F1 vs May Daisy (Part 1)

In an interesting twist one alternate investment scheme(AIS) or Un-regulated Financial Organisation(UFO) has sued another. This occurred when F1 investments had enough of May Daisy’s failure to pay over sums it had requested. Here are more details on that lawsuit. There are five(5) points of contention

  1. Breach of contract
  2. Civil theft
  3. Conversion
  4. Unjust enrichment
  5. Demand Accounting

Background
Based on the information at hand, F1 investments contracted May Daisy to trade Foreign Exchange with specific contractual conditions. The account with May Daisy operated from August/September – December 31, 2007. A request for full encashment was made on January 13, 2008. That request has yet to be honoured. This effectively forms the basis of the lawsuit.

Time-line
The time-lime will further explain what appears to have happened.

  • August 16, 2007 – US $2,500,000 given to May Daisy
  • September 6, 2007 – Contract finalised
  • Sometime after September 6, 2007 – A further US $9,330,278 handed over to May Daisy
  • By December 31, 2007 – F1 account with May Daisy valued at US $20,191,858.16
  • January 13, 2008 – Request made for funds, i.e full encashment, no funds forthcoming
  • April 2008 – Ingrid Loiten arrested in Zambia and US $7,000,000 seized.
  • June 13, 2008 – Court documents signed
  • June 26, 2008 – Documents filed in Florida court.
  • July 25, 2008 – Letter sent out to clients
Special Terms
The contract between F1 investments and May Daisy appeared to have some specific terms. The following are highlighted as they are mentioned specifically in the lawsuit.
  • Only May Daisy and Ingrid Loiten should trade the F1 investment funds.
  • Trading should not be sub contracted.
Allegations
  1. May Daisy and Ingrid Loiten allegedly used I-Trade FX which was a breach of contract
  2. May Daisy allegedly sub-contracted actually trading to I-Trade FX which was also a breach of contract.
On June 26, 2008, Steve Plamer & F1 investments has filed a lawsuit in a Flordia court against Ingrid Loiten, May Daisy, I Trade FX, LLC, Deutsche Bank Trust Company Americas and Turks & Caicos Banking Co. Ltd.  In Part 2 we will attempt to break down the counts in the lawsuit and explain how I-Trade FX and the other defendants come in. 
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23 Responses

  1. Pressha…pressha…pressha….pressha…chukka chukka…chukka chukka…chukka chukka…..Toot toot!

    ‘ i said the train is coming baby……’

    Wicked lyrics Ken Boothe!

  2. THis is just unbeleivable , who are these Idiots , investing
    20 + million US with may Daisy , LOL….. Lawd have Mercy
    bring back Ole time simting , education and common sense is positively lacking in Jamaica. really cannot fathom such stupidity , better tips and returns are at Caymanas…………

  3. Now dem going to sue! LOL , ,,,,

  4. watching closely

    It is early days yet but don’t discount the participants of the AIS/UFO’s too quickly. One must also look mat several factors not limited to the economic and social conditions of the past decade in Jamaica.

    I t is not as simple as greed etc. There are non-participants who without economic suppoert from participants would be out of business.

    It is injustice to over simplify at this time.

    Take the case of “well if I just get back my principal” argument. To simple. Such calculations are mathematically near impossible and combined with a need to have records with specific dates for all transactions associated with the accounts of the UFO’s…..trust me….it then becomes impossible.

    Any such declaration by the schemes speaking of “principal” can only serve to increase well known and researched evidence of favoritism and inequity.

  5. Of course it is obvious that persons who encashed regularly would promalgate argument towards some king of a partial payment in lew of the real deal.

  6. Kind, Leu sorry

  7. Earning the money is just one minute part of running a business. That is the lesson. The concept of “profit centers” and the homage paid to thoose who work in them has been publicly discredited. The actions of the back office and work on the front lines (with customers) is deserving all the same glory bestowed on a trader.

  8. Sirach,

    putting money into a scheme hoping to beat the odds is one thing . Investing 20 + million US dollars into a “scheme” has to be the height of stupidity . The key word is Investing ,obvious F1 invested into May daisy .

    1.Now if F1 intent was to provide the seed money to the scheme wait a few months then pull principal and interest causing the ” scheme” to well get pregnancy pains.
    This seed money would be of course, used to attract other “Investors ” who would then be left with the duck special , very painful. now the plan back fire and they going to sue….LOL….
    or
    2. They where truly investing into may daisy ,an investment portfolio of 20 mill , then this would make dem dunces at best ………………………….

  9. Who is there to sue in the first place. The lady long gone, and they weren’t even a legal entity to begin with….i think that money is gone forever. She’s africa’s problem now

  10. junkunno

    Loiten soon get what quack-quack get. She is so far gone into scamming that she is more like CH.

    Look people fail to realise that it is still fact that individuals trade on bank platforms and make the returns, deposit them in the said banks and then use the funds as they rightly should.

    Now IM,JM, JM, IL, DS,JW,WW and others may we’ll be teef but to use them to discredit a legitimate way of earning is sad.

    Who remembers when JM was calling people “idiots” who asked legit questions in the class and most of the others were giggling. Some well “known” high schools were represented by the gigglers.

    Shame because some of the “idiots” goin get paid and most gigglers going to their old boys and old girls associations without any money.

    hahahahhahahahaaaaaaaaaaaaaa

  11. @watching closely

    The money invested was not US $20 million… That was the value of the account(principal and interest) at the December 31, 2007. You know that thing of compounding at 20%. per month

    Every one take out your calculators. USD $12 Million invested for 3 months at 20% per month compounded, what is that worth at the end of the period?

  12. Johndoe

    By December 31, 2007 – F1 account with May Daisy valued at US $20,191,858.16

    OK invested amt approx 12 Mill a wha de differanceeeeeee
    why would a supposedly legit investment outfit put 12 Mill into an unregulated bandulou outfit ….. Nuff Dunce and Greed ?

    Could it be that these big players kept providing the seed money to keep these UFO ‘s going , pulling profit as the deposits come in. Now the bottom fall out with some of dem hand in the cookie jar…

  13. Oh by the way bear in my that this supposedly legit outfit also had money with OLINT and has had to close their Gold account…

    so a search on the internet for the Albania Pryamid Scheme of the late 1990s… ponzi invest in ponzi…

  14. Exactly my point,,,,, It is obvious that they where all passing around seed money. THE closing of cash Plus , created the bottom to fall out as influx was reduced . F1 got caught with their hand in the cookie jar. Obvious seed money would go to the highest bidder, may it be Olint , MD, CP , etc, etc …….with gold account players getting paid an making big profits …

  15. I am not sure that F1 just got caught with their hand in the cookie Jar. It makes you wonder… building a business by investing in two suspect clubs is certainly not look very good. It raises suspicions..

  16. AHHHH, the poor soles dreams of Ranger Rover Sport, BMWs, Mercedes, jetting to Paris, London, New York, LA, 7 star hotels every weekend, expensive champaign, and whatever trappings their little hearts had desired with the allure of 10% per month.

    Well, if you tall thought that is all life is for then you have another thing coming. The reality is that majority of Jamaica is dirt poor, with no meaningful ways to earn a living. Crime is super high, and as such with no climate for meaningful micro business investment, people poor their hard earn savings in a get rich quick FOREX option.

    Nothing wrong with FOREX, or wanting to get rich, or even living whatever materialistic life one wants. But it is how it just came about in Jamaica within the last 5 years.

    Was it the constant bombardment of luxury in the media, music videos, Movies?

  17. WTF. who cares you get the idea.

  18. Can you imagine Jamaicans investing the way they did in an organized investment body that seek out prime investment for start up companies, real estate ventures, stock options, among other opportunities with the sole purpose of good returns. Risk involved too.

    My with such a system in place with the backing of the FSC maybe we could take advantage of the U.S and Asia markets.

    WoW.

  19. Kiingstonchron.

    People been trading forex in Ja longer than 5 years. People been trading stocks and commodities in Ja for more than 10 + years.

  20. A paper has been sold out since 9a.m But it is no the Sunday Observer.

  21. thanks sirach, i kinda knew that.. u miss my point.

  22. It is only a matter of time before family members of ingrid loiten start feeling the heat if she nu start send back people money shortly. Mi sweat hard fi mine, so blood ago run if mi no get it back soon.

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