Some still blindly believe

In a letter to editor of the Jamaica Gleaner of August 8, 2008, an OLINT supporter, if not investor, pleads for support of the beleaguered “Investment” Club. The writer, after rambling a bit, takes aim at the law of the land and the regulators who seek to uphold it.

Up until the authorities started their campaign to wipe out his business, he consistently delivered on his promise.

Are people still blaming the FSC, NCB, BOJ, BNS, Peter Bunting and Omar Davis and others for OLINT demise? It should be noted that the Jamaican authorities have not frozen anything, yet. If people had listened to the FSC, the debacle and tragedy that OLINT has become would have been significantly contained.

He mentions the OLINT foundation but what has the foundation been doing lately? Please note this is same the foundation to which MTI’s Jared Martinez was more than happy to put his money in, as a part of public (relations) support for David Smith. I hope the letter writer took note of the MTI AD.( See under related:)

The road to hell is often paved with good intentions.

The blind belief and bankrupt thinking is further evident in the following line:

I respect and support him based on his history of honesty. It is vital that people like David Smith survive in business, because he has the good of the people at heart and has proven himself not to be one of the greedy investors.

Firstly, what and where is the evidence of this honesty? A long list of broken promises? David Smith might have started with good intentions, but even if he did, something went wrong, very wrong. The writer should listen again to the Nationwide interview with the ‘troubled’ Peter Bovell. Re-visit the stories of the Walker’s and the Observer’s Al Edwards asking OLINT, where is the Money?

No place for certain business

Based on OLINT’s example, it is vital that companies that are anti-regulation, anti-transparency and anti-disclosure not be in business at all. They are a danger to investors, consumers and themselves.

You can read the rest of the letter here, In support of Olint(Jamaica Gleaner).

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51 Responses

  1. Its called faith and a lot of “Christians” have that ” blind faith”.

    The problem is some of them have faith in man and not God, and then try to use the scripture to justify their “faith”.

    It just goes to show how we are easily fooled and I can assure you that in the next 5-7 years(if that long) there will be another set of scams coming which will ride along what other “new fad” emerges by then.

    Solar Energy investments- may be ? 🙂

  2. It’s unbelievable that people are still holding out hope that DS is an honest man, but I guess if that’s the only thing you can hope for, then you have to do what you have to do.

  3. jamaican folks never fail to amaze me. I really wonder what goes through their brains. Obviously they are living in the same dimensions as the rest of us.

  4. This burgher guy is unreal. We all gave David Smith many months already. Also if this guy lives in the U.K. and has invested in Olint I hope he has paid his taxes. Also he may well be setting himself up for legal action because Olints activities in the U.K are under an exclusive contract. Only the Jamaica Tabloid could publish such rubbish.

    As for the “foundation” he shpould not even go there because the money olint has shelled out to very suspect sources is quite more than the foundation has done. Also the foundation if it is even run at all is a sham. Who is the head of the foundation? Who is in Charge? As a chariy outfit …who are the auditors? How do you contact the foundation? Is the foundation transparent? Is a charity outfit in danger of releasing trade secrets?

    Come on Burgher……Try answer some of these questions and put print space to good use.

  5. Why would they not believe,
    Aren’t the accounts being audited only no one knows how much money is left only david and God. So until, there is hard evidence that olint does not have substancial funds.
    You all just need to be silent,and stop rubbing salt in peoples wounds!

  6. Salt in wounds yes or no. Thereis no way that every one will be getting back a single dime. View this once it is a ponzi he uses the money of new investers to pay interest to previous investers and he also uses money for his personal bennifits friends family and all, let me remind you that he was not living simple either he was living very large.

    Even if he was in forex trading and with his spending thanks to the investers. Someday or another he would be out of money so you would still be at this spot.
    My intake is it is better sooner than later you can start all over againg. Just thunk of it as a sarifice for the greater good. Thrust me i few years down the line you will realize. Besides he will burn in hell with the fure 1000000 times hotter then the one that God is going to hand down to satan, And ethens(un-Godl People)

  7. the question is should DS/TS/WS/Olint be paying this specilised criminal defense team (there is nothing dreamish about them) out of Jamaica money while not paying out members?

  8. I am not worked up about people like A. Burgher because I am always skeptical about people who put out this kind of fodder. I am usually more ticked of by institutions like the Gleaner giving coverage to this kind of canvassing without publishing the perspective of some one crying out from the other side.

    Unless I have clear evidence, to the contrary I always assume that people like A Burgher are no more than part of the OLINT propaganda machinery. Their aim is not to convince the more discerning or informed but rather to shore up the faith of the weak and gullible that they have in their hold.
    If this is the best OLINT can produce it tells you the caliber of the individual that people were entrusting their hard earned money with. If he really believed that, he was under attack all these years he would have dotted every I and crossed every T in anticipation of a fall out of this nature. Had he any respect for his investors (and this goes for the authorities in TCI) both OLINT and the TCI authorities would have employed spoke people along with a website providing some information to club members. He was legally operating in the TCI and that country benefited from his business it is disrespectfully of the authorities their not to at least release some basic information to club members in that business. Jamaican government that we cuss so badly would never and has never been that callus to investors in a business whose operation they halted like that.

  9. The Bottom Line (adding to Bankers sentiments)

    Regardless of any “powers that be” influencing anything past, present or future it ia a fact that the Olint leadership has been incompetent. O.k no problem. This can happen to anybody. However, the mismanagers refuse to recuse themselves. the excuses (even if they are legitimate) are meaningless. It is the goals of the members that are relevant.

    time was graciously given to DS/TS and they did not produce. So then we are told that lawyers have at this point been hired? By the way lawyers who have represented Olint et al have nothing to show for their fees. That is a fact. The arrogance of DS/TS/WS continues.

  10. Sirach

    You are so correct. Any business can go sour not that we would excuse managements incompetence. Nevertheless, at this stage O investors deserve better than this. Irrespective of the reason for their problem. They should begin to start responding to club members advising them of how they are looking about their interest. The local media is also poor. Apart form Cliff Huges none of the media outlet seems to be working the story.

    If OLINT was an American out fit with anywhere near the same market penetration it had in Jamaica you can bet that there media houses would be all over this story. The TCI people could play hardball but they would be forced answer more questions. When the American teenager (Natalie Holladay) went missing in Aruba the US media worked that story to the brink. I agree that we are not as powerful as the US however, TCI authorities are either one of the most backward police force in the world (with no knowledge of modern day access to information) or they are hiding something and we are allowing them to get away with it.

  11. Well the way we can reciprocate here at home is at the polls later this year. DV an JR will have to make their dealings with Olint clear before they try to seek a mandate later this year.

    So will the rest of them….thought you got away huh…hahaaha we know who you all are and if you don’t fess up on your own volition then I would not even bother to try to get nominated. Unless you and your people can take much more embarassment than you usually used to.

  12. Sirach

    Is it really true that these people had close connection to this scam? (Pardon the use of the word for those it offend)
    I was really surprise to here that both major political parties took political contribution from OLINT. How the great Wilmot and others do not see this as worst than Trafigura. Omar just stop short of calling the AIS scams and yet his party accepted political contribution from them. Bruce while he was chastising the government for accepting political contribution from Trafigura was taking money form an outfit that was flaunting Jamaican laws and circumventing a cease and desist order issued by a Jamaican court. Why is it that no one is insisting that if OLINT is proven to be a fraud then any money collected by these political parties be returned or donated to charity?

    Mi ago chip out now but I will read your response later.

  13. There is a theory. The pareto theory.

    80% of the effects come from 20% of the causes

    This is the same with O members. 20% of these members are still supporting even in the face of the truth.

  14. Banker

    It is early days yet….

  15. As they say it not over until the fat lady sings. I wonder what will be the tune, even though a part of me is here wishing for it to be a different song, I know this intro like my husband better yet the back of my hand. What have we done to deserve all this?

  16. Or what didn’t we do for this to be happening to us? As the FSC adds say think and check before you invest. One thing i know is that i won’t stop investing but i will definatly check

  17. Catd,
    The pareto theory is more like: 80% of the interest and capital went to 20% of the investors! 🙂

  18. Isn’t it amazing that the supposedly smart ones here amongst us the Banker, the Jays, the Jasons, the Catds, Sirachs etc. knew all along not to invest neither a red or an aluminium cent with Olint because of their intelligence and knowledge of financial matters, and yet they spend their days beating their chests and touting themselves to all who contribute to this board about their superior intelligence instead of perusing their investment porflios for more opportunities……….Food for Thought !!!

  19. Catd, what is yu proffesion? You is a Engineer?

  20. Watched AmericanGreed last night on CNBC:

    “American Greed,” a new series on CNBC, explores the worlds of scams, cons and schemes. In Episode #6, a story of religious fraud — a $500 million dollar pyramid scheme!

    This ponzi scheme preyed on church people and lasted 8 1/2 years…they promised 5% a month or double your investment money in 17 months.

    They claimed they were investing in things like foreign currency and African gold mines.

    Any of this sound familar?

    Read more here if interested:

    http://www.cnbc.com/id/19331890/site/14081545/

  21. @ Food for Thought

    You wish, hope and pray that people like me would disappear. The few minutes a day and the few days I contribute to the debate on this message board really irk people like you. I met a number of people like you years ago in Canada drumming up investors for C+ and O. I was always like a pariah in the room for such folks. Without nay Sayers like me around you could sit here all day doing your cheerleading for OLINT.
    You are like child predators you wish all those observant adults would disappear so you can go ahead and play your dirty little games with those lovely children.

    With all the confidence you have about AIS like OLINT stand up and debate. Present hard salient points backed up by logic and correct information and you will succeed in quieting detractors like myself. Until such time you will not be free to dominate this or any other public forum like your private bully pulpit.

  22. @ Banker…..hear hear!!!

    I award the ‘Bad Mind of the Week” Award to Food for Thought, for an unprovoked bit of personal nastiness aimed at the voices of reason on this blog.

  23. I second that award!

    We shall not be moved “fool for nought”

  24. What people like Food for Thought is trying to sell, (just like their God DS) cannot stand up to scrutiny. It cannot be subject to criticism, it cannot be exposed to the light other wise its subtle but devious underbelly will be exposed. Instead of engaging in reason they resort to all kind of nefarious ways of selling their point of view.

    You guys are very polite to them but by now everyone know that I will take on any blogger in an honest and intelligent debate. However, if all they have to say is hush up to all OLINT detractors, and engage in unintelligent and incoherent babble then I am not prepared to let them off.
    If you believe in something present your case!!

  25. chase the dream….I am in IT you?

  26. Food for thought…I have lost a great deal of money in O and my family in lew…..so please be careful what you say. I am just fighting back since no one else is.,

  27. “You are like child predators”

    Ouch!!!

  28. Food for thought

    I have never beat my chest about my intelligence. If you wish to do so for me….well there is nothing i can do to stop you.

  29. WANT ANSWERS CALL 649 232 2195 / 649 232 1063.

    OLINT IS HISTORY. IT WAS ALL A PONZIE SCHEME

  30. investforlife

    Suggestion: Add the contact information for Jamaica police fraud squad and Jamaica FSC and invite people to complain to them.

    You had better believe that the lack of criminal action against them in Jamaica will be used by his lawyers in the TCI court to support the inevitable argument that they will be making that the case against DS in TCI is a confabulation concocted by Missick’s political enemies (and the dastardly British). “Look, judge, even in Jamaica where the vast majority of my client’s club members reside there are no complaints against my client”.

  31. GOO POINT THAT IS WHY WE NEED TO CONTACT THE JA AND THE TCI POLICE

  32. Well you guys have given ” food for thought” so I guess I need to add much more, except to see that very few of us here have sought to beat our chest and say we are “more intelligent” that Olint investors.

    What has been said consistently and reiterated by the FSC is to think and check before you act.
    If an investment sounds too good to be true its probably is.

    Those are facts and will NEVER change regardless of the investment that one plans to undertake.

  33. I think you guys should stop quarrelling and let the debate continue. I read it everyday. Does anyone know for sure that there was $20m being sent to Ja the day when O was closed. If that is the case, what happened to that money? Shouldn’t there be some money left?

    Please answer if you know.

    I know of some people who had not taken any money out since their initial investment.

    I do not live in Ja but I thought that this was real. This guy David is a real dissappointment. And how could he have been running such a huge outfit without proper accounting?

    For all I know, if DS really was running a fraudulent scheme, his days are dark.

    Please keep this site afloat. The boat has not yet landed so all you guys who are bikering, keep it above board.

  34. Lisa,
    Since DS has never provided any proof to any of his activities then we can assume with great certainty that there NEVER was any wire transfer to begin with. DS coming on the radio asking everyone to pray for Olint that the wire would come through was just a very bold lie.

    Just wondering if anyone noticed while watching a few episodes of ‘AMERICAN GREED’ about financial crimes – that after a while, these masterminds actually start to believe their own lies. I think that’s what happened to DS.

    On a more basic level it’s like watching COPS on Fox…you know where the guy gets arrested and the cops search him and find cocain in his pants and he declares wholeheartedly “IS NOT MY PANTS!” and expects the police to believe him….that’s the exact situation Olint in now.

    …as far as I’m concerned right now….NO EVIDENCE IS EVIDENCE that crimes have been committed against the jamaican public.

  35. BTW, watched AmericanGreed last night on CNBC:

    “American Greed,” a new series on CNBC, explores the worlds of scams, cons and schemes. In Episode #6, a story of religious fraud — a $500 million dollar pyramid scheme!

    This ponzi scheme preyed on church people and lasted 8 1/2 years…they promised 5% a month or double your investment money in 17 months.

    They claimed they were investing in things like foreign currency and African gold mines.

    Any of this sound familiar?

    Read more here if interested:

    http://www.cnbc.com/id/19331890/site/14081545/

  36. Everybody wondering if OBG gone over to see DS while on his “vacation.”

    Maybe DS will say the money is there and then the PM will feel at ease.

    Nuff rumours recently that Olint “soon pay” …well we have heard that before. WS also seems to enter back into the mix.

    The gag order seems to not stop DS talking to people. But he’s not talking much to the older crew. Lots of talking to some new sets.

    The pressure building slowly…..hope DS makes it before the pressure starts to step up quickly.

  37. It is a sad situation.

    Loss of vacations and cancelled orders for Mercedes and other brands of cars are one thing. Health issues and loss of homes and bancruptcies are another.

    The back to school issue is exeedingly painful. And it is well known that many who are scheduled (as early as next week in the case of U.S. colleges) have to be told that after all the hard work they can not attend University this year.

    Empowerment Olint?

    I think not.

  38. Sirach,

    If you want us to feel sorry for those ‘poor’ suckers I can’t. How can people build up such an elaborate lifestyle/hope or even long term plans such as education on such a flimsy and unsustainable basis?

    It is like building a house on sandy foundations…bound to collapse. I guess the best thing that happened is the crash of Olint.
    People were getting drunk with the illusion/delusion of easy money. Wake up people!!!

  39. cally

    Many people did not have an elaborate lifestyle. The education thing would not have been possible without the hope of the schemes. with that in mind can you blame people for trying?

  40. not for trying, but trying what? a pipe dream?
    this thing was not regulated and you guys all cheered him on in his fight against the authorities. When he lost that battle in court, he simply moved somewhere else.
    Anything that starts out wrong always ends wrong.

    We should all support the laws of the land…they are usually for our protection. No wonder he didn’t want to be regulated

  41. Guys, learn this…we cannot build a sustainable future for ourselves, our children and our country by supporting illegal operators. We can’t just ‘try a thing’ and when it doesn’t work out we blame everyone else but accept responsibility

  42. catd,
    Industrial Engineer…

  43. And all this things i read on this Olint, SGL Grenada take we US30 Million dollars and give it away. What we go do people, what we go do.
    US 30 Million for a country of 100000 people is big big money. Man i have to hold the faith, cause i go get mad.

  44. This story sounds just like me.
    Please note the answers from my personal experience in scamming a few people in a forex scheme. Of course when I started there was never intentions to scam, but self took over, and money was involved, so i found solutions.

    Question 1. How did DS handle so much cash without accounting?
    Answer: When you begin to loose money in forex, you pretend that you did not have a draw down (loss) so you trade again. You then realise that no one know that you lost, because you have no accounting systems except yourself. You then go to the next best client (in this case a new club is formed) You make promised of high returns, they trust you, get you a good cash flow and you go again at it, if your initial clients ask how you doing, you give them figures and even show them the trading account to gain their confidence, because clearly now you have more cash – not that you made but you got it else where.
    In this case club 1 does not know too much about club 2. You then get recommendations from club 1 and they quickly spread the word that you are doing so well. So club 3 is born. Each club is treated separately and sees your one successful account which grows, not because you won trades, but because you had influx from other new clubs. They all think they are going well, untill this happens.

    Question 2: How people get scammed into these things so easy.
    ANSWER: The Love of MONEY is the root of all evil. The easiest persons to scam are the ones who read a little and have a little faith in something. They generally see a light in everything that happens.
    When i meet persons who i wanted to get involved, i checked their faith and easy they see that it is a Message or an answered prayer.
    Although the Very God ask us not to Covet thy neighbor’s.

    Question 3: How much Money could DS still have in hand.

    Answer:Based on post recently seen, it was said that DS has as much as 750 Mil USD. He may have already lost as much as 350Mill USD.
    Please remember i am speaking from experience. Whatever, the sum of money he had, there is a great possibility that at least 46% is already clearly lost.
    The good news is the stepping in of the TCI police and others would have prevented further lost and 30% peoples investment can be reclaimed.

    Question 4: How soon would you get back your return.
    Answer: Most Clients will recover their investment when ever gold hits 1000 an ounce again. The reason is based on the idea that at least a good 20% of investment funds was invested in the bull market for long term gains. Gold has dropped, and there is a good chance that it will rise back to 1000.

  45. junkunno
    In response to Lisa i found you being very right with the whole pray thing.
    I have a personal experience with some friends who wanted to start a little trading club, I was the trader, when i lost the first 100USD from out pull of 500USD. I called them and said that there was some mix up with the wire and we lost some money due to return transfer. They did not have no knowledge of if i transferred or no, so blindly accepted that lost. When i lost other 400USD, i disappeared for a while.
    Today 5 years after they still have not found me.

  46. People do not have accounts frozen for trading losses.

  47. Smething is very fishy,someone called from Olint to say they are paying out,anyone heard?

  48. they are requesting a US$600 processing fee

  49. Sounds like a phishing scam.

    Did they request you send the mone BEFORE they paid you?? 🙂

  50. Pansy:

    See link below:

    http://invest4life.wordpress.com/investment-clubs/#comment-12523

    The question though: Is it only Olint Investors getting these calls and/or email? If so, how did they get the Olint Mailing/Telephone List?

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