David Smith Did not Attempt Suicide

Radio Jamaica is reporting that rumours that OLINT’s head, David Smith attempted to commit suicide are NOT true. The reports of a suicide attempt were quashed by Senior Superintendent of Police Hubert Hughes in Turks and Caicos who spoke to RJR. Senior Superintendent of Police Hubert Hughes who is leading the police  investigations into OLINT’s operations in the TCI, where David Smith now lives, strenuously denied the rumours.

This is latest of a number of rumours swirling around since Olint has failed to pay its investors for at least the 7 months and based on the latest statement they are seeking another 9 months to make good.

Source:OLINT’s boss did not overdose

n.b. We would appeal to people not to spread such rumours, as these rumours not only affect, the person named but also those who have been waiting to hear what is happening with their funds.

Man, Mother and a Ponzi

Thirteen (13) months before a PONZI offering 10% crashed, a man invested $100,000. Each month he logged on an showed his mother his returns. Every day he pressured his mother to put in  $100,000, telling her that she should only invest what she could lose.

Tired of the pressure, she relented and 3 months before it crashed she invested $100,000. She opted to compound it too as her son had shown her “his big pay day” in a couple months. One (1) month before the PONZI crashed, the man encashed his interest ($213,842.84) and redeemed his principal of $100,000. The next month the the PONZI crashed.

Then he was heard telling his mother “don’t worry, things happen, you win some you lose some”. Only invest what you can afford to lose. Pity he did not know that his mother’s $100,000 investment helped to pay for his interest payment.

Related:

• What Happens to the Money in a Ponzi Scheme? 
• OLINT: Where is the Money?

Time Line illustrated:

• Month 01 – Man invests $100,000
• Month 10 – Mother invests $100,000
• Month 12 – Man collects $100,000 + $213,842.84 
• Month 13 – Crash:  No – Payments,  Excuses: Banks, FSC, Due Diligence, Media and Bad Mind

After a few months of excuses the truth is told: PONZI crashed in Month 13

• Month 16 – Scheme declared Dead- We are unable to pay, Receiver steps in
• Month 17 – Receiver finds that payments to investors  were being made by money taken from other investors. (see What Happens to the Money in a Ponzi Scheme? )

FSC demands Account info on Olint,Lewfam, Principals

The Gleaner/Power 106 Newsroom is reporting the FSC is getting into the act. The Financial Services Commission(FSC) in Jamaica is demanding certain information from licensed financial institutions in Jamaica

Last week, the FSC in letters to the institutions demanded the disclosure of all accounts belonging to the Olint Corporation, its boss David Smith, his wife Tracey and brother Wayne Smith. The FSC also requested disclosure of the accounts of the Olint Foundation, Overseas Locket International also run by Smith as well as the accounts of Lewfam Investments and their principals Major Neil Lewis and Janice Lewis.

According to the news report, the FSC can do this under the FSC Act where it has reason to believe that an institution was being used to commit fraud, theft or money laundering. 

For more read the news report below:

Source: FSC to recieve Olint reports