“There is nothing crueler than a violation of one’s personal trust or an abuse of someone’s loyalty.” That is how an advertistment in the Sunday Gleaner in Jamaica starts. This AD raises more than just a few eyebrows it warrants serious reflections.
To put everything in perperspective let us set the framework. Market Traders Institute(MTI) founded in 1994 is a sister company to I-Trade FX run by the Maritnezs, Jared, Issac, and Jacob. The MTI claims to be oldest FOREX Trading institution around led by President and Founder, Jared F. Martinez who is widely known as “FXChief”.
When David Smith launched the Olint Foundation in November 2007 according to an observer report, Martinez described the founders of the OLINT Foundation as “ordinary people doing extraordinary things ” and he himself contributed Jamaican 10 million dollars.
I-Trade FX even partnered with David Smith in the GotradeJamaica.com project.
In addition, I-Trade FX is the subject of a NFA June 30, 2008 complaint that named transactions carried out by David Smith, Ingrid Loiten, Gareth Harris, OLINT TCI and TCI FX as suspicious and cited I-Trade FX for its failure to report the suspicious transactions. It further cites David Smith as a one time principal of I-Trade FX, something David Smith does not deny. (see I-Trade FX and the NFA)
I-Trade Fx is named as a defendant in the F1 investment lawsuit of June 26, 2008 against May Daisy. Ingrid Loiten of May Daisy, as mentioned before, is also named in that NFA complaint.
Later in July 2008, a United States Department of Justice letter, dated July 11, 2008, surfaces allegedly freezing the accounts of, once again, David Smith, Ingrid Loiten, Gareth Harris, OLINT TCI and TCI FX.
Schemes, Scams and Scandals
Now it would be good if the FX chief and the MTI Team would be a little clearer. The major FOREX schemes we know in to be trouble are OLINT, May Daisy and World Wise. There are other little clubs but most are basically affliates and feeders with no traders for themselves.
This AD therefore, coming at a time when many faithful OLINT investors’ faith is indeed being tried is very curious. With the secretly fearing ‘Olinters’ openly positive, and with rumours swirling that OLINT is fake and analysts pointing to scam and PONZI, this is certainly not what anyone would want to hear.
“Given the recent rash of FOREX Trading schemes, scams and scandals”, …. “while Jamaicans take greater steps to educate themselves and avoid becoming victims of any more scams.“
Those are very harsh words coming from MTI, given that it could be argued that in many ways they gave legitimacy to many of these FOREX clubs. So what is MTI doing now?
MTI Distancing Itself
MTI sorrowfully opines:
“Many Jamaicans have joined various FOREX Investment Clubs to help them take advantage of the money than can be made trading currencies. Unfortunately, It has been many Jamaicans that have been taken advantage of.”
Is MTI now distancing itself from from the ‘star’? What would possess MTI traders to place such an AD in the papers? Is it that they were tricked? Is it that they were part of the situation and are now trying to separate and say, “It wasn’t me”?
- Where was MTI when the FSC was saying, be careful who you give your money?
- Where was MTI when the others were saying, how do you know that these FX companies are not scams?
- Where was MTI when people were saying, ensure the company you are invested with is regulated?
- Where was MTI when the FSC were saying ensure that the principals of companies are “Fit and Proper” and licensed?
Another point of Interest is this statement
“At Market Traders Institute, we are not in the business of taking people’s money to trade on FOREX.”
Listen again to David Smith’s Friday July 4, 2008 interview on Nationwide.(David Smith – Interview)
“There is nothing crueler than a violation of one’s personal trust or an abuse of someone’s loyalty”. We will add, “With Friends Like These, Who Needs Enemies?”
- OLINT starts foundation with US$1m to help needy Jamaicans
- High-risk investors have no legal backing