OLINT Freeze remains

The freeze on David Smith and Olint’s assets in the Turks and Caicos Island(TCI) will remain in effect for at least another two months. This according to information coming out of today’s proceedings at the TCI supreme court. The case will not come up for mention until sometime after March 11, 2009.

Olint direct and indirect  investors were hoping on the freeze being lifted  that was not to be. They will now endure the at least next two haunting  months with unresolved question still being, how much money if any is left.

It is reported that David Smith is once again going to consult with his high powered legal team on how to proceed.

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137 Responses

  1. OK Mr. Smith you can breathe a sigh of relief now….. the judge just bought you 2 month supply of kool aid to distribute

    • OK so it is now July 2010 and still the funds are frozen, and still no proof can be brought forward to convict Smith. This is quite disgusting behavior by the Turks government to allow such madness. What kind of court system is this? The law has failed and even worse is the fact that no one is doing anything about this. Convict the man or release him I say, then if he can not pay the investors a charge should then be brought upon him and he can be sent to prison…but thus far I have seen or heard nothing but slander to be calling Smith the head of a ponzi scheme when no proof can be brought forward to support this.

  2. Bwoy I really wonder how much longer people can hold on before they lose it and go berserk.

  3. Dream,

    I would advise those people who are still ‘holding on’ to let go. You are only punishing yourself by living in denial that even if or when the assets are ‘unfrozen’ there is anything to distribute.

  4. I agree cally.

  5. Cally

    that is your coping stategy. If you had given up like a lot of people I know you would not be on the blog. We all stay on the blog because we are still emotionally tied to an outcome

  6. Sorry Live&Letlive, you cannot speak for me.

    I peruse the blogs only to readthe latest information and Sirach’s confused mumblings. I have no illusion that something which wasn’t happening before the freeze, would happen after it.

    I am fully satisfied that the money gone from late ’07, which is why DS wanted 9 months more to trade (as if he was doing much of that before)

  7. The big question is, how 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.

  8. Sorry Cally.
    I did not realise the far reach of Sirach’s appeal.
    If ALL the money is gone what was he going to use to trade it back

    AML

    we believe that less than $6M is frozen. It is in accounts with DS name on it. Who it actually belongs to we do not know.

    We expect the club money is with the broker.Why would he have the money in TCI in his personal account I should expect the money is in the brokers bank if he was trading. Can you trade the money in your personal account

    The brokers generally have as part of their AML program the suspension of the account that belongs to people who are under investigation re money laudering. Even if he has money there he cannot get it. Be reminded that the money laudering claims against DS are not new to OANDA they were sujected to the audits from NFA too.

  9. Olint People gway vex…..

    Money frozen is for TCI FX ………………………………

  10. Your money has gone, there is no Oanda account, its all been paid to the rich and threatening!

  11. Trere was no broker and there was no trading!

  12. ok, so nobody is asking the question: why would there be criminal wrongdoing if the judge unfreeze the assets? Why after 8 months, the investigations have turned up nada? Why has DS been arrested by any authorities? They have his books, his computers, presumable logs of transactions etc.

    Now maybe he doesnt ave the money but the first major blow to the case against DS will be dealt if the judge unfreezes the assets because the investigation turned up zilch

  13. correction: I meant “why has DS NOT been arrested”

  14. Another long running Ponzi Scheme, well the list just keeps growing.

    CFTC Charges Philadelphia-area Resident with Operating $50 Million Ponzi Scheme.

    “The CFTC complaint alleges that from at least February 1995 through present, Forte fraudulently solicited approximately $50 million from dozens of individuals and entities to participate in a commodity futures pool to trade, among other things, S&P 500 stock index futures, foreign currency futures, and metal futures”

    http://www.cftc.gov/newsroom/enforcementpressreleases/2009/pr5594-09.html

  15. “and failing to register with the CFTC as a commodity pool operator.”
    “to participate in a commodity futures pool to trade, among other things, S&P 500 stock index futures, foreign currency futures, and metal futures.”

    Sounds like the Martinezes’.

  16. This makes no sense : after 11th March 2009. The Court ordered that apart from these details, its judgment should not be publicly disclosed.

  17. I think it is to stop the Press from printing the results.

  18. DAT meks some sense.

  19. yeah but that dont stop the press from blogging information or YOUTUBE -ing it.

  20. BUT what meks more sense is that the Judge is Nuff Fraid of eida way it comes out. If he (Judge) says the funds are released this tells the public that the government can seize your assets without probable cause with no ramifications to it’s citizenry or the public (a bad reputation for TCI business Banking Reputation of which it prides itself).
    If he does continue the farce (freeze) maybe there is violent criminal element that will pursue personal vindication.
    No matter what happens the press will hear from those affected and the truth will be at hand.
    Hopefully this year – but there has to be a statute of limitations on the freeze and hardship it places on the defendant and his family. TCI light bill 5x more dan Jamekya.

  21. Quote of the Century:

    “There is no innocent explanation” Madoff to FBI investigators.

    Give him credit. At least he has put it all on the line and everyone knows where they stand. From recent postings, nuff people still living in la-la land that DS have money !!

    DS was/is/will always be a WICKED R…….. !!

  22. Why would the judge give more time to the investigators when clearly 8 months have turned up nothing? Why is nobody on this blog asking this simple but key question?

    Moreover, the fact that judge seems inclined to lift the freeze in 2 months BARRING some new earth-shattering information from the police, this seems like the precursor to DS being cleared of any criminal wrongdoing.

  23. I have moved on. This site is an occasional distraction for me. I am trying to build something back for my family by working harder, looking back at this, sometimes with some hope keeps hope alive.
    At least I have 20 years left to make something back, not like my uncle that put ALL his life savings in at age 70 and now diagnosed with Cancer. His likkli bway frem de helper meks no difference fi elp im.
    Pathetic is word often misused and mis-understood. But not here. I as many have made mistakes to be learned from… hopefully. The old adage goes on “Eggs in one basket:” We often do not practice what we preach.
    (A dis fi de Jamaican fi reed) No Miss Loui or Anansi fi reference- but help if yu can)
    BUT I do keep hope alive – what else do you have.

  24. Has DS been charged ????? and if he ha

  25. Has DS been charged ????? and if he has with what???
    The TCI knows that the man is running a business which involves other peoples money and they place a strict gag order on the proceedings. What is the point of keeping us in the dark.

    We cannot even call on one of our politician, government or lawyer friend to get behind the scene in the TCI and give us a prips .
    We have thanks to dr walker spent so much effort to implicate them in the OLINT debacle that they are now avoiding the subject like the plague. even the tci police to ja police phone calls have stopped.

  26. There is too much corruption. You do not know who to trust anymore.

  27. I am not fooled there are some POWERS OF DARKNESS behind all of this scam. Its not just David Smith, its this whole Global Financial Meltdown, There are people who dont care if your starve to death…these agents of wickedness come to kill steal and destroy.

    People, this is bigger than David Smith, I wouln’t be surprised if the authorities inclduding the Judge in Turks are taking orders or accepting bribes from higher ups.

    I think everyone should read “Confession of an Economic Hitman” by Jonathon Perkins. It gives u a pretty good idea what goes on behind the scenes with these financial institutions like IMF ,World Bank and these Investment Bankers. (They are unbelievably evil). They will go to any lengths to control governments and the people of the country because we need their money to survive.

    I will pray for David, I think he was well intentioned.

  28. It is really true that the mother of the stupid is always pregnant.

    How else does one explain some of the hogwash that is posted here?

    How many of us has ever seen a complex financial investigation completed in less than one year? This organisation has been running for years without any financial infrastructure. A serious audit would last at least six months let alone a criminal investigation. It seems some people think all the TCI police have to do is investigate Olint and DS.

    An for the legal brain talking about probable cause, thats an american thing. Plus DS can appeal the judge ruling straight to the Privy Council in the UK.

  29. One more thing- and the legal minds can contradict me.

    O-TCI and TCI resident comes under the jurisdiction of the TCI court. Olint Ja and their executives are separate legal persons over which the TCI court has NO jurisdiction therefore the gag order has no force over them.

    There is nothing to prevent DS through Wayne from informing people using the the Jamaican press of the following:

    1. whether the £250m was actually sent or if it existed.
    2. how much money have they invested with DS on behalf of Jcans.
    3. Who is the so called broker.

    and much more.

    How many times have we seen the UK court ban Sky News from reporting on a story only to see the same story running on another station owned by Rupert Murdock in another country?

    I suspect DS is more interested in covering his ass than keeping idiots – i mean investors – informed. Who is covering the idiots (oops i did it again) -investors ass?

  30. @Robin Irie .. good to see you around… hey I think its time your write a piece, sage one or otherwise…

    Your last two posts are of interest. why not write a full peice of it and let’s put it up for the investors not seeing the light..

  31. The order by the judge to keep Olint assets frozen is indeed a very good one. Lets examine why.

    1. Olint had made many promises to start repay investors and he missed everyone.
    2. Investors had waited for a year and had received no payments despite Olint indicating that he will pay.
    3. All this took place while Olints “assets” were not frozen.
    4. The lawyers presumably cannot get paid while Olints assets are frozen and hence it would be in there best interest to have it unfrozen.
    5. Chances are that if the assets were “unfrozen” at this time, the persons who would be paid would be the remaining “badman dem” who have not yet been paid.
    6. Whatever little money is left could be moved out of the Country by David Smith before slips quietly out of TCI.

    That is my take

  32. This was taken from the #4 bus

    John Blacks Says:
    January 12, 2009 at 9:53 pm
    i wish the folks in tci would realize that a lot of innocent individuals are suffering due to their extended delay in unfreezing the funds.

    if there was any illegal activity on the part of OLINT does that mean we all have to suffer the consequences of what we had no part?

    1.Why does people assume that if the freeze is lifted then they will get paid.

    2. Why do people assume that there is money there to pay them if the freeze is lifted

    The court lifting the freeze and investors getting paid are NOT one and the same.

    In every single ponzi scheme that I have heard about , the results are always the same ie the investors get screwed and the principals lives large with defrauded investors money.
    The Olint outcome will NOT be any different, its like “defying the laws of gravity”. 🙂

  33. If DS had absolutely no money wasting time with money laudering charges and freezing assest would be a waste of everybodys time including the lawyers. The lawyers are NOT getting paid but they are preparing bills and expect to be paid.

    Have you noticed they did not charge or arrest Madoff for money laudering they charged him for running aPONZI scheme. They arrested CH for fraud.
    It does not take 1 year to investigate a PONZI scheme. The man tells you where his money is you see if it is there, if it is only a small fraction of what he has for his investors Ha Ha PONZI. That was rulled out before they returned tDS computers in september..

    Why did’nt he pay before NOBODY WANTS TO BE INVOLVED IN MOVING “HOT” MONEY $100M with the label LAUNDERED has no kinetic energy in the banking world!!!!!!!!

    Get $10M dollars, be a nobody like DS, Have your operation fingured for money laudering and see how far you can move it

  34. confessions of an economic hit man was indeed an interesting book, but that was in the 70s – that must be monkey business compared with what is going on now.

    A theory that comes to mind is – all the manuevering might end up being for naught.

    Has anyone looked at the statute of limitations on this in all the jurisdictions? Could be 2 or 3 years for all we know. If he stalls long enough he may end up being in the clear and owing nothing to no-one.

  35. why is everybody talking about Olint Ja ?. there is no such company.

    Olint is not registered in Jamaica.. All person who reside in Jamaica are members of Olint registered in Panama or TCI, but certainly not Jamaica… they were run out of Jamaica from 2006.

    Olint Jamaica does not exist, so people please stop spreading false information.

    All contracts are either with Olint registered in Panama or TCI to the best of my knowledge

  36. Olint in Jamaica.

    71173 Olint Corp Limited
    Management Consultants
    Local
    ACTIVE

    73877 OLINT INVESTMENTS LIMITED
    Developers
    Local
    ACTIVE

  37. Overseas Locket International Corporation: Panama

  38. Which club has the members . My recollection was that the initial contract was with a company in Panama, subsequent documents / new contracts was with company registered in TCI.

    At no point was there any document to sign with Olint registered in Jamaica

  39. Is it not that NCB is fighting Olint Corp Limited not Overseas Locket International Corporation?

    There seems to be a money and company problem.

  40. NCB courts documents in UK/JA detailed the money flow between the three accounts.

  41. well , we know him con we out a the money, but we are members of Olint TCI irrespective

  42. The gag order has been lifted speak to the courts or the TCI police

  43. cullKull/AML:

    The discussion between you only highlights the tenuous task the TCI authorities have in unraveling the whole Olint mess. To compound things even further, there are the issues of movements of funds in David/Tracy Smith names (as oppose to doing so in the name of one of the Olint entities).

    There is so much “commingling” of funds that it will take forever to figure out exactly what the states of affair are. On a positive note, the mere facts that the books were non-existent or poorly kept, will probably work to DS advantage. The other thing I do not understand is why DS had his wife as part of his operation. That was not a good move on his path. If there are criminal acts, they are severally liable.

  44. I have said this before.. how can it be determined that people were overpaid, if by his own admission, his records were missing and in shambles ?.

    Did he suddenly find back the missing records and found out that he had overpaid ?.

    He is making definite conclusions on one hand, and is saying that he needs ato do an audit to find out the true state of affairs on the other hand.

    What has become of the Audit of his books that was supposed to be going on from early last year ?

  45. Sirach get paid man!!!
    Congrats!! 🙂

  46. I am back

    The Gag order has been lifted and if you want the whole nine yards of the truth. Contact the TCI police Financial Investigation section at 649 941 7691

  47. The Gag order has been lifted and if you want the whole nine yards of the truth. Contact the TCI police Financial Investigation section at 649 941 7691

  48. on jan 12 yellowd wrote “my uncle that put ALL his life savings in at age 70 and now diagnosed with Cancer. His likkli bway frem de helper meks no difference fi elp im.”
    Good Grief…. I See colonial crap sill alive and well in JA
    Well “yellowd” if U and ur family refer to your “nephew “as di likkle bwoy from di helper no wonder hes of no help
    Mebbe one good thing will come our of this Olint fiasco it may be the great equaliser that mek everybody bruk
    Sad but true

  49. Olint members signed the last “rites”, err contract with Olint TCI, paving the way for DS to steal all the money ie they could lose 100% of thier funds and not 20% as I am told was part of the initial contract.

  50. Today’s show is the TCI Commission of Enquiry.

    Do we have anyone in the front seats? Is Smith hiding in the audience or at home or at the casino?

  51. AML:

    Maybe Sirach is up front. He has been missing in action since yesterday and must have been enroute to TCI.

  52. Investigations can take a long time, true. But the problem here is that the police is supposed to do the investigations first, to bring it to the point where it is based on something promising BEFORE YOU FREEZE FUNDS. What is not reasonable is to substitute a so-called investigation for a indefinite FISHING EXPEDITION. Therefore, its ok that an investigation may take long (even 2 to 3 yrs as some have pointed out) but it should NOT TAKE THAT LONG AFTER FUNDS ARE FROZEN. Funds are frozen based on a good reason. Funds are not frozen because one has a hunch. The first key that this was a fishing expedition was the fact that they did not arrest DS, whether for fraud, running a ponzi, money laundering, or any other tangential crmininal wrongdoing. With all the hair-splitting charges can be cut and carved up against a defendant by the police, why did they not arrest him if they had something decent in the first place.

    Now, I am not saying that DS has enough money to pay people. In fact, he could have lost the money trading, or he could overpaid, or he could mis-managed the money, or he could have done a number of unethical wrongs etc. These things could be morally or ethically wrong but not necessarily criminally wrong. The police does not have the right to indefinitely or for a prolonged period cause havoc in people’s lives for ethical wrongs which do not rise to the level of legal wrongs.

    Now as for the 8 months already passed, it was the judge that set the date for review for January 9. If the Judge thought that 8 months was enough time for the police to bring its case so that he granted that date, then how can we say that “investigations take a long time so 8 months was too quick”. The courts have to balance the need for police to have time do their work and bring their case against the need to protect people from arbitrary prolonged abuse of police powers.

    What is clear right now and this is a fact – the police do not have anything solid as of right now, which is surprising given the hoopla this whole thing started with.

    Selah

  53. Lets face the reality it is over. How should we know these are not tactics to buy time and fade our memories ? These moves may be self instigated by DS as to buy time and eventually an excuse not to pay anyone. Madoff at a smaller scale !!!!!!!!!

  54. DS MADEOFF with investors money. FULLSTOP

  55. Early contract.

    point of interest
    ————————————-

    2. CONTRACTUAL RELATIONSHIP
    2.1 In connection with becoming a Club Member, the Customer acknowledges that Customer has been advised and understands the following factors concerning the Services offered pursuant to this agreement;
    2.2 The Services provided pursuant to this Agreement carry a high degree of risk. The customer will be entirely responsible for the risk associated with the provision of services.
    2.3 All sums invested pursuant to this Agreement will be used as a margin for taking margined leveraged speculative currency positions via the Investment Manager. All gains on trades will be added to this Margin and all losses shall be subtracted by the Investment Manager. Further, losses may arise as a result of fluctuations in the exchange rates which will in turn affect currency prices.
    2.4 Margins will be invested within 10 working days after acceptance of the Customer as a Club Member unless in the sole discretion of the Investment Manager market conditions are not favourable for investment in which case the Margin will be held by the company in an interest bearing account. Eighty percent of the margin is guaranteed by the Investment Manager. Margin leverage on trades will vary in a range of 10-1 to 50-1. Under normal market condition, trades will be executed at margin leverage levels of 20-1.
    2.5 The Investment Manager reserves the right to change the margin leverage at any time.
    2.6 Customers will not be accepted by the Company as Club Members until funds have been received by the Company AND required “Know your Client” and source of funds information has also been received and approved by the Company and the Investment Manager
    2.7 The Investment Manager shall have full unfettered discretion as to how the Margin in invested subject only to a duty to act with reasonable commercial prudence having regard to the speculative nature of leveraged foreign exchange transactions. The Company shall have no duty to inquire into the exercise of the Investment Manager’s discretion.

  56. 2.5 The Investment Manager reserves the right to change the margin leverage at any time.

  57. 2.2 The Services provided pursuant to this Agreement carry a high degree of risk. The customer will be entirely responsible for the risk associated with the provision of services.

  58. I WONDER WHAT DAVID SMITH WAS SAYING WHEN HE SAID READ YOUR CONTRACT !!!

  59. 10. LAW
    This Agreement shall be governed by the Laws of the Turks and Caicos Islands and the Customer consents to the exclusive jurisdiction of the Supreme Court of the Turks and Caicos Islands on all matters regarding it except to the extent that the Company invokes the jurisdiction of the courts of any other country.

  60. The Gag order has been lifted and if you want the truth. Contact the TCI police at 649 941 7691

  61. Is a contract valid during the commencement of a crime/fraud?

  62. that works both way… if we say that he is doing fraud, then why would anyone want fraudulent interest ?. people should then be paying back all the ‘interest’ that they have gotten

  63. I WONDER WHAT DAVID SMITH WAS SAYING WHEN HE said that I only trade in the FOREX!!!!!

  64. The Jamaica Supreme Court has already ruled that DS was playing in the securities world.

  65. Elaborate escape plan.

    A investment manager who seemed to have defrauded his investor hatched an elaborate plan to disappear from his investors.

    The guy flew his plane, then parachuted out of the plane over Atlanta leaving it on auto-pilot. The plane allegedly flew for another 200 miles before crashing in a swap in Florida.

    The guy was captured on a security camera entering a local hotel in Atlanta before he later rented a motor bike and has not been seen since.

    US marshals are now in search of him.

    Maybe DS can take a page out a this guys book 🙂

  66. jay,
    fascinating story…any links to it?

  67. not to worry…found it
    its all over the place now.

    wow, signs of the times.

  68. True dat ,

    Times when 500 million can’t buy nutting

    http://www.cnn.com/2008/WORLD/africa/07/19/zimbabwe.banknotes/index.html

  69. Breaking News: Mystery Pilot Found Alive. He has been taken to an hospital he tried slitting his risk. Wow crazy times.

  70. sorry wrist!

  71. Lets face it….all you nay-sayers deep down are hoping that the funds are there, DS is cleared and everyone gets paid…I know I am…all this negativity is just an attempt to cusion yourselves again the worst case scenario….that the money is really gone…I also have my doubts…but logic tends to support the optimistic view based on some of the comments above…all the WHYs???however, our logic is based on truth, which we are not sure we are getting from anyone!!

  72. Time to put all the con men in jail.

  73. Wow crazy times.

    You can definitely say that for the Olint saga.

  74. Did not popcorn man want to make a movie out of it?
    The saga continues.

  75. lets just hope

  76. I have been reading this forum’s thread with interest after following similar threads on Madoff and another ponzi at University of Miami. They seem to be everywhere. Then I remember this word of wisdom from a great Jamaican featured in a great Jamaican newspaper just under a year ago. I thought differently of him today than I did then, and to all those who put their faith in a company called UWIN Antigua and operated by this great Jamaican and other Jamaican dignitaries, and find that you cannot locate him since September 2008, try the email adress at the end of his article or try North Street, Kingston. Perhaps the GNLD office on Belmont Rd. may do the trick. A lot of people are suffering. When you find him, ask him who is this guy who ran away with the FX investment funds to Canada and what is the outcome of the search for the culprit through interpol (since dem tek Jamaicans fi kunumunu).
    ———————————————————–
    Getting past your past
    published: Wednesday | January 30, 2008

    Tony Williamson

    “Yesterday is a cancelled cheque; tomorrow is a promissory note; today is the only cash you have – so spend it wisely.”

    – Kay Lyons

    You may well be one of millions of persons who are not fulfilling their true potential in life because they are weighed down mentally, crippled by the memory of their past. Adversities of people’s past lives include a failed marriage, a history of substance abuse, criminal activity, a failed business venture or bankruptcy, failures in academic pursuits, children that have not turned out well and a host of other mistakes, failure and bad experiences. How can one move on and achieve success with a past that seems to cloud one’s vision and sap one’s creative energy?

    Everyone in life has a past, but most of us will have a future. A critical success factor in life is the mental acknowledgement that the past is passed, gone forever, irretrievably lost. You cannot turn back the hands of the clock. You cannot go back into the past and undo what has already been done. Dwelling on the past is a futile exercise and a waste of precious mental energy. You need to accept this fact and think about your present circumstances and your future. In going forward, here are some steps to take for a brighter tomorrow:

    1 Analyse, but don’t dwell on, your past failures and identify the lessons that you need to learn from these experiences. Failure and adversity are the greatest university of life. It has been said that anyone who does not learn from his past mistakes is condemned to repeat them. Failure is not the end of the story. It is only the opportunity to begin again more intelligently.

    2 Forgive yourself. I have just finished a series on forgiveness, but one thing that was not highlighted is the absolute necessity to forgive yourself. Sometimes it is easier to forgive others than to forgive ourselves, but the same capacity to forgive others must allow us to forgive ourselves and to put the past behind us. A wise person said, “Forgiveness does not change the past, but it does enlarge the future.” And remember, forgiveness is a decision, not an emotion.

    3Change your behaviour. Albert Einstein said two important things. He said, “If you continue to do the same things and expect different results, you are insane.” He also said, “The significant problems we face cannot be solved by the same level of thinking that created them.” Ultimately what is really important is not what you think or what you say, it’s what you do. You can change the way you speak to people – use kinder words, be less critical. Study more diligently, spend money more thoughtfully and save more consistently. If gambling wasted your money, quit gambling. If alcohol is restricting your potential, quit drinking. Seek help if you need to, but make the change.

    4 Set a goal. Goal-setting can change your life and erase past failure by giving you astonishing success. But goal-setting is different from wishful thinking. It has to be specific, written down, carry time horizons and regularly evaluated. If, for example, you would like to be financially independent or wealthy in five years, it is a waste of time merely to say, “I want to be rich.” Instead, write down the exact amount of money you intend to have by 4:00 p.m. Tuesday December 31, 2013. Then write down the goods and services you intend to exchange for this money, for there is no free lunch. Find out the people who can help you, the obstacles you will have to hurdle and the hours you will have to spend to accumulate this sum of money.

    When you have surplus money, decide where you can invest it so that when you are not working it will be working for you. If your investments do not keep up with inflation, you are on a financial treadmill. Wealthy people find ways to invest their money so that their returns exceed inflation.

    Finally, rule out failure. Regardless of your past, get past it by a powerful mental decision that you should affirm aloud daily, “I will not fail but succeed at this venture.” Specify the venture, believe you will achieve it and act as if it were a done deal.

    —————————————————————————
    Tony Williamson is an international motivational speaker, sales trainer, author and lifestyle consultant. Email tony williamson_57@yahoo.com.

  77. AML, on January 13th, 2009 at 6:05 pm Said:

    The Jamaica Supreme Court has already ruled that DS was playing in the securities world.

    AML PLEASE TELL ME.
    what does the securities world mean in this contect?????

  78. The term security is very broad and general.. it basically cover any type of financial contract, as defined in Jamaica

  79. Taken from the FSC site:

    …”In general, any non banking transaction that involves an investment of money in an enterprise, with an expectation of profits to be earned through the efforts of someone other than the investor, is a transaction involving a security.”…..

    Live&Letlive, the point is, “others” get to define what a security is! We cannot have every Tom, Dick and Harry proffer THEIR own definition or choose at will to adhere to the securities laws of a country…it will only lead to chaos. We all have to live by the rules, whether we like it or not; or even if it is not a perfect system.

  80. Catherine

    the man that ran away with UWIN money is Orlando Johnson

  81. it matter not who run away with the money. the person who took your money is the one who is obligated to you.

    Thus Lewfam is obligated to thier customers, not Olint !!!

    Higgins Warner wanted to blame Gilpin, but that is the CEO problem for having bad employees

  82. Government endorsed PONZI: 25 % Government Instrument (FINSAC-2???)

    Wednesday, 14 January 2009
    The Government will on Wednesday attempt to pump some life in the sluggish economy, which is under threat from the global financial crisis, with its offer of a 25% instrument .

    http://www.radiojamaica.com/content/view/14850/26/

  83. Gov of Jamaica should either of two things.

    1. Peg the $J to the US$ at a rate below what it is being traded for now. This will mean speculator who are buying now and then driving up the price so they can sell back later at a profit, will get burned.

    2. Leave the rate and let it run. Why follow Omar Davis foolish policy of hiking interest rate to “protect” the dollar.

    The fact is that has been a failed policy tried under the previous administration.
    At a time when most countries are reducing interest to stimulate the economy, the GOJ is hiking interest rate.
    All this does is allow people who are “cash rich” to make a killing while sitting on top of a pile of cash, while pushing up loan rates for persons who are desirious of starting or expanding their own business, which in turn would generate more jobs.

    Crazy if you ask me.

  84. Has anybody noticed that Sirach has suddenly Vanished again ?? This seems strange, the timing -you have to wonder if he/she is working on both sides here. This could be a double agent under cover.

    YF

  85. Jay:

    You made a post on WorldWise on the other Blog. Where is it on this blog?

  86. It was under worldwise paying, from a new poster.

  87. Maybe removed to protect the poster or is it still be held pending admin approval? Very interesting though!

  88. http://www.tcijournal.com/index.php?idsub=799&id=8

    Transcript of the First Day of Hearings of the Commission of Inquiry

    When will DS be mentioned? We will see.

  89. http://www.cnn.com/2009/CRIME/01/14/drug.subs/index.html

    Is TCI a refueling stop for the future? Put all the pieces together of what has been happening in TCI.

    Harbor Shark did make past mention of past plane refueling in TCI in the ’90’s? Corral reefs will stop the U.S. Navy.

  90. Is UK cleaning house again?

  91. Does anybody have any personal contact with DS or know any valuable information? Should we be worried? This whole thing is tearing my family apart.

  92. I know ther is only 6 mill in TCI but where is the rest of it? Some say it’s in the USA on trading platform but if it was there wouldn’t TCI authority find/locate it already? DS smith said he did an OFFICAL audit and found that he had mismanage some of the fund thus he only has 79% of people’s money. There was never a month with out interest being paid therefore if we get 10% he should make something as well becausee our interest rate was never fixed so our rate vaired monthly. So please somebody do the maths if we are making money every month and he is making money every month how the hell can he mismanage our fu@king money? If we did not get any interest one month then it would be possible, if he lost some while trading then it would be possible but he could not have lost our money if we were still receiving interest. So again i might be think inside the box so could someone please help me out? How is it possible to mismanage our money under these conditions?

  93. while doing the maths..

    do this maths..

    10 % per month for approx 4 years have never been done by anybody.. anywhere..

    All who claims to have done this have been proven to be Ponzi’s

    hell , even 10 % per year guaranteed is even a Ponzi.. that was what Madoff was offering..

    now, ask yourself.. is this David Smith the miracle worker in FX trading ?.

    He cannot even do basic accounting

  94. No, no, no, read the message, the interest rate vaired from month to month but we always made something so this means he made something, so how can you loose while making and giving interest?

  95. @Jr

    Stop kidding yourself. He was running a ponzi scheme and just pulling a number for the monthly interest returns out of his head. Like all ponzi schemes he simply ran out of money. This is why he stopped paying and started the excuses. In the case of Madoff he stopped paying and confessed. By the way if you average his monthly interest rates you will see he was trying to average out at appox 10 % every month. Average it out every 2 to 3 months.

  96. I know and honestly believe so but i think i am holding on to the maybe like most people.

  97. Jr
    I am only trying to find a logical explanation for your question.
    I suspect there were several factors that came into play.
    When FSC raided OLINT office in Ja and computers taken away,payouts were still taking place and somehow I think the staff must have lost track.
    The office was being run like a patty shop(no offence meant to patty shops).Somehow I don’t think whoever was running the office was very smart.
    Remember,DS was supposed to be trading while someone else was taking care of admin.
    It was a well known fact that DS was not good at organizing that side of business.
    I am inclined to believe that some people were probably overpaid.Also,there were rumors of some people seeing encashments on their account activity that they did not request which makes me think someone insaide was up to some hanky panky.
    DS probably trading the portfolio and making returns not realising that a shortfall is created.
    In other words,if you have $100000 trading and you make $15000 you give 10% gains thinking youre OK but lo and behold,on paper,you owe clients $150000 because your team has mismanged some and embezzled some.
    I am in the same boat as you in that I have lost everything I have and am even unemployed but somehow I still think DS is genuine and there are bigger forces at play.I see no other reason for a secret judgement by the courts in TCI.

  98. Investors ignored their suspicions about troubled pilot

    Nocotec, this one is for you.

    http://edition.cnn.com/2009/CRIME/01/14/pilot.investors/index.html?iref=mpstoryview

  99. what i’m looking at in retrospect is that for the last month that he paid interest (on paper) it was something like 16.4%, from reading a few articles, ponzi scheme operators offer very attractive rates when they need to get the attention of new investors. The signs and writings may have very well been on the wall and we weren’t seeing them!

  100. alpha1, on January 12th, 2009 at 6:11 pm Said:
    Your money has gone, there is no Oanda account, its all been paid to the rich and threatening!

    alpha1, on January 12th, 2009 at 6:15 pm Said:
    Trere was no broker and there was no trading!

    Alpha
    Welcome to the blog . Where did you get your info from?
    When did the OANDA account cease to be.

    If you give us a good lead we can dig DS out and take ourselves out of the misery.
    HELP US OUT MAN.
    We have a all secured British viasas and the rest of us have US passports

  101. people.. lets assume that there is the best organization. lets assume that all infrastructure is in place.

    10 % per month is just not realistic.

    no facts or statistics or anything ever support this concept.

    people believe this happens simply because it will make them wealthier..

    RedP believes in David Smith, who he says he has not met or known, yet he has so much confidence in him.

    this confidence is not borne out of any concrete knowledge about the man. this confidence is out of self interest at getting rich ( the 10 % per month)

    People who knows David Smith personally says he is a go go girls specialist , Casino Gambling party person..

    yet people who do not know him, are saying that he must be a good trader, based on no evidence anywhere in the world !!.

    10 % per month, is like Usain Bolt running a world Record at every meet for the year on a Grand Prix circuit.. you will burn out early in the game.

    All people who trade will tell you that.

    But we support David Smith, based on our own greed for high returns

  102. ever wonder why David Smith push for everyubody to sign this contract with a notary public to endorse it.

    Ever wonder why David Smit is saying that his lawyers will release a statement.

    Ever wonder why he has to consult with his lawyers ( who are paid by our money) on every thing that could possible benefit us.

    Why does he always remind us to read your contract ?

    ——————————

    6. LIABILITY
    The Customer agrees to remise release and forever waive all liabilities of the Company or the Investment Manager which may arise as a result of this agreement, save and except for any actions or inactions of the Company or Investment Manager which amount to fraud with intent to deceive or gross negligence.

  103. I think fraud and gross negligence are “sufficient” and “pertinent” grounds for current/future “actions” ………..don’t you think cull?…. 🙂

    Again, when is a CONTRACT a VALID contract? Maybe we should consult with our Blog Attorney, our dear learned friend, Sirach!

  104. Fraud requires evidence..

    the bounced cheques that Carlos Hill gave, was the evidence used to charge him.

    Where is the evidence of Fraud against David Smith ?.

  105. Fraud = Ponzi Scheme {see email to wife; very little identifiable (readily available) funds} = Easy to prove = No true trade gains over time, T

    Gross Negligence = Admit he overpaid “some investors” = running a patty shop.

  106. cullkull
    DS contract states the funds are placed in FOREX trading.If it were not,and instead a Ponzi he was running,that constitutes fraud which you would expect him to have been arrested by now.
    If he lost the money in trading Forex,then we basically cannot do anything but he will have to provide proof of trading and losses.Also,there is the 80% guarantee of principal according to the contract,based on leverages he uses, which principal will be the amount reflecting on your statement at the begining of each month after gains were posted.
    Unless he did a series of bad trades losing 20% on each trade back-to-back,which he will have to show.But in this case he was posting gains.If he made losses and posted gains to mislead us,that I believe also constitutes fraud.
    Now,the mere fact he is still a free man,tells us he is innocent and has not done anything criminal.
    My fear is there are much bigger forces in play which we cannot understand just yet and sadly,with the level if corruption in JA and TCI with the politicians,WE ARE KEPT IN THE DARK.
    Also,certain people making wild or baseless accusations are not helping the situation.I have to agree with DS on that.
    I would love an explanation why the court ruled that the judgement cannot be made public.

    Keep posting.
    Mrs…

  107. BREAKING NEWS!!!!!!!

    ACCORDING TO MRS, DS HAS BEEN FOUND NOT GUILTY….DECLARED INNOCENT AND THE INVESTIGATION IN TCI AND USA HAS BEEN TERMINATED FORTHWITH!!!

    THE WAY IS NOW PAVED FOR THE IMMEDIATE RETURN OF ALL FUNDS AND MATERIAL CEASED/FROZEN. INVESTORS ARE NOW FREE AND CLEAR TO START RECEIVING THEIR FUNDS IMMEDIATELY. DISBURSEMENTS SHOULD START NOW, SO SAY THEE, MRS.

  108. @ mrs

    we keep repeating what we think (know) he did.

    Where is the EVIDENCE !!!

    the police and court system work off EVIDENCE

    where is the EVIDENCE of the alleged email that DS had sent to his wife ( do we have actual proof of this email ?. The only email we have is from his Lawyers, that did not mention any of the fraud in the original email.

    We all know what he did. but like in the OJ Simson case. the courts will only go off EVIDENCE

  109. Also,there is the 80% guarantee of principal according to the contract,based on leverages he uses, which principal will be the amount reflecting on your statement at the begining of each month after gains were posted.

    ————————

    the last contract removed that guarantee, the one where you must sign in front of Notary Public.. most persons did not focus on that, they only saw the part about Grand Encashment, and payment schedule

  110. cull

    Shall we throw out any deductive reasoning and conclude that the converse is true: That, with a high degree of certainty, there is conclusive EVIDENCE that DS was making on average of 10 % per month return vis-à-vis, trading FX!

  111. There is little evidence of anything either way. the only thing we have is PDF documents, statements from lawyers and clients NOT GETTING PAID.

  112. TEST

    There is no need to mock and ridicule people.If you are hurt financially,so are we.
    The point I am making is that some of us are here making accusations of fraud and ponzi when according to cullkull,we have no evidence.
    If fraud or ponzi was established,DS would have or should have been arrested and charged by now.
    We know he is still a free man.What is that telling us?
    Also,we know that the judgement is not to be made public.WHY?
    Something else is going on.
    If DS was wanted by FBI in the U.S.,do you think they would’nt have got him out of TCI and into the U.S. by now?
    DONTGIVEADAMN posted something on the other thread that makes sense.There is money somewhere,BUT WHERE?
    MRS…

    P.S.
    TEST, don’t start acting like Sirach,please

  113. David Smith will lawyer up and draw for the contract. look at what you see in the contract, which you sign. stop looking at the payment schedule and grand encashment..

    We have signed that David Smith can refuse to pay us

    see another condition to which you signed in front of a notary public.

    ———————————

    (viii) The Club reserves the right to refuse to satisfy Encashment Requests where the Club
    believes or has been advised that such refusal is necessary or appropriate to ensure
    compliance by the Club with any applicable anti-money laundering or other laws or
    regulations to which the Club is subject.

  114. Mrs,

    1.If DS had the money, why would he not pay his loyal investors ?

    2.If DS has has only ~ US$8m, where did the rest of the money go. It was said he had close to US$1B under “(mis) management.

    It is clear to me that no money is at Oanda or FXCM. It is also very clear to me that over 95% of the money is gone.

    It is very clear to me that this was a ponzi, and the sooner you guys/girls get that in your skull and take decisive action, the greater your chance of recovery 5% of the money you all invested.

    You all should be seeking to have the operations of the company wound up via a court appointed receiver, as that is the only way you all will ever be able to see a dime.

    Hope just will not cut it.

  115. Mrs

    I take back those comments I made……I moment of poor judgment. Given the current situation, I agree that some level of empathy is in order. I can be an as*h*** sometime!!!

  116. (viii) The Club reserves the right to refuse to satisfy Encashment Requests where the Club
    believes or has been advised that such refusal is necessary or appropriate to ensure
    compliance by the Club with any applicable anti-money laundering or other laws or
    regulations to which the Club is subject.

    CullKull that is the only thing so far that make any real sense as to why DS has stopped making payment. Money is there somewhere. Him just cant touch it. Money for his living expenses and legal fees would be allowed but not money to pay members. I am not saying he have enough to pay off members as obviously that is not so.

    Yes DS stopped paying from before the the freeze in July but again that same clause could also be used by him. Remember he said over and over that a due diligence exercise was going on that was all over the place, yet to date that has never been denied in public by either his broker Oanda or Itrade or Wachovia. To me, IMHO, if all that was a big lie and those institutions name calling up all over the place, then even one of them would have come out and said something to the contrary.

    I agree DS wrong and yes maybe him was running some level of Ponzi based on what coming out but there is more to all this than meets the eye and there are many hands at work preventing a resolution of this mess. Anything that involve so much money, politician and lawyers will also involve corruption but who feeling it now is the little man who try a thing.

  117. in a Ponzi, we see what we want to see.

    So in the Contract people only see Grand Encashment and Payment Schedule.

    I just showed you a reason for not paying. you see some genuine money laundering issues.

    I see a excuse for not paying. nobody has seen David Smith books. so all he can say is that , I am not paying because I suspect money laundering, and we signed to that

  118. I agree DS wrong and yes maybe him was running some level of Ponzi based on what coming out

    ———————–

    10 % per month is 100 % ponzi. basic reseach will show you that.

    even 10 percent per year is almost ponzi figures !!! this is currently illustrated by Madoff.

    it is very clear that David Smith is running a Ponzi..

    what is not clear is if he can be successfully prosecuted.

    there is very little documentary evidence of wrongdoing to pin on him.

  119. cullkull
    My understanding of clause (viii) you quoted is that the club can refuse to remit money to any particular member if there was suspicion of money laundering by the member in question,not the entire club.I may be wrong but this is my understanding of English.
    There was a rumor that DS has aproximately 50 % of what he owes members and that the lawyers advised against paying $0.45 to the dollar as that will make him vulnerable to fraud charges,hence the nine month period as he normally doubles up the money every 8 months.
    Now if you have traded yourself,you may see that that is possible.I used to trade and make sometimes as much as 50 % in a month but my capital base was not large enough to sustain me from the gains I made and I had to dip in my funds to survive since all this madness started.
    I know people who trade and make a good living consistently so yes I do believe 10 % a month is possible.In fact I thought DS was not giving us enough.
    I agree with dontgiveadamn that there are many hands at work preventing a resolution of this mess.
    Remember a lot of people and institutions were affected by DS giving those returns.
    Let us not forget the days when most banks were refusing or making it difficult for people to take their money out in the form of wire transfers to OLINT or checks made out to OLINT and these institutions had gone as far as to threaten theIr employees of dismissal if they were found to have any dealings with OLINT personally.Employees had to place their money with OLINT via a freind or relative.All of this was taking place when things were still good with OLINT.
    .
    I know of a couple cases where people had these problems.
    Let us not forget what happened in the past.
    When FSC SEIZED THE COMPUTERS DID THEY NOT SEE EVIDENCE OF FOREX TRADING?
    The argument was whether Forex trading was securities trading which up to today is debatable as the FSC still has not won the case in Ja.
    As for the Grand encashments cited in the agreement,this was a move to stop people making massive encashments in an effort to disrupt the operation as we know JI AND PB did already and attempted to set up their own shop in Cayman.
    We all see what has happened to JI.

    Keep posting.
    Mrs…

  120. MRS.
    i dont kno how to say this anymore politely. YOU ARE STCUK IN PARK.
    sorry, but people who still believe that DS was making a consistent 10% in any financial activity and further that he would be abloe to make good if given another 9 months, are simply delusional and high on the kool aid.
    blinded by the fortune promised, rationality it seems was not only suspended by a few, but rather discarded by many.
    good luck

  121. Where does Wayne and Yanna Smith lives in Jamaica?

  122. Forex trading is not securities trading. It becomes securities when you build a business to collect the money to trade in the FOREX.

  123. Mrs

    I do not want to sound insensitive, but if I can ask a very simple question in relation to (vii). If the argument is true about (vii), whether as it relates to an individual or club, then wouldn’t it be true that I-Trade FX or OANDA can confiscate all of Olint’s funds if they suspect money laundering (even without the benefit of a court order)?

    I’m just checking if that is what is being said. I’m assuming of course, that they have similar agreement between Olint and themselves.

  124. (cough cough cough) … yow I&I an’ Puncie been licking some ital Comma Pen ishens … all de while we be watchin’ these flimms … (feverishly blowing smoke way)

    yow … unnoo see de latest episode pon de TCI big screen starring de real big-mon Pirate of de Caribbean (white mon dem from Englan’ nuh know seh a suh WE stay)?!?

    … but seriously, all of de I dem out there who still believe dat birds of a feather / r*** tief nuh flock together … (searching for de munchies) … or dat de money nuh gone … Puncie sey she waan a draw off what unnoo smoking (as Yardie woulda sey: Kayser Soze email me now)!!!

  125. nyaming…yaaa di bes

    yu should drop in more

  126. The COURT has imposed a GAG order what is so important about DS and problems why the GAG order was imposed . ORRRRR probably if has nothing to do with DS ? SO WHO DOES IT HAVE TO DO WITH???????

    Normally PONZIE MAN flee town
    why is DS hanging aroun

    NOW I KNOW WHY SIRACH SPEAKS IN CODE !!!!!!

    ha ha ha

  127. TCI Commission of Inquiry. If you do not show up and answer questions, they will arrest you. The game/saga continues. Remember he is a belonger. UK controls the game.

    I think all will be exposed by the TCI Commission of Inquiry.

  128. My take on this OLINT/DS affair is as follows:
    1) DS is a genuinely honest and prodigious trader – NO Ponzi here!
    2) He thought the Jamaican FSC was bullying him in an area which they had no clear jurisdiction
    3) He decided to tell them go to hell and moved his business to another Caribbean island, the Turks & Caicos
    4) His problems were just beginning, because as it turned out, the commercial banks in Jamaica were the muscle behind all the pressure that was coming to bear – he was bleeding them of investment cash
    5) The banks started slowing the encashment process to his investors, citing “due diligence” the buzz word for the anti-money laudering process required by financial institutions worldwide
    6) This opened the door for international scrutiny – OLINT and other FOREX traders in Jamaica started requesting their members to submit copies of Government IDs(drivers license, passport, national ID) and proof of address (copies of utility bills). This is in line with what the international FOREX brokers request for you to open a trading account on their platform
    7) The banks, one in particular, tried to close his accounts not withstanding, leading to a court case in Jamaica.
    8) FOREX traders in Jamaica in general had to get “creative” in paying out encashments to circumvent the “boycott by the commercial banks. I think some of these methods might has attracted some negative attention.
    9) I-TradeFX and OLINT entered into an arrangent that attracted the attention of the US authorities to I-TradeFX, and by extension OLINT – Personally I think to save themselves, I-TradeFX, shifted the focus to OLINT, to put it mildly
    10) The Turks and Caicos government has a history of corruption. Being OLINTs new home I believe DS courted them as any normal business would
    11) OLINTs current predicament, the freeze, is a culmination of the Jamaican spawned money laundering suspicion, heightened by the I-TradeFX deal, and finally the Inquiry into the Turks ans Caicos Island government’s corruption.
    12) I’m not letting DS off the hook so easily though, there is obvious evidence that there has been some mismanagement – My personal opinion is that DS is a FOREX trader first and foremost and that business took off and grew exponentially and the accounts got out of hand.
    13) I also think he shot himself in the foot when he stopped payments citing auditing as the reason – the sent off all kinds of alarms and had his detractors dancing on his coffin.
    14) At this point in time I still believe in him. And don’t think there is or was any criminal intent on his or his family’s part and hope this nightmare will be over soon for them and their investors.

  129. Data,

    I think your hope is misplaced

  130. jay, i’m tempted to believe that data is just having a go at the bloggers…i dont take him/her seriously

  131. Data
    point13
    what impact do you think the fact that DS had a short fall in the money have on the slow to no encashment in march to june 2007?

  132. sorry not 2007 but 2008

  133. So wait deh – data… you forgot about his attempt to set up shop in st. Kitts and they told him’ to go to hell’

    I think your points come from the point of view of what we hope happened, but the reality is nothing we’ve seen so far in the last year backs up the wishful thinking.

    Why did he open up the floodgates for the massive influx of money shortly before the shut off? Why did he ask account holders to sign a document saying in essence if he lost all the money he could not be held responsible?

    What about Itrade FX and the things that are starting to come out? – that martinez dem loose most of the olint money in the fl real estate market? (and trust mi dat nah go come back fi from the dumps for the forseeable future)

    If there was no criminal intent, why didn’t he just tell people the truth from jump? could it be he was covering up his intent to defraud?

    If he has without funds all this time, how come people keep seeing him in casinos dropping more than most of us make in a year in one night?

    Again – I would like to believe that everyone will get back something, but nothing I’ve seen so far indicates that we will. I’m thinking that by now he is merely riding out the statute of limitations – so maybe in another year or two all account ‘holders’ will get the big kiss off in a nicely worded letter.

  134. my view is this,when DS started olint at princeville plaza he was warned about letting the puss out the bag because they were some people who were already rich walking around with some really big dogs called GREED!!! DS did not listen instead he open the doors and all who could, jumped on the band wagon express headed to olint. this in turn caused DS to become in my view swell headed at the people that were actually interested in him and so he lost sight of the true purpose of olint which was to help people who really needed it. he surrounded himself with those who had one intent and that was to milk this gravy train for all its worth. i watched as he became friends with the very same people who bad mouth the club upon hearing of its existence to becoming the very same ones dumping millions into this so called ponzi. he feted them wine and dined them jetted them of to exotic places to meet the locals. all this time calculating their interest while everyone partied. DS not being a business man did not stop to think why he was getting all this attention and that these people are clients and not his friends and so the parties went on. through all of this something baffled me and that was why were these people who by many standards are filthy rich but still dump millions in this so called scheme and then it came to me that everyone including DS wanted to be the BIG MAN/WOMAN. you would hear people bragging about how much they are worth now while in the back of their minds saying i can’t allow”dem lickle man deh fi come ketch me up” so DS too played along all the while reveling in all the false attention and compliments. i still believe he’s a good person who just lost sight of his purpose and to some extent misguided.

  135. CALL SPECIAL AGENTS DAY AND RAMOS @407-488-3808 AND/OR 407-575-5735 AND PROVIDE THEM WITH INFORMATION ON YOUR INVESTMENTS WITH OLINT AND MAY DAISY

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