I-Trade and Martinez Response Delayed

The NFA is reporting that I- Trade FX and Isaac Martinez’s response, to the June 30, 2008 complaint, should be available on August 15, 2008. According to the NFA information desk, an extension was given and as soon as the response is available it will be posted on their web-site. They further stated that there was nothing to be read into the delay as it is a usual occurrence.

Serious Penalties if found guilty
According to the complaint document, at the conclusion of the proceedings, the NFA may impose one or more of the following penalties:

  1. expulsion or suspension for a specified period from NFA membership;
  2. bar or suspension for a specified period from association with an NFA Member;
  3. censure or reprimand;
  4. a monetary fine not to exceed $250,000 for each violation found; and
  5. order to cease and desist or any other fitting penalty or remedial action not inconsistent with these penalties.

History
On June 30,2008, the NFA filed a complaint against I-Trade FX after investigations found that I-trade FX failed to file Suspicuous activity Report(SARs) on some transcactions carried out by OLINT, TCI FX, David Smith, Ingrid Loiten of May Daisy and Gareth Harris.

I-Trade FX response to the complaint is of interest to many persons especillya OLINT and May Daisy investors. What I-Trade says might not have a bearing on how quickly persons get back their money but it might just give further highlights into what happened to the money.

The Department of Justice in the United States in a letter dated July 11,2008, later froze all the assets of the said persons/organisations named above in that NFA complaint against I-trade FX. Whether this was conincidence or related no one is sure but reasonable conclusions could be drawn.

MTI on the Defensive?
On Sunday July 27, 2008, Market Trader’s Insitute(MTI) a sister organisation of I-Trade FX, published an AD. That AD it could be said stopped just short of calling David Smith’s OLINT and Ingrid Loiten’s May Dasiy and other Forex Clubs scams and guilty of taken advantage of Jamaican people.

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9 Responses

  1. The fat lady is ready to speak by saying,

    money laundering,
    securities fraud,

    but the fat lady has not sung yet.

    The chinamen can’t hide from Uncle Sam.

  2. This is light. Much much bigger things going to start belonging to their rightful owners.

  3. Money can buy lawyers but it can’t buy wisdom.

  4. I already tell all I my trini friends….watch out fi JUDAS
    I think some are aware of whats going on in Jamaica but not all. When big things happen in JA usually the other islands are aware of it.

    Remeber he had to link upp with some rich jamaican families in order to start the “trend” in jamaica. Everbody thing what they do or say is gospel. They have so much money so they must know what they talking about?

    That jamaican family use to sing olint praises and thing DS was the worlds best trader also.They helped judas o conquer Ja and got money out of it also. I wonder if daddy got his money out?

    I hope whichever rich trini family him link up with is paying attention and notice all the bad publicity and take heed.

  5. Miachica,

    I know this is off topic but how you up so early 4:19 am.Damn LOL or is it that you are an hour ahead of us here in Jamaica?

  6. CFTC reauthorization gives agency increased authority over retail foreign currency trading

    The legislation passed by Congress in May 2008 to reauthorize the Commodity Futures Trading Commission (CFTC) provides the agency with additional regulatory and enforcement authority, particularly in the area of energy products and foreign currency (forex). The legislation was included as an amendment to the Farm Bill and reauthorizes the CFTC through 2013.

    Can someone comment on the fallout of these new Forex related requirements and what does the words “pool operators” means and how does it relates to “feeder clubs”.

    http://www.nfa.futures.org/member/newsLetter2.asp#Reauthorization

  7. Investforlife / Moderator,

    Can you create a new thread specifically for any students of MTI who are actually making consistent returns…and if their claim is yes, can they back it up with proof, the only acceptable proof is a statement of their trading account?

    We know MTI has trained thousands of students since they arrived to Jamaica so the question is can we find any such students? They have collected millions from Jamaica the question is have the students collectively been able to see any ROI (Return on Investment) for that export of cash to MTI and ultimately to USA.

    Thanks

  8. I understand that I-Trade operated by Olint is under investigation and that David.s office in the TCI was raided and computers tasken. So, people, all info is gone. Keep praying.

  9. @beenie, We have not forgotten you

    @BJackson, OLINT as far as we know does not own or operate I-TRADE FX. David Smith was a principal between March-Decemeber 2007.

    Are you telling us this is not so?

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