investforlife
jay
nocotecRoy Walker lies stricken by prostate cancer and Alzheimer’s disease on his bed in Miami, USA. The Sunday Herald reports, that Roy Walker is a long time childhood friend of David Smith’s mother-in-law, while his son, Christopher Walker, is schoolmate of Tracy Smith. The story reveals that Roy Walker invested his life savings in OLINT, and now he is joins the many investors that have not been paid for months. Dr. Christopher Walker, has already filed a lawsuit against David Smith to recover US $2.5 Million. The money is now needed to care for his dying father but when and if any money will be recovered, no one knows.
Many Hurting
This is human side of the tragedy called OLINT. His case is not the only one, there are many other stories. It includes stories of those hiding from bailiffs, others struggling to pay mortgages and others whose education of their children is now in jeopardy. The stories of pain just keep rolling in. Friendships are strained, marriages are hurting. Many misguided and ill-advised persons mortgaged their houses are not struggling under the weight of loan payments. There are those that placed money set apart University tuition that are now having headaches.
Those that opted to get bigger ‘ride’ are not as bad. Though their egos are bruised, it might be time to trade in for a smaller ‘ride’ and cut the losses.
Christian Duty
The ‘Christian Investors’ you made back more than their principal amount invested, now need to step forward and help those that are suffering. If the Walkers have not recouped their principal, how can some investors sleep knowing that the ‘Roy Walkers’ of this world money might have helped finance their new ‘ride’ or fatten their bank accounts? The ill-gotten gains from PONZIs will need to be refunded. The ‘Walkers’ must also realize that they are owed just the principal and nothing more.
The Christian Principals of these clubs need to confess, no more games, no more lies. Those Church Leaders that have led the flock astray also need to confess, repent, seek forgiveness and begin the healing process. There is no point defending what was done. The Bible does warn, as Dr. Walker says in the Sunday Herald, that there will be false prophets.
The Love of Money
Quoting a poster, “nothing is wrong with money”, It is a gift from God and the reality is it is needed to pay the bills, buy food, and acquire health care and so on. We all need to heed the relevant words of 1 Timothy 6:10, “For the love of money is a root of all sorts of evil, and some by longing for it have wandered away from the faith and pierced themselves with many griefs.”
Further, the scriptures cautions us tells in the tenth commandment flee covetousness, indeed warning us not to focus on what more ‘rich’ man has that we don’t. Paul writing in Philippians 4, tells Christians to be content, trust in God, and that with God is everything is possible and that God is able and that He (GOD) will supply all needs.
Back to God
In times like these we indeed need to be our brother’s keepers. Another sad thing about this is how these SCAMs have once again given Christianity an undeserved bad name. Christianity calls us to be reminded that God, not the FX trader, is the provider, God, not 10% per month, is the saviour and in God, not Man, must we put our complete trust.
Despite the tragedy, there are still those never failing promises that those that are prepare to believe in God can cling to. One such promise is found in Philippians 4:19, “But my God shall supply all your need according to his riches in glory by Christ Jesus”. Mr. Walker and family, hang on, God cares.
Source:
In the comments for this blog we ask that persons share their stories or stories of love ones who are hurting. Please no un-related posts, those can be posted elsewhere. Just post about the suffering and the heartaches caused by the collapse of OLINT or other UFOs.
Filed under: Olint | Tagged: Cash Plus, David Smith, Higgins Warner, May Daisy, Olint, Ponzi |
Real Investments For Life 
David Smith fails to show for ‘Full Hundred’ on Olint
WIGNALL’S WORLD
Mark Wignall
Sunday, August 03, 2008
http://jamaicaobserver.com/columns/html/20080802T230000-0500_138600_OBS_DAVID_SMITH_FAILS_TO_SHOW_FOR__FULL_HUNDRED__ON_OLINT_.asp
….”Many of those who worked for him have departed, so direct contact with him was the best way to gather information on Olint.”….
Now if I have to listen to nocotec, Bob, Banker and others showing us how stupid the dying Roy Walker and the rest of us Olint ‘investors’ are, I will just puke.
CJ
Puke….Olint…puke….DS…puke….JS…puke….JM…puke….MTI…Puke….JIJ…Puke…..blank. aah..feel better?
David, I am so disappointed with the whole OLINT affair. I have been a die hard “Olinter”.
The problem though is your lack of communication and also the fact that you treated people differently based on their status in life.
Let us face it, I saw the Honorable Minister of Government in the office of the Prime Minister -DV, on your jet , heading to your birthday party!!! Where is he now?
What about the other Minister who you paid $2million- JR? The list goes on and on !!!!
I could not sleep knowing that they are right now eating their ackee and saltfish whilst this elderly man lies in his bed, holding unto life!!!
David, please do the right thing and relieve their hardship- at least this time around. You know about the emergency/crisis cases like this one. You are NOT poor. Sell the plane, cut down on your legal fees and sell the Range Rovers.
Signed:
Disappointed Olinter
not to sound insincere, but money will not help Roy Walker at this stage.
Plus, giving a man in such dire need, his educated son ,should know better than gambling away the money, and blaming it for his fathers ill heath.
the bigger point is that people are hurting ( such as myself) and it does not have to be the > $100 K investors who are feeling the pinch, people have school fee to pay and family to support, they are hurting just as much
CJ
Let me sincerely apologise if I every gave the impresion that Olint investors were all stupid. I truly am not of that opinion and nothing could be worst than heaping scorn on people who have lost their money. What hurt me most is those people who continue to trick alot of these people the religious leaders, politicians who did so in the past like Audley Shaw and those who continue to deflect blame on NCB using dubious claims of conspiracy.
The truth is that the FSC and the former government should have done more to protect people dispite the political cost to themselves. NCB should have closed OLINT acccout from just after its inception when they relised he was comingling clients funds.
I do not except the masses to be educated enough to understand these scams, but their are people like Omar Davis who did and should have done more.
By the way I think Mark Wignal reads this blog he has not answered my email about the folly of DS business model but he quote the line of a poem I put on one of these blog about the man in the mirror. I do not think it is a concidence.
Banker
Persons should accept the consequences of their decisions – good or bad. When Olint pays out ( as the optimist) only the persons who invested or took the risk will reap the rewards. the reverse is true as well.
mk
On the face of it your statement is correct. But it would be unfair not give credience to the fact that not all investors are or were savy enough to realise the flaw in the OLINT business model. Additionally, a lot of people were pushed based on testimonials from friends and family the pronouncements of politicians and people like Mark Wignal.
Society does have some responsibility to protect the gullible and uninformed or illinformed. In Canada if a journalist is not licensed as a securites advisor they cannot make a recommendation or make a statement that amounts to a recommendation on a finanical product or they will be subjected to penalties. They must also decleare if they or a member of their household has investement in any financial product they are commenting on.
Here is the poem I posted on one of this blog last week. Check the last line of Wignal article and tell me sey if this is concidence.
THE MAN IN THE GLASS
When your get what you want in your struggle for self
And the world makes you king for a day
Just go to the mirror and look at yourself
And see what that man has to say.
For it isn’t you father or mother or wife,
Whose judgment upon you must pass
The fellow whose verdict counts most in your life
Is the one looking back from the glass.
Some people might think you’re a straight-shooting chum,
And call you a wonderful guy
But the man in the glass says you’re only a bum
If you can’t look him straight in the eye.
He’s the fellow to please, never mind the rest
For he’s with you clear to the end
And you’ve passed your most dangerous test
If the guy in the glass is your friend.
You may fool the whole world down the pathway of years
And get pats on the back as you pass
But your final reward will be heartache and tears
If you’ve cheated the man in the glass!!
Banker
The FSC to be very fair has done a commendable job in communicating to persons the potential dangers of these types of inevestments….
Persons need to accept respon for their actions – including myself.
My life have been affected Im about to move out of my house.. I cant pay rent all my furniture i dont know wherre to put them, any body know any house for rent please contact me.
We ask that persons share their stories or stories of love ones who are hurting on this thread.
Please no un-related posts, those can be posted elsewhere.
Just post about the suffering and the heartaches caused by the collapse of OLINT or other UFOs.
@killcull and others please post your stories here…
mk
I agree with you that the FSC did a commendable job communicating the dangers of these investments. However, the government did not want to spend political capital going after them because they were afraid of the back lash from public opinion. The JLP which was in oposition of the time instead of siding with the government saw it as a opportunity to poke at the Government and did not help either. When they came to power they did nothing but just talked about putting in legislation for governing investment clubs.
OLINT had a cease and disist order but there were people still colleciting money under other club name. Some individuals even took money from other people and then showed them their statements and said a part of it was now theirs. The claim was that existing investors could still make deposit. (which was not true at least legally). Some of these individuals just use this as a root to get out their money some times selling out their shares more than 100%
Now DS must have had OLINT registered with a trade mark and or coprighted. He made no effort to protect that trade mark and hence the integrity of his club by publishing any comments to people to check the authontecity of who they were dealing with. Of course he had no interest in protecting the integrity of his business as it was not real. Everyone could have seen that the good will he had garnered was been abused yet know one said or did anything. I fail to believe that only people like yourself, me investorforlife, DONTGIVEAFAMN and others are the only Jamaicans on this planet who realized that this was a run away train.
Sorry for rambling but I am rushing to go to Church will be back later.
The reality of the Olint tragedy is at some point folks will need to pick up the pieces of their lives and move on along a different path than they anticipated. The history of ponzi schemes suggest there will be little money found to be distributed.
If you have not seen this video and you have the time (about 1 hr, 15 mins, can be paused)… watch this very inspirational video of how one man chose to deal with the ultimate news… impending death in a few months while in the prime of life… he just passed on in July.
Randy Pausch Last Lecture: Achieving Your Childhood Dreams
Greed. Thats all I can say. Nothing wrong in taking huge risk, even when it appears too good to be true. But risk what you can afford to risk.
These people are no different that any other people who buy a home too expensive for their wallets and loose it when they fail to make payments.
No sad stories round here. Life is life, live with your choices.
Though I don’t believe that originally Olint was a PONZI scheme , with these recent revelations it is certainly turning into one as it would seem that the poor and unfortunate investor who needed the extra cash more than anyone else is now suffering for the rich and powerful who had the means to get all their payments back from David Smith and Olint when everything appeared to be going sour. Now the small man that David and Olint professed to be helping in the beginning is now left holding the bag……the bag of financial problems that is.
Stupid or not the FACT is even if you give a crackhead a dollar and she runs away with the money. She still owes it. Is this oversimplifiying? She may hide but one day in court she will produce tha money owed or shall pay the debt by other means.
The “full undred” shall only come when oredered by a court.
Even diehard backers will never put money in there again even if DS,TS and WS paid out everything tommorow.
Good work Wignall …bless up….one day maybe you might get my full hundred but right now I don’t want more people to go to hospital.
I hear the facebook crew dropping off like flies.
Mark waiting on a call back from DS,TS,WS is NEVER reccomended.
Truth is the FSC and the Government did a poor job in ensuring that Olint was either regulated, licensed, and registered or that they (or David Smith ) could not conduct any business in Jamaica. If it was any other country that had such an intention it would have happened as expected and there would not have been any loop holes in the system.
The fact is that some people simply did not understand it and they knew they didn’t but they decided to GAMBLE away their belongings just like they would at Caymanas Park if they got a good tip or at an all night round of Domino games. The fact is these group of people don’t need anything more than a promise or a chance of making more money to gamble away their last penny. Others understood the risks and decided to take it anyway. If we split the likely victims into these two categories I am not sure which needs more protection if any from the FSC and the Government.
I could go on about this but the fact is the only thing the FSC and the Government was responsible for doing in my opinion was ensuring that Olint were regulated, licensed and registered and could stand by their contract and operate in a fair manner and this they failed to do. However, I think they gave people enough information that they (OLINT) was not regulated and the risks there of for people to take responsibility for losing their money.
Invest for Life
Re main article while quite poignant I do have one question re your quote
“The ‘Christian Investors’ you made back more than their princpal amount invested, now need to step forward and help those that are suffering. How can they sleep knowing that the ‘Roy Walkers’ of this world money helped finance their new ‘ride’ or fatten their bank accounts? The ill-gotten gains from PONZIs will need to be refunded. ”
Point taken but How do you know despite thier suffering ( for whichI am truly sorry ) that the Walkers dont fall into the category of those who have gotten back thier original principal and more ?
blogkiller
on August 3rd, 2008 at 12:59 pm Said:
Point taken but How do you know despite thier suffering ( for whichI am truly sorry ) that the Walkers dont fall into the category of those who have gotten back thier original principal and more ?
blogkiller good point. It will be difficult to sort this all out.
I am still of the opinion that NCB and the government thought not completely guilt should contribute to a fund to help some people if possible.
I insist that NCB and all the other Banks that had OLINT’s accounts should have come down hard on DS long time irrespective of the public out cry. The public might be dounce and were fooled by the DS supporters and kept critizing the banks unfairly. However, there was no excuse to have allowed OLINT, Cash Plus, May Daisy and others to have ran so wild.
The government and the Bank and Journalist that allowed this should pay back some. I am not suggesting a large sum but at least some token amount. A lot of people were just plain fooled and I am sure alot in authority knew and saw this madness and just said “buy beware”.
It is not that I am a bleeding heart liberal but it really look tought on some of the people.
munroe, on August 3rd, 2008 at 8:06 am Said:
David, I am so disappointed with the whole OLINT affair. I have been a die hard “Olinter”.
The problem though is your lack of communication and also the fact that you treated people differently based on their status in life.
Let us face it, I saw the Honorable Minister of Government in the office of the Prime Minister -DV, on your jet , heading to your birthday party!!! Where is he now?
What about the other Minister who you paid $2million- JR? The list goes on and on !!!!
I could not sleep knowing that they are right now eating their ackee and saltfish whilst this elderly man lies in his bed, holding unto life!!!
David, please do the right thing and relieve their hardship- at least this time around. You know about the emergency/crisis cases like this one. You are NOT poor. Sell the plane, cut down on your legal fees and sell the Range Rovers.
———————————————————————
I never really read this post. But I keep hearing rumours about DS having jet etc.
Normally I dont cuss bad wod but Jamaican people must tun idiot or MLC come de with him fancy jet, chopper and yatch and tun every body in a idiot.
How a man who no have dry shit in a him ass a buy jet and Range Rover. MLC worth somewhere between 2-3 billion US Opera W the same. A man with a few million can’t except fi live like dem de people. I use to work for the Hendrickson and I would never except dem fi have dem de kind a toy. How did R*** people never get suspicious when DS start a live dem de life.
That is not life fi people with ten a millions dat a billionaire life style.
Banker:
A which church yuh go today?
Listen, the government should not help one single soul! When they were being warn, all I heard was that it is their money and they do not want anybody to tell them what to do with it. I do not feel sorry for not one single one of them.
If fact, they should pay me for all the free advice that I was dispensing way back….yes the owe me. I will just wait for when DS give them some of the “whencashment”.
People talking as if they KNOW that no money is there.
Is there no money? If so when did you know? Who else knew? Why was this life altering information put out to loyal members?
Feeder Clubs: If Olint was trading your clients funds why was this done in secret? How much were you skimming off people? How you going to face your responsibility? Where is your apology? In church?
Can we get a tv debate in TVJ/CVM primetime with all the players? Do we deserve that? LChn how so quiet? Are you also saying you are above people’s lives?
Loiten whey yu deh?
Martinez..you would really try solicit another class in Jamaica at this time?
Is their mercy for these (and the many other)personalities Lord?
Banker, yu tuff. Thats why when peeps call me millionaire, I always correct them. As that is poor man status. I always tell them call me a billionaire. The very least that commands much more respect.
Davesin
I understand what you are saying. But some of the poor people ignorant and the goverment should not have allowed these AIS to have just run wild. I am not saying a big pay out but some culpability is there. Even the banks should have shut them down long time. What these AIS were doing in plain sight was ridiculous. I am sure Davesin that you and I are not the only intelligent Jamaicans. Plenty in authority jolly well knew but just said to hell with the ignaramous.
sirach
Use yu head DS no have no money. Weh ya wait pan fi him tell yu himself. All now CH nuh say dat. So do not hold your breath.
@blogkiller, Point taken
1. Will add the words “might have” to the sentence
2. And will add that the “Walkers” must know that they are due only the principal and nothing more
@ Banker
The Jamaican government did not go as far as they should because of politics…plain and simple. The FSC tried, but the executives (political appointees) were limited in what they could do. Did you notice how quickly the executive Director fled the post as soon as there was a change of Government? Did you notice that they did not appoint the Deputy Director to the post even up to now?
The there is the crooked government in TCI that took in Olint after they was slapped with a cease-and-desist order in Jamaica. TCI, I think stands the greatest culpability in this whole debacle! Remember, Olint went territory shopping and only found a safe haven in TCI.
Dave Sin
I understand and I see you agree that politics was why they did not come down hard. However, the government still have a responsibility to protect people from their ignorance. Additionally, the DS supporters were very vociferous and convincing to a lot of people.
Thanks for the tip Banker. But I always using it. Maybe your comment is meant for the rest. (smile)
@Banker:
When you are delaing with sirach…specificity is very critical 🙂
Banker, is money there or not? Any at all? Define for us what is “principal” in this instance? If “principal” had been encashed by some long time ago then is any of the funds in account “principal” at all? What about the person who put in funds last week?
Keep us educated Banker.
I would not blame the Government. they warned.. but people would have followed David Smith to Mars and wire the money or send by space shuttle. when you are getting 10 % per month consistently, no amount of warning will let you believe otherwise.
thus these type of scheme will live on, moving from territory to territory because people memory are short, especially when it comes to the concept of easy money
sirah
mi a go tek mi picnic dem go to the park fi play. I will get back to you later.
At this point a receiver needs to be brought into Olint , his job would be to sort through this mess to determine the assets and liabilities of the company.
Once that has been completed, the distribution of what is left should be the difference between what was put in ” the principal” and what has already been disbursed as “interest”.
Absolutely no “interest” should be calculated as part of the overall balance of funds owed.
Those, who have made more that the principal amounts should be forced to return those funds, as I can assure you that those big funds have not yet been spent.
In fact a significant portion of this money has been moved to offshore accounts of JR & DV which can easily be traced.
JohnDoe, /imvest for Life on August 3rd, 2008 at 2:13 pm Said:
@blogkiller, Point taken
1. Will add the words “might have” to the sentence
2. And will add that the “Walkers” must know that they are due only the principal and nothing more
Thanks for the response
Don’t get me wrong the real point I as trying to make was that as sad as the Walkers circumstances are as far as Olint in concerned we have no proof that they have fared worse off than any other investor
Additionally I see where it seems to have been “decided” 🙂 t hat principal amount involved should be the basis of repayment which makes sense on two levels
1) Very little money left if any
2) Some have recovered their principal several times over, and really should be at the bottom of the payment priority schedule as a matter of principle (pun intended ) 🙂
There are however many investors who have either lost all or part of their principal and even those who broke even , these people all have one thing in common , in that they never benefited from gains in any way (except on paper )
The truth is these group of investors are also victims as another poster so eloquently put it ‘a perception of property has been created” and even those who over time ending up withdrawing all of their principal (without any gains) are now discovering that effectively Olint has helped them to decimate their savings in away they probably would not have done without that false sense of financial security that Olint provided.
My question is it may be easy for us who are not invested to dispassionately say Principal only but is there really any no easy way out ?
I am still astonished that so many people still believe in DS. This guy was out of his league, while trading the most risky financial market in the world. Even if he had some level of success early in his trading career, he was naive enough to believe this trend would continue. This is assuming of course that he was trading in the first place.
DS was charismatic enough to get anybody [well almost anybody] to give him money to invest. He reminds me of the Name-it and Claim-it preachers. These preachers are able to get their members to give up their last dime, including mortgaging their homes, by promising big returns just by having “faith.” The real question these church members never ask was “faith in whom?” Was it faith in God or the Preacher; or in this case DS? DS’ following was quite cultic – like Jim Jones in Guyana. Just like Jim Jones’ members, too many drank DS’ COOLAID.
I also believe it is unfair to compare MLC to DS. These individuals are not even in the same league. DS is not in MLC’s financial class. DS is a “never se, come se.” Simply no comparison.
Here is Forbes’ recent ranking on MLC…
http://www.forbes.com/lists/2008/10/billionaires08_Michael-Lee-Chin_7TE8.html
When it comes to wealth, we are comparing Apples and Oranges. There is a big difference between being Rich and being Wealthy. DS may have achieved some riches by skimming funds from his members. MLC is wealthy. As Shaq O’Neil (NBA Star) recently said, “I am Rich, but they guy who pays me is Wealthy.”
i dont understand how you people are still so calm…DAVID SMITH is a SCUM BAG a CRIMINAL and this is going to turn out to be one of the biggest CONS in history…have you read about the shuffling of the money to various platforms with absolutely little or no trading going on…MY FAMILY has lost MILLIONS of dollars ..and we not going post the suffering of our family …we aint taking this sitting down….we doing what we have to do to get something back….I suggest we all come out of the fog that we are in and raises our voices in unison about this outrage…and bring this CRIMINAL and his FAMILY who were officers in this so called investment club to JUSTICE.
PEACE OUT
Who is going to get a receiver appointed to take over the operations of Olint.
The longer the wait, the greater the chance that “big” investors would have successfully hidden is ill gotten gains, whille DS and his cohorts would have done the same.
PIPSologist, on August 3rd, 2008 at 4:47 pm Said:
I also believe it is unfair to compare MLC to DS. These individuals are not even in the same league. DS is not in MLC’s financial class. DS is a “never se, come se.” Simply no comparison.
I agree PIP. But how on earth could Jamaicans here say DS a fly jet. Do they know how much it cost to pay pilot to pay landing fees to Gas the craft maintainance, etc. For people like MLC and others for it is a tax right off plus that is how he moves himself and his managers around.
I fail to see how that did not raise a red flag. I think people don’t understand the difference between a cesna (spelling) and a corporate jet. Some Americans who have then can only fly intercontinental they can’t even fly international.
As for a Ranger Rover the cheapest one is about US$60,000 with some as high as US$300,000. In Toronto there is only one dealer Grand Touring Automobile. All they sell is Aston Martin, Jaguar, Rolls Royce and Range Rover. Ordinary folks do not go their. What DS a do with dem de vehicle (if a true). Not like mi a sey him must not aspire but man must realistic. A Benz could be just fine.
as I have said here often David does not own any jets. It was leased by himself and two other white Jamaicans who had suddenly became his new friends.
David made peoples money and all the hype go to his head.
I said it here long b4 that he was a never see, who was suddenly handed billions by people.
Any ordinary man cannot deal with the sudden godlike status that his idolisers placed on him.
PIPSologist,
I agree with you about the cult like following of David Smith. I do believe in the wealth potential of FX trading as I trade myself and I do believe that an “Olint” type company is feasible. However, with the recent revelations I have nuff doubts about what DS was doing all along and how profitable he actually was.
I also agree that it was naive for him to think that if he was somewhat wildly successful in the beginning to think that the trend would continue indefinitely.
As for MLC don’t get me started on him. I think there is also a lot of hype about this guy. As a start however, look at the latest AIC fund returns at aic.com for example and compare that to the returns of other mutual fund companies.
do you guys notice that the facebook Olint supporters group, is just not increasing in members?
the Better One.
MLC is a billionaire, one of the richest people on earth.
That is a fact , and no matter how you start on him, it really will not change anything at all about him.
Saying that he has been successful is an understatment.
The better one
Yes AIC funds have been underperforming. But then he is heavy into financial services and that sector was hardest hit. Remember that he came out of the technology bust smelling like a rose. Be careful that he does not come out of the Oil and resources bubble the same.
But you are correst AIC is not doing well. Remember though that MLC made is first billion off one stock McKenzie Financial.
dawgnyamwisuppa and jay
The rules governing investment club and schemes like OLINT and C+ is always a little difficult in court. (By the way I am not a lawyer) Most times the government get them on Money laundering, Mail fraud, Conspiracy to defraud etc. Sorting out their accounts is very difficult as sometimes they avoid keeping good accounts or they keep duplicity of accounts to protect themselves. DS was also spread across several jurisdictions with unrelated companies feeding into his scheme. He did not actually set this up also it was a willing public that did it independent of his effort on the most part. (Except for his wild claim of FX trading success)
My personal view is that one possibility is for some effort be made to get the ombudsman or some authority to bring one big claim against the different players Feeder clubs, pastors, politicians, government, the banks, journalist like Mark Wignall and the principals of the AIS themselves. The aim would be to see if some how a sympathetic judge might force all of them to pay a small amount taking some responsibility. Club members were largely to be blamed so it would not be fair to be fully compensated. But in my opinion that is the best try.
I think the receiver thing might be a waste of time. My view is that when you think of all the club members around the Caribbean, US, Canada and the UK if I was a betting man I would bet DS does not have as much as a cent in dollar.
People on this blog keep saying that investors never understood the risks, and all that. To me, that’s not the issue. If it was equivocally demonstrated that David Smith was running a bona fide trading operation and lost money, that’s one thing. That is the risk that most people thought they were taking.
If he lost the maximum that he could have lost, 20% in a month, he should have been man enough to say to investors that he had a 20% loss, and let people make their own decisions about what they wanted to do. If he did that, the people facing ruination today would not be in that position.
Instead what is emerging is a picture of a con perpetuated on the investor, a fraud by a con man / crook / shiester. That is what most people were not prepared to deal with. It is the details about lavish spending AFTER he knew or should have known that the club was in trouble, or the details in the NFA complaint about what appears to be a straight up ponzi operation.
I think most people knew that it was possible to lose money trading, not withstanding nocotec, Bob and Banker, people are not stupid. What people did not expect was that David Smith was a thief, and the emerging picture and the continued cowardly silence is certainly giving that impression.
Hey Chilly and Maria on the # 4 bus, since you still believe in David Smith, do you want to buy my Olint account at 50 cents on the dollar?
CJ
People are not stupid but they were at least gullible to believe DS Claims. How could people be investing in droves into FX trading if they truly understood the risk. You might think you knew what you were doing but a lot of people I know were duped.
By the way you are someone explain to me how while leveraging 20% of clients funds DS could have secured 80%.? I truly do not know what is the explanation for how that was suppose to be achieved.
CJ
OK not stupid. How about reckless beyond belief?
You invested in an illegal operation that has never provided you with any verifyable information that they even do what they claim to do.
investforlife
I forget that I cannot use my bus ticket on the train. 🙂
Dwagnamwisuppa
I disagree DS has achieved a lot – 1 man has literally changed the entire financial landscape over the last 5 years. He has also thru his club reached/impacted several countries around the world. Jamaica has the highest amt of FX traders per capita in the world. Many persons’ economic status have been sig .improved. This he has done against the greatest of odds – FSC, Govt pressure, Bank collusion, international pressure etc.
Even if the club crumbles at this pt – whether he turns out to be a hero or villian what he has achieved thus far is no easy feat.
If he comes thru he will be hailed as a hero by many including those now cursing him on this blog….if he fails history will be very unkind.to him (rightfully so)…either way what has been achieved so far has been no easy feat.
Needy
There has been an increase in the facebk numbers but not significant.
CJ
I will pay u 5 cents on the dollar….interested?
mk
Lets invest in somwe futures here.
I bet that just like C-, O has made far more people poorer than richer?
Robin Irie
If he doesn’t come thru with a sig payment then I agree with u. If he does though respect would be due to the man….many objective and fair persons would have to retract their statements – Nocotec & Lance have promised to do so if this happens.
mk,
I made that promise about Callous Hill and I will say the same for DSaviour.
I will retract my criticism and personally erite to the nobel committee recommending him for a prize. I will also encourage others to do the same.
Now listen to mk, beenie (or k) and traderfx and you should all know why DS was such a successful Ponzi scheme.
1. “changed the entire financial landscape over the last 5 years.”
2. “Jamaica has the highest amt of FX traders per capita in the world.”
3. “Many persons’ economic status have been sig .improved”
Now mk put on record that you really believe this nonsense and tell me either way how has this improved the lives of people. All Ponzi scheme improve the economic life of a few.
By now you should all know that unlike everyone else I am not as polite or politically correct in expressing my feelings about people like you.
You are nothing but accomplices of DS trying to continue peddling deceit to the unsuspecting public.
I have just returned and read a whole bunch of stupidness that was written.
Firstly there are ppl here claiming that DS helped ppl. Stealing from some to give to others is not helping ppl.
Actually more ppl have been Fu@#ed than those that were lucky enough to have withdrew their money.
The only person that DS helped was himself to others hard earned funds.
Secondly there are ppl here who seem to think that DS has money some of which will be forthcoming in the future.
There is NO money, get that through your thick skulls.
Even when the truth is staring you all in the face, you still do not think rationally.
This was the same attitude y’all had when the FSC tried to regulate Olint.
You just dont seem to be able to protect yourselves.
The Better One, on August 3rd, 2008 at 5:43 pm Said:
PIPSologist,
I agree with you about the cult like following of David Smith. I do believe in the wealth potential of FX trading as I trade myself and I do believe that an “Olint” type company is feasible. However, with the recent revelations I have nuff doubts about what DS was doing all along and how profitable he actually was.
======================
There are many OLINT type companies out there trading FOREX only, but they do not generate large gains year-in, year-out. The best FOREX Fund Manager this year, as tracked by Barclays Hedge Funds, is doing about 21.7% so far this year. This is a far cry from the 10% [plus or minus] per month supposedly paid by O.
I am an active FOREX trader as well. I hope to keep trading this market with a small portion of my portfolio. Although I enjoy trading the FOREX market more than any other financial instrument, I realise the enormous risk, and will trade accordingly. I have doubled my account many times in less than 4-months over the past 2-years, which is about 25% per month. But I have also seen those profits evaporated overnight as well.
=================
Here is a post I made on another section…
As a very active FOREX trader, I can tell you with 100% surety, that this market is MOST RISKY. Trading the FOREX market is the riskiest of all financial markets. In the Futures market, you stand the chance of losing more than you have invested, but with the FOREX market, your losses are more frequent with smaller losses, depending on your account size. The broker will automatically close out your trades when you get too low on funds — while the Futures broker will let your trade run and go negative.
No FOREX trader [manager / fund / club] can consistently pay positive gains for any long-term period. You will have a couple bad months, leading to maybe a few bad quarters, ultimately leading to a couple bad years. I have only made a few posts on these blogs, but my theme has been consistent — invest only the amount you can afford to lose. The FOREX is simply another asset class to diversify your portfolio. This is a big risk / big reward market. You win some, but will lose most of your trades. From a money management standpoint, you try to have your winners bigger than your losers. These are all good in theory, but a lot more difficult in practice. I might sound negative on the FOREX market, but I still think it is one of the best ways to diversify your portfolio when done properly and conservatively.
In today’s unstable global markets, this might be a good portfolio balancing ratio:
– 50% Cash (Money Market type account with fixed return)
– 30% Stocks (local, international, and global)
– 10% Real Estate (local, international, and global)
– 05% Government Security Instruments, like bonds, etc. (depending on your country’s stability)
– 05% Risk Investment (Futures, Stock Options, and FOREX)
When the global markets start to stabilize, then one could slowly begin to move more funds from Cash back into Stocks or Real Estate which have traditionally outperformed most other investments over the long-term — again over the long-term. Profits are usually made over the long-term, not via some scheme that doubles your money every 6 – 7 months. Even real estate became a scheme in the U.S. and the rest of the world over the past 4 years; and now people are stuck with real [investment] properties they were trying to “flip.” Real wealth is built over a long term, not from short term investments.
Whether you are a technician or a fundamentalist, be prepared to lose some money. There are times when you can make some great trades, doubling your account balance in 3 or 4 months, but this cannot be done consistently. Even the best FOREX Hedge traders make it big one year and lose their shirts the next. This is just the nature of the market.
All those disclaimers posted by FOREX spot brokers are for a reason.
PIPSologist
Fair post. Would organise my portfolio allocation a little different. But intelligent post.
@needy
The people writing the nonsense you mention I swear are just some of the peddlers of false hope no different form a race horse tout. No true investor who has loss their hard earn bread, childrens savings, retirement fund, elderly pension fund could be sitting around under the circumstance singing praise to the saviour DS.
For all I know they are on DS payroll.
Banker…
I have read many of your posts, and you clearly understand the financial markets. Thanks for your response.
How would you allocate your portfolio differently?
By the way, none of us on this blog should take these recommendations to the bank, because all of our situations are different.
Banker
As I have alwyas said b4, I know DS personally and consider him a friend. I however did not know him this way, i thought that he made some mistakes mainly because of his taking on something that was bigger than him, and he was not prepared or mature enough to handle it.
Olints problems started way back. DS could have done something to correct it, or ease the pain and suferring that people are now having. All that he had to do then was declare trading losses and pay out the members who wanted to withdraw, refelcting these losses.
He chose not to, instead he continued the lavish lifestyle while the ship was sinking.
Did he think that he was going to gamble his way out of the problem?
Now he is asking ppl to bear with him and give him time.
At the end of the day David Smith, you area nothing but a f*ck*ng common THIEF.
You have become a monster with other peoples money.
You are going to pay dearly for what you have done to Jamaican people. This is not a threat, it is a promise
needy!!!
Yu rough !!
PIPSologist,
Fix Income 20-30 %
Growth and Income 20 – 30%
Growth Stocks 20- 30%
Aggresive Growth 0-10%
Total portfolio must come to 100% of course. I would adjust the portfolio to make it more conservative if the client is risk averse or if they are close to retirement.
mk!!!!!
I look back on a few of your post and realize that you are a real spanish machete
Banker — this is a pretty good portfolio. In addition to the FOREX and Options trading, I also enjoy investing in real estate. So my allocation was a bit different. I have been pretty successful with real estate over the years and believe there are bargains coming soon to a home near you. Like stocks, real estate is very cyclical.
Banker
“No person who has lost their hard earned bread….could be…singing the praises of DS. ”
WRONG – You don’t have a red cent in Olint I do…I have MY money at stake…I am a very exper investor who has also invested in DS and still has hope…..yes Banker there r still individuals who despite the odds still have HOPE & BELIEVE -Guess what that’s my choice not yours ….
I have also invested in other FX schemes like FXCM…I have also done a little trading (though on a demo ac) I have personally invested in every asset class there is (stocks real estate bonds futures mutual funds etc) and spend more than the average studying the area of investment….Banker don’t believe for a moment that u know everything…trust me u don’t and neither do i.
Banker….you don’t have the first clue abt respecting someone else’s opinion ……. not becuase I still have “some” faith in Olint means that i am on his payroll….
Needy
As someone who knows DS so well…Are u saying DS has NEVER helped any one but himself…
Needy
Do u hold yourself at all accountable for any of this?…let’s assume for a while that this is all a big PONZI scheme…as someone so close to everything why didn’t u pull out….was it GREED….for me it was….guess what if this crashes DS has to be held accountable….and must accept the wrath of us club members – but remember this we are also accountable.
DaveSin, on August 3rd, 2008 at 2:15 pm Said:
@ Banker
The Jamaican government did not go as far as they should because of politics…plain and simple. The FSC tried, but the executives (political appointees) were limited in what they could do. Did you notice how quickly the executive Director fled the post as soon as there was a change of Government? Did you notice that they did not appoint the Deputy Director to the post even up to now?
I understood that he left before the election. Can you confirm that in fact he left after there was a change of government as you say? My information also is that FSC head is not a political post and the first ceo was not political. Can you confirm that is not the case?
Excellent point about not appointing the deputy guy. He was in charge of confronting Olint and C- and the others. Maybe he was doing too good a job for the new government?
@mk
Rest assured I am well aware of my limited knowledge and I am humbled by it. I am more concern about my intellectual honesty, my love and care for others around me and my desire to avoid engaging in deceit. When it comes down to the final analysis I trust in the good judgment of people and I sure your post tells enough about you for people to form an opinion about what your advice or contribution to this debate is worth.
—————————————————————————
PIPSologist
Real Estate would be in Growth and Income. REITS (Real Estate investment trust) are considered Growth and Income investments. Additionally, FX trading and options trading like buying technology stocks is considered Aggressive growth vehicles. I was more speaking of the percentage allocation not the asset class. It would take more time for me to type out all the investment vehicles so I just gave the broad headings.
Bob and Davesin
I was not following up the FSC director apointment thing so I cannot comment on it. But I see the point.
Thanks Bob I did not read properly into what Davesin was hint at in that post.
PIPSologist
In Canada and the US because of the high pay out from REITs and b/c some people use them for income they are sometimes clasified as aggresive income.
“But you are correst AIC is not doing well. Remember though that MLC made is first billion off one stock McKenzie Financial.”
Did you mean to say : http://www.mackenziefinancial.com/
CJ said “not withstanding nocotec, Bob and Banker, people are not stupid.”
I don’t mind being in the company of those fine fellows, but I am not sure why I am in the dock. There certainly are a lot of stupid people around. It’s not polite to say it, but it is true.
The complete idiocy of the people who ignored all warnings about financial regulation and plunged into an obvious Ponzi scheme with the most ridiculous claims imaginable doesn’t need to be emphasised. That is not to say that there weren’t also some very intelligent and well-educated people who lost their heads too. In fact, it is an excellent question to ask why so many otherwise sensible people fell for the scam. I really don’t know the answer to that question. Calling people names (like “idiot” or “stupid”) won’t help me to find out either.
But I don’t recall saying it anyway, so …
Banker — very good. Then we are pretty similar in our allocation.
As for O, I pray that members will get something back, but I am not hopeful. Too many people put their trust in DS without doing any due diligence on the guy.
Can anyone give an account for his performance and track record at JMMB? Why did he leave there to go trade on his own? Was it greed or pride?
Sometimes you need the covering of a bigger institution to keep you honest. And since DS was not accountable to anybody [or organization], he ran unrestrained.
kingstonchronicle, on August 3rd, 2008 at 10:16 pm Said:
“But you are correst AIC is not doing well. Remember though that MLC made is first billion off one stock McKenzie Financial.”
Did you mean to say : http://www.mackenziefinancial.com/
Same one. Di Chiniese man leverage his house and start to buy the stock and kept adding to his holdings over years. He then tried to take over the company and Investors group or rather power financial the parent company kept bidding to take them over. While bidding the price up I guess they did not realize that MLC was the largest shareholder. He gave in at a high price and walked away with a bag.
Banker
That is ur view………u know nothing abt me yet u easily use the word “deceit” to someone with a diff view pt….. u jump to accuse people of being on DS payroll & being peddlers of deceit …….that’s a dangerous trait Mr Banker.
The funny thing is deep down most REAL investors (not the ones who didn’t invest anything) are still hoping to get paid back a sig portion of their funds….some persons sound as if they would be disappointed – u sound like one Mr Caring Banker –
PIPSologist, on August 3rd, 2008 at 10:27 pm Said:
Sometimes you need the covering of a bigger institution to keep you honest. And since DS was not accountable to anybody [or organization], he ran unrestrained.
You hit the nail on the head. NO COMPLIANCE DEPARTMENT. NO TRUSTEE FOR THE CLUB MEMBERS FUNDS, NO INDEPENDENT AUDITORS,
just mk, traderfx and beenie siging his praise and then expect all of us must shut up and accept everything we here as gospel.
A should not have added the last part to my post….but I could not resist poking one more at those guys.
mk
I really don’t know where you are coming from so I am usually very suspicious of people exposing some of the promotional things about OLINT people like you have to say. But if mi mash yu corn is your fault. If you want to promote DS be prepared for the attacks. Just like I must accept the attacks when I express my suspicion about him
You need to say clearly where you stand and express your opinion clearly and admit what biases you may have etc. This is a serious debate despite the jokes some times. People really read these blogs and form an opinion based on what they here.
If you do not believe check out the things they are saying about BoB on the blogs that he is at pains to debunk. When you come here promoting a business and a man who wants to operate a business like the wild west bucking authority and commandeering a significant portion of peoples wealth rest assured you will be challenged.
Banker
For your info I am all for regulation, proper accounting transparency etc these are hallmarks of any great institution….DS was weak on all these areas and that was a part of his downfall…I also agree with Needy (if u really checked my earlier blogs u would have seen that) that all the partying, sponsoring Air J Jazz, gambling all worked to put him in the predicament he is currently in.
Where I differ is that I believe he was trading and that there is some money to be shared out…call it wishful thinking, hope, whatever…. yes its speculation we don’t have audited statements….guess what Enron was certainly regulated & audited, so were all the mortgage companies and u see whats happening there….
Still I firmly believe in proper systems, audting etc.
Some of you want to see the worst possible outcome, just so that they can say ” see, we told you so”
These same people are busy being purveyors of doom. Has anyone seen Olint’s books?
Yes, I will be the first to agree that things are not looking good, but it is not a FACT that Olint has crashed or has been declared a Ponzi. They so badly want to be ‘right’ they can’t be bothered by the inconvenience of waiting for all the facts to come in.
If that $700 + million OANDA account materializes, what then? How can you be so sure it won’t? You can say it is highly unlikely to materialize, but even something which is unlikely to happen (The end of communism, end of apartheid, an attack on the US on 9/11, Hurricane Katrina, the tsunami) can still happen.
Obviously, there are not enough funds to cover 100% of customers funds, BUT THAT”S ALL WE KNOW as a fact. We don’t know whether it is 70%, 50%, 30% or 5%.
I understand that the usual suspects will strenuously argue that it can never be 70%, and will no doubt have an algebraic equation to prove it, because even though they have nothing at stake, they thrive on telling the rest of us how stupid / gullible / reckless we are, but they like the rest of us, they really don’t know anything else as a FACT. They would like so much to be right, so they try to stretch the available information, which admittedly is very favorable to their arguments as if it represented a definitive answer.
mk
That is why mi say yu sound like a Spanish machete. You sound to dam intelligent for someone who goes off on a tangent sometimes.
Take my brother and other friends I know. These guys pass “O” level math at 4th form then do add maths, then further maths. Forget all their education, turn around and still listen to some people who could not even differentiate a equation (calculus) in high school who just do a little FX course and start a show off bout pips and suddenly think dem grow a brain. DS CLAIM IS IMPOSSIBLE I am awaiting the genius from his camp to challenge my theory.
LOL.
Why so much hate for MLC ? A no MLC thief the Money , ah DS ,
MLC is a successful Businessman and understands the game. DS is , well , a little trader bwoy , the little engine that could , but didn’t …………
Now where do we go from here, How to make DS accountable
less discuss the ways , LESS DISCUSS HOW WEH GWAY GET
DIS BC BWOY DS, FI TELL WEH WTF IS GOING ON !
CJ
I wish you all the best.
I call no one stupid. I do not wish the worst for any one. The Bible warns against the “ear that rejoice at inequity” There is nothing I wish for Jamaica and Jamaicans more than this was not real. But I can only tell it as I see it.
Like I said my sincerest best wishes. Do not for a moment think I am been sarcastic. But the bible says when man on earth has tried their best angels in heaven can do no better.
Banker
I heard ur earlier blog/theory – it makes sense. However the real question is whether the returns of 120% for the year (214% compounded) are possible….no disrespect Banker but it doesn’t appear that the Forex is ur forte…i strongly recommend that u do a course….one strategy calls for at least 3 trades to be right out of ten to be in the money….because u r trading based on trends….once u get 3 trends right the PIPS u make would more than compensate for the smaller losses incurred in the other 7 trades . Its hard to explain like this thats why i encourage u to do a course.
What i am saying is that the returns are possible….Capital Blu did 59% 2 months ago….there are also several US regulated outfits on the market doing avg bet 3 -5 % per month…..mind u some mths are losses but the overall avg is 3-5 % – this is possible.
mk
There are funds trading in stocks that make upwards of 300% in one year.
Getting high returns is not impossible. FORGET FX COURSE GEORGE SOARES AND WARREN BUFFETT HAVE NOT DONE ANY. IT IS UNSUSTAINABLE TO CONTINIOUSLY GET HIGH RETURNS MONEY DOES NOT COME FROM THIN AIR.
MI GONE A MI BED TOMORROW
CJ – well said – that’s all I have been trying to say….I see no “deceit” in that (I have to rub that in banker because it was a most unfortunate statement u made earlier).
Thanks for sharing Banker – enjoyed the “rumble”. I leave u with this – I agree that the high returns are not sustainable every mth but i can easily see an unregulated firm like OLINT posting less when it makes a huge profit and using the diff /profit to balance out losing mths. ….actually i think he did that. Though i don’t agree with that its still based on trading and not on a PONZI scheme….in the final analysis there needs to be regulation.
Good night all….
CJ: & Others:
As Jamaicans we need to get real. There is a disconnection with the reality of what a segment of our population has become. The reality is we are now just up the street from Nigeria. Do you notice we are operating Nigerian like lottery scams out of Mobay, fleecing North Americans and others? And by the way please don’t tell me that I am stereotyping an entire nation, I know not every single Nigerian is a scammer but…
Now let me ask you guys this… If DS, CH, IL etc. were Nigerians and came to you with the same pie in the sky claims about averaging returns of 10 to 20 % per month on your money… How many of these intelligent or not non-intelligent investors would have sent these scammers money? There are still people falling for the Nigerian scams like the common email versions so some would have still sent money but way less. Every one of these schemes will turn out to be a ponzi scheme or a feeder club invested in a ponzi scheme, Nigerians can now only dream of trapping so many people in their web in one scam.
The beliefs for us Jamaicans have not caught up with the reality on the ground. We are just up the street form Nigerians. We have not yet realized that we need to be as wary of our own people as we would be of Nigerians. If Nigerians had made the same pie in the sky claims, a much smaller number of persons would have fallen for the scams. The Nigerian scammers now realize that because of the stigma it is harder for them to run scams so many have bases in other countries such as neighboring Benin.
Consider this… If a Nigerian had made the claims DS did… Would anyone have said he is like the Asafa Powell of FX trading? Most of the people who supported and or still support DS would have snickered. We need to wake up and realize we are creating the same type of monster scammers. When we do we will stop falling for them in such huge numbers. Maybe this will be the wake up call but who knows.
mk said “there are also several US regulated outfits on the market doing avg bet 3 -5 % per month…..mind u some mths are losses but the overall avg is 3-5 % – this is possible.”
Well, in normal language, that is 36% to 60% per year. You are describing a truly outstanding performance. There are few people on this planet who can achieve that on a sustained basis. Those who do become billionaires faster than you can say Berkshire Hathaway.
DS “performance” was in a different league altogether. His “achievement”, if true, would have been the financial equivalent of walking on water. But, for some reason, miracles don’t happen in finance. I do not know why this is, but there do not seem to be any recorded cases (if anyone can do research on this it would be helpful).
I don’t understand how you are able to make the leap from your information on traders earning, say, 45% per annum on a sustained basis, to accepting the possibility of there being a trader who earns in excess of 120% per annum on a sustained basis. Is it that you think that if 45% is possible, why not 90%? If 90% is possible, why not 180%?
My intent is not to trivialise your position. I am genuinely puzzled.
@Bob:
Bryan Wynter, ex-Executive Director of the FSC left left the FSC on December 3, 2007. However, he announced his decision back on September 6, 2007 (days before the elections, where polls showed an almost certain win for the new administration).
http://www.jamaica-gleaner.com/gleaner/20070905/business/business1.html
Saying that the post was a political appointment is not entirely true, but like any post of that stature, you will not get the oppointment without the anointment of the political system…I’m sure you understand what I mean (see issues at AG office and others).
By the way, with leverage, there is no theoretical limit to the returns that can be earned. My suspicion is that most people who have been attracted to the trading have been seduced by leverage.
nocotec
I hope so. But I don’t think so.
Dave Sin
Thanks for the clarification on the FSC Exdcutive director. The story in the Gleaner jogged my memory. He stayed on for an extra month and left after Christmas.
I do understand what you mean. Wasn’t he a labourite, though?
This is Jamaica. Olint will win. Members will have to take sirach MD’s prescription (KY applied twice daily for the rest of your lives).
WHY YOU WONDER?
Because Olympics comming up and Jagans have a nine-day memory.
What about Trafigura?…Lightbulbs?….CH brother get to travel?….What about the dual nationality cases?….they have passed and the slaves jus have to take that.
Soon Olint will be a painful memory only felt now and again as a sore spot when you sit down.
Respect Wignall. Much respect. You did not have to do what you did. You took all the space to speak to DS strait. Bless.
We are aware you could hae written about anything including the Olympics (many reading here do not know your son is a distinguished Olympian).
Respec Mark Wignall. When the mainstream press get buyout by the big boys you still remain a man of the people.
Perhaps Mark….perhaps…..I may sell quite a few papers for your employer’s by doing an interview with you….perhaps…..we will see.
Enjoy the Olympics! Get your Vaselline (for naysayers whose $$ is tight) and your KY (for former Backers who drew monthly)…..make sure you have enough so that you don’t have to get up from the T.V. as Asafa, Usain, Veronica anfd others “GO FOR GOLD!!!”
@Bob:
Could be, I just found it strange that he left when he did. Maybe he was frustrated with his ability to get things done and all the political moves one has to make that are not necessarily in the public good!
@MK:
I have to hand it to you, you have to be one of the most “positive” person there is. BTW, are you ahead of the game…gotten back much more than you put in, and hoping for more?
Hey LChn….Hey DS…
Hey get your KY too cause you both may need it if you continue this much longer.
There are some positives for Jamaica that come from the schemes issue (believe it or not).
FACT:
1. The people who chat christianity and ram it onto people tend to be a distasteful set of arrogant and self centered morons. Sadly they use christianity and it’s concept that everybody is a sinner and that you do wrong first because you can be forgivrn as a guise for their malicious and nefarious theivery and self promotion.
2. Whether one is a socialist or a labourite we are all equal and we can all benefit from the same lubricating products that quack-quack uses. We may try to be different but the minds of the,”self proclaimed know it all about God” Jamaicans we are all no different from quack-quack.
So the only thing these people really worry about (if anything can worry them) is that we, along with quack-quack need to seek forgiveness for THEIR sins.
Oh yes they will still want to be in charge and you are a sinner who is the problem to Jamaica and the World. Their arrogance knows no bounds. Even after dem teif yu money.
Oh you could NEVER be living a christian life through quiet action…..No….”If you don’t come a my church den Jesas nuh find you yet.”
I have a name for these people I think you bloggers will like and I hope you adopt it so we can chase them outta town…..yes these people are called
darkyardigans….hahahahahahhaahaaaahahahhaahaaaa.
So when dem seh with their bright and bold selves that you don’t know Jesus just seh….
“come off a mi fenda …yu nasty darkyardigan!”……..”move from roung a mi pickney an mi family dem”…..shoo……shoo….”go wash a sea…yu salt.!”
Yes “BACKWARDYARDIGAN” that a di new name fi dem.
After working thirty years in Jamaica, half of which was running my own business. Most of my efforts efforts brought to nothing by poor government policies. I listened to my friends boast of returns in O. I knew both DS and WS for years, spent weeks researching the mechanics of the FX market to see if it were possible. Took the GAMBLE and put some money in and made good returns. I knew it would fail as mathematically a $1,000 dollars would be 536 billion in twenty years if it doubles every 8 months. I pulled both my original Principal and Interest over a year at regular periods. I was well aware of the risks. When O stopped paying in January I had still had a significant amount invested but lost nothing. I knew the risk.
Am I a fool to have invested? I don’t think so. I have invested and lost much more money in failed business ventures and our stock market which is essentially an insider trader’s dream. Remember Caib Steel and Cibonay.
The problem I have is not that the money was lost but being deceived, if the money was lost trading then thats life. But when someone you know and trust takes money from Peter to pay Paul, posts high returns to trap more people, claims that no new members are allowed while the money pours in from the rest of the world and most of all confirms his guilt by remaining silent when real questions are asked. You know you have been scammed. Worst of all your gains are not part of just a high risk investment, but part of a criminal enterprise so in a sense you have received the proceeds of a crime and in the eyes of the law you are now just as guilty.
ClearAsDay, on August 4th, 2008 at 7:49 am Said: ..”Worst of all your gains are not part of just a high risk investment, but part of a criminal enterprise so in a sense you have received the proceeds of a crime and in the eyes of the law you are now just as guilty.”…
ClearAsDay:
I have never heard an UFO say such a thing. I don’t think you are an Olint Investor, especially one that is ahead of the game! Sound like NoCotec to me 🙂
You sure you don’t want to retract that statement?
PIPsologist, I will not disagree with your numbers because we all have different experiences. Suffice it to say that we agree on the main point that it is almost inconceivable to trade the market consistently without a period of loss or to even think that you can. When I took my Forex training class (not MTI !, God forbid) one of the things that stuck with me is when the instructor said “….and you will have some losing months…”
Also, suffice it to say there are other well managed “clubs” out there in other corners of the world that you would be very hard pressed to find using “google”.
As for MLC as I said I will not start with him. Suffice it to say I don’t worship any “man”, I don’t worship riches and I don’t worship the rich. I am tempted to say “including David Smith like some Olint Investors” here but I am not sure if David Smith is even closely “entitled” to any money that he has and can be called “Rich”.
Anyway, Olympics coming. Let’sforget about Olint, May Daisey, WW, F1 and the rest. Finish Now. The governments and other authorities will take care of us.
You don’t agree?
yeah, asafa v usain, veronica v sheronie, etc etc etc.
enough of this o stuff………………………………………
yeaaaaahhhh right!!
Jon
question. O.k. are we going to boycott the watching of the hundred meters and other events in support of people like Roy Walker?
invest for life
Paul and ephesians aside we going to actionably live the christian experience and not turn on one television set at Olympics in support of all the people who suffer from CP, O, WW, MD,F1,VI,CAREIF etc.?
Well? Yes or No?
MK
I was out and did not get to answer you yesterday.
NO I like any other investor was not to blame, and was not greedy to invest with Olint.
People invested with Olint not because of greed but because of trust.
Word of mouth (from everyone including me) had it that DS was an honest person, and that is why ppl invested with him
If his reputation was bad, he would not have had a cent invested.
Business are not built on prices, but on goodwill and service.
Even the number of backers, well wishers, and hopers that DS still has today, are a testament to that goodwill that was built for DS by word of mouth.
No one should be considered Greedy to have invested with DS.
No DS never helped anyone but himself. Stealing from One to pay another and for self promotion, does not mean you are helping anyone at all.
I know many struggling single women who have mortgage their lives to deposit a pittance with Olint, and depended on their monthly interest to live. This has now gone.
Did DS help them? NO.
If he had lost the funds through trading, no one could complain. that is the risk that we took, but to lose the money partying, that is an unforgiveable act.
At the end of the day, my friend DS became a Thief, and there is no other explanation to what he did.
.
For the record, I did not lose much in Olint, (not by my standards anyway), and i am determined that I am going to recover all funds lost from DS himself, you can bet on that.
I have never lamented here about any loss.
I did not give anyone any money to go and party, and trust me, no man is going to just party out my money and retire, and it just guh suh, so I know that i will get mine.
You can be assured of that.
This bullshit that Wignall is now putting out is absurd,he amongst others should be charged as part of any damages done to people.The info. he has put out promoting DS and O has played a big role in some investors decision making process.We know that some journalists are embedded either with politicians or the drug underworld. Mark has a lot of explaining to do o is he one of those pens for hire?
Good point
Hi all,
Blaming Wignall is a cop-out. Wignall was/is not a financial advisor and was giving only his personal opinion. In any event, he didn’t say anything that noone else wasn’t at the time, that C+ did not look as sustainable as Olint.
what about those pastors/feeder clubs that gave people the impression that they were doing their own trading and led them to believe they were spreading their risks when they were all just feeding into Olint for a fee?
Question? I have been sitting buzzing in and out of bloggs well i just saw this one and i am wondering why woud someone give up the olympics (this chance to see thier country-men try to bring pride and joy to thier country by showing there competitiveness just because we inveted wrong. If we watch the olympics yes or no it will still be going on the results will be the same come on now. If it is because of those AIS it is not worth it .
If you are to miss out let it be because you want to conserve your light bill, or something.
Tell me this would you like to miss Bolt or Powell make another word record jus because you invested wrong, that will only make you miss the moment and the only money that you might get is $300< in your light bill.
Review this and tell me if you don’t find sence in it.
Unless every 1 will use thier $300 to make up & give bace to some of the lnveters that lost everything.
If that were to be done it would just be like a SINGLE rain drop in the deserts of Africa all joined together…
needy
“NO I like any other investor was not to blame, and was not greedy to invest with Olint.”
But would you accept that to invest so heavily based on “fresh air” is somewhere between extremely reckless and downright stupid.
Lets say I’ve got an house on which I am not paying mortgage. I have a car and a little money in the bank. I am not rich but I do not need to worry about where my dinner is coming from.
Someone tell me that I can double my money in 10 moths because he has done the same. I do not sell the car and take a risk but i remortgage my house and go for broke.
How do you define greedy?
And let me tell you this. I know what poverty and “wants” is. And NO ONE who can sink $US50k in Olint can call themselves desperate and lacking opportunity. Dem jos diam griidi.
Robin Irie.
If you were told that DS was a thief and was paying 50% and invested a cent then you are greedy.
If you are told my everyone and their sister that DS is world class currency trader, and a very HONEST person , and you mortgage the house and placed all the funds with Olint, you would be considered someone who made the most of an opportunity.
Would you call all the billionaires in the world greedy?
No they are risktakers. A large amount of them have been bankrupt many times before they achieved their vast wealth and fame.
That is the way that it was with the Olint investors.
I have a friend who started in the FX trading long before the conception of Olint.
He started with U$200k,. and grew it to U$1.4mill.
One one single day he lost U$700k.
So he decided to get out of trading, instead opting to invest U$500k with Olint, since he was told that DS was honest and a good trader.
Was this man greedy? NO
Not because you are not used to having money Robin Irie, you should think that ppl who invested large amounts are greedy. Everything is relative inlife my boss.
you will be surprised to know that those who invested Millions and lost will bounce back from this pothole much faster than many of the “small” 2 & 3 thousand dollar investors.
They made it before and can make it again.
Needy
“Would you call all the billionaires in the world greedy?”
Yes, and as one of the winners in the dot com boom said: “Greed is good”.
I have nothing agaist this type of greed but I just want people to call a spade a spade. Greed is good but it should be tempered with caution.
And they should stop the rubbish about the lack of opportunity. If you can find US$50 -100K in disposable cash you are not poor or disadvantage in any country.
So they should cut the crap about gov’t policies not providing opportunities.
Talking about human tradegy, I have some close friends suffering right now because of these schemes.
One friend, unfortunately, had their school money tied up in one of these failed schemes. Scratch school off the list for September.
Wedding plans mash up for some. Friendships mashup for others. Construction halted for even more.
There’s another side as well, the people who left their jobs to work in these UFOs. Many of them lost money in these schemes too, as well as losing stable employment. They will have to leave that work experience off the resumes as well.
It’s a really sad state of affairs.
You Jacans are pretty dunce, I was approached with this investment oppurtunity and instantly I saw it for what it was, a ponzi scheme. I asked for details and when it was explained to me without much details but with a guarantee of investment I promptly excused myself from the presentation.
If the FDIC can only gurantee up to 100K in a US account what makes you think that Olint can gurantee your investment or a return on your investment?
In the end it was a blind eye and greed that have many investors singing the Olint Blues…
One thing is true, he is a Genius alright, even if he is a dishonest one at that.
Koncas,
Man you shooting straight like an arrow, but not it was not only Jamaicans who were “investing” in Olint.
In fact Olint created a FX product which was said to have been approved by the TCI FSC and a prospectus was prepared which indicated that the fund was also subject to accounting audits.
Once money is being paid out no one could see it for what it really was, and once again we have witnessed a transfer of funds from the poor to the rich.
Koncas,
It is unfair to say all Jamaicans are dunce. Not all Jamaican’s invested in these schemes. Many who did, did so with their eyes wide open, knowling full well what they were risking. Some even made a killing off it. In any case, people in every country fall for scams. American’s falling for Jamaican lottery scams right now. Dunceness is everywhere.
I have been following this forever. Here is what everyone needs to know:
1.) DS never executed even ONE FX trade. Not one. Why would he? It would risk the money that he was getting for free!
2.) Not everyone who “invests” in these kinds of schemes (do a search for HYIP on google) are fool enough to think they are legit. Many know they are ponzis, but figure if they get in early, and get out just in time, they will make money. It can work, but it is kind of a crappy thing to do, knowing you are benefiting at the expense of someone’s misfortune.
3.) People who are unaware that these things are ponzis should know better that to “invest” more than they can afford to lose. They should also know that a 120% yearly return on investment is ludicrous.
4.) DS should be in jail.
Easy
Did you hear? Russian agressor attacks USA…
More info here: hotusanewx.blogspot.com
SHOKED!!
did anyone else hear that there is a million euro bounty on the head of david smith and half a million euros on any one of his family members? If by Christmas he has not started paying back …………sounds like the Smiths are under the same pressure for there lives that we are under financially.