Olint on the Verge of Collapse

Another view from the outside looking in. Used by permission

The situation at Olint is deteriorating rapidly as David Smith has shuttered a local office in Jamaica that he says was the subject of a bomb threat while his fund suffers an apparent bank run. In a grim letter to shareholders Olint states:

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.

Jamaican News is keeping up with the story and Radio Jamaica states:

News of the worsening situation at OLINT comes two months after the company unveiled several changes to the way it does business with its clients which included restrictions on the frequency with which members can request payouts.

In addition, clients were told that they would face lengthy delays in getting back their funds.
David Smith is spinning hard but regardless, it appears that Olint is doomed. Again the question is will there be enough money to go around or was this a Ponzi scheme all along?

And if it was a Ponzi scheme did I Trade FX, where, according to the NFA, David Smith was once a leading principal, knowingly or unknowingly help facilitate it?

To their credit, I Trade FX has been desperately trying to shake this guy like a bad cold. But as Winston Churchill once said of Italy’s disastrous alliance with Germany during World War II, “How much easier is to join bad companions, than to shake them off…”

Source: http://www.fxstreet.com/forum/showpost.php?p=13771&postcount=184
– Uused with permission.

n.b. This was written before Olint Assets were frozen in the Turks and Caicos

10 Responses

  1. I don’t believe it was a pyramid scheme, I just think too many people/orgs/govts were out to get Olint & they finally caught up… in the Gleaner’s front page article today it mentioned that when Smith requested the wire of the 200 mil the bank alerted the authorities, which further delayed the release of the money & pushed the investigation to the height it’s @ now. I won’t swear for Smith, but I believe he was trying to give persons back their requested money

  2. would you all try to excercise a little faith

  3. What does faith have to do with it

  4. Even if DS changed course … don’t forget he’s human and who are we to judge … this won’t help the reality of the circumstances, but the following is food for thought!

    “It is an honor for a man to cease from strife” (Proverbs 20:3)

    Strife is a very destructive force. It can creep into relationships by starting small, maybe through a comment or a wrong look from someone, and can then escalate into something much bigger.

    But when you choose to cease from strife and overlook an offense, you are acting honorably, and you are honoring God.

    How do you avoid strife? The Bible tells us that love covers over many offenses. It means that you give people the benefit of the doubt. You consider what they may be
    going through over how they reacted to you. Maybe someone was short with you at the office, but they may have a loved one in the hospital, or they may have some other concern. Instead of getting upset, walk in love–be patient, be kind to them.

    Choose to avoid strife. Look for ways to walk in unity with the people in your life. The Bible says that He has commanded the blessing when we walk and live in unity. Choose unity today and watch the hand of the Lord move mightily on
    your behalf!

    A Prayer for Today

    Father God, today I choose Your ways. I invite Your plan to unfold in
    my life. Help me to avoid strife so I can walk in peace and unity and
    honor you all the days of my life. In Jesus’ Name. Amen.

  5. i have faith in men with vision for a nation to hell with the rest

  6. DS may have been dishonest,
    we all don’t know for sure; at least he has the skill of trading and can still utilise it; Why not just stop the judging and the bashing and surrender the stiuation to Christ?
    If we continue being judgemental, we are as bad as the banks and financial entities that don’t want to give us a chance in these harsh economic times. We are all human, man, stop the bashing. if you are without sin, cast the first stone, chu.

  7. I notice a pattern here. There is all these female on these blogs spouting stuff about prayer, faith and all the other nonsense. These are the same one going to church and giving their money to these “thieving” pastors (10 %). I was thinking of starting my own Ponzi, but I change my mind, I will start a church and watch the money start rolling in. All I need is a good choir, a good church band and I good sermon. No wonder these same people willing give up their funds to DS.

  8. Woe! Oh!, the thieves the double payment receiving spirits have descend upon Olint and receive double encashment and requested fund transfers as well; but God will open DS eyes so that he can find all the white-collarist who are raping him and put them out.

    I hope him remove himself from the grave diggers drunkards and thiefing investors.

  9. chromatic,
    Faith has everything to do with it; because His faith may just lead him to find the Leaks in the titanic ship and cork it before the ship take in water and sink.

    Faith can cause him to be awakened from his sinful flesh and renew him self having outplaced the blood thirsts wolves; and all the clawing vultures.

    Faith can cause him to renew his sights and remove the things along the journey that he was not called to partake in. As I see it Faith is now his walking stick.

  10. this is the reason why I thought lewfam was coming to an end.
    in the month of march lewfam returned a whopping 14.44% gains. After all that was happening legally I thought that was very strange. Personally i thought they were running out of money and trying to lure folks back in to get some more funds.
    I took this as a sign and requested all my money. luckily a got it back 2 weeks ago.25K. this was close!

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