Gleaner: UFOs time to Confess!

The Gleaner’s editorial of July 22, 2008 invites the Un-regulated Financial Organisations to come clean, a call we most certainly endorse.

It is high time that the so-called alternative investment schemes come clean, so that people can have a real sense of their financial circumstances and get on with the business of rebuilding their lives.

In another section of the article they take on OLINT.  This in after earlier in the article effectively suggesting that David Smith and OLINT was the ‘grand-daddy’ of alternative investment schemes. It might not be a fair assertion but that is what the editorial writer thinks. 

For several months, Smith has been unable to pay investors promised returns, with the blame shifting from one source to another: the actions of jealous Jamaican banks, which wanted to close its accounts; because of due diligence by foreign banks; the failure of foreign brokers to release cash because of investigations of one sort of another; and now, the freezing of Olint’s assets by the Turks and Caicos Islands’ police because of a probe into its business.

Later in the editorial, the writer attempts to tackle to inter-relationships between the schemes.

The suggestion here is that small operators like World Wise and May(Mae) Daisy and others sought to piggyback on Olint’s supposed experience and trading skills by parking a portion of their cash with David Smith’s business. The upshot: if David Smith fell into trouble, then so would they.

The meltdown, therefore, would be systemic, well beyond the regulatory issues faced by these organisations. Already, the problems with these institutions have begun to have a negative impact on consumption and will, over time, feed into the broader economy. It has already affected consumer and business confidence. By coming clean, the traders will cause investors to face reality.

Systemic or Sectoral? The article is worth reading although there might be questions about the accuracy of somethings said. 

Source: Time for investment companies to come clean

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14 Responses

  1. Guess this may be a little to late.

    HW – Gone
    CashPlus – Gone
    May Daisy – Gone
    Olint – Going

    Olint going down will sink at least 7 affiliated clubs, plus those who we know were taking investors under their portfolio.

    I guess what the gleaner is suggesting is really confession.

  2. Jay,

    Henley Morgan’s article in today’s observer is poignant and incisive. It examines the role of the many influential church leaders in this AIS saga. They have led their followers into a path of destruction, and instead of exercising moral fortitude and admitting their folly, they now continue to perpetuate the myths about the character of DS, the dynamics of FX trading, and of course the vast conspiracy led by mlc to bring down ufo’s such as olint.

  3. Jay:

    Why do you guys always forget Ricky Azan! Put him on your list. You probaly want to add F1 and LewFam too.

  4. At least Ricky Azan had the courage to tell his investors that he lost the money and would like to try and make it back. I wouldn’t put him on the A-list yet.

  5. Ricy Azan also used his reputation hahahaaa as “super camel jock” to endorse “superdave” as a competent trader…..

    The endorsement came from foriegn after Azan ran away..hahahahahaaaahahahahahahahahhahahahahahhahahaa

    9mths pass for SCJ …and still dem nuh get paid hahahahaaaa

    And just as DS is doing now SCJ was In the papers expressing everything in terms of his newfound personal hardships..hahahahaaaaa what a set of self centered bast……ds!

    Telling people you going away to pay them at some unconfirmed guaranteed date somewhere in the future and wukhouse …….is 2 different ting bredda

  6. Examine the similarities of all the AIS/UFO operations.

    Theme: We have and/or are going to get back your money on our schedule. no options nothing.

    olint’s new encashment policy is a farce because if you did not sign it you did not get paid out immediately

    Theme: Our lifestlye will not change as it is our own money we are spending. Rubbish

  7. you know what be so sad if Ricky Azan put more money into Olint in order to pay back his members….

  8. Time to confess. Time to leave TCI and the Brits property

  9. hhmmm someone impersonating sirach?

  10. You guys are so mean. 🙂

    But really, nothing wrong with trading, but there is a thing about GREED. You know that thing where you put in more than you can RISK.

    Do not cry. You did so on your own free will.

    What if David Sin said ” I lost it all in a series of bad trades”. There are credible historical evidence of such things taking place before costing millions.

    Look at the French guy in the Bank that lost $8 billion (not sure the currency) he was doing it for years until one wrong move then all of a sudden he is a villain.

    The trick here is. Was David Sin really trading FOREX for the later part? Did he get lazy and stop, thus becoming a club like Cash Less? All questions, and speculations. No one really knows.

    However, if the image (Brains) he portrayed is true, then he can find the US$200 million or US$300 million soon. But I do not see him finding US$500 million or US$750 million any time soon.

    Not unless he owns some Google stock, Yahoo stock, or OTHER stocks in Tech that are expected to have 400% to 2,000% within 12-24 months. But can he afford 12-24 months?

    Invest in your local talent who will show you the real business. Same risk of course, as no one knows how the market will react the next day, much less 12 months from now.

    Embrace your fate. You will never be as rich as many who are. LOL

  11. does anyone know yet what the June returns are? or the expected returns for July?

  12. hahahahahahaaaaaaayuahahahahahahahaaa

  13. All church here in Jamaica out fi get repossed (no pun intended)

  14. DS

    A few good freinds better the many hurry come latelys.

    You choose a hard way to learn that brother.

    ‘seh wi naw go a jail again…uh no…..an wi neva goonna fail again….like a ship we a go sail again ooohhho…..we neva gonna call we friend fi bail again…’

    ……..

    ‘Step out an hol’ mi own fi sure….oh oh……real hustla a road a mek money galore…..’

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