OLINT: Where is the Money?

Before you read this article please read What Happens to the Money in a Ponzi Scheme?

Al Edwards writing in the Jamaica Observer ask the question that people should be focusing on. Even If that ‘e-mail’ is fake, although some believe it is genuine, that is not the issue. The issue is where is the money. Here are some quotes from the man who authored the another article, two(2) months ago May 16, 2008 to be exact, “Olint at a Cross Roads”

Club members of popular foreign currency trading outfit Olint and indeed most of the country are preoccupied with two questions: Will people be able to recover their invested funds and what happened to all that money?

The article points to the fact that there will be no help form government, so club members have their options clearly cut out. The leader of the flock has been quiet and their has been no word of comfort.

In effect, club members will have no recourse other than OLINT for their money. So what does David Smith propose to do about it? His representatives have been strangely quiet, and he has not stood before his flock and calmed their nerves.

If that David Smith and his team is not providing any answers, it is clear that the club members need to be assembling their own high power legal team.

Excuses Dwindle

The author then turns to the rumours and like this writer the author points to the dwindling excuses. Rumours of that the prominent bank, NCB, clearly as they are the possibly the only bank with OLINT accounts if not the one with the main accounts.

Olint has not endeavoured to confirm the veracity of that statement, leaving NCB prudently to categorically state its position.Both the Financial Services Commission (FSC) and NCB made it clear earlier this week that they were not the ones preventing members encashing Olint cheques inferring that once members had cheques they could be cashed. The excuses were slowly being whittled away.

In another section, the writer tries to quietly suggest that maybe all was not well. 

It may also be the case that having paid out anticipated returns to his club members, and with no new money coming in; he was caught between a rock and a hard place. Then again, the question has been posed: Was he fully engaged in foreign currency trading, or were there detrimental lapses?

While the writer of the article is afraid to use the SCAM word or the PONZI word we are prepared to. The questions that should is really being asked was it bad management or was it a case of FX outfit that never was or a FX outfit turned PONZI. 

Goal Post Gone

Asking a local analyst for a comment, the analyst drew for a quote from the article, Olint at a Cross Roads, one that all well thing persons should consider.

“You summed it up earlier in that article, ‘Olint at the crossroads’, when you said if the goal posts keep moving a lot of people will get pissed-off. I’ve got the quote here on my desktop: ‘If David (Smith) does pay out everybody what he should rightfully pay them, then there will be a huge sigh of relief right across Jamaica. His reputation will be enhanced both professionally and personally. If he does not, he will be stigmatised as a charlatan and rendered a pariah. His fate lies in his own hands. His word, dare I say it, has to be his bond.’

“I think that about says it all, don’t you?”

The Goal Posts have shifted so many  times to the point where it now appears that the goal posts have been dismantled.   

The article is clearly worth reading, please read it, but  maybe answer is No Money No Deh

Source: Olint: What happened to all that money? (Jamaica Observer)


n.b. We will comment on the “e-mail” soon

25 Responses

  1. oh well…phuck it…

  2. … (munch, munch, munch) … definitely from the scene in this movie called “No Money No Deh” … (burp) … unnoo caan sey FlingDeFuseAndRun neva did ah warn yuh … (munch, munch, munch) … ‘his-story’ is a hell-of-a-ting, eh …

  3. Is it that Blogs are set created ONLY TO feeds filth, and there is no room for the truth?

    Why start a thread IF there is no space for one to seek to find the truth.. OR to argue both sides with credibility?

    If Blogs only embraces VOMIT… Well remove all the responses then and DON’T Push the corruption trigger your self!

  4. Round II to Olint VS. NCB….. Olint accounts not to be closed… Is is a ray of hope for DS

  5. Peace,

    What is the truth how is what is being said filth how do you suggest we find out what the truth is when the person who has it is not making any credible statements? Why do you think the site is not argueing both sides with credibility?

    Until the other side which is David smith himself gives us credible info on the clubs state of affairs such as

    1.information refuting NCB’S claim or any other bank for that matter that a wire of xxxx million was returned.
    Why has he not asked his lawyers to submit a motion in court showing that the wire was sent and that NCB (because ths seem to be the bank in question as his accounts were still opened based on the court injunction which has still been upheld) if he does this then we will all know that he was telling the truth he has not done so to date.

    2.Information showing that their is indeed monies available for disbusement i.e.

    Confimation Statement requested by Olint form its brokers/bankers showing the amount available.

    Peace if this is not done then what else is there but what is in front of us no mony reaching the massses of investors (just a few i gather) since 7 months but money was being collected.

    The silence and no information would lead any rational thinking person to make the assessent that most persons have made thus far.

  6. Olint accounts have always been opened the second motion for closure was put foward by the Mr Garcia legal counsel for NCB. Due to the investigation being carried out in Turks and Cacois island.

    It is with development that they presented to the court today that they felt there were now grounds to have the accounts closed.The courts have upheld the injunction.


  7. 1.We have been misinformed the assets seized were David smith not olint or olint tci. DS is free to send money from bank account in the US etc once its in olint’s name.

    2. If he has the money why does he give members proof that he does. Or have a 3rd party like an auditor provide how much assets Olint has. Then the auditors would later determine O liabilities at a later date. Thats not hard to do.

    3.If there are lawyers trying to get the brokers to release fund why aren’t these lawyers in communication with us. They can verify that the money is there since O cannot find a auditors.

    4. Why are the clubs still accepting new members and new money? If Olint is found to be embezzling in the light of what is going on they could be implicated as accessories. Do the heads of these clubs know something that we do not. Not sure

    Lots of things look strange…DS ….we need answers

  8. Peace Bestill,
    I am happy your voice can be heard here and you are not censored like the other bus.
    But I must say I do not agree with your view.

  9. catd, you are incorrect on that, TCI crime boss says the focus is on Olint, I heard him on Nationwide yesterday

  10. All Olint assetts have been frozen, that’s a fact.

  11. Not all, olny some right now, and it should be for 3 months.

  12. Tito, only the assets in the TCI were frozen. Assets in other jurisdictions could not be frozen by the TCI Supreme Court.

  13. God is not dead but He’s alive
    God is not dead but He’s alive
    God is not dead but He’s alive
    Hmmm, Hmmm,

    I feel him in Olint, hmmm
    I Feel him on DS side, hmmm
    I feel him all o-v-e-r O-lint, Forex, S-C-H-E-M-E
    HMmmm, Woe! Woe!

    God is not dead but He’s alive (Repeat 3 times)

  14. Sorry, all the assets in TCI have been frozen.

  15. Thats what I am saying too, but ONLY those assets in the TCI were frozen. Assets in other jurisdictions eg. Jamaica, USA would require enforcement action in those jurisdictions to also be frozen. That did not occur. Olint is still free to use those assets that it has outside of of TCI. They are still available to Olint.

  16. Waiting

    A ray of hope for DS but not for you if you are an investor. It may be time to consider whether DS interests and your interests still coincide.

  17. Tito, I heard Cliff in an interview with Mr. Hughes the TCI police commish, and he stated that not all of Olint TCI Assets were frozen, I was trying to load the interview for you to listen bt its not working.
    But CJ is not correct.

  18. Daniel Munn you are a religious fanatic…no better than terrorists.
    People are losing there cars, houses, money and kids have to stop going to college and you are defending DS…Where is his obligation to members and his love of God …ask youself, why he cannot tell us where the money is and how much is it.

  19. A good journalist would go to the TCI courthouse and read the order and tell us what it says. Court orders are not private documents although sometimes they are sealed. There is no mention of that in this case.

  20. I am no expert on TCI law, but the TCI court probably can make an order to freeze assets anywhere in the world. In order to enforce that order in, say, Jamaica, the TCI police lawyers would bring the order to the Jamaican court for it to give it local force. Different countries treat orders from foreign courts in different ways so the burden on the applicant varies. It’s something called “comity of laws” or some such, but I could be mixing up the name with something else.

    Someone really needs to go to the court registrar in TCI and either read or get a copy of the order. It should not be a secret document unless it was sealed by the court.

  21. Bob, you r right. The TCI Court can make a freezing order for assets situated anywhere. The order acts against the person who owns the assets. Third parties who hold the assets are required to respect the order, but can apply to the TCI court if compliance is a problem or if they have questions.

  22. the oder is likely sealed. In the radio interview today w/TCI police chief there was mention of a gag order.

  23. well all we can do right now is wait for an audit to be carried out since the situation has already turn from bad to worst. We need to know what the assests and liabilities are ASAP. I think the time has come for us to hear some truth, I am tired of the news reports, rumours and emails. We need documentation! And DS clients are at fault because they should have demanded documentation from DS. This operation has been run in secret for too long, the time to show us documentation is NOW!

    how many members
    how many $$$ under management.
    how many assests and liabilities

    All his legal team is doing is messing this whole process up. You know I think his legal team had something to do with him using the phase ‘due diligence.’ Because the phrase means nothing unless we know exactly what is going on. Is it an investigation, is it a conspiracy or is it just plain and simple:you steal wi money

    freezing of assests does not help the situation either, it just makes it more complicated,

  24. you guys only make matters worse, however i will come trough

  25. i think there is a press gag btw.

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