May Daisy and I Trade

Although much sadness and excitement has surrounded Olint and David Smith,  there is still the matter of what is happening with May Daisy. Ingrid Loiten figured prominently in that NFA report but for the most part it has gone unnoticed. Ingrid Loiten again figured in the Depart of Justice’s letter to FXCM. May Daisy has also been suited by F1 Investments and interestingly I-Trade FX is named as a defendant in the lawsuit.

Ingrid Loiten (May Daisy) named

Item 25

Another account at l-Trade which had suspicious activity was the account of Ingrid Loiten (”Loiten”), which was opened in August 2006. Loiten’s account opening documents listed her annual income and net worth as between $25.000 and $50,000. Yet, between December 2006 and March 2007 , seventeen deposits weremade to Loiten’s account totaling over $1.7 million.

Item 26

l-Trade’s records included an April 17,2007 e-mail from Jared Martinez to Martinez concerning a purported April 13 meeting with Loiten, during which she supposedly told Jared Martinez that she owned and operated a multi-million dollar website, http://www.homeworkjamaica.com, and wished to deposit between $2 and $5 million of her personal funds into her trading account. Despite the discrepancy between Loiten’s account application and her purported verbal representation to Jared Martinez in April concerning her financial information, l-Trade waited almost two months to obtain updated information from Loiten, even though it accepted an additional $2.7 million in deposits during that same time.

Not only was the size and frequency of the deposits in Loiten’s account inconsistent with her stated annual income and net worth in her account application, but the wire activity in her account was also highly unusual. For example, Loiten opened her account in August 2006 with a $500 deposit and, over the succeeding three months, made four subsequent wire deposits averaging less than $2,000. However, beginning at the end of December 2006, the wire deposits changed dramatically in size and frequency. During the first three months of 2007, Loiten made multiple wire deposits (e.g., five to six per month) in amounts averaging over $100,000 each.

Item 35

l-Trade and Martinez failed to file SARs for, or otherwise report, the highly suspicious activities, as alleged above, which occurred in the Olint and TCI accounts and the Harris account – and also failed to file a timely SAR for, or otherwise report, the suspicious activity which occurred in the Loiten account, and, thereby, completely disregarded their obligations under NFA Compliance Rule 2-9(c), the Notice, and the firm’s own AML procedures.

l-Trade did file a SAR for the Loiten account but only after it received information in March 2008 that Zambian authorities had anested Loiten for alleged money laundering. However, l-Trade never filed a SAR for the suspicious activity that took place in Loiten’s account between December 2006 and June 2007.

Here is the troubling part Item 36

l-Trade filed a SAR for a customer who deposited $10,000 in an account and withdrew the funds several months later without ever trading. Similarly, l-Trade filed SARs for two other customers who each deposited $5,000 and then withdrew the funds a month or two later without conducting any trading. The activity reported in these SARs was far less suspicious than the suspicious activity which went unreported in the Olint, TCl, Hanis and Loiten accounts

May Daisy has not paid most investors for many months. They closed all Jamaican accounts at the end of May but in the most part they have failed to repay investors even their principal much less their ‘interest’ or ‘gains’.

I-Trade FX covers its tracks?

I-Trade FX has some explaining to do based on these statements (changing the order for emphasis) ,”However, l-Trade never filed a SAR for the suspicious activity that took place in Loiten’s account between December 2006 and June 2007.” and “l-Trade did file a SAR for the Loiten account but only after it received information in March 2008 that Zambian authorities had anested Loiten for alleged money laundering” 

I-Trade must file a written answer to the complaint with NFA within thirty (30) , days of the date of the Complaint, i.e. by July 31, 2008.

You can and should read the entire document here. http://www.nfa.futures.org/basicnet/CaseDocument.aspx?seqnum=1620

N.B.  Thanks to poster who pointing out this document.

Related:

Advertisements

17 Responses

  1. One week to go before the deadline for I -Trade Fx to respond.
    In light of the recent events I wonder what the response will be.

  2. Where is Ingrid Loiten and what is she up to.

    Stay tuned, we have some new information on her which will we be breaking soon.

  3. One week to go! Time longer than rope?

    thanks invest for life, you are doing a good job! We all need to keep up the pressure. We do not want any Jamaican 9 day wonder business here. No. I wonder if the 9 mths statement is a “coincidence?”

  4. Ingrid has formed a new investment company called ALONDOKA INVESTMENTS .

    Her offices are in sandton at the West Towers-
    P.O. Box 785553 Sandton Johannesburg 2146
    Tel: 011 881 5603 Fax: 011 881 5611
    Email: info@alondoka.com

    For those who have been “robbed” by May Daisy I suggest you all try and get in touch with her. Now here is the webpage and a profile of her company, just click on the “company profile” link.

    http://alondoka.com/aboutus.html

    This is amazing but not surprizing. We will continue our research to see what more we can find on this woman.

  5. i went to the website, well It seems that Ingrid has set up a business to con people into throwing their money at her again

  6. Where is Interpol when you need them ?

  7. Cry babies. You invested for high returns and you lost. Live with it.

  8. kingstonchronicle

    You keep confusing investing at high risk with being defrauded or conned. Why, exactly, should someone who has been conned or defrauded “live with it”?

  9. kingstonchronicle

    Investing at high risk, is different from someone thiefing your money.
    If the funds were lost in Currency trading activities, well so be it.
    BUt for people to just rob man suh
    C’mon man ,

  10. Ingrid has bought houses and car and set up companies in Swaziland and zambia, with her man K.K.

    Time will tell.

  11. … (munch, munch, munch) … wait, Puncie, dis ah nuh de same ol’ t’iefing raas gal wey use fe run wid Davey dem … (wipe off mout’ corner) … hope sey Janice (1 thru infinity), DSL & de whole of de #4 bus crew sight dem new salvation: ‘Alondoka’ … (munch, munch, munch) … guess dem coulda start wid a likkle sankey … “give dem ‘hope’ joanna” …

  12. Zambesi24:

    Is IL married and if so, is her “man” an attorney?

  13. Jay, ALONDOKA INVESTMENTS is not a new investment co that she just set up. Get your facts right. ALONDOKA is no new salvation either.

    Also KK is Kenneth Kaunda’s son Kwaeche. IL is all over from time. You need the correct time line. She is not sqeaky clean but efforts being made to pay members. People are being paid. Not all and not on time but payments being made. Fact.

  14. She have a home in South Africa like many professional Jamaicans in South Africa. They are part of the new black elite. Driving up the Benz and Bimmers. Consultant this and that and Investors, IT profs you name it . Real big life business. Ingrid spread her wings loooong time.
    That charge against her in Zambia was dropped. That $ released. Fact. Check Teflon Don on that. Him can confirm 🙂

  15. DONTGIVEADAMN:

    Since you are in the know, why did she try to conceal the “true” source of funds (USD $7 Million)? BTW, where did the $ came from?

  16. I give a DAMN! I have not recouped one dime yet from my investment since October 2007. I need my money back! If she is paying some people, I as well as some others investors nuh know bout dat!!. I Spoke with someone name Paul recently when i contacted one of the numbers listed on the website and was told to refer to the last NOTHING COMMUNIGRAM. Said “broker” conducting Due Diligence! Dem tek people fi idiot. Is all the money with the damn broker? What about what is stashed away in bank accounts? He said they not even honoring emergency requests! Damn FOOLISHNESS!!!!!!!!!!!!!!!! Said she close all a wi accounts but no money cant reach yet. RUBBISH!!!!!!!

  17. What’s the Latest update with regards to Ingrid Loiten and May Daisy?

    What’s happening to the Funds that she is trading for her Forex Investors?

    Any reporter from Zambia, or Africa where she is now currently on board,

    INGRID LOITEN! Speak up NOW!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: