you later suffer a loss because you cannot get your money because the company is liquidated or whatever legitimate reason… You can use the actual losses to offset any actual investment gains in that year. If you do not have sufficient investment gains to offset all the losses, you can offset up to $3,000 in earned income each year. If this still leaves losses you can carry forward the losses and repeat the process each year.
6. This is my recollection of the process and I may not be current. Do not take it as legal or accounting advice but use it as a guide to seek professional legal or accounting advice.
Robin Irie:
I notice the pose the same questions 3 or 4 times and they ignore. Why? Because they cannot answer it! You are absolutely right; it’s C+ all over again. Here is the thing, they keep saying that money was sent 2 weeks ago, yet DS himself said he is waiting on the funds up to 1 week ago.
You notice Janice run gone? Or maybe reincarnated as DreamDashWeh? It’s interesting that when Janice was there spouting her nonsense, DreamDashWeh did not think it was, well, redundant! DreamDasWeh….keep dreaming yu hear!
Wow, I must admit that when I heard the news of what had transpired I was a little shocked. I live in the Turks & Caicos Islands – and yes, it is Beautiful By Nature! I have known David Smith since his arrival here, and each and every time there has been negative publicity branded against him, he has ALWAYS been vindicated. I feel sorry for any narrow-minded individuals who at the first sign of trouble come out on the offensive. I just wonder how many people who have posted actually HAVE made a substantial gain on their investments – as I am sure there are many of you! As far as I am concerned, the way of law is STILL innocent UNTIL proven guilty – and once again he will be proven INNOCENT of any wrongdoing. I bid all of you a very good day.
DaveSin
Yu nu si se Janice is the Director of the CIA.
She must bug the phone and offices of MLC, Audley, Bill Clarke BOJ Gov, CEO of Wachovia, CEO of Oanda.
Have I left out anyone?
lol
Paulk
“As far as I am concerned, the way of law is STILL innocent UNTIL proven guilty “.
Does this apply for MLC, Bill Clarke et al?
Please tell
janice soon come back with good news and you all will be sorry!
Maybe it has been asked already but…. The assets that have been frozen are JUST in turks correct? Which I figure would not be even CLOSE to all the money. In fact this is just his personal assets. THe rest of the ‘clubs’ money should be on his trading platform, which has NOT been frozen ..
or am i missing something?
DreamDashWeh:
How soon is soon? Maybe as long as it takes to change your “Name/Mail” info? Sorry to talk to you, you sey I should get lost….mi gwaan.
Paulk
I am curious about your comment and want to be educated. As far as I remember, he lost the case against the FSC in Jamaica. I should say “cases”. He challenged the legality of the search warrants and lost. He challenged the legality of the cease and desist orders and lost. I don’t know where the case with the bank is going to end up. Where has he been proven innocent of wrongdoing? Where is the money? Why won’t he tell us where it is and how much it is? Why all the secrecy and no money for so long? Well, no money except for some.
TheCynic:
You are right!!! But, please do not post intelligent questions…you might get BS answers!
Hi nocotec, It depends on what accounting system one uses. The botom line is “Realized” Losses or Gains as well as whether you use FIFO or LIFO and/or Short Term or Long Term . The most advantageous obviously is FIFO to eventually realize a + or-.
Robin Irie,
Maybe DS paranoid right now. Dont know who fi trust or who out to get him. So him just clam up and nah say nothing to nobody, maybe? As the old saying goes “just because I am paranoid, doesnt mean they are not out to get me”. And could you really blame him fi think that given all weh a gwaan.
Not saying it right but maybe it explains the silence right now!
Truth,
I hear you.
Lets assume that people really want to get him.
How can clarifying those information hurt him?
How can simply saying “mi send the money to mi NCB account but it no credit. si di remittance advice from the sending bank yah?”.
NCB would have egg on their face and people would be really turning agaist them.
Heard that over US$600M was frozen in TCI. Can anyone confirm that?
Jagses:
It’s not an accounting issue, it’s a tax issue. Two different things. If in the US, it’s what the IRS defines as a gain/loss and when do you realize such gains/losses. Right?
Where is the $200 -$250 Million that we keep hearing about? Is it floating around in perpetuity? Is in TCI; with broker(s); where?
It is being reported elsewhere (by Tito), that the actual amount in TCI is more like $50 million (frozen amount).
In due time we will all know the truth.
I could care less about Janice’s “source” that talk to David and giving her good news for all i know she could have mutiple personalities and is speaking with and answering herself i am sick and tired of this statement “my source told me”
If David is running a PONZI we will know soon if he is not We will know soon.And we will all get back what is due.
I have a question:
Isn’t TCI supposed to be an bank secrecy haven? Why are they involved in this type of action against one of their banking clients
DaveSin… Marco? Nobody had any proof of anything so sit tight and gwan wait… NOBODY CAN DO ANYTHING NOW, the DAMN PERSONS WHO CAUSE THE RAID ON OLINT JUST SLOWING DOWN DAVIDS ATTEMPTS AT PAYING EVERY ONE, UNU BETTA HOPE SEH UNU NAME NUH REACH THE PUBLIC, 600 MILLION DOLLARS WORTH A PEOPLE GOING COME FOR U … WATCH OUT…
Truth;
That only mean that they won’t easily give up your information to outside powers, however even in a ‘bank secrecy haven’ you have to abide by the laws of that country.
The TCI police are just investigating to see if a crime has been committed in the TCI. They can do that.
A Ponzi scheme is a fraudulent investment operation that involves paying abnormally high returns (“profits”) to investors out of the money paid in by subsequent investors, rather than from net revenues generated by any real business. It is named after Charles Ponzi.[1]
David has been trading for years – do you really think that if it was such a scheme, the number of subsequent investors would not have dwindled at an ever increasing rate and things would have run out many years ago? Wake up and smell the coffee! Certain legal cases may well have been upheld due to ‘belief’ that lines were crossed – but at no time has he been proven FRAUDULENT.
As regards the TCI, we also have money laundering laws which are adhered to strictly. Whilst we are not a tax-paying community, we still have the same requirements to that effect.
David has made many of you a handsome profit yet you turn on him like a pack of wolves. He has NOT been arrested for any wrongdoing. He has NOT been restricted from travelling. He has NOT been implicated in any scam. He HAS worked hard to make profit and not climbed on the backs of others to get to the top!
Paulk,
It appears you know DS very well. Get some answers from him for us and let us know nuh…..
Majid,
“Nobody had any proof of anything so sit tight and gwan wait”
I like that
So weh dis bizniz bout , 600 MILLION DOLLARS come from? Any proof whether it exist or not?
Paulk
“David has been trading for years – do you really think that if it was such a scheme, the number of subsequent investors would not have dwindled at an ever increasing rate and things would have run out many years ago?”
Evero heard about Cash Plus?
Paulk, can you email me at tsctcis at tciway dot tc thanks
Read THEREALDEAL’s post at 8:36 am.
Olint’s not broke
Olint can put and end to the speculation and questions at any time they choose, by providing some verifiable information as to where the money is.
Why won’t they?
CJ – That’s just one of the big question marks…
How can the current speculative environment help Olint?
Already they cant find reputable overseas auditors to touch them. After this weeks events he is going to start having problems with banks and brokers not wanting to touch him either.
The Forex business does not require “JimScreechy” type behaviour that most posters here seem to think it does. If Olint is legitimate, then that sort of behaviour only hurts it.
If people were certain about the security of their funds, there would be no runs, no DD, no problems.
How come there are no runs on JMMB, DBG or Barita?
DavSin, You obviously do not know how forex trading is reported to the IRS or other tax authorities in multiple countries. The law is unclear about whether to use MTM or cash on spot forex. If not Form 1040 Form 6781 if elected out of 988. This leaves lots of interpretation options. By the way members do not have access to that info req’d to calculate due to the nature of the club. So…numerous creative alternatives can be used. BTW- many accounts were also in Business names which also opens the door to creative accounting to their respective jurisdictions.
This gets worse by the minute. Now the GOJ will be seeking information on who the members of Olint are and the funds they have invested.
I am absolutely amazed at the lack of sophistication of many who post here. Of all the posts I have read since last night only Joe, russ and 0.786Trader come across as having more than a passing knowledge of international finance and trade along with regulations governing the reporting of financial transactions to satisfy money laundering legislation requirements. I also read a thread yesterday in which the transcript of communication between an alleged Olint member and OANDA. Does this clown have any idea of banker client confidentiality regulations? This clown did not even have his facts straight. How many people here regularly transfer sums in excess of US$10,000 internationally? Are you aware that every transaction in excess of that amount has to be reported to the authorities by the sending institution and the receiving institution?
Let me state that I know Mr. Smith personally since the early nineties when he and two associates used to promote parties. We were never close friends but I have run in to him over the years and the last I knew of him before Jan 2007 was that he was working at JMMB having previously worked at the BOJ. He always struck me as laid back but never dishonest. In Jan 2008 I ran in to him again in one of the places he apparently frequents and he asked me if I was still in the same business that he knew of in the early nineties. I did not ask him about his business. I subsequently learned of his involvement with Olint and have found out as much as I could about forex trading. I was able to get a small amount into the system so I stand to loose some money if this matter is not resolved satisfactorily.
The facts as I see them are
1.DS/Olint holds large amounts of cash assets (cold hard cash) and very little if any non liquid assets like buildings.
2.DS/Olint ran a successful forex trading club that provided impressive returns for club members
3.This success had a negative impact on assets under management by the formal financial sector in Jamaica and maybe even other markets, which negative impact these other institutions were clearly unhappy with.
4.His original problems started with the FSC raid in 2006 but, he managed to recover from that and move his operations offshore eventually settling in the Turks and Caicos Islands
5.His most recent problems started not two weeks age but, the day NCB announced their intention to close the accounts of Olint
6.According to DS/Olint subsequent requests for encasements by anxious club members resulted in unusually large transfers being attempted from Olint’s overseas accounts to accounts in Jamaica
.
7.According to DS/Olint these unusually large transfers resulted in problems with the intermediary bank, Wachovia, resulting in in the due diligence excuse.
Do not ask me for any further facts. I DO NOT KNOW ANYTHING ELSE.
It is alleged that transfers have been attempted by both Worldwise and Olint but, have been returned by NCB. Is this possible? Is this legal? If so what are the circumstances under which this can be done? Answers from someone who works in the banking system and KNOWS , would be appreciated. If this is possible and is in fact being done, it does not surprise me but, NCB, BNS and any other local institution that is doing this, better be on very strong legal ground or it will cost them.
This whole fiasco does not surprise me. What is surprising is that people expect the situation to be otherwise. What do you expect when you are in bed with your enemy. What club members should have done is follow Olint’s lead and move their business offshore to Cayman, South Florida, BVI, USVI or anywhere they could open account and use a debit/credit card to transact their local business. Alternatively they could transfer funds from their overseas accounts to local account when required. Club members should also have observe the first rule of investing, never put all your eggs in one basket.
For those people with large sums involved, expect to have the authorities investigating whether you have paid your taxes, requiring that you disclose your source of income. Those who are not squeaky clean should be very afraid. Financial institutions are required by law to fully disclose information on account holders who are suspected of money laundering. As far as I know, if Olint has not done anything illegal, cooperates with investigators and furnishes the relevant information on their account holders, they should be fine in the long run.
Reallydepressed
Why is that worse?
As I stated before the members really need to have a meeting and try to retain a lawayer. You never know what legal rights we might have if you dont try.
Paulk – while a lot of people may have made money some people still remain to collect any money as yet.
CJ
Apparently you are too young to remember Eagle Bank, Mutual Security, National Commercial etc. etc.
CJ, you cant see the forest for the trees.
Read today’s Gleaner re “highly suspicious funds”. Why did Ctibank inform JMMB they will not accept transfers to any E fund like Olints. The word is “CONSPIRACY”. That is ,conpiracy to bring down.
I would advise all persons who have loans at these banks and are relying on Olints payout, to write a letter to these institutions adivsing “no payment on loan till olint’s funds “freed”.
People are now closing their NCB accounts
Their are fears out that their will be a run on NCB
Lawyer for DS has given the Turks police 24 Hours to charge their client or release his assets
janice to what level are the accounts being closed. is their panic?
Not much banks can sustain a run
Jagses;
You are right, there is some controversy in how forex taxes should be reported. But based on what we know about how Olint trades most of us would declare our gains / losses on line 21 of your 1040.
The formula the IRS wants you to use is; Balance at end of year – Balance at the start of the year – amounts deposited + amounts withdrawn.
At this point the disputes are really for people who do direct trades. Not for people who don’t actively participate in trading like the typical Olint ‘investor’.
Eileen;
The Gleaner report contained no verifiable information. It was all rumor, hearsay and speculation.
I don’t get your point re the banks you mentioned. Can you expand on that?
I don’t have to be alive during World War II to know what happened. 😉
Although OLINT is marketed as being for “the poor man” (what a load of BS !!), a number US$1M+ investors are on their way to TCI to “seek” payment. Private jets are being fueled up.
So, while some of you busy defending O and waiting to see what happens, others are actively pursuing their funds.
As is always the case in these schemes, the BIG MAN always come out nice and us small guys get f***!
“Lawyer for DS has given the Turks police 24 Hours to charge their client or release his assets.” That’s really funny. You can be very sure that DS is in no position to deliver meaningful ultimatums to the police. He spends tons of your money paying lawyers to resist search warrants. He loses and loses and the members keep cheering for him? I’m still scratching my head from the time of the FSC warrants in 2006. Same story, more money, more expensive lawyers. Loyal Olint investors lose, lose and lose again. A great ride, though, but a bit expensive, don’t you think?
Marcus,
Are these the rich investors that “what’s his name” was talking bout?
What is your source?
By the way, I heard about the money being WIRED to BOJ last week from a very reliable source. If it no go so, it nearly go so. THINK DEM SMART, DEM NO KNOW HOW JAMAICANS CAN CHAT!
miachica
We can start by organizing into groups.
Someone from each of the following areas should volunteer to be the person who would collect information and act as the coordinator for that group and between the other groups.
1. Jamaica
2. South Florida
3. New Jersey, Southern New York, Connecticut
Any one who would like to get together to to say they are interested, contact us at olint_investors [at] yahoo [dot] com.
Are we going to just sit and watch our money just disapear, or are we going to at least try to see what our options are.
20 persons retaining a lawyer is much cheaper that 1 person.
PLEASE DO NOT LEAVE PERSONAL INFORMATION. Just say where you are and that you are interested in joining this effort. If we get enough persons we will get back to you
Eileen;
If that were true why would Olint come out and say that? Besides BOJ is not a commercial bank. They have nothing to do with wires.
Wealthy investors $1m+, have been travelling to TCI to meet David for encash since March with no luck. What would make today any more likely than 3-4 months ago? That would be pure waste of time and $. Dem no eediat!
That should read why wouldn’t Olint come out and say that?
A reminder that this site was created to discredit UFO’s example : Olint
People good news to come
Janice – you are one busy lady….I’d like to meet you 🙂
If GOJ wants to find out who these investors are, they will probably want to tax us and start probing into our lives. I think we should take the advice of Attorney-at-law Bert Samuels for us investors to get our monies back. Time 2 haad fi lose any money now.
Janice;
Lets hope so 🙂
Olint did not start as a Ponzi, it became a Ponzi after Cash Plus started competing with him and giving 10%.
Janice,
I think you are one of the worst torturers on this blog!!!!!
You always have the best news and then nothing materializes. Get something real and get back to us…
Truth – my source is from the “horses mouth”. Some people have a whole lot to lose in this matter.
Future’s are on the line.
jagses – not everyone panicked in March.
Everyone panicking NOW !
really depressed, when did Bert Samuels say that?
You know what makes people panic – people who panic!
Please wait till the dust settles before jumping to the wrong conclusions. Janice, we appreciate your input and wait for updated news. People – please do not shoot the messenger (male or female!)
the only way anybody is getting back their money is if they own a strip club or a casino…in vegas or panama cah him nah come bak a yard for now
there are 2 signs that always tell when a biznizz i in trouble
1) they cannot pay their bills’
2) they start calling on Gods help
Go figure
After the DS interview with Nationwide News two Fridays ago I became very concerned. When asked why persons were not getting any money, DS did not in my estimation give a satisfactory answer (he stumbled thryough his reponse). In fact, his response raised more questions than I answered.
I understand that OLINT has been communicating with members through emails etc. but given the widespread speculation on what is really going on It appears as if critical issues were not being addressed in those letter. I agree that investors should lawyer up and demand answers from OLINT. OLINT has lawyers working hard on their side, investors should do the same.
Man a fly to Turks to get them money…. seen…but SuperDave no deh deh tho…
super dave …he can fix it all..
SYKE
super dave aint in turks no more
therealdeal:
He said it on the news report filed with radio jamaica.
Read it here: http://www.radiojamaica.com/content/view/10004/26/
Hi Marcus, I said “Since” March. Up to a week ago that I know of pple meeting D at TCI for their $ unsuccessfully. Unfortunately D has had a poor memory of his promises when pple have showed up at his doorstep. He should have more truthful from the start as well as a far better communicator.
They were and are extremely concerned. Unfortunately Panicing will not get anyone any where. So wi need jus cool yu foot. Even “sickolinter” can’t get dire needed $ (needs an operation).
CJ
Denial
The funny thing is I find that the people who are the highend investor are diffennately in denial or just too ashamed to admit it. I knew friends that were in Olint up on till january. Now all of a sudden this whole debacle happened and they got their money out.
Unless DS was secretly paying back these highend investors(which I highly doubt). I havent met anyone personally or even through friends that have gotten there money. So who are these mysterious few?
The reason why we arent organizing is because evreyone is in denial.
I am in south florida and there are alot of Olint and lewfarm members here. I have been talking to people from my end. But everbody just hopeless and act like they dont want to do nothing!
I kno of at least 1 person that had over a million US in olint and got it out within the last 2 months…funny thing is he put some bak in agen before all of this occured
and wen i say all of this i mean since monday
Paulk
I have never been to TCI so please enlighten me.
It has been reported that DS hire US attorney. Now we hear that his lawyers gone to TCI. Am I right in thinking that only members of the TCI/British Bar can appear in court over there?
Also I am sure the DCP who spoke yeaterday said the warrant was signed by the TCI Supreme Court. Therefore 24 hours to release assets or else what? Who can over rule the supreme court other that the House of Lords?
Please enlighten me because being a UK resident I am not too sure what happen in TCI.
I don’t think the house of lords could over-rule the supreme court of TCI…but I may b wrong…this would more be the area of the Law-Lords or Privy council correct?
CJ,
hit me up with any possible info at VirusTrap at Hotmail Dot COM
no point in sitting down waiting on the inevitable.. at the very least I/WE can be prepared when the SiHT hits the fan..
Hi Midas that’s very interesting. I know of lots of pple that have successfully gotten their money out all year. The amounts were meaningless. An internal transfer was done to accounts for friends of members that wanted to add money. So they would just cut a check direct to the member doing the xfer from his account. I dont know if this is your friends method but if not – him is dam lucky!
Privy Council is correct.
Has DS been arrested?
Jagses
Eaxtly everyone I knew that got money starting January of this year. The amount was no where NEAR what they requested. Much less some people I know telling me that they could ALL their money out. Now the people are know are no hurry come up.
DS has not been arrested
Midas
The Law Lord are the same as the House of Lords. When they sit on matters from the former colonies they are called the Privy Council. When they sit on UK matters; House of Lords.
In reality they are just the senior judges who are member of the UK upper house.
Paulk?
No he has not been arrested
I stand corrected
So the question is who are these bad ass lawyers from Us who can give 24 hours to overturn a Supreme Court warrant?
Don’t they have to be part of the TCI Bar before they can even practice law over there?
Maybe Janice can help
Many people are just getting involved now. Some of us have been on this good news / bad news roller coaster ride for 7 months. Those of us who have been waiting for 7 months for our money are no longer in denial. We knew deep down that something was wrong, we just weren’t sure what.
To the folks just now paying attention to the fact that Olint MIGHT be in trouble, you would feel far different if you have been trying to get your money out since January, when according to the agreement in force then it should have taken 5 – 7 business days, and now 7 months later, you still can’t get your money.
Jamaicans overwhelmingly prefer to sit on the sidelines and watch others do all the work, but they wouldn’t be on this blog reading if they weren’t worried to some extent.
Read this. The more information you have the more power. Read http://www.girlwithapurpose.com/
You are primarily correct It depends on what jurisdiction they are ruling on/about.
To answer the questions:-
David has not been arrested
No formal charges have been levied
I believe that if the lawyers have given an ultimatum, they obviously have something to back it up with.
Although they have confiscated equipment, they have NOT said that he can’t continue in business – so you can read into that whatever you think.
I do know David personally, as I am sure you have gathered from my previous posts.
In all of my knowledge of him, I can categorically state that I have never had any reason to question his honesty, integrity and reliability in all things. I have seen him work, and his knowledge and expertise is incredible. I have never seen or heard of any illegal act or wrongdoing, which is why I find it so incredulous that these sort of events are happening at this time.
All I can tell you is that it is very difficult to see the sand by your feet if you keep disturbing the waters. Let everything settle as I am sure it will in a very short period of time, and we will all be able to see much more clearly!
I have never heard in my life where a lawyer can tell the police force what to do when the police are acting pursuant to a court order.
If those lawyers were smart they would be filing a suit or writ in the court which issued the order to freeze his assets, rather than issuing bluster to the police.
But I suppose they have to give the Janices of the world some hope.
Bwoy, if we only mean what we say all the time. When my monies went with higgins, I joined this group of concerned investors to get a lawyer that would represent us, to date, NADA. People just talk crap. Why can’t we come together, and show that we are willing to fight for survival?
paulk
u se “do you really think that if it was such a scheme, the number of subsequent investors would not have dwindled at an ever increasing rate and things would have run out many years ago?”
uhh, does the name Pearlman mean anything to u
Paulk, on July 16th, 2008 at 3:38 pm Said:
“I do know David personally, as I am sure you have gathered from my previous posts.
In all of my knowledge of him, I can categorically state that I have never had any reason to question his honesty, integrity and reliability in all things. I have seen him work, and his knowledge and expertise is incredible. I have never seen or heard of any illegal act or wrongdoing, which is why I find it so incredulous that these sort of events are happening at this time. ”
I pretty much have heard everyone who knows him say the same thing. That was one of the reasons why I invested my funds in Olint.
So why the silence and opaque communications? Why can’t he clearly answer the minimal questions, where is the $200 M which was suppsedly withdrawn from OANDA? How will answering that question harm his business? Doesn’t he know that it would go a far way to relieve the anxiety of his club members? Can’t he understand how some of us are fearing the worse and what that is doing to his reputation?
Quick question for you guys.. and hopefully this post will make it through..
there is something I can’t wrap my head around. Mr. Smith’s assets were frozen in Turks correct. His bank accounts etc…. But they have indicated that Olint is free to operate, which implies that company accounts were not frozen. But let us assume that those company accounts in Turks were ALSO frozen… surely the OANDA accuonts in Canada or wherever they are were not frozen…
what this should mean is that Olint is still able to operate, oanda accounts have not been frozen, so funds should still be able to be transfered FROM the oanda accounts to US banks, banks in Belize etc, and from there pay club members…
Or am i missing something? Were oanda accounts frozen as well? I see NO mention of that anywhere….
(ps. i’ve been asking this question and i suppose you guys in the frenzy might have missed it)
Paulk
Good that you know DS. Now maybe you could tell the people what harm will come from hime stating:
1. We have $750m on account with Oanda.
2. We wired $250m from our account at back a to our account at bank b. Here is the evidence.
3. The funds are frozen but we are working with authorities to resolve all questions.
1. Does anyone know of OLINT office in Miami.
2. If there is an office, what is the address of that office
Robin irie is the same thing mi a seh.
Most folks are in denial dem not even wonna admit how much money o has for them thats how much them head in the sand.
Robin Irie –
Yeah why didn’t he just do that as opposed to flying out with his family when he heard they were coming to raid him?
We created a website to tally how much money is owed and nobody wonna post. They maybe feel like if they do it then there will be repocussion. The horse already gone through the gate.
It has been reported that David Smith has been ARRESTED.
Can anyone verify please? Information sent from Florida said it was on the news. Not sure what news.
It would be unusual for search warrants to be executed and an arrest made at the same time in a financial crime case. Search warrants are only a tool in an investigation. If a search warrant is executed it means that there is an investigation in progress. The materials taken in the search are then interrogated (lawyer-speak for “read”) in order to identify evidence of the suspected offence. Do not expect charges until that has been done. In financial crimes, its all in the paperwork and this can take some time. Just remember that it’s not CSI.
Maybe someone familiar with TCI law can help us, but I am willing to bet that there is a time limit (could be like 30 or 60 days, maybe) on how long the police are allowed to hold the documents and computers before having to give them back to DS.
With regard to the frozen assets, this must have been by court order, so where’s the order? Has anyone seen it? Has anyone seen the affidavits supporting it? DS must have them so maybe he could dislose them to us too with his customary transparency.
invest for life O does not have a office in miami. lewfam has a office in atlanta though.
Lewfarm is in miramar FL….dont know of a Olint office in fl.
Is there any truth to the reports that the problems were caused by a bus running into the Olint offices? An eye witnesses said, “the drivah and all passengers appeared to have their heads bowed as if in prayer… No one seemed to be watching the road… there was a huge crash into the offices and now all seems to be lost… I hope not because is nuff people have money in this…there was a big # 4 written all over the bus.” 🙂
David Smith has not been arrested, and he did not flee the island. I live in Turks and Caicos.
The word schadenfreude comes to mind with a lot of the posts on this forum.
schadenfreude \SHOD-n-froy-duh\, noun:
A malicious satisfaction obtained from the misfortunes of others.
I think everyone is focusing on this $200-$250M. The problem my friends the backlog of requests that are multiple of this amount. This is what is depressing DS. Where is the money going to come from to pay back, what in all likelihood, is the entire principal/interest amount in the club. This is what people should focus their attention at. You know why? The total request far exceeds the “available” funds. If you don’t believe me, read the email again. David can always say the money is there, because he is talking about the $200-$250M, but future requests, without significant inflow of new funds will certainly doom Olint. Just mi, the investigation and/or future audit will show the true position of Olint.
Robin Irie,
I already answered you earlier on your 3 questions…I said it could be just paranoia. Paranoia, in many cases, overcomes what you may consider the logical thing to do.
But here is another thought, just try another stab at it:
If he tells you exactly where the money is, it makes it easier for those with lawsuits to identify and attach assets. Maybe he does not want funds to get tied prematurely before he gets a clear path to paying it out.
Just a hypothetical answer to your hypothetical question.
Please after this, I gave you two attempts so cant say anymore nobody dont try answer
Nocotec people are about to lose their money and u have time fi a talk bout bus#4 , i hope u and ur team members and DS drop dead.
That is total crap. nocotec.
miachica:
Is there anyone at their Miramar office? I noticed the site refer to numbers in St. Lucia and another office in Atlanta (another lewfam site). What’s up with that?
nocotec, you still dont have nothing concrete to say bout this new twist. I thought you were 100% sure that DS lost the money? not saying that anymore, huh?
All you have is tasteless joking at the expense of those hurting.
great job!(NOT!)
I am not sure if anyone is aware of what happened – as I only found out today. They confiscated ALL of his EQUIPMENT and PAPERWORK.
I am sure he would very much like to send an email to put people’s minds at ease, but he is probably too busy dealing with lawyers and the like trying to retore some sort of normalcy to his home and life that has been ransacked. I am sure that many of you have never been ransacked or anything along those lines, but it really screws with your mental ability to see things clearly. He does not have a computer to email from. I am not saying that he can’t get access to one, just that he no longer has one – and I am sure reporting to the millions of websites that his name and reputation is being tarnished on is not highest on his list of priorities at this present moment in time.
All I am saying is please be patient – the information will become available soon I am sure, and I do not doubt that everyone that panicked will have realised it was all a big ado about nothing.
RICH BACK THEN BROKE AGAIN:
I can’t understand how these God-fearing, praying and concern residents on this blog can wish death on other people? You mother nuh tell yu fi no wish bad things on people…it will come back and haunt yu!!
All I can say is “It’s not over, until it’s over.” Where there is life there is hope. Let’s all remain positive and send positive thoughts and prayers in DS direction so that he will overcome all the bad minded people who want to see him fail and take the rest of us down with him.
davesin that office in miramar is closed
I am very confident that DS will give us our monies back. After all that he has done for us…we treating him like dirt now. Where is the love?
this looks familiar….1.2 billion US up in flames…see the pilots ejecting just before in crashes and bursts into flames….
With the kind of nonsensical dialogue on this blog stemming from a flow of obvious rumor-mongering and presumptive hearsay, it is painfully clear that Jamaicans in general – as represented by the cross section of opinions expressed here – are neither savy about investment, banking, finance, economics or law.
While giving into emotion and venting gratifies certain inner fears, panic will never produce anything worthwhile. At this point i suggest that we all remain calm, stay quiet and await official statements/ press releases. As always knowledge (from respected authoritative sources) is key.
Doc,
Sorry, I almost missed your earlier post – forgive me – but I do not know the name ‘Pearlman’ and I’m too darn tired to do a google search which may lead me in thousands of wrong directions – a little enlightment would be appreciated.
NoCotec is a SHOD-n-froy-duh.
Tito, is this the proper use of the word…you did say it was a noun. No? What is the origin of the word? Is it greek, latin, etc. It sound chinese to me!
Truth
It not tasteless at all. I lmao.
world wise are returning money to investors with less than 5K….see the blog posted today.
Jamaica lookin good for the Olympics….gold & silver (maybe bronze) for both men’s and women’s 100m, 200m and gold for men’s and women’s 4x100m …that alone is already 10 medals!!!
Wait, maybe i shouldn’t speculate. Maybe i should wait to see. Hahahahahaha….
People, WE ARE GONNA BE FINE! Hahahahaha….
[German : Schaden, damage (from Middle High German schade, from Old High German scado) + Freude, joy (from Middle High German vreude, from Old High German frewida, from frō, happy).]
I have no doubt that Jamaica will win something in the Olympics – just not speculating as to what!!
Paulk,
One last thing.
Why doest he get his secretary, his Brother, any other manager to do it.
You say people should be calm. Honestly, aren’t people’s behaviour reasonable considering how many Jamaicans have been ripped off in the last 12 months.
You say DS is stressed out but what about his clients? Hasn’t he got a BIG obligation to them?
German origin, and no you did not use the word correctly…
Schadenfreude is what a number of bloggers on this forum are experiencing with current goings on. .i.e a pleasure derived from the misfortune of others.
I didn’t aim that specifically at nocotec
Robin Irie,
I understand that everyone wants to hear something from David. I have no answers as to why we can’t hear anything….. As a matter of fact NO ONE has any answers.
So, honestly, all of the going on and on and on and on and on about it is not gonna make it any more likely to happen any sooner, so pleeease just give it a rest – for your sake and for all our sake.
Tito, that was just a joke…we do have humor on this site sometime, if fact, most of the time!!!
DaveSinner,
Anybody who makes mockery of other people misfortunes doesnt deserve a place in hell
CONSIDER THIS PEOPLE…
If everyone in the world was an olint client….thered be no money to get as all money would be on one side of the market…so in your opinions, if Olint were to survive, where/how/to what extent would membership be limited?
As for the people who have taken this opportunity to gloat, laugh, point fingers, say i told you so….the joke is on them. Those are the kind of people who never take risks, who never learn, who never better their position in life through enlightenment, education and by deriving happiness from other people’s good fortune. These are sad people, shackled by a darkness of the soul.
DO NOT LET SUCH PEOPLE IRRITATE YOU.
We are all Gonna be FINE!
RICH BACK THEN BROKE AGAIN:
Why you insist and spelling my name wrong. Its DaveSin, not Dave Sinner. BTW, thanks for the kinds words. I agree with you, I do not deserve a place in Hell. But you know, if I should end up there, I’m bring my Portable Air Conditioning System to keep both of us coolllllllllll. 🙂
DaveSinner,
No thanks, i will be quite comffortable behind the pearly gates of heaven, sipping on my redbull with my wings
Robin,
This is just one of hundreds of message areas that have suddenly been awash with rumours, speculations, misgivings, panic and every emotion that the human body can generate. It is not possible to monitor and participate in all conversations, discussions, verbal attacks and assassinations that the last few hours have amassed. Since visiting this discussion today, people have posted links and referrals to hundreds of other similar blogs. I haven’t visited many of them due to the mass hysteria and discontent that I find here. If I had more answers I would provide them. I don’t work for or with David, but I know that he will do everything he can to sort out any issues that have arisen from the last few hours. All I am saying is that people just need to calm down, be patient, and wait for further information. As soon as I know something more concrete I’ll be more than happy to give him access to this post, my computers and anything else he needs to rectify the situation.
Olint saleout, assets going below market value stay tuned for the list of properties and cars,furniture
Joe,
“so pleeease just give it a rest – for your sake and for all our sake.”
Mi cool man. Lets make a deal. If you can convince your sdie to stop post conspiracy theories and duppy stories then we detractors will stop asking logical questions.
Have we got a deal?
2 and 1/2 kids for sale
I for one would love to get a nice car going cheap – mine’s been dead for years!! (NO – I am not making fun of a bad situation!!! – Just injecting my own portion of satirical humour!)
One mother in law for sale
Its official OLINT crash!
How many miles (on the mother in law)?
Robin Irie,
Why do the logical detractors ask a question that they know no one has answers to, then assume that the lack of answers is positive information. How logical is that?
Probably still cheaper than buying gas!!
Now is a great time to invest:
1. 3rd largest Wall street investment bank Lehman Brothers in trouble (stock price fell from 80$/ share to 12$/ share back up 4 dollars in 2 days, with book value a 37$/ share!!!!!
2. Fannie Mae…good to buy for same reasons as LEH. Don’t buy freddie mac though.
—-review nalance sheets, cahs flow statements and P&L statements at yahoo finance or other. These
Also, Miami real estate market has great opportunity comming up. Sale prices are at least 40% lower than asking, with a growing # of units already comming onto the market not to mentional the additional BRAND NEW 20,000 units comming onto the market in 2009, with almost NO DEMAND….
Point is, is a time of great opportunity if you choose to take the time and do thorough investigation, leave speculation behind.
These are only a few of the many many many emerging opportunities out there if you bother to take the time to look and learn.
Olint is BANKRUPT an EMAIL was leaked to nationwide radio..tune in online!!!!!!!!!!!!!!
One nagging wife for sale ( ok , sorry i think i will keep her )
News on NationWide:
Olint is bankrupt as revealed in an uncovered email never sent to clients!
That email can’t be legit, can it ??
Tito,
Dem neva teach german at my high school. I barely can manage patwa.
Anyway it seems you new to this scene. We detractors never start out to gloat and say “we told you so”.
Believe it or not most of us have sense. We started genuinely questioning business models and asking questions about the feasibility and sustainability of these ufos.
Then money was running and all we got was abuse from the investors talking bout square pegs ina roun hole and square water mellons.
dem gloat and call we “yourmen” – DaveSin uno memba. Then there was nobody telling the investors to cool off when dem drunk pon 10% a mont.
Paulk Said: …”How many miles (on the mother in law)?” 🙂 🙂 :-).
RICH BACK THEN BROKE AGAIN:
It wasn’t me. Please look at the poster’s name. I’m trying to get back on your good side, so that we can “we” can walk thru the pearly gates togther, red bull and wings included.
But seriously, why you want to give up your high mileage mother-in-law for?
Truth
DS hav di ansa dem. And your side post more dan fi uno fair share of speculation and bs.
Does that mean we don’t have a deal? Are is it only supporters that get to speculate assume, se dat dem friends exwife baby fada know DS and hear se.
Come on be fair.
RICH BACK THEN BROKE AGAIN:
Throw the wife over here…Mi done know that the mileage is 0!
Whe Majid de? mi wuda tek a shat ah di white’s now.
DaveSin,
“Throw the wife over here…Mi done know that the mileage is 0!”
Like how time hard mi wi split di cost wid yu 🙂
So now anyone still believe about the $200M?
RICH THEN BROKE BACK mounTAIN,
wah u want wid people wife wid a name like dat…..seems to me dat if u know seh di mileage is zero is caw u did have di chance fi drive and neva bodda….
u nah fool nobody!
David Smith admits Olint is broke. Olint has been overstating gains since 2006, has been operating at a deficit since the Jamaican FSC raid.
He wants a year to concentrate on trading and then he will pay everyone back plus the bank rate
Cool Robin Irie!
Mia-Chica:
How come mi ask you a question and yu just ignore mi? You are carrying bad feelings fi mi too? Mi ask you about lewfam..nothing from you.
That leaked e-mail is the first explanation I have heard that actually makes sense.
You guys are on the wrong thread now. Check the new post and listen to nationwide at 5:30
Bwai mi nu have no fare but mi ago squeechy pon di odder bus
DaveSin
I never saw that question…rpeat it?
I am not in lewfarm so i dont know where the office is…I just hear people in florida say its in miramar.
david said is false
David Smith said that he never sent that email
To Janice and the few others who have faith in David. I applaud you all. Janice, please keep us updated. I will wait patiently for all this to be resolved. David did make some mistakes…he is only human. Everything will work out fine.
People, let’s speak positive things only …please!
What an obviously manufactured piece of propaganda BS! It reads as if drafted by an anti-olinter trying to make him look as bad as possible. With all going on who in their right mind would say these things specifically in writing that would provide further litigation problems against oneself? D is obviously not an EEDIAT! This email is absolutely ridiculous. Emails can be maniputated to appear to come from anyone.
And like David said, “why send an email to my wife. We live in the same house! It is not that big a house.” This recent “email” looks like the/a devil at work.
UPDATE: It isn’t just Olint accts that have been frozen; so have govt members, and other members of the legal community, by a recently landed team of investigators from the UK:
“British officials, including investigators and security personnel, have arrived in the Turks and Caicos. Caribbean Net News has received reports that most, if not all of the government’s bank accounts have been frozen and offices, including those of private attorneys, have been searched, and documents and equipment seized.”
“Nonetheless, cabinet members have filed an application for judicial review to halt the Commission of Enquiry in the Turks and Caicos Islands, which was appointed by outgoing British Governor Richard Tauwhare last Thursday. ”
Ref: http://www.caribbeannetnews.com/news-9146–37-37–.html
THE FAT LADY SUNG LAST NIGHT
LETS STOP THE RUMOUR MILL , SPEAK THE TRUTH, SPEAK THE FACTS!!!!!!!!!!
d-curious-1, on July 16th, 2008 at 1:27 pm Said:
I am absolutely amazed at the lack of sophistication of many who post here.
D_Curious.
Is your position the same after this afternoon events ?
when it was going well nobody had an issue, when people saw him gambling did anyone say somthing, EGO IS A BITCH, rember the tounge is a powerful weapon , it can be constructive as weas destructive, we must be careful what comes out of it.
some small traders are only giving 1 or 2 % more than DS such as hda inv , the market is not very stable with all that has been going on , when investing we should also learn how the whole thing works.That way we would worry less.
I wrote a very long comment upthread that has been totally ignored. You can all ignore this as well. Once a flag has been raised re suspicious transactions it becomes increasingly difficult for the party involved to get anything done. It has a cascading effect.
You try to move 200M it gets flagged and causes a delay. Pressure mounts to move even larger amounts. What you think is going to happen then? You try to get around the obstacles put in your way and end up looking even more suspicious. All the time you are telling people that you will soon transfer the funds, hoping that the next attempt will succeed. The more desperate people get the deeper the hole gets, you get the picture.
A more successful strategy would have been to gradually increase the amounts withdrawn over time to avoid raising flags but, it’s too late for that now. As suggested by others, I suspect that NOTHING is going to be gained from panicking and panic reactions are probably going to make the situation worse.. Let the dust settle and then slowly and deliberately remove your funds over time.
As the old Jamaican adage goes “When yuh han eena di lion mout, tek time draw it out”. For those who are dependent on olint as their sole source of income, hush, mi feel it fi yuh but yuh tek a big risk, it blow up ina yuh face an yuh have no one fi blame but yuself.
Now that the activities of olint have got the attention of various govts. and their investigative agencies, they are going to have to satisfy that it is not a money laundering scheme or an mechanism for funding terrorism. Get used to it. I know my little much is now tied up in all this S#!t and I wont see it again until all the authorities are satisfied that there is nothing illegal happening with olint.
We had all better hope that DS is above board and does not try to protect any club members who might not be.
Yes Jay,
I have seen nothing to change my opinion.
YES D-CURIOUS THATS RIGHT, LETS wait and see, we knew the risk. DS should have kept it as a long term inv club and to have people making monthly withdrawals. It would have been a much better system.
d-curious -1 & Godson.
Thats what HW investors did, what did it get them- squat
Thats what CH – CashPlus investors did – Payment – Ziltch
That is what F1 investors did what did they get – Nada
That is what FX-Millionaire investors did- return – Zero
That is what MD investors did – Return . – Nothing
I could go on and on – get the picture.
Cut the crap.
Try and pressure the TCI courts via TCI FSC to have a court appointed receiver to see if you guys can recover something.
Waiting and seeing is downright irresponsible in light of what I stated above.
Isn’t seven months long enough – this is incredulous !!
Anyone still defending DS at this point is either in serious serious denial or they are one of those who DS paid with suckers money…or both
DS was once your saviour…now crucify him just like jesus
Alright, Heres the deal.
We are God fearing people. Every mile or even less than a mile you can find at least three churches.
God is still in control.
He already knows how this will turn out.
Right now David needs our prayers. God fearing club members must leave this in Gods hands rather than feed your minds with all this speculation on this blog.
I t
really is negative no insight no truth no facts just pure speculation Lets pray about this more. There are answers the almighty has them. Be anxious for nothing but through prayer and suplication with thanksgiving Let your request be known unto God.
Seek his help.
David did us well all this time, Despite his non communication. He probably has his layers advising him not to say anything yet as lawyeres will at times insist.
Leet us pray without ceasing.
There is a rule of thumb that the poor must remain poor, but this is not true and I know David will do all he can with Gods help to help his fellow Jamaican club members.
Pray in the morning, Pray in the noon time, Pray in the evening.
God can handle this and He will
YES! God will help you just like the millions of people that the invading armies of the Mongols slaughtered/raped, like the Jews in Nazi occupied Germany, like Darfur refugees…like victims of the Black Plauge, GOD will help you get your money back from David Smith.
*i meant Nazi occupied Europe sorry
wow…SupaDave has so many haters…we shud get him some hater blocking shades…maybe then he cud mek a one or two good trade…LOOOOOOOL
Did anybody really think olint through…I mean really…
Well my sister in florida got a call from the feds asking her source of income for the funds she had sent down here and she told them where she got it, she was just piggy-backing, so im guessing they are investigating the account owner so now they are tracing all the persons the account holder got funds from.
Like there are still people that believe CH and Cash Plus was a legitimate business and “ah de bank dem mash him up”. There will always be those Olinters that want to cling to the luncay that this thing was anything other than a ponzi scheme. I really doubt there is much you will be able to do to convince them otherwise Jay. You have done an excellent job on reporting the facts and explaining the the reality of these scams. Sadly not enough people heeded your words.
Jay,
Don’t worry, big brother is watching over all of us. If all of a sudden all investigations were completed and everything was allowed to go back to business as usual, I for one would be very curious as to how come.
I know for a fact there are people in olint that, have their account in somebody else’s name and I am not talking about piggybacking. These people have something to hide and the feds are always interested in people who are hiding things.
At the end of this all somebody is going to go down. Only time will tell if it’s DS, the club members or just those who have something to hide.
call a 7 day or 21 day fast and break the back of this
thegoodson says:…”Well my sister in florida got a call from the feds asking her source of income for the funds she had sent down here and she told them where she got it, she was just piggy-backing,…”
I don’t believe you! Lets be serious here. How come she is the only person in Olint that has been contacted by FEDs. Who is her pig and is he of “principled” background?
I am absolutely flabbergasted at fast pace at which Olint has unravel, not that I did not expect that this situation was in the making since Jan 2008.
There are however some very fundamental issues that needs to be highlighted.
1.By all accounts it can be reasonably confirmed that Olint never really recovered from the very first run and that “70% of all investors were paid back” may have just been a story .
2. Without any independent verification no one really knew how much money Olint really paid out and to which investors.
3. It would also be reasonable to assume that the payout ratio was an ochestrated effort to woo back investors who had withdrawn their funds and to get new investors on board. If this premise was correct it therefore means that Olint and DS really was more focused on his personal gain that “helping” many Jamaicans has he stated.
4. The news that Olint was solid and had paid back 70% now seems only to have been a ruse, which may have been used by some “big” players to sucker others in so that they could get their full encashments. DS may have recognised this but did nothing as he really liked the influx of cash and the life style that it allowed him to live.
5. What I am amazed about however, is how so many high profile “bank managers, lawyers, politicians, Doctors ” were duped by Olint and DS.
Like I reported a few weeks ago, when this deck of cards came tumbling down, it would make C+ look like childs play.
Bill Clarke is saying ” I told you so”.
Next…
Where do we go from here….
Where do we go from here..
1. The TCI FSC and police needs to enlist the help of their local counterpart in Jamaica post haste.
2. They also need to enlist the help of the US authorities ie alert the FBI, CFTC & Interprol.
3. The TCI police needs to quickly determine who the main players are in Olint and all its afflilates and issue a court order to seize all their company as well as personal assets, these include all bank accounts of all related parties as per the documents seized.
4. This should include all investclubs that have investment in Olint.
5. The TCI police should next target the top say 20 investors ie those with very large sums with the investment company.
6. The TCI police should ensure that members in the club since 2004/2005 form a part of this net.
7. The TCI police should with the help of thier counterparts in other jurisdictions request that these banks accounts be frozen post haste, to prevent further transfer of funds from these accounts into names of others.(Funds in NCB Ja are currently being moved).
8. I cannot see they being able to track down every single client so I think they should focus on the very large ones.
More to come …
Jay
You are on the ball, as usual. Keep it up. Here are some thoughts for you.
1. Ask why Jamaica police did not act since March 2006.
2. Ask how come TCI FSC gave license to DS despite Jamaica FSC action in March 2006.
3. Ask whether there is any connection between alleged TCI government corruption and TCI FSC decisions to license DS.
Jay
A follow on to my last post: There is no way to prevent pain with a Ponzi. What the government can do is chop it down before it gets any bigger thus saving thousands of people. Tough to do because all those people are dead set against the government doing so. Result is a huge tendency to sit back and wait. The trouble with this strategy is that the eventual mess can be vast. The antidote to this strategy can be found when you have answers to the questions I posed.
Every body still sleeping or better yet everybody praying
Bob,
1. They really could not go beyond what the FSC did as well as the courts. Recall that the courts effectively ruled that the operations were illegal. Apparently (and I am assuming here) they investigators at the time did not find any incriminating evidence which would have revealed a ponzi operation. (Now recall who was in power and the stench of corrpution that was associated with those persons – My assumption about not finding anything is just that).
2.a Now we are not sure that they ever did get a securities licenses issued by the FSC for the operations of Olint TCI. We have been provided this information by Olint a company which we now know was never very truthful.
We know a prospectus was prepared for TCIFX which was purported to be registered an audited, again I personally have not seen any independent confirmation of either. I am not saying it does not exist, just that I have not seen it.
2b. Now say they had been issued a license by the TCI FSC under the current premier. We now know he has the stench of corruption hanging over his head, so that could explain why one was issued if indeed one was.
3. See 2B above.
Bob,
Based on info that is publicly available Olint became a ponzi after the first run back in 2006.
David meant well.
FYI – “He noted that, though the Governor called for the Inquiry, it is the Turks and Caicos Government, not Britain, who will foot its bill. The Inquiry is proposed to take four months; however, if not completed in this timeframe; a request for an extension from the Governor will be sought. ” An interesting read. The atricle notes a 4 mo inquiry.
http://tinyurl.com/5dahu7
Thanks, Jay.
On 1, it’s very hard to prove a Ponzi is a Ponzi before it collapses, even if it is completely obvious outside of court that it is a Ponzi. This is because the critical element for proof (the Ponzi’s accounts) is kept in the operator’s back pocket or even in his underwear maybe. But usually they are caught because they break other laws along the way. I am sure I read somewhere that the “illegality” they were guilty of is a crime punishable by prison. That’s why I ask question 1. I hear your answer, though, and you could be right about corruption, whether high or low.
A REMINDER THAT THIS BLOG WAS CREATED TO DISCREDIT OLINT
Is anyone out there with concrete information that DS in involved in any financial crime. I am now referring to investors: If he is found guilty of being attached to any criminal activity, we can kiss our monies goodbye. People, let us give David our support. He needs us right now. Let us group together and fast and pray, that this evil set before him will be broken and people of this land can live a decent life. I can say DS has given me that opportunity. GIVE HIM OUR SUPPORT. Anyone in contact with DS, give him our love.
Have mercy! Cat get everbody tongue!. I hope you are taking the time out to pray! Keep it going.
OK. I did not know this blog was created to discredit Olint. I guess this is not the place for me. Chao!
OK. I was unaware of the reason this blog came into existence. I guess this is not the place for me. Chao!
O ye of little faith. I have read all the blogs and am thinking to myself that if I was DS and read all the condemnation and throw in of towel by my investors, I might as well just join them and said that there’s no money.
A lot of people are hurting big time, so people, rather than giving up, what we all need to do is get down on or knees and pray like we never prayed before. Pray for David that he can come through for all of us. After all, we can blog and blog and blog, but all our investments are in his hands. Prayer works people, and the Lord need to hear from us. This is a test of our faith and strength.
Jay, TCI FX is registered I can email you our email correspondance.
and Olint TCI as well
Psalm 37
CANT YOU GUYS SEE THAT THIS BLOG WILL HAVE NOTHING BUT NEGATIVITY TO REPORT.
JAY – YOU NEED TO GET A REAL JOB
WHY ARE YOU PPL FEEDING JAY AND INVEST INFORMATION ???
That information proves they are registered, i don’t know if they’re interested though.
@Tito, send it to the email hyipmyths [at] yahoo [dot] com
@LLP, you are free to post positive information.
@reallydepressed, Don’t believe everything you read. We are not anti-OLINT
– We are against, lack of or refusal to register.
– We are against, lack of transparency.
– We are against , lack of disclosure.
– We are against the idea that you and others should have to be coming to this blog(and others) trying to find out what is happening in a financial organisation.
Given all that we are against we can understand why people would feel we are against OLINT.
I understand what you are saying. But these investments schemes were operating long before FSC took action. What was the hold-up on FSC part? Bank officials became concerned that they awere losing customers going into these schemes. They had to find a way to crack down on them, not really caring for the people.
@reallydepressed
I agree the FSC took too long to act but the justice system moves too slow too. There are still matters before the courts.
Let’s say for now that I agree with you that OLINT was legitimate and that we agree they that had average returns of 10% per month(120%), keeping it simple.
Using the simple principle “The higher the returns the higher the risk”. All investments carry some risk. The flip side is ” the higher the risk the higher the risk of losses”.
An investment with returns of 10% per annum carries significantly less of risk than one that offers 120% per annum.
Given that the risk in an investment that is returning higher rates than normal, it is even MORE important those case there is
a) more transparency (no secrecy thing)
b) more disclosure(who is involved, who is trading your funds)
c) regular audited financials.(helps to protect the owner and the investor)
But what if Olint is or became a scam? A Ponzi?
Have you read the 20 year Old Ponzi? If you have not please do…
Have you read the Forex to Ponzi stories? Please do
We did not put these stories there to frighten people but just to show people that there are con men all around. I tell there are many more stories like these.
LOl thats right u can pray u get ur money bak oooorr uc an hold onto something or someone dear to mr. Smith and use that as leverage
JohnDoe,
I have read all those. But still can we classify Olint as a Ponzi? Let us just see where the investigation leads.
TODAY’S DAILY BREAD
….Even though the tongue is little, it boast great things. Its like a small spark that set a great forest on fire. Although the tongue is small, there is nothing small about the damage it can do. Words carry with them, the power of healing or a destructive capacity far greater that the poison of any snake.
It is essential that we use our words with great wisdom and care. Consider carefully the words you choose.
A careless word may kindle strife
A cruel word may wreck a life
A timely word may lessen strife
A loving word may heal and bless
It is better to bite your tongue, than to let it bite someone else
seems everyone is getting raided
http://www.reuters.com/article/ousivMolt/idUSWEN674920080717
interesting…
http://afp.google.com/article/ALeqM5gaUihdlJaxhf4A1H1I5Xmxwe8tmg
@ Midas,
be aware that what you have insinuated in your last comment amounts to an attempt to instigate criminal activity. It is disgusting and frighteningly inappropriate and is to be fully condemned.
Its interesting, FACT that to date no illegal activity has ever been found in Olint. Even the people in TCI have admitted in the gleaner report that to date they have found no illegal activity in the assets and documents seized. Grant u, its early days still, BUT that is the facts.
Where as I will admit that the PR by Olint has much to be desired, these are the reasons the high returns are able to reach investors. There is no legal department, no PR department, a very small accounting section (small over heads).
To all you bad mind people, there is no need to rush to judgement on Olint. WHat is it that your after, to be the first to say “I knew it would fail” or “Mi did tell you seh…..” Ok, then , you win, you were the first, happy. Olint is in problems, (fact) but there is no (ABSOLUTELY NO EVIDENCE) reason to suspect any wrong doing on Olints part or David.
If I may just touch the issue of the email, I can understand Nationwide pushing the issue as truth. My word, it makes for good headlines and your the first with it. Journalistic orgasm. But really, why would anyone craft such a letter, absolving all staff of responsibility, he was the only one aware of Olints problems. How realistic is that. David isnt the only trader for Olint, but he’s the only one that knew of the misleading information on returns. Cmon, . Sounds like Judas in the house. Hope he hangs himself. I take that back, ask for forgiveness. PEACE
david west what those computers wer hoidden since he knew they were coming?He had knowledge that they were coming.
His personal assets were frozen not the company?
You know what I think, all of y’all need to go try ur hand at this trading thing……then, you will realize it aint all it’s cut out to be……….and people continue to use “trading” as a guide for their ponzi operations….
It just doesn’t add up………A year or 2 ago I read an article about these schemes…..change the country to Jamaica, and the scenarios FIT OUR SITUATION HERE LIKE A GLOVE……………from the “public appearances”, to the “sponsorships”………..all of it ….READ IT…..I BEG YOU
http://www.imf.org/external/pubs/ft/fandd/2000/03/jarvis.htm
It’s called “The Rise and Fall of Albania……………..by Chris Jervis
that should be …guise* for their operations….
Yo Jay,
I think u hit the nail on the head with this one
“The TCI police should next target the top say 20 investors ie those with very large sums with the investment company.”
Trust me, I think we would get the shock of our lives !
Then again, I dont think there is much more that can shock us as it relates to this whole thing…
The email that Cliff obtained from his scource is REAL, David Smith’s lawyer in a press release said the same thing on the email.
can someone tell me what Lord Gifford was saying on Nationwide just now, I did not hear it
No comment on DS’s guilt or innocence and no comment on the legitimacy of Olint’s ops. Just bear a few things in mind.
1. Warren Buffett is the world’s greatest investor – Berkshire has averaged apx 22% returns PER ANNUM.
2. Due to a combination of factors, not the least being the considerable leverage traders tend to use, bona fide Forex traders are some of the most intense and aggressive gamblers/speculators out there…..they play hard and live hard…make a lot and lose a lot; it flies in the face of logic that any half-way serious trader would willingly pay, let alone commit to paying, interest of 120% per year (10% per month).
3. A trader who was really trading would not be inclined to process 1000’s of cheques, wires, etc. plus the headache of individual inquiries and relationship management if instead he could source funds from a) more sophisticated investors with deeper pockets and b) fewer investors and c) (most importantly) at a much much much much lower cost (rate of interest); all available is this was legit.
4. A trader making returns that allowed him to earn the income streams that allowed for cash flow to accommodate monthly payouts of this magnitude would have been the subject of a very real and very intense bidding war by investment banks and hedge funds to manage their own portfolios.
5. In the 1980s Warren Buffet in response to a question as to why he didn’t give more money to charity responded that he is able to compound his money at a high rate and in the process it will allow for him to give more…..in the short term he took some flak for not being sufficiently benevolent to the less fortunate an accusation that has been put to rest with his recent $40+ Billion dollar pledge to the Bill Gates Foundation. Anyone wishing to help to “uplift others” (as noble and worthy a cause as that may seem) would not be starting off and focused on the “haves” of the lopsided socioeconomic wealth distribution in Jamaica.
6. If one was having difficulty getting a financial institution to receive money in Jamaica; there is little doubt that the entity where said funds are presently domiciled would be able to issue said payments, partial payments, etc. via cheque individual wire or some other instrument to those who are owed…even as a temporary measure.
Personally I would love nothing more than to believe that we had borne in our (Caribbean) ranks one of the world’s greatest investors. A benevolent soul who’s prior digressions at his last place of employ (financial institution) were nothing short of a ‘one-off’ lack of judgment and had bounced back to find his calling as one of the world’s greatest investors…..that Forbes, Fortune, BusinessWeek, The Wall Street Journal, Financial Times, Barron’s, Investor’s Business Daily and others never ever picked up on the story would also be surprising and somewhat disappointing. I would love to feel that here in the Caribbean one of the sons of the soil was so driven that his primary aim really was to pay sky high cost for his raw materials (capital) just so that he could enrich those already somewhat ‘ahead of the curve’.
There are countless stories of talented, technical people who have developed trading and other models but lack the ability to move from “good start” to “solid business”. There are countless stories of good, honest, well-intentioned individuals who were subjected to attacks from well-heeled and better connected competitors and capitulated as a consequence of these unfair and unwarranted capitalistic attacks. There are also innumerable accounts of businesses growing so quickly as to outstrip the ability of the principals to control them…..and many more tales of woe.
But as you hold out hope that this home grown Caribbean financial boy genius is really a good soul who has hit some roadblocks not of his making at least take off the blinders.
There is absolutely nothing wrong with hope…..but be clear on what you’re hoping for…….
FOCUS – Warren Buffet – greatest ever (undisputed) apx 22% avg per annum.
FOCUS – why would one elect many clients with relatively small money (yes there are some very investors in the “club” – but why bother with the small investors) vs a handful with considerable sums to manage.
FOCUS – why would a super-investor with a “cant lose “”GUARANTEED”” system” CHOOSE to pay 120% interest for his raw materials (money) when there are 1,000s of investors who would readily settle for a 1/3 of that rate and provide substantial sums of capital.
We’re not going to get rich by flinging hard earned dollars at people making promises that beyond the surface don’t make any sense…alas…..if it’s too good to be true……..but it would be “really cool” if we did have such a whiz kid to call our Caribbean own…….oh well.
To All:
I am enjoying all the comments, reviews. anologies.
I am now submitting a proposal to all club members of olint to do the following:
1]have your current statements at hand
2]have a copy of your draft or wire documentation.
I propose this in light of the statement made by DS lawyer, the Lord G and wish to note that at this time no additional nine months must be given without DS comming to the table.Words alone cannot forgive you noe D, this is earth , in heaven it can work.
We the the clubmembers need representation and be ready to act , DS need to know and the clubmembers need to realise that we are now in charge DS needs to answer when he can and him need to realise that we trusted him thats why we waited 6 month hanging on to stories now the story cannot work. we need action not a bag a mouth.
DS guilt or innocents is not known yet so stop speculate people and lets unite so that if anything is there , the rich man is not the only one that should get money and we the plebs wait til DS trade again.
This 200 mil was for just a few he wanted to get off his back bredrin it have to split even, what say you
later folks… remember unite and action
All the haters who received double encashment and or Double Interest from OL.The Floor is now yours stand up a be counted.
Dishonest – White collar thieving Investors – Jamaican declare you were over paid now so that Olint can be able to quickly reconcile his accounts and get on with doing business as usual. That is good old Forex Trading.
Sheila Moonlight,
I find it funny that u dont believe Smith when he says due diligence, money will, but now he says some people were overpaid, u believe him,
This man is just trying escape his responsibility by saying he owes u less money than u have on ur statement.
How come he discovered this short when u wanted ur money.
It is all deceit ,trying to get members to feel they are responsible for his failure, he knew he was running a ponzi a long time ago
Anyone wishing to contact the 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
I am a private investor based in the United Kingdom. I focus on seed capital, early-stage, start-up, ventures, LLC and all round completion and expansion of investment projects that need funding. I am interested to invest in your company on a long-term business relationship. If this is alright with you kindly get back to me with more details about your company. Dr. Frank Morgan.(Individual/Angel investor) fmggroups@yahoo.com
It is now obvious that most of the Olint money will be tied up at Her Majesty’s pleasure for a period of many
years,while forensic accountants work out the problems which are legion. Love,Contentious
So, what can someone expect? How soon can we have our money back? Is there any hope at all?
Sad story people. Try to keep up with regulated Brokers.