Hado views on MTI, OLINT, David Smith, Scams

Before July 27, 2007 not many knew of Bassilios Hado of Chez Maria. Chez Maria is a restuarant situated in Kingston Jamaica offering Mediterranean cuisine.  All that changed when the his name appeared in a controversial AD placed in the Sunday Gleaner by Market Traders Institute(MTI). Bassilios Hado was gracious enough to visit this blog and posted a few comments and responded to few questions posed to him. We share some of his responses below.

What caused you to have, quote,”never believed in what he(David Smith/OLINT) was offering”? What were the danger signs you saw?

After practicing and learning the forex, I found out that in reality that there is nothing name 10% monthly, people lose some months, the best money management organization or companies in the world are able to make 30-36% a year this tells us everything, most people doesn’t know that we need to clarify this and open a thread to educate people about what is the Forex and the danger.

This thing that happened in Jamaica happened already in other countries, people has to remember that in our days most of has access to the internet, spend couple minutes and check out about anything you want to invest in or do and there you go you have all the positives and negatives and then you can decide. The danger signs are what is happening with Olint and what happened to others, all what I can think of or pray for is that the people of Jamaica that invested in DS get through with at least their capital!

Why did you not as some people say, “invest a thing” with him(David Smith/Olint)?

Honestly it was hard not to I was tempted, people around me told me all sort of things for the past 2 years, but what kept me out of it is the fact that it happened already in my country 15 years ago where members of my family suffered from it, up to now, and the second thing, I worked extremely hard for my money, I have 7 family members depending on my actions and soon a second baby on the way, I cannot afford a mistake like that, so I decided to educate myself more about forex.

About his testimony in the MTI AD

As I said in the MTI Ad. That I decided to educate myself and not give my money to strangers, I hope that people really understand that there is a big money to make in Forex but be careful it’s the most dangerous way to make money, whether you do it yourself or give you money to many managers.

A person commented about me and said that if I was a successful trader so why I can’t afford this and that. Some people think successful trader means Millions, I cannot blame them or stop them for thinking this way, and they are free. I am what I am and didn’t promote myself as the best trader neither MTI,

Current problems best for OLINT and OLINT investors

In my opinion this is the best thing that could happen to Olint and the investors, I wish it happened a year ago,

  1. less people would have suffered,
  2. once for all the people are going to know the real story hopefully,unless some deals out there make this thing disappear.

So we have to make sure keep on asking questions until the truth shows up and also to make sure that rich people don’t collect all the left over money because some other can’t afford lawyers!.DS come out and say all the truth people out there suffering and need to know you owe them that since they invested in you and trusted you.

Tell us more about your previous experience 15 years ago

Basically the same thing persons promised big returns, and the difference is that those persons disappeared with the money, not crashed but DISAPPEARED and all now no one knows where they are, people say that they are in Brazil who knows. My mother still up to now cries for the money that she lost every time she remembers.

Another thing was used to happen I hope that It wont happen in Jamaica, people was used to build 10 stories building for example and sell the apartments on the blue prints because it was cheaper, just before the building done, those persons disappeared and the worst part is that all apartments was not to 2 or 3 different persons and there was no plumbing or electrical installations, so be careful out there when you by on blue prints.

By the way I think you made an excellent decision not to “invest” with OLINT

Thank you, I am relaxed now from all the chatting and pressure from family and friends, they just realized how important was my advice, and I feel sad for all those that get caught in it.

On Protecting his brother, Ponzi Style

5 months ago I found out that my brother was planning to put all his savings that he worked hard for with DS against my decision, I had to convince him that I would put it in my friend name that has already an account with Olint. It took him some time to believe me because he knew how much I was against.

Bottom line I honestly nearly gave his money to my friend, but hurt shivered to moment I was ready to do so and decided to keep his money in my safe, without he knows, at that point DS wasn’t paying a penny. At one time he asked me draw for him his profits for 2 months, I paid him from his money, he was very happy, he thought he took the right decision. His happiness lived short when he heard all about Olint crashing or problems.

There were no words to explain his pain and tears, but I can assure you when I went to him with the balance and told him the story he was the happiest man on this earth, because only at that point he realized how much important was that money.

Value of this Blog

This is a very important thing that we have such places to comment and give our views, we are all hear to know the truth because people related to us are suffering and other soon start to suffer, so who ever knows something come out with it and stop speculate things.

Like Jay, we thank Bassilios Hado for providing full disclosure of himself, the information providing has been very informative. Hopefully we will now hear from other MTI students including Beenie.

For more you can read the exchanges in the comments section of  MTI says – Scams,Schemes, Scandals!

Related:

Please note these the views expressed do not necessarily represent the views of investforlife.wordpress.com and are presented for information purposes only and in NO way expresses endorsement of MTI by investforlife.wordpress.com.
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100 Responses

  1. This thread is now open for posting guys..

  2. I find the comments and incriminations against David Smith unjustified and rediculous. No one seems to realise or mention that investors we receiving their returns and enchasements regularly. Stop and think! the returns and enchasements stopped only when the regulatory bodies, the government stuck their noses in. The government – that is suppose to work on behalf of the people, is once again screwing the people and we are all blaming someone else.

    i doubled my money investment with David, took out my initial capital and was looking forward to repeating this until the FSC, the FCU in TCI stuck their noses in. I wonder who put them up to it. Who do you think controls those organisations you and I , definately not! On whose behalf do they work for? Yours and mine? Definately not!

    As far as I’m concerned Olint, Lewfam we doing fine, until guess who?? stuck their noses in. No charges have been laid have they? I thought the law was ment to protect the individual. Olint and Co haven’t committed a crime. So why is our money frozen. You’re all blaming the wrong entities blaming exactly who the institutions want you to blame. David Smith hasn’t hurt me financially at all. But the institutions who you pay for are. They are hurting all of us ordinary people who are trying to earn returns that up until Olint was only available to the very rich.

    FSC, FCU and who ever you’re working for, stick your nose somewhere else, stop hurting the average person and take your hands of my money.

  3. As i always say to each is own you were lucky cause me friend invested with them and is yet to recieve a payment. So be greatfull that you could doubble your money and get back your capital.
    My advise is give thanks. I think that you were saved in the nick of time.

  4. @ Jeff

    Where is the money. FSC etc did not cause them to lose money. so why can’t they give back the money BEFORE it was frozen,,,, people were waiting from January.. before TCI took any action. TCI took action AFTER people started xomplaining

  5. @ Jeff,

    I hope you are right, I can just give my opinion about DS, because my family got hurt because of the same thing long time ago, and as Sexyalisa said: “I think that you were saved in the nick of time.”
    She is totaly right, I was very close to make that mistake.

  6. I said in this thread:
    https://investforlife.wordpress.com/2008/07/30/mti-says-scams-schemes-scandals/
    Thank my pregnant wife is upset from me posting more and more, she think that I said more than enough, and I honestly don’t want to upset her, good luck guys and I hope that DS comes out clean and each investor is able to get his money or keep on doubling his money.

  7. Response to Jeff…

    As with any Ponsi / Pyramid operation, when the funds stop coming in or slows down, the scheme dies. Keep in mind that when the FSC issued its cease and desist order on the club, and the club went offshore, that is when the issues started.

    Had OLINT been a legitimate trading outfit (unregulated or not), DS should have done the right thing and not take additional funds, thereby focusing his attention on generating profits for his existing members. Because he did everything to continue to collect funds directly (through TCIFX) and other feeder clubs, made it clear that this was a Ponzi scheme. Why not manage what you currently have under management until the regulated issues were resolved?

    Did OLINT start out as a Ponzi? Without having any inside information on this question, my initial response would be, NO. But like 95% for the so called FOREX traders, DS was naïve in thinking that he could tame the market by generating these fantastic returns monthly and ultimately annually. This is just not the case for any trader in the FOREX market.

  8. @ Jeff

    I wish I could say the same….I have been with OLINT since Nov 2005. Unlike you, I didn’t take out my money. I was saving my lunch money every month to put it in OLINT for the future. I didn’t want to be burden to my parents.

    Now I got thru to Medical School….and what??? I have no money for tuition…. we all know the story. But no worries GOD will provide……..not OLINT!!!

    So yeah, count your blessings Jeff!!!

  9. why is everyone so fixated on david smith’s Forex trading activities. until you all realize that the Forex trading was NOTHING MORE than a smokecreen for illegal activities, which were most likely money laundering, then you’ll all get the joke.

    whether he made money on his forex trading or not was irrelevant, the amount of illicit funds flowing into the settlement of his foreign currency trades absorbed any losses he undoubtedly incurred. when the US anti money laundering authorities started squeezing his correspondant banks about OLINT’s questionable activities, these banks would have asked for more information….information he of course could not share….and thus he was squeezed out of jamaica, then indirectly shut down by his US$ correspondent banks.

    Jamaica should be very proud of the FSC and NCB decisions to shut down OLINT, but shuold be equally ashamed of being hoodwinked by so obvious a scam. the mere fact that so many were hoodwinked by such obvious questionable activity raises major questions in the eyes of international investors on the legitimacy/safety of investing in jamaica long term. the prominent participants should be blackballed by the business community for the diservice rendered to the country.

  10. @ Sexyalisa:

    Are there two Alisa on the train or one of the same with two different outfits? Just curious, since I do not want to lump both of you in the same boat or dress. 🙄

    @ Jeff:

    Given the fact that you have double your money and it appears, on your way to tripling your initial investment in Olint, I can thoroughly understand your petulance at the short-circuiting of a “good thing going”. I wonder if, when the final boom drop, if you are equally as prepared to refund part of the overage back to those poor suckers who were not as fortunate as you…. to have gotten in early. Are you going to do the right thing Jeff?

  11. I thing that Olint’s problem was that he was not fully educated he probbably heard that t could be done and toyed around a little bit then actually beleived that it would be smooth sailing.
    His problem is really that he didn’t take the time to educate himself as my husband would say he was bad at the books so he just couldn’t keep up thus finnding himself in this blak whole.

  12. It is one Alisa what exactly is that statment to mean???

  13. Hasn’t DS also admitted to overstating earnings to investors??? Well that is a Ponzi. So for him to keep the club going he had to use new investors deposits to fund interest payouts. Once those new funds stopped coming in, that’s when everything collapsed.

    Furthermore, there was a lot of suspicious activities with his deposits with his brokers and therefore could been signs of money laundering.

    He claims he is a Christian with good intentions. Then if he is, he should not be providing a vehicle for Drug dealers to lauder there money and therefore continuing there Drug dealing activities. Too many families have suffered from drugs and there abuse and it’s time we NOT accept it as a way of life in Jamaica. DS is not a drug dealer, however him taking money from drug dealers makes him just as guilty as the dealers are. Yes he did help many, but i am sure many have suffered not only directly with the club, but because of the drug dealers activities.

    DS is a grown man and should therefore be thinking about the ramifications of his actions.

  14. Bas not to worry. I don’t think it’s necessary for you to need to defend yourself anymore as we now understand how you got sucked into this whole thing. You are a victim just like the rest of us.

    Go and focus on your business and your family. Take my advice and don’t waste too much time on this FOREX trading. You are a new student and can get sucked it very easily as it’s very addictive.

    If you have grown children, then let study FOREX. They will learn something from it and hopefully it will keep them off the streets late at night.

    Good luck.

  15. I beg to differ.
    1. Is he aware of the facts that they are drug dealers?
    2. I think the only thing we hav on him now that he was operating a ponzi and for that it is said that so many are suffering.
    The whole point about it is if he did not know that he was a major help to drug dealers you can’t blame him.
    Cause if that was the case alot of people would be guilty of helping to build the drugs cercle “indirectly”

  16. lawd,di english/spelling killing yu sexyalisa

  17. @Jeff

    On like everyone else here I do not think you believe one iota of the nonsense that you just wrote. If you really have these beliefs explain to me how the regulators can or have affected DS. My guess is that at best you are a supporter/club member possible one of the early ones that have benefited from this fraud and you are just parading around here to try and shore up those who have lost faith or to try and poor cold water on the skeptics on this site.

    Instead of the nonsense that you are writing try and explain your theory about the hard working DS the only honest man in the investment world who has found the light the way to enrich Jamaica and for some secret and devious reason the Government and regulators are scheming to destroy him. Present a clear lucid explanation for your argument. To my certain knowledge, DS Claims are highly unlikely or improbable if not impossible and I do not trust any man who refuses to put himself up to scrutiny. Additionally, the requirements that were or have been imposed on DS or any other AIS are no different for any other player in the financial markets in Jamaica or else where in the civilized world. Consequently, until you can show me a clear argument to prove or show how the authorities have a hand in preventing him form meeting his obligations I will at best view you as just having a fertile imagination or at worst a charlatan and a highly placed player in DS’s fraud.

  18. No wonder Hado doesn’t trust OLINT, he cannot trust himself. The guy deceived his brother about his investment including his brother’s encashment which was coming from his principal investment, and not his gains !!!

  19. Have you ever noticed, that don’t comment most of the time. Yes? Good cause unlike many of you i didn’t quit my job or choose not to work. So i am on the people them job chating and reading, Pluse ofcourse working. Don’t watch that once you comprehend it’s all goodby me

  20. Where is Janice…things must be reeeeaaaallllllll BAD!!

    if janice disappear then is hell and powder house?

    Janice yuh alright?

    Yuh still have fate in smith?

    Yuh still think him have the money to pay the people dem?

    janice you still reading this blog?

    if janice can lose faith then things really bad 😦

  21. is banks and other institutions mandated by law to only offer interest rate capped at a certain level ?.

    I am hearing that even if the clubs got regulated, they could not offer the 10 % per month rate

  22. They could once they can prove tht they can mentain the payments without using the new invetors to pay the old(piramiding) but I think by this time we are all aware of the fact that there is no way that they can prove to make that payment of interest every month, trading yes or no, without someone having the bad end ofthe stick…

  23. i mean 10% per month…

  24. @Jeff

    Typical “crabs in barrel” Jamaican. As long as he can climb on the back of others to reach his goal, that’s all that matters.

    Interestingly, Jeff hasn’t posted again, probably under some rock with the other FAT crabs that got out of the bucket.

  25. @ Marcus:

    You are right on the money! Don’t you just hate when guys like Jeff does the hit and run blogging. He won’t even defend himself..coward.

  26. “I am hearing that even if the clubs got regulated, they could not offer the 10 % per month rate”

    Utter rubbish. if the business can generate and sustain 10% per month so be it. What the regulators are demanding and I have no problem repeating

    1. Financial institutions be registered and regulated
    2. Regular Audited financial statements from a reputable organisation
    3. The principal(S) meet “fit and proper” requirements
    4. That the institution has proper management and accounting systems in place

  27. @ DaveSin & Marcus

    I sometimes wonder if they are not just DS cronies. Ever so often, some one comes along to criticize those who are skeptical of these schemes but so far never someone willing to stay and engage in a fair and balanced debate.

  28. I should add “legitimately”

  29. @sexyalisa

    Can you type? That is at approximately 30 to 40 wpm.

    The reason for my question is that many Jamaicans cannot, especially men (In your case you are a woman). Even university or college level graduates. During my time in school, typing, as a subject was not thought at my old high school and in those schools that offered typing only girls took up the subject. When I migrated, I came to realize that almost all my co-workers male and female typed proficiently. I went out and bought myself a typing tutor and I did not stop until I was up to 40wpm. (I am a proud Jamaican so I endeavor to put my best foot forward all the time especially with so many of our own putting us down all the time)

    This has improved my efficiency greatly. I do work like you sexyalisa but I can move between emails and web pages much faster. I also try to respond to my mails instantly and because I can type, properly I can look at what I am typing and make sure that grammatically and spelling wise it passes at least some basic muster. You can also use a spell check or keep a dictionary handy after a while small mistakes that you usually make will be noticed and corrected.

    Good Luck and I hope I did not offend you.

  30. @sexyalisa

    In addition, you are correct on blogs like these you are not expected to be perfect just to be clear to the readers.

  31. @ Banker

    “typing, as a subject was not thought at my old high school”

    Not because spell check passed the above means that it is grammatically correct or is it di farin accent mi a hear.

  32. @Banker,
    You know I still cannot for the life of me figure out why MTI used Bas as a testimonial spokesperson…someone that they’ve passed off as a successful trader..when he doesn’t even trade live? Jamaica is just going to get suckered until they have more refined laws to protect the public.

    People…do you know for a fact that in the US a spokesperson for an investment company CANNOT be a client. Interesting. My old company has Dennis Hopper as their spokesperson for their ads…he’s never been a client nor can he be. So all those big actors and actresses you see for theses investment houses: Paul McCartney for Fidelity the LAw&ORder guy for TD Ameritrade don’t even have one dollar in these companies.

    I doubt that MTI ad would have even made it to the press room if they did it in the States.

  33. ramacan, on August 12th, 2008 at 1:44 pm Said:

    Not because spell check passed the above means that it is grammatically correct or is it di farin accent mi a hear.

    No foreign accent boss. Mi not so good at spelling in patois. You are correct spell check does not fix grammatical mistakes. I move too fast to ensure that my postings are grammatically correct. I only try to make sure that I am as clear as possible. My intention was to tell sexyalisa that looking at the screen while typing can improve efficiency.

  34. @ramcan

    I don’t even use spell check it take too long. But if necessary…

  35. This just goes to show how dishonest MTI is and why MTI targets foreign countries. They know the laws in the US are prohibitive and they can get away with it in countries like Jamaica.

    Did you guys know that most of MTI clients are Jamaican and that MTI growth was ascertained because of their Jamaican clients. When i attended the MTI class in Orlando there were approximately 50 students, and only 5 of them were not Jamaican.

  36. @ junkunno,

    Jamaica was like the wild west until Omar or the last government created the FSC and started to put new regulations in place. A lot of the companies in North America also self regulate themselves at times holding higher standards than the regulators require. The market In North America and the UK are also much more developed and the investing public more deserning. This does not save them form the usual crooks that poping up from time to time. MTI was running around in Jamaica like a child with his hand in the cookie jar. By the way you might have noticed that the new government has stalled in implementing or carrying through on many of the reforms the old regime was working on. I heard Audley on Cliff Huges saying they were working on or would be working on legislation to allow for the operations of AIS.

  37. BeanStalk

    You took the words from my mouth but I wanted to check the numbers first. When Lewfam and DS try to sell there business in Canada they do not even try to sell to non West Indian. No attempt to sell to white Canadians. I use to joke with these guys and tell them to go and sell it to their white co-workers. Jamaica National advertise their $US account paying 8% which is very high in this market. But there is not even one add in a community news paper making an offering up here by any of the AIS.

  38. By the way Jamaica National Add is for 8% pa

  39. views Said:….”Where is Janice…things must be reeeeaaaallllllll BAD!! if Janice disappears then is hell and powder house?”…..

    I was just thinking the same thing. I think she post under a different name sometime, but since she was caught in the act, she disappears again.

    Just like to say to Janice, we miss you and hope to hear from you under your real name. Blogging is no fun without you.

    Janice, I spoke to all the guys on this blog and they promise not to pick on you if and when you return. We also miss your predictions and soothsaying.
    . 🙂

  40. people keep asking how it’s done. they really thought he was a genius. well here’s how it’s done. it’s quite simple if you can see the forest from the trees.

    friday morning you arrive at market. you sell some banana for $100. you take the $100 and you buy some yam from the market lady setup next to your stall, thinking yam scarce but in demand. but yam plentiful and you realize this, so you swap the yam for chocho at lunchtime friday. you then sell the chocho for $100 and you are thankful you never lost anything on the plentiful yam. someone enters the market and offers you $200 worth of bombay mangoes for $100. you ask no questions and you take his mangoes and give him $100. you quickly sell your mangoes for $200, perhaps eating one or two. you take $100 of the $200 and buy some ackee. you sell those saturday morning for $100 and return home saturday night with $200, having gone to market with $100 worth of produce. you read in the gleaner sunday morning that there’s a mystery mango thief at large. you wonder.

    you tell a friend about your TRADING SUCCESS. how you turned $100 worth of banana into $200 by TRADING in the market. your friend, let’s call him mi-no-ask-question, says if i give you another $100, do you think you could trade it for me too. Sure i say and off i go to market Friday morning again.

    the mango man is there again, and you ask him for twice as much mangoes. he says no, but him have banana. a whole heap of banana. he sells you $400 worth of banana for $200 and quietly disappears. you sell out the banana for $400 and return home saturday night giving ask-mi-no-question back $150. your intial $100 is now worth a tidy $250.

    week after week, the discount produce seller comes to you and you only, offloading produce to you only at half price in exchange for CASH. no body is asking any questions…yet.

    well the half price produce is nothing more than illegal CASH, being exchanged in a currency transaction for a foreign currency, in an effort to mask it as legal. if you do this enough times during a day it gets lost in the $3,000,000,000,000 (us$3 trillion) of forex transactions that are executed each day.

    the man who brought you the stolen banana’s and the stolen mangoes, disappears into the night happy with cash. legal tender.

    you on the otherhand become quite visible, jetting around on your private jet. sooner or later you get investigated and the man with the stolen bananas doesnt want to sell to you anymore because, rass, police want to know everything about your business.

    and praps…..it’s all over. be glad the mango/banana man didnt get caught. he’d put out a contract for you if he did.

  41. Soory guys i was in a meeting.
    Anyways.
    I don’t know how fast i type all i know is that it is ok as i am able to take dictation while typing. It doesn’t mater to me any ways once my work is done don’t watch my grammer as i got a cxc 1 and i did fearly well in college English. yeah i have a grade 1 in information technology. Wherethe spelling is concered i don’t bother i can not spell and i am 22. Bad? Guess what i have never failed a course because I can not spell and i have never pass a spelling test past 5grade.
    Guess what i am not ashamed of it. Everyday my husband bost on the fact that he can and went to spelling bee compititions where he did well, but have have been surviving unable to.When i’m doing my Masters in a little while i wont be able to spell and still i will be alright.
    I am not easyily offended as i can not see through making a big deal out of nothing.

    They know that they can make the payments even if trading is at a all time low.

  42. informer

    What the hell are you talking about ?

  43. @Banker

    Banana laundering 101 🙂

  44. Alisa or sexyalisa
    You are a typist? With all those common or lower case “i” in the middle of your sentenses. (fearly for fairly)

    Fix up your act. You got a grade one at CXC.

    Hard fi believe

  45. One more thing a bank is insured and remember that they give out alot of leans that attracts interest rats so the bank have their business all saughted out.

  46. @Banker:

    Give Alisa a break, unless you want her husbank ( 🙂 ) come beat yuh up!

  47. ALISA

    leans – loans
    attracts – attract
    rats – rate
    saughted – sorted

    I cannot spell but you either take the cake or you are just pulling my balls.

  48. I think interest rate is capped from a policy perspective, maybe to control inflation.

    I heard Dennis Chung say something to the effect. if anyone works in the financial sector, they can verify this. Thus is the UFO’s become regulated, they would have to fall in line with the policy regarding how much interest they could offer

  49. 🙂 Whatever. I sense badmind right there. I could post my results to you. I didn’t say i was i am able to get all my notes. Maybe i can remember or maybe i type well enough but wathever it is i had them, i is I big deal you know what i was Miss grammer in high school and where did i put me. Well i was one of the most hated girl in high school because it was said that cuz my people have money mi act bright. i triedto change for them but all they wanted was what i had. i don’t know about you but i konw you don’t want any thing from me but I a not gonna try to change for you.

  50. @Davesin

    Funny :-)).

    @banker
    :-)i prefer to take cake than pull your balls, trust me 2″ not my kettle of fish. 🙂

  51. LOL @ banana laundering 101.

    Yep, that pretty much sums up one theory.
    Been wondering about Janice myself … Mi woulda love hear wha gwaan in the recent top tier people meeting. Cause mi know seh Janice MUST hear bout it.

  52. @Alisa

    You missing the point. Banker like you but because you are soooooo sexy he does not know how to approach you. You remember in primary school when I boy likes you and he is shy and he does not pulling your ponty tails. Well…that’s Banker for you! Forgive him, he knows not how to approach you.

    Please don’t tell your husband, because we done know that will be the end of him. Enjoy your cake!

  53. Alisa, (not even sure you spel your name right)

    My dear, if you were hated in schol because you ‘acted bright’ you must have ben a great actress.

    Your spelling gives me a headache…I will pay you to get off this blog…you must be a blonde

  54. see the kind of spelling you do? Annoying, isn’t it?

  55. @Cally:

    That was not nice. No wonder all the nice girls don’t want to blog on this site. Please me nice to Alisa. She is from St. Elizabeth (South side). They do speak/write a little bit different from some of us. Let us celebrate our diversity. O.K?

  56. Cullkull
    To the best of my knowledge the interst rate banks pay out is not capped. However, if they were to offer a high pay out that increase their liabilites beyond their earning potential then in short order they would be faced with a liquidity problem.

    In most develop countries there are usury laws which limit the interest rate bank can charge on loans. So in that case the lending rates could be considered capped.

    Foreign exchange funds or Stock mutual funds while regulate are not capped interms of how much they can pay out. They are limited by the performance of the fund managers. They however CANNOT DECLEARE A RATE. Instead they must explain that investing in their funds are not guranteed and can lead to a loss.

    I am not aware of any legitimate mutual fund manager or FX trader that has never had a negative day or month after some time of trading. (Not including DS and Carlos Hill) These are special men ordained with special skills by God with clear instructions to only work for West Indian Nationals. However, he is a callous God who failed to warn them that the Satan government on earth will destroy them and hence they need to prepare to protect themselves.

  57. DAVESIN!!!

    Mind yu mek mi wife read this and get jealous or Alisa Husband fine mi an bump mi off.

    By the way I went to school in St. Elizabeth Munro College to be exact. I met and knew many fine ladys form South St. Elizabeth mostly the ones that attend Hampton High Schools. NONE OF THEM SPELL LIKE ALISA!!!!!
    Chat bad yes but they were not challenged like Alisa. I am also more sure about their O level or CXC grade.

  58. That’s my name idiot. Well my acting took me places, wish i could say the same for you. Even if I am a blonde I have my money, car, my house, my man and in the next four months my son. Oh might I add I don’t owe a cent. So this “blonde as it made with change.’ $$$CHA CHING!!! :-/I am not from St. Elizabeth.

  59. Alisa or sexyalisa
    When you are going to do the masters you speak about do not fill out the application yourself. Additionally, do us a favor and let us know the name of the university that accept your application. That is very important information I do not want them to count me as a alumni.

  60. Alisa, on August 12th, 2008 at 4:18 pm Said:

    So this “blonde as it made with change.’

    Are you for real ?

  61. @cally,

    yea be nice to sexyalisa…but yea, you’re right, a typographical error is a lot easier to read than when a word is spelled completely wrong your brain is trying to figure out what the person is trying to say. It’s like reading ALL CAPS – very difficult.

  62. So many of you are here viewing my spelling and everything did you all check before investing that intence like Cash pluses on September 31, Olint history? I guess not but you want to be all up in my koolaid

  63. Alisa
    If you are not pulling my leg… you need help. No joke

  64. My hair is naturally brown but I am blonde for all of this month..

  65. Vast improvement here. Now we are getting somwhere.
    You are a good sport (smile)
    mi a go a mi yard now. later

  66. Invest wisely Check befour you invest.
    I would love to stay and talk but I have to drive home and I need rest for two. Plus I need a foot-rub so Banker if you don’t mind link mi. 🙂

  67. You want me to pull of a John Edwards.
    When the baby is born and the all curves come back I will give you a call. Mek sure yu husband don’t read this blog.

  68. Alisa:

    We like your sense of humor. Now that Banker is gone, we can talk behind his back. 🙂

    Drive safely and take care of the 5 month old!

  69. Any update on Visionsincrease? They too have closed their site?

  70. Banker

    you went to a good school man, i too went to Munro College , But i left there oh so long ago, from 1974

  71. @ Needy:

    Keep an eye out for the Jamaican posse at the Olympic Games. Please report back on all the Olint Investors that you see..you know, the ones that pull out all their funds before the collapse.

    @ Banker

    What year did you graduate from Munro?

  72. EDITORIAL – FSC should emulate US regulators
    published: Wednesday | August 13, 2008

    In the United States this week, the Commodities Futures Trading Commission announced the establishment of a special task force to investigate and prosecute foreign exchange trading scams at the retail end of the market. They were forced into action, the regulators said, because “unscrupulous operators are rife in the field”.

    http://www.jamaica-gleaner.com/gleaner/20080813/cleisure/cleisure1.html

  73. That is an interesting editorial. Forgive me for being a bit confused by it, though.

    It seems to be saying that what the Americans are now doing is what the Jamaica FSC has been doing all along. But then it ends with urging the Jamaican FSC to emulate the US. That is also in the title of the piece.

    Sometimes I just think we don’t want to admit to ourselves that our officials could have done something right and way ahead of everybody else. Nothing is valid in our minds until we see it in foreign. As usual, two great Jamaicans said it all: “emancipate yourself from mental slavery”.

  74. cullKull, on August 12th, 2008 at 3:28 pm Said:
    “I think interest rate is capped from a policy perspective, maybe to control inflation.

    I heard Dennis Chung say something to the effect. if anyone works in the financial sector, they can verify this. Thus is the UFO’s become regulated, they would have to fall in line with the policy regarding how much interest they could offer”

    In Jamaica, there is no cap on deposit interest rates. There is no usury limit on loan interest rates if the loan is made by a licensed financial institution.

  75. @Bob, would you write a piece on you thoughts on the CFTC matter.

    You are right Bryan Wynter was correct all along. He was vilified yes and resign but the acting man, Roper, certainly has kept the rope tight.

  76. JohnDoe

    “Roper … kept the rope tight”. Lol Are you a poet?

  77. Bob, on August 13th, 2008 at 6:05 am Said: …..”In Jamaica, there is no cap on deposit interest rates. There is no usury limit on loan interest rates if the loan is made by a licensed financial institution.”….

    I am almost 99.99 % sure there are usury rates limits in Jamaica as it relates to loans (Regulated/Licensed or not). I think it’s in the neighborhood of 25 % in Jamaica, 30 % in some States in the US.

    As far as the FSC, they could have done more by completely shutting down these schemes and prosecuting the offenders once they were made aware that these entities violated the law. Apart from issuing cease-and-desist orders, they need to move in a shut them down…..period. Then prosecute them criminally for violation of the securities law. That will send a strong message to future entities that want to do the same!

  78. For Immediate Release

    For more information contact:

    Request for Information

    Please contact NFA Compliance Senior Manager Christine Roche at (312) 781-1562 (croche@nfa.futures.org) or NFA Compliance Director Sharon Pendleton at (312) 781-1401 (spendleton@nfa.futures.org) immediately if you currently carry or have ever carried any accounts (including joint accounts) for, or directly by, or have otherwise ever transacted business with any of the following individuals or entities:

    Paul James Adrian
    Steve Byers
    Ralph Gary Sabine
    Joseph Shereshevsky
    WexTrade Commodity Managers LLC
    WexTrust Capital LLC
    WexTrade Principal Offshore Fund 1 Ltd.
    WexTrade Diversified Offshore Fund 1 Ltd.
    WexTrade Master Fund 1 Ltd.
    WexTrade Diversified Futures Fund I LLC
    WexTrade Principal Protected I LLC

  79. They are similiar to the MTI(group) but bigger.

  80. @DaveSin
    Under Section Three of the the Money Lending Act and Money Lending (Prescribed Rates of Interest) Order of 2007, there is only provision for the recovery of loans that carry an interest rate below 40 per cent per annum in a court of law.

    See: http://www.jamaica-gleaner.com/gleaner/20071202/lead/lead2.html

    Therefore in a Money Laundering dispute involving interest rates, the highest interest rate that can be used is 40%.

    However, like we saw in the 1990s if BOJ believes that market conditions require 50-60% Treasury Bill(TB) rates that is perfectly legal. TB rates effectively dictate what the deposit and loan rates offered by financial institutions will be.

    If a business can legitimately generate 120-200% per annum there is nothing to prevent that. However, in reality the likelihood of that occurring for a sustained period over a # of years is very small if not near impossible.

  81. The FSC could have perhaps acted sooner and done more but… In my opinion they did plenty.

    There is a widespread lack of an acknowledgment of the need for personal responsibility among us Jamaicans. Busta broke up the Federation (probably a bad thing) with a campaign that told people if they had 2 cows dem would have to give one to a man in Trinidad, Barbados etc… albeit false, we hated the thought of that … socialism when you are the one giving up is not attractive…

    Fast forward to 1972 where socialism took hold… we now loved the thought that we would be forcing others to share with us… something for nothing… this attitude has pervaded the culture… rich people are to be hated and vilified… is people like MLC that don’t want us to prosper and dem wicked… we wish we could just kill dem and tek weh dem stuff. We don’t want to work long and hard for anything, we want it quick and is others preventing us from getting it…

    The FSC are among the groups fighting us and preventing us from becoming rich… is who invited them in? Everything was going fine until they stuck their noses in…

    Now it is… the FSC did not act fast enough or forcefully enough… Where is the personal responsibility? You are personally responsible for not giving your money to an obvious crook. When the FSC took action against Olint and LewFam they (Olint) were able to use investors’ money to tie the FSC’s hands in court.

    Jamaica still has a system of due process… Until these laws are litigated and becomes settled law… Entities like Olint can go to court and delay enforcement action… In the mean time the FSC constantly warned people about these entities with their Think & Check campaign… While money was flowing they vilified the FSC… now some want to blame the FSC. When you give your money to obvious crooks without Thinking or Checking you have no one to blame only yourself.

  82. “When you give your money to obvious crooks without Thinking or Checking you have no one to blame only yourself.”

    It is hard to blame yourself when legit looking companies(MTI) promoting the crooks(DS) themselves. That is the true crime that has happened in Jamaica.

  83. Time for some fun, Answer a few questions and indentify the UFOs.
    https://investforlife.wordpress.com/2008/08/13/striking-similarities/

  84. AML, on August 13th, 2008 at 10:59 am Said: “It is hard to blame yourself when legit looking companies(MTI) promoting the crooks(DS) themselves. That is the true crime that has happened in Jamaica.”

    You have a point but consider this…

    I have previously posed this question… We know 10’s of thousands of Jamaicans fell victim to these home grown UFO ponzi scams… The question is… How many would have fallen victim if a Nigerian and a Nigerian company had made the same claims of pie in the sky returns etc as any of these JA UFO’s?

    The answer is obviously way way less. Therefore the info was out there for people to make sensible decisions. They chose not to because these guys were our Asafa and Usain of the financial world. If it would not have made sense to invest with an unregistered, unaudited Nigerian company making claims of fantastic returns… then it similarly made no sense to do so for a JA company(s).

  85. DaveSin

    I have to stand by my assertion that the moneylending rules don’t apply to licensed financial istitutions. I’ll give you chapter and verse a little later because I have to run now.

  86. DaveSin, on August 13th, 2008 at 7:49 am Said:
    “I am almost 99.99 % sure there are usury rates limits in Jamaica as it relates to loans (Regulated/Licensed or not). I think it’s in the neighborhood of 25 % in Jamaica, 30 % in some States in the US.”

    Financial institutions are exempt from the Moneylending Act. See section 13. The list of exempted entities includes banks, building societies, insurance companies and securities dealers operating in accordance with the relevant laws (Banking Act, Securities Act, Insurance Act, etc)..

    For the full list, read section 13 at: http://www.moj.gov.jm/laws/statutes/Money%20Lending%20Act.pdf

  87. Bob:

    There was a famous court case in Jamaica a few years ago where the usury issue was decided in favour of the borrower and the borrower ended up not owing the bank a cent!! I will provide the link later or as soon as I can find the article. It was decided at the Appeal Court level.

  88. JohnDoe

    Yes. How do I do that?

  89. How I do what?

  90. DaveSin

    Yes, I remember something like that. It will be interesting to look at the case when you find the article. I don’t really recall it clearly but it could be that it was to do with a duty of care owed by the bank to the borrower, or something like that. I don’t think it was the moneylending Act. However, I could be mixing it up with another case.

  91. JohnDoe

    Sorry. How do I submit an article?

  92. email me hyipmyths [at] yahoo [dot] com or just post it and say you you want me to use this as an article

  93. Bob and DaveSin.

    I think it had to do with man out in St. Elizebeth and a bank… The matter went all the way to the privy council. The lawlords or whatever they are called said that the interest rate being charged was excessive.. I might be wrong.

  94. Bob:

    below is the link to the article. However, the institution in question is not a “bank”, so it might not apply. I will read your link…that is why I said I was 99.99 % sure 🙂

    http://www.jamaica-gleaner.com/gleaner/20070907/business/business5.html

  95. Key point :

    The Privy Council in relying on the definitions of ‘principal’ and ‘interest’ outlined in the Moneylending Act of Jamaica and accepting the submissions of the appellants’ attorneys, concluded that the transaction in “this case” was not exempt but subject to the Moneylending Act.

    I was think of a different case though.

  96. JohnDoe and DaveSin

    Interesting case. I was not aware of it. I was thinking of another case too, from a couple years back.

    If the Gleaner report is accurate (it often isn’t, unfortunately), the lender clearly did not fall within the exemptions at section 13 that I mentioned earlier.

    The moneylending act has a provision that lets a court decide that a loan contract is enforceable despite the fact that the interest rate is above the usury rate and the lender is not an exempt institution. In other words, it lets the court treat the lender as if it was exempt from the usury rate limit. What the judges decided (again, if the Gleaner report is accurate) was that they agreed with the dissenting judge in the Court of Appeal who felt that this was not a case where the court should use its discretion to enforce the loan contract.

    A bit convoluted.

  97. Guys you have done the test on the “Striking Similarities UFOs’ yet….

  98. JohnDoe:

    As a student of UFOs, your test is toooooo easy! I got 100 % with my eyes close.

    You need to make it harder for guys like me 🙂

  99. Tax write off Information.

    I was searching and found this which appears to be something that would be on interest to those who have been scammed by the failed AIS.

    This is applicable for those persons living in the USA, however I cannot vouch for the accuracy of the information being presented, however I would encourage you to contact your tax experts for more information.

    http://www.vcresearch.info/open/forums.asp?TopicId=9309&ForumId=127

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