Lewfam: We are still waiting

Lewfam Club has issued another updated to members. In an apparent attempt to keep its promise to members Lewfam issued an update this morning. The short message is shown below.

Dear Members:

We have not yet received the information we were anticipating yesterday, but as soon as it is available we will let you know.

We apologise for the inconvenience but continue to appreciate your patience, understanding and support.

Management and staff of LewFam Club

Last week August 8,2008, Lewfam issued an e-mail advisory informing members that .  The apparent inability of Major Lewis to get any useful answers out of OLINT is another clear sign suggesting dark days ahead for OLINT investors.

Lewfam’s relationship with OLINT goes back to pre March 2006.  In fact, in March 2006, LewFam Investments and Trading Limited/Neil Lewis, et al,LewFam Investments Club/Neil Lewis, et along with OLINT Corp. Limited (“OLINT”)/David Smith, et al,Overseas Locket International Corp./David Smith, et al, were issued a Cease and Desist order by FSC in Jamaica.

Related:

 

• UFO Time-Line
• Lewfam publishes new update (August 8)
•  Lewfam updates members(July 18)

Striking Similarities of UFOs X,Y,Z

Today we invite people to look at the similarites between three clubs. Let’s call them X, Y, Z. For each question, if the statement is correct for at least 2 UFOs, answer true or false. When you are done tally the answers. (You will need a peice of paper)

1. Offered High Yield returns fixed and averaged close to or above 10% per month i.e. 120% annually (simple interest) or 210% annually (compounded)
2. Operated without being registered with the FSC
3. Remained Un-regulated and fought regulation. (n.b. X is allegedly registered in TCI but not in Jamaica)
4. No Audited Financial Statements available.
5. Little or no transparency
6. Blamed one or all of the following, the Banks, FSC, Brokers, Due Diligence (oh now some parts of the Media e.g Cliff Hughes and Nationwide.)
7. Poor accounting Records (X admitted it, Y receiver stated it and Z ex-Manager said it)
8. Sponsored Big Events( possibly to buy social capital), Premier League(Y), Jazz and Blues Festival(X) and Ms. Universe(Z)
9. Have failed to pay most of their clients for months (n.b. Y in receivership/liquidation)
10. Big supporters/Defenders in the Media e.g. Law Professor David P. Rowe, who later sued them, and Mark Wignall, who up to the end of last week could not find any of his usual ‘sources’ to talk to.

If you have over 7 answers of ‘true’ you have a problem. You should be able to name the clubs. Do you know of any other similarities?

Related:

• Man, Mother and a Ponzi
• What Happens to the Money in a Ponzi Scheme?
• OLINT: Where is the Money?