Long Week-end for Smith & Olint faithful

January 9, 2008 should have been a defining moment for the Olint faithful and the their leader David Smith. Instead the expected ruling was delayed until today January 12, 2008. What is not clear is how much difference a “postive ruling” by the judge in Turks and Caicos Islands will make.

How will the judge rule?

Although each case has to be taken on its merit, the Madoff case has highlighted the difficulties for investigators and regulators. The judge might be inclined to side with the prosecutors and give them more time. One of the problems is the Madoff case is that despite the fact that the some beleived the Madoff was doing something wrong the evidence was hard to, or just did not come by and just was not sufficient to make a case. Although it should not, the judge is human and Madoff’s case might just weigh heavily on his mind.

David Smith’s Problem

In addition, David Smith on the other had has a problem, Olint the alleged Forex Trading outfit, was NOT paying before his assets were frozen in July 2008. Indeed it was those complaints about lack of payment that partially or more than partially led to the actions of the Financial Crimes Unit in TCI. So the frozen assets did not bring a halt to payments as they had stopped a long time before that. Olint and David Smith are the subject of a Cease and Desist order by the FSC  in Jamaica along with warnings issues by the regulator bodies in St. Kitts and Trinidad and Tobago.

Going back in history in May 2008, The David Smith led Olint had outlined an elaborate payment plan to start paying in June 2008. It was the failure of that plan get going along with the NFA investigation in I-Trade Fx, in which David Smith figured prominently,  along with months of investigation in the TCI that led to the freeze in July 2008.

John Wildish, co-director in TCI FX believes that the TCI FX traders funds are safe according to a November 2009 interview with Wiv4 TV but he might be in for a rude awakening. He was unable to pay investors since June 2008 again before the freeze was in place.

It is for those reasons why the judge might just extend the freeze probably giving the police a deadline to make a case given the grave nature of the case.

Where and how much

If the judge opts to unfreeze the funds, the question is how much is really available? What about the funds in the USA. Even before the freeze David Smith kept saying “The broker has the money”. Does the broker still have the money and won’t release it?

If Olint was a Ponzi from the beginning or became a Ponzi how much money is really there? how many cents on the dollar? When will the receiver be called in?

While we ponder the what ifs, hows and whys, we now awaiting the latest ruling (or delay) by the TCI judge.

One things is sure there is a long list of anxious club owners and members waiting on a ‘postive word’ today.

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44 Responses

  1. I believe that a “positive” ruling will not make a difference to Olint investors.
    The fact is they had stopped paying long before the court ruling.

    In fact the court ruling was a good thing for David Smith as he could always say he wanted to pay but it was the court ruling which was preventing him from doing so.

    Whatever the outcome today, if I were a Olint investor I would “hold my breath”

  2. Jay

    look at it this way
    A man got a cut on his foot and could not go to work he thought he could handle it at home and did not seek medical help. however every day he is telling the boss that he is coming to work next week. The problem is he is soaking his foot in the same river that has soaked his foot in for forty years but now he does not realize that a recently installed sewage line is emptying in the river upstream. (DS PROBLEM UP TO JUNE 2008)
    Finally chronic infection set in so he is hopitalised and he tells the boss He should be back at work in nine months. (DS ASSETS CEASED IN TCI)
    Hurricane, strike, poor medical care the discovery that heavy metal was in the river further complicates matter and his recovery takes much longer than expected so now he tells the boss he cannot give anymore timeline untill he is discharged from hospital.

    (Well DS will get his discharge from hospital today let us see what he says to the boss)

    I hope the boss does not discover that the man had infact gotten his visa and run off to the USA with no intention of returning LOL hahaha

  3. the important question.

    whether the zero ( pittance) $$$ is frozen or unfrozen, if there are no substantial assets, then it does not really matter.

    anyway.. taking bets as what will happen today..

    my feeling is that the judge will find a way to delay the ruling…

  4. Cullkull
    How many times have we said the assets frozen in TCI is neither here or there. The point is once DS assests are frozen in TCI it is part or OANDAS AML program to report it to NFA and to suspend the account. No money in, no money out. no trading. So we want the assests released so that oanda will give whatever he has for DS to him and if oanda has nothing then DS will have to find a next hole to run in.

  5. to: D Smith
    from: a real trader

    It is indeed sad that today Jan 12, 2009 as we await the court ruling in TCI about your trading activities on behalf of your club members, you sir, who many still believe in, have not sought to dispel any doubt concerning your trading prowess by releasing the computerized records of your trades to prove once and for all that you are genuine. That act alone would have allayed all the fears of your loyal club members who believe as I do unlike many on this blog, that it is indeed possible to earn a return of (+10%) monthly on one’s investment.

    Let me point to someone who has been investigated for just such exceedingly high rates of return on her own trading account while trading futures contracts on the Chicago Mercantile Exchange. By the way, trading Futures Contracts is no different from trading Forex Contracts. They both involve speculating in which direction prices-in this case currencies, will go in the future, and offer high leverage.

    I am speaking about no less a person than Hilary Clinton the wife of the former President of the USA and the soon to be installed Secretary of State in the “Bop” Administration (I just love the way he walks). in Washington DC. The very first paragraph of a Washington Post article (see link)

    http://www.washingtonpost.com/wp-srv/politics/special/whitewater/stories/wwtr940527.htm

    tells us she turned her initial investment of US$1000 into $6300 overnight, and racked up US$100,000 in just 10 months of trading. Do the maths! Methinks that is around a 900% increase in just 10 months of trading, or 90% per month ….excuse me!….David Who?

    Hilary should have started her own investment club. Yes folks It is possible to earn 10% per month and more. so let the naysayers have their say, all I ask is that David release his trade records to show us if he is a real trader, not like I am, but like Hilary.

  6. Where the hell is Lewfam today???? Their month vacation was supposed to be over and they were to be back to “work” today.

  7. As a follow up to my post above Does anybody have the cell number of the guy who taught Hillary how to trade cattle futures? His name is James B. Blair, an experienced futures trader.

    I need some quick cash risk-free and figured trading cattle futures is the way to go since Hillary scored so well and David won’t be trading, at least for a while.

    lata

  8. Delay will not produce any money. There is no money, the delay is benefitting DS only. Once ban is lifted DS will than be sued by all.

  9. Money all gone, release or no release

  10. Pip,

    No ruling yet.

  11. There is just 6.5 million in the TCI

  12. From the other blog:

    RedP Says:
    January 12, 2009 at 9:16 am
    Whaapen Dehustle?? See I come up for air!! Very refreshin to see you post again, missed your wit and humour.

    You know, I got involved with olint because of two things.
    1. I wanted to make more money
    2. Everyone I spoke to, spoke of David Smith’s integrity.

    So ok, I have never met him nor have I spoken to him, what I know of him is based on what other ppl who claim to know him have told me.
    He comes from humble beginnings, raised with a Christian upbringing.
    Is/was (not sure) a practicing Christian, a heavy giver to the church.
    Had a vision to empower the “little man” financially.
    People told me that he is a man of integrity, one who trusts God.
    You more or less know the story.

    Now I dont claim to have a big analytical brain or fantastic IQ but using what little intellect that I have, I’ve sorta been mulling over all this.

    Now if all that has been told me thus far about David Smith is the truth, I would be hardpressed to believe that someone like this could all of a sudden become so unconscionably wicked so as to rip off thousands of people.
    Call me gullible, but when I take stock of the situation, I have to give Mr. Smith the benefit of the doubt. Lets hope I’m right.

    Love and Peace
    RedP

    Prayer Bus cjb @ cwjamaica . com or olintdude @ gmail . com
    People blessing people

    ——————————————————————-

    My Gosh! people are still on the DS is a saint kool aid drinking stuff?

    hey redp, ever thought during those periods of ‘mulling’ over stuff, that maybe, just maybe what went wrong was that the stuff you were told about a man who you never met, just was not true??!!
    for you to be giving ds the benefit of the doubt (what doubt ffs) at this stage is shocking, stupefying and beyond reasonable comprehension.

    people consistently failed to recognise the inherent contradictions in the very ‘hail to the king’ rumors that were floated about ds and his supposed integrity and brilliance.
    DS is a Christian of upstanding character for eg would be followed by DS is brilliant, he beat the casino machines at villagio..
    wtf…can those two go together? if you ran into your pastor at a slot machine drinkning vodka on the rocks, what would you think?

  13. Lets all be positive. All naysayers, could you find another place to air your problems. Waiting for judgement.

  14. An official audit was done on the company and David said he only had 79% of everybody money because he/they mismanage some of the funds. I am not upset about this fact because, because i saw it coming, i think it was more of a pride thing for David where NCB was concern more than anything else, you do not fight money with the richest man in Jamaica, it’s a loosing battle, right now David obviously is in a finical problem and has realize this, he no longer want to pursuit the NCB case but the Judge has refuse to let it go, which i think is rubbish but it’s the law so … I really hope’s he pull through and learn from his mistake. The audit was done recently… 79%!

  15. Jr
    if what you say is true then Ds should know that most pple would gladly take the 79% or less and move on

    Dont need for his Pride to say hes gonna work back the accounts up to 100%

    Peace

  16. CS, being positive alone won’t change the price of bread. getting to the truth is the only thing that can have a meaningful impact.
    if DS is honest, trustworthy, and has the funds to pay, no one by positing what you deem negative comments on this blog, can have an effect on DS’ ability.
    the converse is also true.
    if DS is a raatid tief, then no matter how shining and positive you, mne, or anyone else chooses to be, it aint gonna make bread outta rock..if di money not there, thenit just not there.

    i posit the view, that being the humble lamb, silent and filled with positive thoughts, is more destrucive. if ds is closer to the second of the above stated possibilities, then your intertests are certainly negatively sereved by your continued silence and positive views.
    if he is closer to the former, then nothing to fear, negative views will have no effect…

    let all views contend. i say, if you dont want to hear em, read about em, see, em, then you dont come here. simple.

  17. As I said Jon, call me gullible!! I have never claimed to be wise.

    One question though, why would so many ppl lie to me about his integrity?? What would they have to gain? I never went in on a pig, so no one made money off me. Every man jack and him wife, down to the fowl inna dem yard talk about this mans integrity. So if its all a lie that was told, how did he pull the wool over everyones eyes, even brilliant intellectual people like Sirach?? By mass hypnosis??

    Peace bro

  18. RedP,
    Have you check out the Madoff story.

    Re: DS all it takes is a few people to tell a few who tells another few a “story” and before you know it, the every “Tom, Dick and Harry” is repeating the same story.

    If its true, no problem however if its a lie as was in the case, do you see the repercussions.

    When those who were spreading ” the gopsel according to David” found out it was all a lie, what did they do.

    Quietly took out their money, said nothing and sailed off into the sunset.
    (Not entirely true, so were still singing while withdrawing). 🙂

  19. @ RedP

    Because if they told you that he was a go-go club, gambling conman, you probably would not have gone ahead and invest.. most likely you woul;d, because 10 % per month will let you overlook pretty much anything.

    Case in Point, when it was pointed out that Carlos Hill was convicted for fraud and is a conman and spent 10 years in jail, you would have expected a mass withdrawal ?.

    most people said, why fight down the man, people can change, he is here to help poor people etc.

    what essentially was talking, is the don’t screw with my 10 % per month rational.

    So people will overlook the obvious.

    most people don’t belive in David Smith because they believe that he is telling the truth, they mostly believe in him, because it is damn hard to accept the fact that they are out of pocket of millions and will have to start from scratch

  20. RedP said: So if its all a lie that was told, how did he pull the wool over everyones eyes, even brilliant intellectual people like Sirach?? By mass hypnosis??

    Ever heard about Bernie Madoff? People were joining his exclusive country club just to get a chance to meet him so they could give his ponzi scheme their money. He conned some really financially experienced people out of a lot of money.

    Only suitable examination of the facts and then forming appropriate conclusions can save you from these con men. Did you know that serial killers of women are often among the smoothest suave operators out there? If the dude says get in my car and I will kill you, how many would? If he has 1 rotten teeth in his mouth and dress like a derelict, how many women would fall for his charms?

    You are falling for the oldest and greatest fallacy in the con game. If a con man says, give me your money and you will never see it again, how many would fall for the scam? All good con men (or they would not be good) must be able to create an aura of trustworthiness to lure folks and separate them from their money. If DS was otherwise he would not have been able to perpetuate a scam of this magnitude.

    Your description of how many people are vouched for this guy only serves to reinforce the fact that he is a con artist. I am an honest guy and I would not have so many people vouching for me. In my business I become extremely suspicious if you come across as too perfect and will examine my dealings with you with a microscope to see if I can find a reason to not do business with you… that as well I as the fact that I am quite happy passing up a ‘good deal’ if I don’t understand and am comfortable with it makes me a very hard target to scam.

  21. Any news are to the ruling as yet?

  22. Wat di r@$$ a gwaan? Why is there no news?

  23. The restraint order still in place.

    A press release will be made by the court to informed people of the progress on the investigation and how much money is frozen in TCI

  24. Contact the authorities in TCI like I did for further info.

  25. All points taken, thank you gentlemen.

    ————————————————————————

    TCI Court ruled that freeze on funds to be extended for another 2 months to allow for further exploration of case findings.

  26. How do we contact them? Let us in on some info? What’s up?

  27. Just heard on the other blog Freeze will be in effect for another 2 months for new findings.

  28. 649 941 7691

  29. 2 months! This waiting is getting unbearable…people accept the facts and just move on, I will. Find other means to build back your monies.

  30. John what information can we expect from the Authorities? the same information that you provided or any other?

  31. It is up to you if you want gossip or if you want info from the source

  32. John, is this information confirmed or still pending?

  33. what information?

  34. listen da man, call the people dam if you want the nine yards.

  35. About the two months? Do you know how much money is Frozen/assets?

  36. Is this 4 real? I have been patiently waiting to hear something positive and now this? I wonder if DS is behind this “delayed tactics”

  37. come on now guys…this was the fraud of the century for the caribbean and the diaspora..ds is our madoff..who has madeoff (no pun intended)with our money. what is left cannot even pay the people in tci..properties in atlanta,jamaica,panama and florida will have to be sold in order to pay the persons who have taken out lawsuits. ds con is slowly but surely catching up with him..the guy who set up the scam for ds is in custody in cayman..ds targetted the church in a calculated way in order to lend credence to the scam…that is the modus operandi of all the ponzi kings and queens…it’s pure undiluted fraud

  38. what is new

  39. if anybody had taken my bet…

    ——————–

    cullKull, on January 12th, 2009 at 8:46 am Said:

    the important question.

    whether the zero ( pittance) $$$ is frozen or unfrozen, if there are no substantial assets, then it does not really matter.

    anyway.. taking bets as what will happen today..

    my feeling is that the judge will find a way to delay the ruling…

  40. We can be the donkey, who do not know the carrot is on a stick..

    but I will say again.. if a court case is wrapped up in 2 years, it will be quick..

    5 years would not be strange

    So David Smith will tell the clients always just next two months, when he fully well knows that this will not end before next year (2010 )

  41. The big question is, who much money is frozen?
    Is it only TCI FX Traders money and no one’s else?
    If it is only TCI FX Traders’s money, Olint in Jamaica is the loser. and possibly Olint TCI.

  42. 6.5 million of Olint money is frozen, called the authorities in the TCI

  43. Bwoy, we just have to count our losses. Only after March 11 can DS apply for the freeze to be lifted. Then wait three more months before the court.
    Honestly, DS has nyamed the money.

  44. Here’s the beef

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