OLINT WOES hit investors in Grenada(with letter!)

SGL HOLDINGS INC. Investors in Grenada are feeling the pinch as result from the problems affecting OLINT TCI. In a report on a Grenadian website,  SGL Holdings INC acknowledges that its having problems returning customers’ deposits. The Ministry of Finance in Grenada is aware of the problem and to had dialog with SGL HOLDINGS INC. today, July 23, 2008. Here is a quote from the article.

At a meeting held on Wednesday July 23 with the Ministry of Finance, the company advised that the present challenges being experienced emanate from difficulties facing its trader, Olint TCI, located in the Turks and Caicos Islands. Olint TCI has had its assets frozen pending an investigation into its operations and until such time as this matter is resolved the Company is unable to make any payments to its customers.

This is the story of yet another feeder in trouble. SGL is just one of the many feeder/affiliate clubs with links to OLINT. The list includes Lewfam, UWIN, Wilshaw  among others. Read (How OLINT survived?)

The Ministry of Finance in Grenada made it clear that SGL Holdings does not fall under the Banking Act. In May 2007 SGL Holdings applied to the Grenada Authority for the Regulation of Financial Institutions (GARFIN) for a licence to conduct its operations.

After some tussle with the regulators and SGL Holdings in Grenada, the regulator issued a Cease and Desist Order. It appears that they ceased taking new deposits while they sought to have themselves regulated but now have hit repayment snags.

SGL Holdings claims that efforts are being made to ascertain the status of the investigations in Turks and Caicos Islands and that they are committed to repaying investors. 

Letter to investors sometime before or on July 21, 2008.

Dear Valued Customers,

We write to you with our sincere apology and are mindful of the fact that for the last two (2) months some of you patiently awaited encashment/margin gains and/or timely sent statements in keeping with our way of operating.

Unfortunately, we have been facing a few challenges as a result of unexpected circumstances involving our trader. Over the past two (2) years we have come to rely on the exceptional reputation of the trader in providing and fulfilling us with eye-catching returns. However, as noted in our Agreement, such a service does entail a degree of risk.

Due to the ongoing scrutiny and processes, not to mention a recent investigation against our trader, our business has been impacted to a degree that has caused unforeseen delays in providing you, our customers with the distribution of your gains and/or encashment. However, we have received communication from the trader through his legal counsel, ensuring us that he is committed to “fulfilling his obligations”, and will be making payments to customers within a period of nine months. Additionally, it has come to our attention that there have been some
questionable accounting errors noted by the trader’s account payable and recordkeeping system, which has also contributed to the lapse in payments.

Nonetheless, we are committed to continue working diligently and pursuing all measures to accommodate you in an expeditious manner. Therefore, we ask that you allow us this courtesy by giving us the time needed to achieve this goal. You have been more than understanding, and we can appreciate your concerns. Our staff will continue to respond to your concerns via phone/fax /email, as well as, keeping you apprised of any pertinent information  surrounding this situation involving the trader.

Thanks for your support and trust in SGL.

Respectfully,
SGL Management Team

Source:Release RE: SGL Holdings INC

Related: 

Update – July 24, 2008 – Letter added
Update – July 25, 2008 – other links added
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25 Responses

  1. Caribbean problems…

  2. A the facebook crew just keeps barreling along.

    In Ja I believe the term is “story come to bump”

  3. is 2 facebook crews now, just as many people in each of them. what a bunch of asses, I’m generalizing on purpose. Maybe they feel that if they openly praise him their money will come quicker hmmm….

  4. What the **** !!

    If there is any money left in O, how is this MESS ever going to be sorted out. How would they ever figure how much to give back to the different feeder clubs and direct investors ?

    Greneda, Jamaican, TCI and US authorities (maybe UK as well) all mixed up in it now.

    Would the US protect the interests of US citizens first out of whatever money they have frozen ??

  5. this is a post from Facebook.
    Do these ppl really have a clue to reality?

    Michael R. Douglas wrote
    at 3:51pm
    Smithie, just keep at it and we will support you. We just want you to communicate with us so we can put ourselves at ease and dispel all these nonsensical rumours. When the smokes clear, you will know what the next steps you have to make to improve your operations and we will still be there with you.

    This man things that DS is a saviour.

  6. Sounds like HW and CH were saviours too until they simply refused to pay.

    Are those folks for real ” not much money is left”.
    How do you support a persons who has obviously lied consistently and robbed you blind.

    I guess some of these folks need counselling as they are having real emotional problems and are probably suffering withdrawl symptoms since the 10% stopped flowed.

  7. Jay:

    Do you know that some women are attracted to such heinous people as serial killers in prison? Some even marry them. There are just some people who are attracted to criminal types… support them and love them like gods… Alas the world is made up of all types.

  8. It is obvious that the demise of Olint will have greater repurcusions than just financial loss.

    Some persons will become insecure,less confident and worst of all depressed.Dreams have been dashed.Some persons will look at this as a write off others will cling to every bit of info no matter how bleak the situation is.This debacle will have long lasting effects on some persons who believe that they will not be able to achieve there goals let alone “live”.This is what worries me the most.

  9. Chromatic,

    I agree with you here.

    While we (myself included) have been proven to be right, its of very little solace as there are real people with real lives who are going to suffer badly.

    I have meet a few who actually thought that this was there dreams to financial security only to now see it end in ruins.
    There is this particular person is not a big spender and really is someone who is very conservative in nature.

    As she said ” Jay, I would not have invested in this thing if I thought for one minute that it was a scam”.
    I heard very good things and even heard of Mr So and So (Names with held and I can confirm that they were infact investors with Olint) who were investing and reaping good rewards.

    She went unto indicate that while she read, she did not hear any negatives except the fact that they did not want to get regulated and really thought that the FSC and big banks were just wicked.

    As I listened I came to the realization that we need to do a much better job in providing information to folks in some form of a structured manner.

    This blog has become a focal point in the provision of valuable information along with references to folks who if they are being objective, can learn a valuable lesson.

    I guess we really have a lot of work yet to do.

    Real people, real lives are being affected.

    BTW – The last six months have been a trying time and the fallout has not yet set in.
    Persons have sought to borrow from families and friends and were still hoping that the O would come good which would have allowed them to fulfill their obligations.

    Some have now come to the stark realization that it will not happen and are actually leaving the country, as
    (a) They are ashamed of what happened to them.
    (b) Ashamed that they are likley lose their expensive toys.
    (c) The likelyhood of not meeting their financial obligations.

    On the other hand their are some who made substantial gains in the last 7 months and are smiling all the way to the bank.

  10. Jay:

    There is always a debate about how much help one should provide to people who behave irresponsibly. Had DS and Olint and all the others turned out to be legitimate, would they have shared their wealth with those that acted “responsibly”? When things turn out badly, should they not be left to deal with the consequences themselves?

    Look at the subprime crisis in the USA… I know many people who acted responsibly and obtained fully amortizing 30 year mortgages at regular rates… and did not refinance or take out home equity loans to pull all the equity out of their homes. In other words they behaved responsibly.

    But I know many more that did the opposite… Adjustable rate mortgages with low teaser rates like 2.9 %… Interest only for 5 years… Option ARMS where full interest was not even due each month… pulled all available equity out of their homes… bought expensive cars and other toys… bought bigger homes… bought additional properties… rode the good times.

    Now is it fair to the people that acted responsibly… to ask them to be sorry for the folks that acted irresponsibly? And should these folks be involved in helping them? Or should people who ignore everyone else, the warnings and warning signs… charging full speed ahead and enjoying the good life… Should not these people be left to pick up the pieces themselves? If not, will they not do the same thing in the next cycle?

  11. I could not have put it better, nocotec. Well said.

  12. Well, what can I say.

    I cannot debate that reasoning even for a minute.

    I guess some would have said we were foolish not to have invested like they did, if things had turned out better. 🙂

  13. I think if we all pray and ask God to help us all including D.S. and olint instead of bashing and assuming if or not we will ever get our money it would not hurt but help, most of all who are sending these mails have lost nothing and have nothing to loose, those of us who have our money tied up in olint need to pray for God’s favor that all this can be resolved, if olint made a mistake or mistakes in trading lets hope this will be corrected asap. UWIN and the all the other clubs involved need to stay on top of this.

  14. DS is our savior. you just wait

  15. You have to stop saying “if things had turned out better”. They were never going to. DS NEVER disclosed anything. To an investor, that is the sign that says “come, look how pretty I am, kiss me and give me your money, you will enjoy the ride”. You know that without protection you are going to catch something for sure.

  16. Nocotec,Bob
    What do you do when all your “irresponsible neighbors” homes are for sale or in foreclosure? Your home is now worth half what you paid for it. Do you continue paying or do you walk away? Do you assign any blame to the bankers who made these loans?

  17. Olint was made us unproductive and inefficient. The false security blanket is gone and as difficult as it may be we must get out of this state of depression, put pen to paper, and start planning how to get our lives back in order. Even for thouse who may have received back the original amount invested…it is still a loss that is hard to accept.
    Life goes on..it is time to pick up the pieces and move on….and if…by some chance we get something back…we treat it as a windfall.
    Good luck to all of you.

  18. sorry for the typos in previous post…forgot to check it

  19. Bob, on July 24th, 2008 at 4:38 pm Said: …”You have to stop saying “if things had turned out better”. They were never going to. DS NEVER disclosed anything. To an investor, that is the sign that says “come, look how pretty I am, kiss me and give me your money, you will enjoy the ride”. You know that without protection you are going to catch something for sure.”….

    Bob:

    In that event, given the proclivity of Olint’s investors, you should stay away from any pretty female Olint Investor. 🙂

  20. check the most recent Jamaican “Belongers” to get through

    Family you know one…..family you know two….and family you know three…

  21. Cease and desist order imposed on SGL Holdings

    http://www.jamaicagleaner.com/gleaner/20080725/carib/carib5.html

  22. Dave Sin

    You must think I’m mad. I was only talking theory!

  23. Or a b****man.

  24. Come on people we can do much better than this. Let’s start speaking life and prosperity back into Olint operations.

    Words spoken give rise to life or death. Who are the “true bloggers’ who would truly want to see this season of test and trials in the Forex restore to its real glory for the Will of God for His people at this time?

    Irrespective of who we are there comes of time when we must pick up those who have fallen the corruption in the Forex must be flushed out. The evil ones arms and walking sticks must be removed. Repentance is in order for DS and Olint principals.

    OLint ARISE! and complete the journey in the name of Jesus Christ of Nazareth.

    ALL DECOYS to tear down and Destroy the Bread basket of Olint, DS we uproot and expose you now and we say DECOYS vanish NOW!

    To God be the Glory.

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