David Smith Sued

It was only time before it happened but now it has. The Jamaica Observer is reporting that at least two unhappy investors have opted to file lawsuits in the Supreme Court on Monday against OLINT’s Principal . The man citing “fraudulent representation” and are seeking a court order to traces Smith’s assets.

Those filing the suit and the money they are seeking to recover:

  • Christopher Walker, medical practitioner, US $2.5 million plus interest.
  • Micheal Belcher, businessman,  US $800,000 plus interest.

It should be noted that suits are against the principal of OLINT, David Smith and apparently not against OLINT. This might be a very important point as if OLINT is determined to be a PONZI and is placed into receivership, a lawsuit against OLINT might just be pointless but the legal minds can ponder that detail. 

Issues to consider 

At this time there are no criminal proceedings against David Smith but the following might be of interest. Attorney-at-law Shirley-Ann Eaton commenting on the Cash Pus lawsuits said it won’t bring any relief and thinks it makes no sense, especially with criminal action pending. She also argues that there is the issue of proceeds of crime, and that those proceeds could actually end up in the hands of the state. 

David Smith moved his operations to the Turks and Caicos in 2006 after battles with the FSC saw them issue a Cease and Desist order that order OLINT and LEWFAM to stop accepting new depositors. In December 2007 the joint appeal by LEWFAM and OLINT against the Cease and Desist was denied. OLINT suit against the FSC remains in the courts.

 OLINT has failed to pay the majority of its clients, interest since January 2008, a little after the collapse of Cash Plus, another UFO now acknowledge by many to have PONZI.

On June 26, F1 Investment, another UFO filed a  lawsuit in a Florida Court against May Daisy another troubled UFO.

Source: OLINT Boss Sued

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116 Responses

  1. The fireworks have begun and we do expect that a lot more suits will be filed particularly from those investment firms that had funds tied to TCIFX.

    So we expect in the near future to see suits from the like of:
    SGL Holdings
    UWIN – Forex
    etc etc

    These two guys have decided to be first in line for whatever “picking “are available.

    If having US$2.5M in an unregulated entity is not greed, then someone needs to tell me what is.

    I guess he is one of the “late commers” who was pumping money into the firm even up to a month ago even though he did not collect a single interest payment since the start of the year.

    I hear of a certain individuals who were wiring money to Olint every month since the start of the year even though he had made request and was not collecting a dime in “interest” payments.

  2. investforlife

    Your post said “In December 2007 the joint appeal by LEWFAM and OLINT against the Cease and Desist was upheld.” Please make an important correction. The joint appeal by LEWFAM and OLINT against the cdo was DENIED. Maybe you meant to say cdo was UPHELD.

  3. @Bob, corrected.

  4. K Says: July 24, 2008 at 11:21 pm :…”Oh and last thing I want to mek the spy bus know is this.
    If unnu are such experts on investing with unnu years of investing, education & knowledge …Mr. Jay, Nocotec, DaveSin and their lackeys why unnu nuh tell di people where to invest? better yet why unnu nah run unnu own club or fund and invest for all the fools? ANswer me that question?
    Unnu is good for nutten, that’s what you all are. Trust mi, mi nuh fraid fi hop on pon the bus and mash it backside down with me and mi crew from #4.”…….
    ************************************************************
    Another ranting from a delusional Olint investor, hell bent on casting their negative vibes about the high integrity of this site. It’s amazing what stress induced hysteria, associated with losing one’s investments in a Ponzi scheme, can do to you.

    I often wonder why these investors have “no mouth” for DS regarding the whereabouts of their funds, yet they attempt to seek out individuals, real or imagine, to blame for their poor decision-making skills…absolutely amazing K.

    K, it would not surprise me, if soon you start hallucinating, eventually seeing” duppy” or maybe you already have? K we welcome your presence on this blog; hoping you can add something of value to the on-going debate…try not to bring down the high standards set by others on this blog. Your mere presence alone will do accomplish that, so we hope you can rise above the superficial and become a “player”! Rest a sure that we will not kidnap you on this train, in fact we will be act with haste to throw you back over to the other bus from hence you came ……as “road kill”!

  5. At this point I don’t thinkl there is much hope of anyone getting back their money, David and Carlos had a long time to plan where to hide the money. You can go to jail for US$1 M just as well as US$100M, better keep the money and do your time, David young. Carlos went to jail and never pay back the money he stole and had enough money to come to Jamaica and start Cash Plus.
    David will not have the oppurtunity to trade and pay back; as any money left will be given to those who sue or taken by the state.

  6. Jay can you clarify your point regarding TCI FX?

  7. The story is only just heating up. Surely there’s more to come. No doubt, those individuals who have awakened from the super profit induced coma will now be viewed as traitors, apostates, wicked heathens bowing to the vast mlc conspiracy, converted by the proselytizers, deserving of nothing short of hellfire and damnation!
    May God help us all.

  8. I hope DS is reading this. Lots of people stands to lose their homes amongst other things. I was told he was a person of good character. Lets hope that has not changed. In the end one has to live with their consience.

  9. Tito,

    A prospetus was issued for shares in a compnay called TCIFX Traders which was said to be operated by Olint.

    Forex clubs like: Wilshaw Forex and UWIN Forex appeared to have invested their clients with TCIFX Traders based on the prospectus which has now been removed from their website.

    The fact that Olint operations now appears to have crumbled, and that their may not have been much trading being done at all, contrary to what was stated in the prospectus, I expect lawsuits to follow.

    I hope that clarifies the point I was making above.

    (Investforlife, may still have a copy of the prospectus)

  10. The medic told me that he was convinced by others that after the elections all would be well and DS would have been liscened as promised.Given the seminal role he played in getting the Gov. elected and the fact that he was thier boy wonder with Ministers flying all over on his jet he saw no reason for him to be denied esp. after the pronouncements of the now Minister of Finance.He and others dived in blindly like lambs to the slaughter not knowing that the big guys were advised to bolt as they did.

  11. For those that believe in waiting on DS… giving him the 9 months… not sure why he asked for 9 months, is something pregnant and due at that time?

    Anyway… Say he was not charged and or found not guilty of any crime… Do you realize that if there is any money available, that the first persons to file lawsuits would get all their money?… leaving you still waiting for yours…

    The remaining pool of money will only be divided up if there is a criminal case and the courts and legal authorities appoint a receiver to divvy any found money… Or if a civil suit is filed asking for the appointment of a Receiver and or Liquidator.

    If an investor files a lawsuit, he/she does not have ask for a Receiver to be appointed. He/she can simply ask for a judgment to be entered for the amount owed along with possible damages. Using this judgment they can then identify any source of funds and have it seized and used to pay the judgment.

    Waiting in the wings is not a real option. As illustrated by this first lawsuit, you have no control over what others will do and the situation will simply leave you behind….

  12. Nice guys, christianity are no substitute for persons excercising due deligence and some basic common sense approach to their investments.

    The interesting thing is we as a people are too much into the ” bling bling” thing, which is the reason why quite a bit of persons are now finding themselves in serious financial crises.

    I heard about one guy, who have invested heavily in Olint left his rather good job, bought a BMW and was just enjoying the finer things of life.
    He boasted of acquiring a second beautiful home in the hills of St Andrew and some really fine “new toys”.

    I guess he thought that by simply investing $x @ 10% per month he would be a billionaire at the rate at which his investment is going.

    I think I have a way forward.

    I believe that we here as well as the authorities should start some basic educational session in basic mathematics and some statistics.

    The focus should be on the FV /PV of money, and show how impossible it is to generate those super rates that has caught some many persons .

    It most be shown that it is mathematically impossible to generate above a certain level of ROI over the long haul.

    Secondly we should also generate a formula showing mathematically how long a ponzi is likely to last(in Jamaica)

    As can be seen from the Olint/C- collapse, they existed for approx 5 yrs before “blowing up”.

  13. We are forced to response to an allegation floated elsewhere.

    The Allegations:
    The other night I was reading their posts and someone named Janice appeared and stated that good news was coming. I immediately tried to respond to Janice giving her the link to post over here because I don’t think she knows about the 34 bus. The drivah just blocked my posts and then went back to Janice’s posts and deleted them

    The Facts are:
    1 . A poster came on and posted as Janice and posted the same thing stuff multiple times.(spamming the blog)
    2. We discovered that the poster was not the ‘original’ Janice

    Actions taken:
    1. We deleted the posts that were duplicated leaving the originals
    2. We changed the name of the poster from ‘fake’ Janice to Janice#2

    The poster by the name Janice#2′ is same person as ‘JanicetheSaviour’

    If we deleted any other post(that did not break the rules), it was a mistake and we apologise. The affected user is free to repost again anytime they wish to.

    We had post an notice about this already see:
    https://investforlife.wordpress.com/2008/07/22/david-smith-did-not-attempt-suicide/#comment-4970

    Thank You

  14. Tito:

    I don’t know if you have the facts at your fingertip, but does Olint TCI have the requisite license and registration in TCI to be doing the type of investments that “they” are currently undertaking (per Jamaica FSC requirements)?

    If I remember what you said in the past, TCIFX is a “registered” product, but what about the Olint TCI? I guess what I’m asking is apart from maybe being a registered (incorporated?) company in TCI, what other registration/licenses do they hold?

  15. Dave Sin

    Now you are gettting into some of the mysteries of this case. How the hell did TCI regulator give any kind of licens to DS and his crew after the Jamaican CDO? Did they know something about DS that jamaican FSC didn’t know? Were they honest and jamaican FSC either badmind or dunce (as my hero Mark Wignall said)? Or was it the other way round? Or was it something else completely?

    Maybe Tito can shed some light?

  16. Jay said: “I believe that we here as well as the authorities should start some basic educational session in basic mathematics and some statistics.”

    Alas Jay, you are up against our educational system which itself has a failing grade. I believe I saw statistics which said approximately 90 % of high schools students fail CXC Mathematics and approximately 85 % fail English. Numbers are much worse for the non-traditional high schools versus the traditional high schools.

    We are graduating students each year and most do not have a grasp of the three R’s… Reading, wRiting and aRithmetic. With that backdrop, how is your plan going to be successful ?

    Further, most of this does not really require much sophistication. Note how many educated people…professionals and even some in Finance… have fallen victim. The problem is a lack of Common Sense and I am not sure you can teach that.

    Better efforts to educate our people on financial matters will definitely help but you can see the uphill task in front of us. Just look at the comments and support for these schemes that we have seen on these blogs… and many of these supporters are obviously highly educated.

  17. NoCotec:

    I’m sorry fi yuh…Blogkiller sooncome fi yuh base on the above statement. But don’t worry, I’ll keeep an eye out for her (for you) 🙄

  18. Jay,

    TCI FX are not operated by Olint (/TCI) and there is no reference to Olint (/TCI) in the TCI FX prospectus. I think you are confusing the Wilshaw prospectus which had reference to Olint TCI as their trader.

    DS is one of two directors at TCI FX, however Olint TCI and TCI FX are two completely seperate legal entities with differenct accounts and business licenses etc.

    DaveSin

    I have an email correspondance with TCI FSC that proves that both TCI FX and Olint TCI have the requisite license and registration to be conducting business in TCI. They both have a business license (issued by the Business Licensing Committe) as would any business here ( real estate agent, grocery store, bank, hairdresser.) and also are registered with the FSC to allow them to do the financial investments that they undertake.

    I hope that clears things up a little bit.

  19. Tito:

    This is the first time I have seen that confirmation…thanks!! They (TCI FSC) might have some explaining to do later with respect to the availability of audited financial statement, which I would think is a requirement for continued registration/licensing. We will see!

  20. It is a requirement to have audited financial statements, and they must exist as they’ve been registered since 2006.

  21. Jay:

    I propose this as a better solution to stopping the formation of these ponzi and pyramid schemes every few years.

    Enforcement of existing laws and Regulations by the FSC and other legal authorities… where it is deemed necessary strengthen such legislation and or regulations.

    When the principals are caught and convicted, ensure they are sentenced to long prison terms and all their assets are forfeited.

    And this is key… When schemes are put into Receivership, ensure that all persons who had “profits” are forced to return such “gains”. This is not as hard as it seems. Persons who refuse to pay will have their accounts sold to debt collection services.

    We have precedence for such action… FINSAC… If we are not sure how to achieve this, a Joint Select subcommittee of Parliament can be appointed with Dr Omar Davis as the chairman.

    This is the single most important thing that can be done to stop such schemes from future proliferation. Once people know that they will not be allowed to profit from UFO ponzi schemes, they will generally not invest. People will be forced to conduct basic due diligence and will ensure that they invest only in regulated entities, or that it is not a ponzi/pyramid.

  22. @ nocotec, Olint TCI is a regulated entity.

    Anyway what protection is provided for the investor in a regulated entity?

  23. …….”We have had full consultations with David and Tracey Smith and their local attorneys-at-law Barnett & Associates, during a visit to the Turks & Caicos Islands (TCI), following the restraint order obtained by the Attorney General of TCI on 11th July 2008, which has prevented them from using their assets in the TCI. They have authorised us to issue this statement.”….

    I have a question for the bloggers out there that might know the answer to this:

    I notice that the last email sent to its investors, the Attorneys for Olint included his wife’s name (Tracey) in the communication. Is she a director and/or an officer of Olint Corp. Ltd./Olint TCI/Olint Investment Ltd.? Most ponzi operators avoid getting their spouses intertwine in their schemes. Does anyone know why her name was explicitly used in that email? If she is an officer/director, why wasn’t she named in the Lawsuit or was she?

  24. It is so sad to see all you “keepers of reality” spend all your time standing on your pedestals beating your chests and decrying persons for investing in Olint. Anyone who invests anywhere is trying to get something for nothing, ie, you put your money somewhere and you expect to get a return on it based on the use that “somewhere” puts your money to. I had money invested through Mayberry Investments Ltd, a recognised and reputable institution, and while I was telling them where to put the money all went well, but as soon as I gave it to their “professionals” to manage, within six months it was down by 50%. You can lose your money anywhere , and seeking to make something for nothing – whether 10% per year or 10% per month – can be seen as greed, just like some people eat three patties and some eat two when you really only need one to survive. Get off your high places and realise that there are real people out there who have lost their shirts. Show a little compassion and stop being a** holes. And for heavens sake, learn to spell (or use spell check) and have someone check your grammar for you before you post. Thank you.

  25. needy and Dave Sin

    Re your post on the other thread, the receiver, liquidator or creditor’s lawyer will look at all investors with “overages” and rank them by size. He will go after those above a certain size and either force them to pay or cut a deal with them depending on their financial condition.

    He may follow two principles: 1. if your overage is large, maybe you were a co-conspirator or associate in DS’s criminal or fraudulent enterprise and he will attack you accordingly. 2. If it is large and he can’t successfully paint you as an associate, he will still seek to attach what he will describe as your “ill-gotten” gains and force you to prove, if you want to keep them, that you were an ignorant fool and didn’t realise that DS was promising a fantasy that couldn’t be true. Few people who have a lot of money (however obtained) are willing to fight to prove in public that they are ignorant fools and will be only too happy to cut a deal. If you’re in this category and you blew the money, they will try to come after your house and car.

    There may be other strategies used. While really only interested in spending court time going after the very large overages, he could well seek to capitalise on the fear and trepidation that this will generate in the “lesser” folk and offer a public amnesty with a promise of anonymity, or something like that. Or, instead of the stick, he could work out some kind of carrot.

    I really don’t know what will happen, of course, but I just want to give you some idea about how a professional is likely to think about how to get in as much money as possible for his client (whether receiver, liquidator or creditor).

    To get a sense of the timeline, if the process leads to funds being paid out after two years from today, the case will be in the Guiness book of records. So settle in for a long wait with many twists and turns along the way.

  26. Tito, on July 25th, 2008 at 11:05 am Said: …”It is a requirement to have audited financial statements, and they must exist as they’ve been registered since 2006.”….

    Tito:

    They must be some incompetent auditors not to have catch the overpayment to investors 🙂 ! Here is the thing Tito, if they had the audited financial statement, why not turn them over to NCB? That would have solved the their NCB problem. Yes?

    Secondly, if such audited statement existed, why fly off to TCI…just register with the Jamaican FSC. Yes?

  27. Nocotec wrote : “Alas Jay, you are up against our educational system which itself has a failing grade. I believe I saw statistics which said approximately 90 % of high schools students fail CXC Mathematics and approximately 85 % fail English. Numbers are much worse for the non-traditional high schools versus the traditional high schools”

    Hey, maybe that is really the problem, people are unable to properly comprehend what they read and even when they understand the written stuff, they simply cannot complete the mathematical calculations: 🙂

    Now to the regulatory stuff, I agree that we need to strengthen the regulations to make sure that the operators of these schemes when caught are made to severely pay and also that those who profit give back or be forced to return their illegals gains.

    I think we need a two prong approach , of which the educational system would deal with the “not so well educated” and the regulatory to more deal with the “more educated” or “conman” who runs the system and those “investors” who can truly risk what they seemly can afford to lose — err here we go again 🙂

    If an lawyer, a doctors or other professional choose to ignore the regulators and invest in ponzis, then so be it.
    The question is what can be possibly done to prevent the not so learn from risking what they cannot afford to lose because Mr Educated is well invested.

    The rationalize that if it was illegal then Mr. Educated and upstanding would not have invested in such a ting, hmm how wrong could they have ever been.

    This makes for a healthy debate.

  28. The Teller – now that’s funny! (The grammar part, that is). You yourself, may become the subject to correction. This is a blog, not an English class. lol

  29. David, link the Colombians. They must can do a favor or two with promise to do some underground trading (real trading) for them.

    Consider it like a life saving/life bond. A bond you take out based on your skills to pay back the investors.

    But this bond is a serious bond. Fail to perform well equals sure ….. Performance in reason of course. I think it can be done, trade little by little for the cartel? what do you think?

  30. I should have said some of you, there are others here that are really constructive in their discussions.

  31. opps – sorry Teller – “The subject OF correction”. Not “to” …. my bad.

  32. Ok, you got a laugh, good one. lol

  33. Putting all pun aside. I seriously think David can salvage it for the small fries (US$1-3 million dollar investor). However if a big player really dropped serious dough (US$10-50 million) in the pot, that may be a harder fish to fry.

    I think David is a brilliant fellow and can pull it off despite all the odds. I am saying the man will be able to save his club, and his name if he really wants to There is no way in hell he would risk such publicity just to run a scam.

    Unless he was crazy of course. I do not see him living a life as fugitive, and there is no way a ponzi would last forever, there would be a pay day bad or good eventually.

    Thus I an confident he will deliver.

  34. kingstonchronicle

    He has already “delivered”. You just don’t want to take it or you just can’t believe that you got left behind.

  35. The Teller –

    What happened you stopped counting your O money. 🙂

    I am not sure where you get off saying folks on this site are sitting on pedalstals.
    The fact is I and other say Olint investors standing on pedalstals and pointing “Benjamin Franklin” in other faces, when money was flowing.

    The facts is if you look at the life style of David Smith he was living large and enjoying the “high roller” life, at his investors expense.
    He should be the one at the end of your wrath and not us.

    Re: Spelling you know on a blog its really that and while I agree that it is important that the grammer is correct, bloggers grammer should not detract from the salient points that are being made.

    I am sure that deep down you know that it was David who shafted you and now is using your money to protect himself, leaving you will no cash in the till .

    Lets go get David – The Ponzi King of Jamaica. !!

  36. @ Davesin, those are good points you raise and I don’t know the answer.
    However weren’t the over payments made when Olint was raided by the Jamaican FSC i.e. before they registered in Turks? If so then those wouldn’t appear in any audited accounts provided to TCI FSC

    Also can anybody confirm whether Olint and Olint TCI co-exist, or whether it’s just Olint TCI now? Olint isn’t registered in Turks, only Olint TCI is.

    The most important question that hasn’t been answered yet is if a company is registered with the FSC what protection does that provide the investor? The main reason I decided to invest was because they are registered with the FSC, and I think that would have satisfied a lot of people’s due dillegence undertakings.

  37. The lawsuit makes sense. I guess thats why these lawyers wear so much jacket and tie :). But really why wait for the saga to unfold if you are are potato chip/crumbs left at the bottom of the. You might as well get yours while you think you can.

    I think David will come out fighting and do well. I see that in him. He does not strike me as a quitter.

    I would bet that David will come with great news.

  38. teller
    errors of grammar/punctuation/spelling are common place on any blog anywhere and i view them as excusable. the substnace of the issues being discussed to me, are of far greater importance.

    to your more substantive point(s). first, there is a lot of compassion to go around on this blog. heck half the posters, this one included, are/were exposed to some extent in O.
    secondly, no one argues that investing money through the formal finacial system is without risk. due diligence can mitigate, but not eillimante the chances of loss. the argument often made is that all the tell tale signs of something being amiss with this particular investment vehicle where there. some saw them and decided to take a ‘chance’, some where(still are?) comepletely hoodwinked, and some people chose to play the role of the ‘greater fool’ i.e. they say, i know its a ponzi, but i’m smarter than everyone else, so i’ll see the collapse before it occurs and terefore be in a postion to recoup my inv+interest before the it goes sour.
    the argument that there is inherent risk in everything we do, so may as well close your eyes and put money into a scheme with absolutely no transparancy, no rational argument as to how gains are made or sustained is quiite different you will admit, from placing money on a govt. ja instrument.
    (i have seen the light:))

  39. @ DaveSin regarding registering with jamaican FSC that depends whether Olint and Olint TCI coexist.

    Jay, Nocotec you appear pretty clued up, any answers to the points I raise?

  40. It is my belief that the “original OLINT” is an acronym for Overseas Locket Int. which is a registered company in Panama. The others were formed with help upon entry into TCI.

  41. @ Tito: “Anyway what protection is provided for the investor in a regulated entity?”

    In most non-depository type financial institutions, no protection is afforded your capital. In the case of TCI FX on the surface it seems that the TCI regulator (FCU) failed to properly investigate DS for fit and proper status or the regulation/statues are inadequate. Someone who is operating or has operated an unregulated entity in another jurisdiction should not be licensed unless they can show good cause why an exception should be granted.

    However your question is really a fallacy? If their is never a complete guarantee does that imply that one might as well choose without regard to the fact that some entities may offer some protection. In other words choosing a regulated entity offers some level of protection though not total protection… is this not better that choosing one where there is none? Driving at the speed limits does not guarantee that you will not get in an accident so does that mean that one may as well drive at 120 mph or 200 km/hr?

    Incidentally common sense told me that once the TCI FX site became widely known, DS and company would take it down because it showed up the disparity between Olint and TCI Fx’s returns etc.

    The prospectus states the legal advisers of TCI Fx as the following firm:

    Legal Advisors
    Misick & Stanbrook
    Attorneys-at-Law
    Richmond House
    Providenciales
    Turks and Caicos Islands
    Phone: 649 946 4732
    Fax: 6499464734

    Is their any relationship between this firm and the premier?

  42. The Teller:

    I will be the first to admit the lack of proper grammar/spelling skills. Could you help me out. I would like you to check all my posts before I hit the submit button. Could you provide an email address where I could send the drafts to you so that you can look it over and make the necessary corrections? You could then email the corrected post back to me. Thanks in advance for you help (sorry for the misspell words and grammatical errors in this one).

  43. Right, since Olint TCI is registered, there must be some protction afforded to the investor. This is what we have in UK, not sure but probably not applicable to TCI

    http://www.fscs.org.uk/consumer/
    http://www.fscs.org.uk/consumer/faqs/

    Service is free and you’re covered as a last resort for a certain amount.
    Interesting thing is you wouldn’t be covered for legitimate trading losses, but for wrongdoings by the company….

  44. Last sentence should be…
    Is there…

  45. In my previous post I did give DS a swift kick to the nuts under “DS Living it up” I think. I don’t believe Olint was a ponzi, but I don’t believe that DS exercised fiduciary responsibility in the day to day running of his organisation (Club). I still don’t think, however, that we should be spouting venom at persons who dared to invest. Jamaica has already begun to feel the effects of the fallout, with loans going into default, that auto place on South Camp Road not selling cars to cash purchasers anymore. Soon some persons will have to try to get a transfer for their children because they can no longer afford school fees for those upscale schools, helpers being laid off, so it is not simply a matter of those persons being affected, but the spin off effect will be enormous, despite what the greater third has declared. What may soften the effect is that some investors did not run away from their 9-5 jobs when the dough was rolling, and hopefully a few remained within their 9-5 budgets and can now at least “get along”, but those purchases that were made simply because extra fund were available will dry up…

  46. @ nocotec

    Misick is Ariel Misick QC who I believe is the Premiere’s brother, however he is one of a few lawyers in TCI and is a logical choice as legal advisor (used by many companies here).

    ”In most non-depository type financial institutions, no protection is afforded your capital. In the case of TCI FX on the surface it seems that the TCI regulator (FCU) failed to properly investigate DS for fit and proper status or the regulation/statues are inadequate.”

    If that’s the case then the FSC is at fault. I agree you’re capital is protected against legitimate losses, however if shennanigans and dodgy dealings are going on there must be protection.

    There is no fallacy in my question, only in your interpretation of my question.

    I’m stating that they are registered, and so what protection is afforded to the investor. If you read my post I stated

    ”The most important question that hasn’t been answered yet is if a company is registered with the FSC what protection does that provide the investor? The main reason I decided to invest was because they are registered with the FSC, and I think that would have satisfied a lot of people’s due dillegence undertakings.”

    Therefore you are agreeing with me in your statement, that it’s better to go with some protection rather than none.

    Cheers

  47. that should read I agree your capital is NOT protected against legitimate losses.

  48. Dr. Christopher Walker has just opened a nice can of worms. Let’s assume he first invested 7months ago. At an average rate of 10% he would have doubled his initial investment in the 7 months. This means that his initial investment would have been approximately US$1.2million or J$84million. The good Dr., while he was amassing that $84million, would have had to ,eat, entertain, pay a mortgage or rent, travel etc.. A few questions come to mind.

    1) How old is Dr. Walker?
    2) How long did it take Dr. Walker to amass the $84million?
    3) What percentage of D.r Walker’s total income does the $84 million represent?
    4) How much income tax has Dr. Walker paid on his total income over the period used to accumulate $84 million.

    Anybody chomping at the bit to go and sue DS or Olint might want to think about that before they proceed.

    Seeing that this is now a money luandering case, there are authorities both here and in the US that will be very interested in the sums of money people have placed in Olint. Assuming Dr Walker’s financial affairs can stand scrutiny, If a conviction is obtained in the money laundering case, all the funds may end up going to the state as proceeds of crime. To add insult to injury Dr. Walker would then also risk facing tax evasion charges in addition to the risk of not recovering his US$2.5 million.

  49. David should just end all this.

    Just show data showing that the money was lost as a result of his trading activities.

    Watch out, as that is what is lawyers will be trying to do.
    In that way the meony would have been lost in during the course of normal business activity of his firm.

    If you look at the results of the “audited” funds, that is what it was showing.

  50. Interesting perspective d-curious-1

  51. Basic math is not necessarily the main problem. The skills sets needed to understand finance as it stands today are substantial.

    I would be willing to bet that many of the investors on this blog do not understand how to analyze derivatives including option pricing, futures pricing, etc which require high level math skills beyond the average reader.

    The direction of financial instruments have been headed in the direction of using more and more derivative-linked investments. If one is talking about a simple buy and hold strategy for a company stock, then thats of course easy. But when an investment vehicle is presented that has inter-linked derivatives as part of its value, then thats another thing.

    Remember Arthur Anderson claimed that as it was assessing Enron books, their accountants did not fully understand how to compute the value of certain derivative instruments. This required knowledge of stochastic calculus and other intimidating subject matter.

    Look at the rise and fall of Long Term Capital Management, the premier hedge fund of the late 90’s, which had major banks, brokers, and noble-prize winning Harvard professors Robert Merton as as well as John Meriwether (the former vice-chairman and head of bond trading at Salomon Brothers) involved. Most investors would not know how to even approach evaluating them even with audited statements.

    The matter, from an overall perspective, is more difficult than simple math education, though basic math education is better than no education at all.

    For those who want more of an introduction to above, please refer to or read the books:
    1) “Inventing Money” by Nicholas Dunbar,
    2) “When Genius Failed: The Rise and Fall of Long-Term Capital Management” by Roger Lowenstein
    3) or watch the documentary “The Trillion Dollar Bet” (you can rent at any local video store”

    These items will provide for you a solid introduction to where investment analysis has been heading for the past decade or so,

  52. teller,
    so u believe that ds was generating thourgh legitimate fx trading activities, monthly returns of 8-15% on a sustained basis? is it then your conclusion that the basis for the diffculties now faced by the O is due to some combination of ‘mismangamement’, back office difficiencies, or a bad series of trades?
    if you answer yes to any of those questions, then it is my humble opinion that you have not yet grasped the reality of the situation we now face. my take, i do not know for sure that DS was running a straight up ponzi as we typically define it, but i believe that the evidence before us now seems to overwhelmingly sugest that what was being ‘sold’ to the public was contrived and patently untrue. my personal hunch, with no evidence to support it, is that there was a hybrid of ponzi and ML activites which sustained the O for 5 years.

  53. d-curious-1:

    Although you made some excellent points, remember one thing…Jamaica =corruption=incompetence=I don’t give a damn!

    The Teller:

    What about my earlier request of you? You can’t just ignore me like that?

  54. In fact Teller – luckily I am a cheap bas***d and did or bought nothing, simply with a $$ target in mind for the children’s’ education. Same old house, same old truck, same wife (thank God), and the same 9-5 job. The belt needs to tighten some more since JPS is increasing rates by 17% come Aug 1. I have an electric stove and drier for sale if any one is interested.

    Disclaimer: The above has been checked for spelling or grammatical errors with Microsoft Word.

  55. Tito: I see your point.

    In the USA most financial entities have to carry Fidelity and or Surety Bonds (Insurance policies). These offer some protections to the investor. E.g., For employee theft or fraud, claims can be made against the Fidelity Bond. Investors can get some level of compensation from such bonds.

    By the way the insurance company does its own due diligence check and will not normally insure or offer policies (bonds) to people they deem not fit and proper or too risky. For e.g. I could envision a question on the application like this, Have you ever operated an unregistered entity?

  56. Truth: good post.

    However there is a rule I borrowed from Buffet. If you do not understand how the firm makes or generates its money… do not invest. Common sense says… If you don’t understand that basic concept, how will you know when the firm is in trouble or what they are doing is sailing the ship on to the rocks?

  57. Truth.

    Not all investing is for everyone!
    If I do not understand how to read a compnay financial statement, then investing in an individual company stock may not be the best type of investment for me.

    The fact is is the company’s financail statement is saying the company is going bust, and I cannot read and understand that then, I really have no idea that my investment is about to disappear.

    Not all type of investment is for everyone, and if you truly have no idea how the investment work and how it makes(or losses) money then I would you stay away at least until you get that understanding.

  58. @ Jay

    I believe the investigation here will shed a lot of light and end all of these smoke screens and rumours.

    What’s baffling me is that DS could have come out and said he lost money trading, end of story. He hasn’t done that.

  59. Jay:

    If you do not understand or have the time or inclination to learn… you can use an adviser that understands and can make recommendations. In my case I stick to doing it myself, I am the best person to protect my monetary interests. Advisers ultimately are protecting their interest first, although in some cases their interest can be aligned with yours.

    Tito: “What’s baffling me is that DS could have come out and said he lost money trading, end of story. He hasn’t done that.”

    That would not have cut it. There would have been lawsuits by big investors demanding to see proof. Check the USA how lawsuits fly when investors lose money. Folks want to see if there was gross negligence, fraud etc.

  60. For those of you discussing earlier the questions relating to what protection being regulated by TCI FSC provides, welcome to the world of “shopping” for a regulator. When in trouble, you look for an “easy” regulator. DS probably thought Jamaica was “easy” which is why he was so indignant that the little pipsqueeks dared to act against him. He then tried to resettle in St Lucia and St Kitts but none were sufficiently welcoming. He then found his new home in TCI which is now covered in shame.

  61. @ Truth,

    Which maths example $100,000 invested at 10% per annum equates to $86m at the end of 5 years if allowed to be compounded would yield over $9b at the end of 10 years.

    That simple calculation indicates that the proposed investment is more than likely a scam.

    Now consider 1,000 investor starting out with $100,000 and rerun the numbers.

    Amazing isn’t it.

  62. @ Nocotec,

    I deliberately stayed away from the investment advisor, as I expect that someone will be ready to jump and say ” they are the best persons to rob you blind”.

    Not withstanding that, there are honest investment advisors out there with decent firms, whose records speak for themselves.

    Again as JohnDoe always say ” do your home work and Think and Check BEFORE you act”.

  63. And remember that in most jurisdictions, your investment advisor must also be registered. This covers things like is his background what he says it is, does he have complaints or disciplinary proceedings agains him, does he meet minimum standards of competence. It also covers making sure that the firm he works for has insurance.

  64. Tito, on July 25th, 2008 at 12:44 pm Said: …”What’s baffling me is that DS could have come out and said he lost money trading, end of story. He hasn’t done that.”…

    Tito:
    Neither has Mr. Hill/Cash Plus! In fact, he is still fighting in court to retain ownership of the bankrupt entities. Can you say why?

  65. Why is it that almost everyone is proclaiming that DS has lost the funds. If it was really so, I believe he would have come out and admit it.

    I believe DS has money, albeit, may have been obtained and traded on questionable grounds, hence his inability to really come out and declare his hands.

    People, this OLINT Club is a REAL BIGGIE, everyone and anybody who is somebody in Jamaica and elsewhere are in.

    This one can’t just go down like that.

    I understand people are anxious, and some severely financially challenged. But just don’t quite give up yet.

    Remember DS read these blogs too. He might just get ideas.

  66. If the issues with DS and Olint (and the others) does not make investors see why they should stay away from these “clubs”, I do not know what will.

    When these things sail on to the rocks look at the headaches most investors have to deal with. Should I wait to see if the principals will pay be any money? Should I get a lawyer? Should I join a group and collectively get an attorney? What will happen in a criminal case, will the government take all the money? If so, when would they? Will they return money to investors? What if I did not pay taxes, will they come after me? What if they start asking where I got the money to invest, can I show it was legit?

    As I said yesterday… Lawyers for individuals with relative small sums invested probably does not make sense, the amount recovered if any will very likely be less than the legal fees. Lawyers as part of group, may or may not make sense as legal fees can be expected to be at least several hundred thousand US… one has to check as each lawyer or firm has their own fee structure. Larger investors or wealthy investors, at least some are likely to file lawsuits because if there is any money they have a chance to recover more than the legal fees.

    When looked at its totality… apart from the very small minority that came out ahead… does it really make sense to invest in these UFO’s? The stress and uncertainty alone over the last 7 months is probably sufficient reason by itself to avoid these schemes, not to mention the likely loss of hard earned income..

  67. Can someone(Tito) indicate who where the “bad man dem” that flew down to TCI recently and strong armed David Smith and came back with their money.

    I wonder which bank/banks the checks were logged to.

    Were any on them from the young Turks group. ?

  68. @tito
    When was OLINT TCI registered in TCi?

  69. what’s the young Turks group?

  70. DS definitely reads the blogs. When he is not partying, what else does he have to do ? He was not doing any trading and he had all the investors money with which to party and have the good life… with all that free time and what is going on around him, he definitely reads the blogs. It is likely he also posts on some blogs too, especially the cult one.

    I wonder if none of those guys ever figured that the poster Jeremiah is likely Ingrid Loiten or if she is not the one writing the communigrams, then Jeremiah is the person that writes the MD communigrams. The biblical quotes are so similar to the ones in the communigrams that it would be a major coincidence if it is not the same person.

  71. tito,
    young turks refers to the vibrant group of the jlp largely credited with helping to engineer goldings re-entry to the jlp and then his assention to the leadership of the party. seen as strong golding loyalist who are weilders of great power and resources of their own plus power gained from the electorial process.
    d.vaz, j. robertson, r. montegue, brothers creary are the more noted persons associated with this arm of the party.

  72. Dave Sin: Stick around for the e@. I would love to do some editing for you. After all, I need the income…

    Previous post:#
    The teller, on July 21st, 2008 at 3:13 am Said:

    This is my first time posting. I am (or was – as it now seems) an Olint investor. I recommended a numer of persons for membership because I heard of DS’s christian background. It was said in the early days that he was caught trading moneys for his friends on the FOREX outside of JMMB accounts and that was why he was asked to leave JMMB. He also never promised a guaranteed return of 10% p/m, but said that over a year it could average that amount, therefore, no one squealed when they got 4% in a month – after all, this was what the banks gave you in a year. That made it real. We now hear that Olint has no money, and though that is bad, the worst part of it all is him lying to us that there was some two hundred and fifty million being wired which should have gotten here (Jamaica) by Thu 10 July, and when you call on the Wednesday and you are told either Thu or Fri, then by the weekend you hear that the offices are going to be closed, while all this time the great DS is living the high life in TCI, trying to impress people who probably only care for him because he is spending Jamaica people money living large, and entertaining politicians at his birthday bash in TCI while telling us that he has no money to give us. Can I ask two question, what happened to the 80% secured fund he had holding for us in some account somewhere – supposedly at Wachovia? He was only exposing us to a 20% risk, right? And the sad reality I am now left with is that I won’t be going back to university this year thanks to DS (yes, I know it was crazy to invest all that, please don’t rag on me…). We really need to pull together and decide on a solution and not let ego lead us into squabbles about what is gambling and what is not. I had money on the stock market being managed by professionals at the month and fruit place and they lost half of it… You know, I am actually not surprised that they were getting threats at Olint, especially when he had BEE-HATCHES sitting on their high arses in his office telling us “you people really need to manage your finances better you know…” Well news flash Ms BEE-HATCH – YOU HAD IT (our finances that is) AND YOU @#$%ING LOST IT!!!

    I really think David just started living WAY above where he should have and didn’t manage his finances (or ours) as he should have. One must always proceed on the basis of “What if…” Well, he didn’t. Hope echoes of suicide aren’t real or else…

  73. Good thing in not changing the wife though. The new one would surely be gone by now! Bought a car though. Got stolen less than 3 months later!

  74. lol at the teller
    thanks for re-posting your original post.
    why would you, given the quality of that post, seek to admonish anyone about grammer/spelling errors?

    just asking as that post is fraught with errors of the kind you earlier criticised. i see this all the time, when the substance of someone’s critique gets ahead of you, we often attack other areas, irelevant but hurtfull nevertheless, of weakness. we shouldn’t go there though. stick to the substantive issues.

  75. Why is it that almost everyone is proclaiming that DS has lost the funds. If it was really so, I believe he would have come out and admit it.

    I believe DS has money, albeit, may have been obtained and traded on questionable grounds, hence his inability to really come out and declare his hands.

    People, this OLINT Club is a REAL BIGGIE, everyone and anybody who is somebody in Jamaica and elsewhere are in.

    This one can’t just go down like that.

    I understand people are anxious, and some severely financially challenged. But just don’t quite give up yet.

    Remember DS read these blogs too. He might just get ideas.

  76. @ John, thanks for the clarification
    @Jay, i wouldn’t know anything about that
    @investforlife, I don’t know when they’re registered, however for a small fee FSC will provide the following;
    1.name of entity,
    2.reg. no,
    3.date of incorporation,
    4.name of Directors, Secretary, shareholders,
    5.no of shares

    @nocotec Olint TCI is not a UFO.
    That doesn’t mean that they haven’t committed fraudulent activities, but if they have they will be held accountable.

  77. @Tito:

    Are you sure you are not confusing “incorporation” with be have “registered” securities and the appropriate license to trade those securities? There is a big difference! See link below for the “incorporation” of these two Olint entities in Jamaica. I’m not sure if these entities are required to make payments on an annual basis to maintained their active status (can someone confirm this).

    http://www.orcjamaica.com/search/showresults2.asp?searchtype=company&search=simple&busname=olint

  78. @ investforlife, like I’ve said I do not know.
    Are you interested in when they are registered, or is that a question to confirm that they are actually registered?

  79. @ Davesin I am not confusing the two. They have a business license and are registered with the FSC. Registration with the FSC and obtaining a business license undertaken with two seperate entities.

  80. @tito
    a) are they(OlINT TCI and TCI FX) registered?
    b) when were they(OlINT TCI and TCI FX) registered?

    You say the answer for a) is yes b) you do not know, we would have to pay a small fee. How small is that fee?

    When did they obtain their business licenses?

  81. Dave,

    I have heard reports that even though OlintTCI was not making any payments for the last 7 months, TCIFX clients were able to access their funds and make encashments. (The audited funds)

    I am sure that Tito can confirm or deny this “rumour”.

  82. Oh Tito
    What has been the TCI FX returns for May, June?

  83. No Jon, look again… Anyway, to your earlier post: I did the FX trading course with Jared although I have not been trading (too busy with the 9-5). I have friends that are trading, and they have made some substantial returns, some good losses too, but the gains have outweighed the losses so far. Now I believe that from time to time, every market corrects itself, so to protect themselves from any correction, they withdraw the substantial portion of their gains, allowing for a minimal increase in their trading capital to improve their possible gains. So yes, I believe that good returns can be made from trading the forex. Don’t forget though, that for every win that one person makes, there are substantially more who are making a loss at the other end (transfer of wealth, I guess)

  84. ok Jon it should have been – two question’s’ – You got me there!

  85. @ Jay I can confirm that rumor, again they are two completely seperate companies.

    @ investforlife TCI FX has been wound down. The fee is 20 dollars, the difficulty is the logistics of getting the cheque to their office in Grand Turk

  86. Though I am not a regular blog member, People, I am a very realistic person. However, I get this immense feeling inside me that DS will make the money for us all. I can’t tell u my reason why I know, but I just do….have faith

    Its a rough patch for us right now, but we’ll all be victorious in the end.

  87. teller, i did look and have looked again. enough of that though.
    fine, there are people who make substantial gains tradind. no prob. but thats not the question. the question was, are consistent gains of 8-15% per month credible over the long run?

    you telling me that you know some people who have had some good returns trading would be akin to my telling you that i bought some shares of JB a year or so ago and to date i’ve seen and appreciation of ~50% . would that then make credible someone who claims to earn a > 50% return per annum in local stocks on a consistent onbroken basis?

    on the matter of the mti courses. my opinion is that jared martinez’s savy was on piggybacking on the hysteria charging people hundreds of thousands of ja$. the 5 or so persons i know of who made the outlay, 5 have since stopped trading after much hope and optimism at the outset. incidentally they all believed that ds was a genious and so exposed themselves to the O and are now like myslef licking wounds.
    i think they (JM and mti) were complicit in the hoodwink and know/knew that o’s stated gains were unrealistic but saw in the hype an opportunity for themselves to reap great rewards. sorry that you lost there as well.

  88. Blos hits

    #4 Bus number of hits 307,540
    investforlife train 271,000.

    This train is certainly moving very fast considering that it only got started after the members here was thrown off the bus.

    Great work by all posters here.

    We have been featured on.

    1. CVM
    2. The Observer
    3. Nationwide
    4. RJR
    5. Forbes.

    Way to go guys.

  89. on the lawyer tip. from my limited knowledge
    can a lawyer only operate in the area in which he has jurisdiction.

    being a lawyer does not mean you are a lawyer of the world.

    So Floridian on the other bus, wanted to get some new york lawyer, but wouldn’t that lawyer be able to file the case in a New York court, and hopefully the court has some kind of extradition or other reach to Turks.

    I believe the term is ‘local standing’ , should we not be thinking of getting a Turks lawyers . I think even DS lawyers have to work with local lawyers in Turks.

    So it could even mean we are paying two lawyer money if we do not use a local turks lawyer.

  90. kullcull:

    That is why you cannot just hire any lawyer in matters like this that cross jurisdictions. A lawyer/firm familiar with these type of matters would take care of retaining attorneys licensed to practice in each jurisdiction, if they are required.

  91. Jay:

    The bus bruk down from the drivah remove the skilled personnel. Improper maintenance. Don’t you see it just limping along and soon come to a stop. The well tuned bus soon pass it 🙂

    By the way it is Friday evening… I got my check this morning… Did you get yours yet? You know the big fat check we get for posting on the blog. My god, man Jamaican people have conspiracy for everything they do not agree with or like… Geez.

  92. well it must be one check, because we are all supposed to be the same person. On the other bus, if you post anything against them, they say you are the same person.

  93. well we can figure out how much the check is…… if everyone puts in their 2 cents and it is paid to one person, we just need to determine how many people are on this bus. 🙂 Have a steady weekend all. TGIF

  94. How come you guys getting checks and mi nuh si my cut yet. Mi need to call mi father, Mr. Chin!

  95. Since it is Friday..its play day. Here is the game…

    Where in the world is Janice (real)?

    She is actually THE Janice Lewis from LewFam and she is gone undercover because FBI is looking for her and the major.

    Anymore hits?

  96. Investforlife, how com you only pay Nocotec, cause mi, dave, Robin nuh get wi check.

    Seriously however I think those guys who think we are one and the same are really just delusional.
    I can bet that if DS issues a statement saying he lost the money doing trading, they will say that the email was a fraud and made up by someone to bring down Olint.

    The will get caught once again in the next “big scam”.

    Do you realize that some of those folks “invested” , err “diversified” across many of the AIS.

    Now with the deck of cards falling , its been sheer mental stress hence the response to anything which does not sound positive.

  97. JohnDoe Robin, Dave, Jason, Jay, NoCotec and now piggybacking Kullcull there is not much to say on the check.

    Don’t you see how the FSC, the Banks and BOJ have been behaving? We even have the Cliff Hughes and Nationwide team watching us and saying all kind of things, not to mention CVM TV looking in and looking about.

    If you understand the term due diligence, you will all rest easy and not worry about the check. I will soon announce a payment schedule.

  98. guys ,

    called turks and caicos main newspaper earlier this week for info. I was told by the managing editor that the investigation on DS and olint has not even begun. I was also informed that it is a multi-jurisdictional investigation involving the Jamaican and Us govts under the watchful eye of INTERPOL. He said that at this time the main investigation is on the money laundering issue and not on the possible fraudulent gains posted, which has resulted in losses for investors like myself.

    After I told him that we were averaging 10% per month he laughed heartily and said ..and i quote ‘ AND YOU BELIEVED HIM ?’ …. He suggested that I follow up with an email to INTERPOL to get more info..which i have done. I would advise all to get in touch with INTERPOL ..because the more people that raise their voices in protest at this , the more swiftly they will try to resolve it. INTERPOL only accepts emails ..go to their website and state your case. This is their jurisdiction because of the international scope of this debacle.

  99. “After I told him that we were averaging 10% per month he laughed heartily and said ..and i quote ‘ AND YOU BELIEVED HIM ?”

    Now that is funny

  100. i feel like a damn fool all these months reading the gosple according to DS dreaming about the millions I would have in 3 years….believing the lies that he is one of the top 10 traders in the world…not once did I think that if this fool was actually able to give 10% per month on my money and he had NEVER had one loss in all his years of trading..why was he then not splashed all over CNBC and was he not the toast of wall street. Why were the multinational companies and financial giants of the world not beating down the door of this financial guru? And most importantly if it were that easy to become a millionaire , why wasn’t everyone rotten rich, and not just the privileged few among us , ….the man had every right fi laff affa mi!

  101. “After I told him that we were averaging 10% per month he laughed heartily and said ..and i quote ‘ AND YOU BELIEVED HIM ?”

    That is really very funny.

    This might be worth reading again:

    http://www.jamaicaobserver.com/magazines/business/html/20070104t200000-0500_117455_obs_olint_will_fail_if_it_remains_unlicensed___wynter.asp

  102. Al Miller on nationwide making a fool of himself.

    The church is all up in this forex trading thing and has really lost heavily.

  103. Dave will get all his money and send it our way. Just got a call from him

  104. Where’s my cheque?

    Seriously though, plenty people are hurting. I personally take no pleasure in that. The back and forth thing on the blogs can get heated, but feel we should be able to have a discussion, have our opinions, and still be humane and civil towards each other.

    The people who invested and lost are no doubt beating up on themselves enough already. It is not my intent to beat up on anyone even more so, nor do I think it really is the intent of the others.

    It’s just like how you may see someone wandering off to the edge of a cliff, and you shout and scream at them to stop before they go over, but they have a different opinion and want to hear none of what you are saying. That’s what I guess it is like for those labelled as “detractors”. Our intent is to help, but that’s not how it is perceived by some.

    Anyhoo, it would be nice to just have good spirited discussion without sniping and such.

  105. jay, any link to the al miller nationwide interview?

  106. “Bob, on July 25th, 2008 at 11:34 am Said:”

    No Bob, I was never mixed up in the deals that I am simply covering for a future blog article.

  107. Sorry, kinstonchronicle, I don’t understand your post.

  108. This one is for Tito. It was taken from the Wilshaw FX Prospectus. Wilshaw FX is affiliated to OLINT. It explains the relationship between Wilshaw FX, TCI FX and OLINT FX.

    Earlier prospectus

    TCI FX TRADERS LTD (“the Fund” or “the Company”) is an open ended investment company incorporated in the Turks and Caicos Islands on August 16th 2006 and subject to the laws of the TCI. It is established for the purpose of investing through OLINT TCI which is a FX Trading entity, with the object
    of obtaining constant above average absolute return through a disciplined investment approach.

    Later Prospectus:

    WILSHAW FOREX CLUB LTD (“the Fund” or “the Company”) is a private members club incorporated in Castries St. Lucia in April 2007 and subject to the laws of St Lucia. It is established for the purpose of investing through OLINT TCI which is a FX Trading entity, with the object of obtaining constant above average absolute return through a disciplined investment approach.

    Document missing now or not available to the public

    I hope that clarifies…

    We have copies of the earlier and later prospectus…

  109. JohnDoe
    “The Fund is held in cash in one or more trading accounts with Oanda Corp. or I Trade FX, or FX Solutions (the “Bank”). ”

    Did you know that MTI makes money on trades on the FX Solutions trading platform and the I Trade FX trading platform through these accounts called rebates.

  110. I use to blog when it was just about the good times, when all people were talking about was how they could get into Olint, maydaisy, and Others … all i could see when i came on to the blog was, who have any info on these clubs please send me a link.. those were the good old days. Now its amazing in such short a time what has happened … a full 360 degrre turn and to my amazement the bitterness that has followed.. not that i can blame any of you …I for one have taken risk in aprivate club only to find out that all my money was in maydaisy ..you can imagine how shocked i was because this is a club i stayed away from and now indirectly is losing money in the very same club…Now to my amazement they are several sub-clubs that DS or IL have no idea about. Persons who are so called traders are now saying they are losing money and its maybe because everyone learned the very same way to trade on the very same platforms so thats why they are all failing…maybe so but to me its too coincidental …Just stop the LIES Now! everyone need to fess up that u all cant f…k…g trade sh…t and stop decieving people. i am so frustrated to see them with the damn computers with the trade screens up and talking bout candle stick and pips spread .. thats just trade lingo… Aother thing that is strange to me is that for the jamaica i know and live in ..how come nubody nuh dead yet???

  111. @AML

    Tell us more… We are listening …

  112. @ John Doe there’s no reference to Olint TCI on the copy of the TCI FX prospectus I have

  113. DS is nothing more than a thief and a liar who has conned hard working Jamaicans out of their money. All the time he was living it up in the Turk & Caicos and gambling like a fool. Some persons requested their money from as far back as December 2007 and was never paid, yet some of his special people got money in June 2008 before the crash. A longs as he live he will be a fugitive if he doesnt pay back our money. The amount of tears that have been shed will be forever on him, his wife and family. DS was spending US$100,000 of our hard earned money gambling everynight. Again he spend over US$300,000 on the party the other day that he invited certain politician to. DS you are nothing more than a thief and a liar, who are you going to blame now!! NCB, BNS..who. YOu have been playing the blame game for a long time while stealing our money, you had better repent and soon too!!!!!!!!!

  114. The Gleaner said that prominent politicians received money just before the Olint crash,did they have access to insider information? If so,did their conduct constitute a fraud on the other claimants?This may become an important issue later.
    Contentious

  115. I heard that last weekened a plane load of politician went to turks to see david and demanded their money and got it. Even guns were drawn, so i am waiting to hear how true that is but from what the gleaner is saying it maybe is or close to it.

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