OLINT Accounts at NCB can now be closed.

Tonight news has surfaced that the UK-based Privy Council has ruled that the National Commercial Bank was right when it made the decision to close the accounts of David Smith’s investment club,  Olint.  In the meanwhile there is news that another UFO is being investigated.

After much hassle, it appears NCB has been given the green light to close  OLINT‘s accounts. What would be interesting to know, is how much money, if any, is in those accounts.

The result is not a surprise to many given current ‘ know your customer’ policies and other Anti-money laundering regulations in place today.

Partners Financial Investment Limited being investigated

According to report from Radio Jamaica the Fraud Squad is probing another alternative investment scheme,  Partners Financial Investment Limited

It is understood that complaints from investors, who have reportedly pumped millions of dollars into the scheme has resulted in the investigations.

RJR News understands that investors in the scheme, which traded in foreign currency, went to the Fraud Squad after representatives of the Partners Financial Investment Limited were unable to give them answers about their money.

One of the investors reportedly lost $90 million in the scheme.

We are not sure if Partners Financial Investment Limited was related to OLINT in any way.

Source:

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100 Responses

  1. One investor lost $90 million in the scheme !
    So this dude was collecting in the region of $9m per mth from this scheme.

    It seems that the deck of cards keep tumbling down on after the other.

  2. http://www.tcijournal.com/index.php?idsub=870&id=8

    “We also discovered that the wedding gift that Floyd Hall testified that he gave to Michael Misick for approximately $150,000 or $165,000 was actually for $161,618.92. An odd number for a supposed gift.”

    https://investforlife.wordpress.com/ufo-time-line/#comment-13646

    “No. 100749, and that on March 28,2007, OlinrTCI transferred $20,785,519.92 to JIJ,and that a similar transfer occurred on April 10,2007 for $4,000,000, from funds thatapparently originated, in part, from Olint-TCI’s Account No. 100121.”

    Is the 92 cents a clue? Is someone being screwed?

  3. http://www.cftc.gov/newsroom/enforcementpressreleases/2009/pr5605-09.html

    Release: 5605-09
    For Release: January 27, 2009

    CFTC Obtains Asset Freeze in Fraudulent Solicitation and Misappropriation Case Against International Foreign Currency Firm, Atwood & James, and Michael Kardonick

    http://www.cftc.gov/newsroom/enforcementpressreleases/2009/pr5606-09.html

    Release: 5606-09
    For Release: January 27, 2009

    CFTC Charges Nicholas Cosmo and Agape Companies with Defrauding Customers of Tens of Millions of Dollars in Commodity Futures Trading Scheme

  4. The first event will take place on Thursday 31st January at South Sound Community Centre at 6:00pm. The keynote address at this first session will be delivered by Lord Anthony Gifford Q.C., an internationally renowned human rights advocate. The lecture will focus on how international human rights law, along with advances in other domestic constitutions around the world might be instructive to the development of fundamental rights in the Cayman Islands. Lord Gifford’s human rights work extends to jurisdictions as diverse as South Africa, Northern Ireland, Australia and the United Kingdom. He has also been a Member of human rights missions to Portugal, Greece, Turkey, Morocco, Pakistan, Chile and Grenada. Lord Gifford’s international experience therefore provides an ideal starting point for a series of discussions that are intended to ensure that the people of the Cayman Islands are in the best position to identify the full range of fundamental rights that reflect both the values and aspirations of our Islands.

    http://www.humanrights.ky/portal/page?_pageid=1548,2534656&_dad=portal&_schema=PORTAL

  5. During today’s session his lawyer, a Labor peer named Lord Tony Gifford, reviewed the record of his custody at Guildford. He said Mr. Hill had been subjected to “assaults, threats and deprivation of sleep and food” by the Surrey police. This had reduced him to “such a wreck,” the lawyer said, that when the Ulster officers arrived, “he was ready to agree to any accusation put to him.”

    At one point, a policeman poked a revolver through a hatch in the door of his cell, Lord Gifford said, hinting that he might call new witnesses to establish this. The charges of brutality concerned the English police, not the Royal Ulster Constabulary, the lawyer noted, adding that 10 of 13 Surrey officers “were guilty of or party to serious improprieties.” The Crown’s Response

    Attorneys for the Crown, who are fighting the appeal, apparently are going to argue that Mr. Hill’s signed confession to the Shaw murder preceded and was not “contaminated” by his confession to the pub bombing.

    If the conviction in the death of Mr. Shaw is upheld, it is likely that the prosecutors would offer to release Mr. Hill because of his time already served.

    But this procedure would require him to acknowledge that he was guilty, something that he has vowed not to do. Acceptance of a guilty verdict would also mean that Mr. Hill would forfeit compensation of several hundred thousand pounds for wrongful imprisonment and that he would have problems obtaining United States citizenship despite his marriage to an American.

    http://query.nytimes.com/gst/fullpage.html?res=9A01E5D7113BF937A15751C0A962958260&sec=&spon=&&scp=1&sq=Lord%20Anthony%20Gifford&st=cse

    Memory lane….we will come right up.

  6. Yesterday, Lord Anthony Gifford, who is heading the eight-member defence team for Ramcharan and Williams, argued in court that the accused men will not get a fair trial in the United States based on the ‘drug kingpin’ designation against Ramcharan last week by the US president.

    Meanwhile, Nembhard was remanded in custody yesterday, despite his lawyers’ vigorous argument that he was not a flight risk.

    http://www.jamaicaobserver.com/news/html/20040608T010000-0500_60916_OBS_RAMCHARAN__WILLIAMS_ORDERED_EXTRADITED.asp

  7. McPhersons lawyer Courtney Barnett tried to console his weeping client and other family members but commented that he would be readily working on an appeal.

    http://www.suntci.com/15years.asp

  8. Loyal OLINT member comments on Jamaicans in TCI

    “However, as Jamaican Consulate to the TCI Allan Hutchinson explained to The SUN, it is a harsh and unfair label to the law abiding and hard working Jamaicans who live in the TCI.
    First of all, my heartfelt, sympathy goes out to the victims relatives and it is very unfortunate…”

    “The point I would like to make is that we have many Jamaicans here who are making a significant contribution to the development of this country, and will continue to do so. What I would like to convey is that if the allegations are true and the perpetrators are indeed Jamaicans, it is not reflective of who we are as a people.”

    “Jamaicans are very hard working, resilient, kind and good people, and it is very unfortunate, but we hope that whoever the perpetrators are the justice system will identify them and prosecute them to the fullest extent of the law,said Hutchinson.”

    http://www.suntci.com/vilify.asp

    Hutchinson’s wife is of course the employer of Tracey Smith.

  9. We had a late start today. Next session prepare the reading of Ernie Smith and Giffords Canadian forays and the contempt of court and lockdown of Courtney Barnett. Larger more significant “deposits” from the BUSHMASTER coursework will also help you to “grasp” the material. We have a lot of work to cover in a short space of time.

  10. Dave Garcia, NCB’s legal counsel, yesterday welcomed the Privy Council’s decision, while noting that the process to close the foreign exchange accounts had started.

    http://www.jamaicaobserver.com/news/html/20090128T010000-0500_145386_OBS_PRIVY_COUNCIL_RULES_AGAINST_OLINT.asp

  11. Sir Robin’s comments came during an unusually sharp exchange with attorney Oliver Smith, who has been present at the hearings representing Deputy Premier Floyd Hall, former Minister of Health Lillian Boyce and chairman of the Progressive National Party (PNP) and appointed Member of Parliament Don-Hue Gardiner, which led at one point to Sir Robin threatening Smith with being held in contempt.

    Smith had raised the issue of Seymour’s published appearance before the Commission and was told by Sir Robin that he (Seymour) was no longer required to give evidence.

    “He is not to give evidence; he no longer needs to because he has now provided — very late but he has done so — a sufficiency of detail as to his returns as not to require him to be examined on subpoena,” Sir Robin explained to Smith a second time.

    “I would like an opportunity to complete my record of what my understanding was before I heard from the Commission this morning. I think it is important because what it leaves me with is a view that a decision was made not to call Mr Seymour after I made an enquiry for his record,” Smith responded.

    “Absolutely nothing of the sort. For you to even suggest that is outrageous,” Sir Robin said.

    “There is a basis for why I am suggesting that,” Smith persisted.

    “Please sit down. We will deal with this later. He is not being called. It was considered that he no longer needed to be because his returns are adequate; he was considered at one stage as a possible witness for other matters; he is not being called and has never made a witness statement,” Sir Robin explained for the third time.

    Smith attempted again to pursue the point but was told by Sir Robin, “Please sit down… I will ask you once more or you will be in risk of contempt.”

    Floyd Seymour, Leader of the Opposition People’s Democratic Movement Smith returned to the issue at the end of the day: “…this morning, just minutes before you came in, I and Mr Fitzgerald approached Mr Milne and Ms Sarah Clark for the same bundle, and at that particular time what they indicated to me was not that he is not going to be called, was that it is a possibility that he will not be called.”

    “I am very surprised to hear it. But are you also suggesting that I am lying?” Sir Robin asked.

    “I am not saying you are lying. I am just giving you the history — you can come to whatever conclusion you want to come to. I am giving you the history of what transpired… I am just stating my record, because the response, what you said, the basis for my conclusion was outrageous, and I think that was not something to be said to a counsel of 25 years who has never had anybody say that to me before,” Smith responded.

    “The record will speak for itself, I think,” Sir Robin said.

    Smith then moved on to address another issue on behalf of his client Don-Hue Gardiner, querying why the Commission was insisting on financial records predating Gardiner’s appointment as a Member of Parliament.

    “Mr Gardiner is not an elected member of Parliament. He is an appointed member of the House, who was appointed in 2007. The questions and the schedule that was given to him and the issues that I think they intend to question him on pre-dates his entry into the public life. They are asking him about property that he acquired in 2003, 2004, 2005, the source of those — of income that he used to purchase those properties; and a lot of other dealings that not only touch on his privilege as an attorney in relation to the companies that he worked for, but it seems to me in all intents and purposes a glorified fishing expedition,” Smith submitted.

    “There are two bases for seeking a disclosure of interest. One is under the Registration of Interests Ordinance… The other is under the Commission of Inquiry Ordinance. The clear basis for requiring any information of this sort from an elected Member of the House, appointed Member or anybody else, is whether they have possibly been guilty of corruption or other serious dishonesty in relation to an elected Member of the House,” Sir Robin explained.

    He continued: “We required Mr Don-Hue Gardiner to provide an account of his interests along with everybody else. I think the first request was in mid-August. He ignored our requests and finally produced something on 26th November, if I remember rightly, which was plainly inadequate. We wrote to him saying it was inadequate and identifying the considerable questions we had about what he had disclosed. He did not respond to that. We have heard nothing since from him. We require him to give evidence to us simply because he has failed to give an account of his interests adequately to the Commission.”

    Once again, Smith took issue with the Commissioner: “I could understand the Commission asking for his declaration of interest as required under the legislative Registration of Interests Ordinance. My concern is why is there information being requested about his bank accounts, his own private bank accounts and credit cards that pre-dates any time he entered into public life.”

    “You are not listening to me, are you? We said in relation to. He could be a bank manager and we could require this information. He could be a company director. He could have no political affiliation whatsoever. And a man who in his position ignored the Commission, failed to provide adequate declarations of his interest, even didn’t respond at the end of last year when we pointed out its manifest deficiencies is here for that reason. He may have something to hide which is relevant to our terms of enquiry,” Sir Robin explained again.

    “Am I taking the Commissioner to say that the Commission’s right to subpoena and to summons an individual is paramount to his constitutional right under section 8?” Smith asked.

    “If you want to take the constitutional point, you can take it on Wednesday morning,” Sir Robin replied.

    http://www.tcinetnews.com/news-979–2-2—.html

    Oliver Smith….another of David Smith’s lexpensive legal football team nearing contempt?

  12. http://wiv4.wordpress.com/2009/01/27/robbery-spree-in-providenciales/

    Contrary to what is reported on the ground is there a shortage of Police Personell on Provo? Where are they and what have they been doing yesterday while poeple being robbed? Must be busy working for others.

  13. Dave Garcia, NCB’s legal counsel, yesterday welcomed the Privy Council’s decision, while noting that the process to close the foreign exchange accounts had started.

    Olint’s lawyer, Huntley Watson, from the law firm Watson and Watson, also welcomed the decision, noting that Olint was satisfied with the Privy Council’s ruling which would now allow it to focus on its core business of investment, and the upcoming appeal with the Financial Services Commission which is seeking to compel the foreign investment scheme to register in order to continue trading in Jamaica.

    Both sides are happy so why the case? Distraction? Who Cares?

    Former first Eleven player on the Olint football team is rumoured to be leaving the club and returning his player fees as they never belonged to club owners David, Tracey and Wayne smith in the first place.

  14. The player from England who has played in many leagues as far as Canada and Zimbabwe who joined OLINT for record fees. former teamates of the English star said to the newsroom that they would be available for comment only after many many years of service still to be completed in United States….the English player had recommended that they be transfered to the federal football union an outfit for has been’s whose money had run out in fees.

    Fans of the OLINT team have been unable to afford tickets to the games. The English star stated…..do not worry about that as the club remained committed to using thier membership dues to make sure that the English star and others including management were taken care of in a manner befitting the World’s top elite.

    A replacement for former stricker Watson is not expected and in order to compensate for having only 10 on the field at a time the referee has been “given a little something.”

    Olint’s reign at the top of the table could be short lived however as they face matches outside their home field with impartial referees and opponents who prefer a faster pitch and play.

  15. Olint’s lawyers did not appear at the Privy Council hearing.

    http://www.jamaica-gleaner.com/gleaner/20090128/lead/lead7.html

  16. Sirach, on July 6th, 2008 at 11:31 am Said:
    Dave Sin, cases are filed in Florida for a few reasons. One is that the U.S. system does not get bogged down easiliy with verbiage and jargon (like Olints many releases) and your money is likely to be returned faster.

    The other is that if you fail to show up you will be blacklisted to enter the country for the rest of your life and also for doing business with U.S. institutions. The scope is greater.

    Marcus, on July 6th, 2008 at 12:07 pm Said:
    Just took a look at the documents in this case and I am AMAZED at the web weaved. F1 investments (registered in Panama) is suing May Daisy (registered in Grand Cayman) and Ingrid (who resides in South Africa, Ghana, Zambia & Swaziland) for breach of contract by investing in TCI. The case can be heard in the US because Steve is a US citizen.

  17. Educate me please. What does it mean now that Olint’s account is being closed at NCB?

  18. Bwoy! cat really has gotten our tongues.

  19. https://investforlife.wordpress.com/2008/08/01/f1-vs-may-daisy-part-1/

    Background
    Based on the information at hand, F1 investments contracted May Daisy to trade Foreign Exchange with specific contractual conditions. The account with May Daisy operated from August/September – December 31, 2007.

  20. Probably Olint cannot pay by check now.
    Olint has to wire transfer.
    Good luck on an international wire transfer from Olint since the world refuses to touch Olint’s money.

  21. http://www.tcijournal.com/index.php?idsub=875&id=8

    Jan. 28, 2009 – Reprint – Laundering Money for Dummies

  22. I remember way back when I said on the blogs that NCB was probably closing Olint’s account because it saw suspicious activity in the accounts… brain dead investors drunk with 10 % avg per month blasted me for being bad minded blah blah.

    Check out this very interesting article and fascinating article. For those that like to blast the people that that had inside info and pulled out… I always wonder what those folks think they should have done… get the inside info of storm ahead and stay in to take the losses with everyone else… LOL Their behavior was logical.

    Some investors now note that Mr. Madoff maintained several accounts with JPMorgan Chase, and wonder if the parent bank saw trouble brewing in those accounts and got its London affiliate out of Fairfield before the storm hit.

    JPMorgan Exited Madoff-Linked Funds Last Fall
    http://www.nytimes.com/2009/01/29/business/29madoff.html?_r=1&ref=business

  23. Ch 2 Syllabus

    The insolvency of OLINT.
    Is OLINT insolvent?
    Have the members been informed as to the solvency of OLINT?
    Why? Why not?

    BUSHMASTER prepare the relevant class materials for Chapter 2.

  24. Has anyone seen this video of David Smith and Carlos Hill. Two of the ‘smartest’ dudes you will ever see on video. Watch the video.

    http://www.msnbc.msn.com/id/28910027/

  25. It took a while and following a 50 minute wait for the processing to be completed, the bespectacled gangster, dressed in a crisp dark suit, emerged from a glass door on the western wing of the police building with his lawyer David Rowe by his side.

    Their is that lawyer name again – David Rowe
    http://www.radiojamaica.com/content/view/15245/26/

  26. On Wednesday morning (Day 12), Sir Robin heard arguments as to why the identity of the source of certain monies to Michael Misick and the PNP should not be identified. Norman Saunders Jr. representing the PNP attempted to make an argument that due to certain constitutional rights of privacy, the names should not be disclosed. On conclusion of hearing the arguments, Sir Robin ruled that the arguments had no merit and that the identities would be made public.

    http://www.tcijournal.com/index.php?idsub=883&id=8

  27. Sirach

    I have been waiting on DS or Olint to appear in the inquiry and was sure that he was in the
    SAUNDERSHIDDEN PACK

    “Norman Saunders Jr. representing the PNP attempted to make an argument that due to certain constitutional rights of privacy, the names should not be disclosed”

    now the names are disclosed I READ & READ NO DS!!!! what is hapening SIRACH?????

  28. noctoec.

    And to believe those asses tricked us and took our money . millions of dollar!!! WE MUST HAVE THE IQ OF THE TREE

  29. You tell us L&LL.

  30. Why so impatient L&LL.

  31. Why not the easy way L&LL? David Smith can just say no. The Belongership just arrived in his mailbox.

  32. “I believe that is a pretty good rhetorical question that needs to be answered.”

    http://www.jamaica-gleaner.com/gleaner/20090130/business/business3.html

    Coming with some rhetorical questions for you soon Mr. Shaw

  33. “How is that being inhibited by disclosure of the fact that people give it donations?” Commissioner Sir Robin Auld QC asked.

    “It is — the sources of its donations are being publicly aired, which will cripple its ability to function in the future,” replied Saunders.

    “You mean unless it is paid lots of money, it can’t express its views in that form publicly, is that the argument?” Sir Robin said.

    “Yes, sir,” Saunders responded.

    Saunders also submitted that, even if the documents in question had been properly produced initially, the PNP had now changed its mind and had withdrawn any consent for their production.

    http://www.tcinetnews.com/news-990–2-2—.html

    What a lot of changing of minds at this stage. Change of mind for Privy Council……much changing of minds coming to Jamaica soon.

  34. http://wiv4.wordpress.com/

    What say you L&LL David and Ttacey Smith have no record of payments? Let us hear your answer from NOW L&LL.

  35. Sirach,

    What has the current corruption probe in TCI has got to do with Olint and or its investors.

    What is the relevance, as after at least over a dozen testimonies, there has yet to be any smoking gun coming out of over 2200 pages of documents.

    This is like watching paint dry, … waiting….waiting…waiting

  36. Live&Letlive, Said: noctoec.And to believe those asses tricked us and took our money . millions of dollar!!! WE MUST HAVE THE IQ OF THE TREE

    I had a big chuckle on your comment about the tree. It is very telling you would make that comment. Manny many months back before these things collapsed, my very first comment on these blogs was like this…
    Anyone who would invest in these schemes or “clubs” or believe they are generating that kind of earnings. … well I have a Tree in my yard that has more sense than you. 🙂

  37. Nocotec:

    Live&letlive would not remember that quote, it was said on the cashplus blog and if I remember correctly, there is a component of that quote that is missing….the part about the tree is smarter because at least it can differentiate between the four seasons!!!!!

    The quote goes better with the “operation of the pant zipper” comment.

  38. Its interesting to see the elite list of persons who invested particularly with Olint.

    These include financial analyst, some of who speaks on a regular basis about economic matters affecting the country.
    Financail controllers who seems to have place a good portion of their company funds into the ponzi.

    Some of the names of “who is who” in the corporate/social circle also on the client list.

  39. DaveSin:

    Yes it did include the knowledge of the 4 seasons 🙂

  40. Jay:

    Although in fairness this madness by people who are in positions where great knowledge of financial matters is required and many others and even countries depend on them for such assumed knowledge… is not limited to Jamaicans. Look at the revelations yesterday that 2 former CEO’s of Merill Lynch and CFO’ and other high ranking executives invested with Madoff. Little wonder then that Ja or Wall Street is in such crisis.

    One of the interesting things about unbridled greed is that it often afflicts even those who should have known better. Long timers like yourself know how much I admire Buffet’s philosophy… but consider this… In the early days Buffet was very secretive and did not do much disclosure. I would not have invested with him back then… and yes I would have missed out on much of the growth form getting in early. But investing without full knowledge is not worth the risk. Those that fall for scams believe in taking a chance in the face of lack of disclosure, ignoring all the warning signs in the process.

  41. The Madoff crises in some ways turned the modus operandi postulated by some on its heads.

    People were told by many financail wizards, that you should invest in a fund that offer:
    1. Steady and consistent returns over time.
    2. Does not have wild swings in its earning pattern.
    3. Competent fund managers that does not take too much risk.

  42. Hello guys

    Just weighing in on the discussion.
    Since I have adjusted my trading style, I have since been seeing profits, consistently. This came as a big surprise to me because I thought deep down it was not possible, especially after reading all the negative commentaries.
    Imagine Mr Smith’s success then because he knows far more about currency trading than me, I would believe.

    Just 3 question!!
    1-What if after all this time, it is proven that Mr Smith was truly a very good trader and those returns he posted were real?
    2-What if he really has the money that he said he has?
    3-What would you say then?

  43. FXTrader:

    And what if 1 Yen was worth more than one US dollar… bet a lot of companies would make a lot of money and export a lot….blah blah.

    Your inane suggestions makes me question the veracity of the profit claims you have been making. DS was not trading fx to generate any kind of returns. The tree in your backyard knows more about fx trading than DS. His experience with foreign currency is limited to a cambio like dealer buying and selling US. He used this experience to claim Fx trading experience and a lot of people bought his crap.

    There is very little money left and the dude was running a ponzi scheme. Your trick of trying to claim how much profit you made followed by trying to imply how the ‘expert’ DS could have done even better did not work. So try something else.

  44. fx trader, you were slowly buildng some credibilty, now it seems clear that you were doing this in a calculated move to enter this “DS is an expert trader” nonsnse through the back door. like nocotec, i too now question the veracity of your claims. damned nonsense!
    you have outed yourself. you are nothing more than a kool aid drinker who refuses to remove the masive scale from your eyes. like the others you will end up being taken again if another jim jones, err david smith or carlos hill comes on the scene. or better yet, you may be trying to build a foundation for yourself to emerge as the next self professed expert.

    the # 4 bus awaits you.

  45. Ouch, you guys play rough.
    No further arguments from me (smile)

  46. With a name like “FXTrader,” I would expect you to have more sense than your comments above. There is no way under God’s earth that DS could have generated these “fantastic” returns as posted on his members’ statements.

    As an IT person and an active FX trader myself, I could see how DS easily pulled this off. To track members [customers] in a database is very easy and cheap to produce. If DS has just a little database and reporting skills, he could actually pull this off without using an IT consulting firm.

    The FX market is complex and the highest RISK market of all financial markets and will tame even the best traders (Hedge Managers) in the world.

    And I know from experience that DS could not generate the results he claimed to have generated on paper.

    This was a Ponzi Scheme and is very sad.

  47. …I might add that DS’ claims were statistically impossible.

  48. Pipsologist

    Given the way I traded, I can easily get 10% return from a single trade. So it was gratifying to have more than doubled my account for this month (combination of winning and losing trades).

    Are you saying that given the leverage available in the market, that Mr Smith couldn’t even place say 10 trades yielding say 2% on average, hence getting 20%?

    Also, his reported returns were above and below 10% over successive months, not the solid 10% I hear from time to time.

    While you compose your answer, please bear in mind that while it is mathematically possible, if statisitically it is a stretch, then something sinister is happening in the currency market.

    NB
    I am not defending Mr Smith, I am just exploring the possibility of him being right.

  49. FXTrader:

    I won’t be as harsh on you as these other guys, but I did ask you a bunch of questions a week ago, but you cleverly side step them. I will ask you again: how do you know that DS was even a competent trader like YOURSELF? If we assume he was making those types of gains, what is the problem why he cannot pay his “investors” any money from as early as November 2007?

    Just like building your account, if you want to regain your credibility on this blog, stay away from the type of questions you posed above. Even the diehard Olint defender has abandoned the DS train or is it bus. The TCI investigation has only provided DS with temporary cover. The inevitable is already at hand……show me the money!

  50. Davesin

    Sorry if I sidestep the questions you ask, but I can’t recall seeing them.

    If making the gains I claim makes me a competent trader, then that’s ok (for now). But I don’t consider myself to be anywhere near a competent trader. Regardless of how good or bad things turn out, I personally am glad that Mr Smith brought FX trading to the attention of Jamaica.

    I honestly don’t know the details or inner workings of Mr Smith, other persons can speak to that. So I can’t prove that his returns are real. Like everybody else, I gladly accepted it.

    I don’t know why he has not been able to pay since Nov2007, although I know of a few people who got money in Jan2008. So I can only repeat what you said “Show me the money”, cause I would be glad for some right now.

    Anyway, I posted the questions because I was real excited to have an excellent trading month and thought then that it must be possible for Mr Smith to make anywhere from 10% to 20%. So if those questions upset anybody, I will try and stay away from them. (Scouts Honor)

    Anyway, I am looking forward to having another excellent month in February, but no promises.

  51. The questions are not upsetting because they are somehow not allowed on this blog, or that they break any “code” or anything.

    But instead, the questions betray a level of either intelligence or sincerity that i personally thought that you were above. You have portrayed yourself as a somewhat sophisticated, intelligent sincere guy/girl.
    The last few posts have given me cause to reassess.
    I hope you continue to do well for yourself.

  52. Ditto that Jon!

  53. Perception o(r misperception) is a helluva thing and I understand.

    Nevertheless, I really apreciate your well wishes, and someday hope that everybody can do something (legit and legal) to determine their financial success.

  54. Jay,

    When are you going to work on the UFO Time-Line.

    Listen real hard, don’t tamper with the 4 mil.

  55. posted by kentucky 12/18/2008 10:09:59 PM
    Did something happen between you and martinez ?

    posted by DAVID SMITH 12/18/2008 10:12:39 PM
    NO
    bUT BECAUSE OF THE NFA INQUIRY WE CANT COMMUNICATE RIGHT NOW

    —————

    The NFA is almost done. I think you will have other communication problems.

  56. Nocotec

    I DO NOT KNOW IF DS HAS ANY MONEY! NOW !!!!

    I KNOW THAT UP TO EARLY 2007 DS TRADED ON THE FOREX MARKET AND ENJOYED GREAT SUCCESS

    AT JMMB DS WORKED AS A FOREX TRADER NOT A CAMBIO CLERK. THE DEPT WAS VERY SUCESSFULL

    Nocotec you sound frustrated with the no money situation try some trading. I am able to keep my mortgage up to date with my own efforts

    SIRACH yuh too bright for me I do not understand the part DS has been playing in the TCI inquiry OR HAS HE BEEN SCRIPTED OUT OF THE SHOW!!!!

    Blessings FX Trader!!!!

  57. There is a saying in our Islands, “Thief from thief make God laugh”; I am not saying that this is what is happening, it is too early to tell, but I thought I did hear laughter coming from the sky yesterday.

  58. Trinidad financail markets in trouble as Gov moves to bail out Clico.
    They made the very same mistake Jamaica made in the 1990’s.
    http://www.trinidadexpress.com/index.pl/article_news?id=161432370

  59. Jamaican investors are sitting on billions that are sitting on Gov paper, time to put it to good use.

    In the 1990’s cash rich Trinidad purchased a tremendous amount of Jamaican troubled assets during the crises.

    Its now time for Jamaicans to do the same in return, buy up these assets at bargain prices. Clico is a huge financial company.

    Lets see what happens from our lazy cash rich investors.

    I bet they will not see the opportunity

  60. AMLT
    here is a saying in our Islands, “Thief from thief make God laugh”; I am not saying that this is what is happening, it is too early to tell, but I thought I did hear laughter coming from the sky yesterday.

    BE CAREFULL that IS NOT BAD MIND A TEK YOU OVER and you think is God laughing. Not all rich people are rich becuase we are poor…..

  61. Sorry for the quote. Those are not my words.

  62. Live&Letlive, on January 31st, 2009 at 1:14 am Said: ….”I DO NOT KNOW IF DS HAS ANY MONEY! NOW !!!!

    I KNOW THAT UP TO EARLY 2007 DS TRADED ON THE FOREX MARKET AND ENJOYED GREAT SUCCESS

    AT JMMB DS WORKED AS A FOREX TRADER NOT A CAMBIO CLERK. THE DEPT WAS VERY SUCESSFULL.”……….

    Live&Letlive:

    Could you provide any concrete proof that he traded Forex up to early 2007?

    Also, if he was such a great trader, making lots of money for JMMB, why was he FIRED? All the information points to him doing only Cambio-like activities….if you have any info to the contrary, could you share it with the rest of us?

  63. STUART MAN SENTENCED TO 9 YEARS IN PRISON IN FOREIGN CURRENCY INVESTMENT SCHEME
    January 30, 2009

    FOR IMMEDIATE RELEASE

    R. Alexander Acosta, United States Attorney for the Southern District of Florida, Betty N. Stewart, Acting Special Agent in Charge, Internal Revenue Service, Criminal Investigation Division, and Jonathan I. Solomon, Special Agent in Charge, Federal Bureau of Investigation, announced that defendant Frank DeSantis, 40, of Stuart, F, was sentenced today by U.S. District Court Judge Daniel T. K. Hurley to 108 months’ imprisonment, followed by three years of supervised release on each count of conviction, on charges of conspiring to commit mail and wire fraud and conspiracy to defraud the Internal Revenue Service. Restitution will be determined at a later date……………..

    http://www.usdoj.gov/usao/fls/PressReleases/090130-03.html

  64. STUART MAN SENTENCED TO 9 YEARS IN PRISON IN FOREIGN CURRENCY INVESTMENT SCHEME
    January 30, 2009

    FOR IMMEDIATE RELEASE

    R. Alexander Acosta, United States Attorney for the Southern District of Florida, Betty N. Stewart, Acting Special Agent in Charge, Internal Revenue Service, Criminal Investigation Division, and Jonathan I. Solomon, Special Agent in Charge, Federal Bureau of Investigation, announced that defendant Frank DeSantis, 40, of Stuart, F, was sentenced today by U.S. District Court Judge Daniel T. K. Hurley to 108 months’ imprisonment, followed by three years of supervised release on each count of conviction, on charges of conspiring to commit mail and wire fraud and conspiracy to defraud the Internal Revenue Service. Restitution will be determined at a later date ……………..

    http://www.usdoj.gov/usao/fls/PressReleases/090130-03.html

  65. AML

    Did I miss the part where is was proved that DS was not trading forex up to early 2007?

  66. Jay,

    I agree with you 100%. It is time for the lazy Jamaicans to go south into Trinidad and multiply. I wonder if we will be given the same royal treatment that they got from us!

    I am upset about the CLICO/Lascelles deMercado transaction and really disappointed with the McConnells for allowing that transaction.

  67. Michael D. Sullivan, a founder and managing partner of S & P Investment Group, called a meeting at the Westin Hotel to talk to about 150 South Florida investors, many irate at Madoff and all far poorer than they ever dreamed. Several investors interviewed this week said they were referred to Sullivan by local accountants Frank Avellino and Michael Bienes or met him through his membership at Christ Church in Fort Lauderdale.

    In 1992, the Securities and Exchange Commission shut Avellino and Bienes down for operating an unregistered securities firm and made them repay a half-billion dollars invested with Madoff. That same year, Sullivan began putting investor money into funds controlled by Madoff.

    Madoff, considered a Wall Street financial wizard with decades of remarkably high returns, admitted in early December it was all a giant fraud. Prosecutors said Madoff orchestrated a $50 billion ponzi scheme in which all investors were wiped out.

    http://www.sun-sentinel.com/news/nationworld/sfl-flbmadoff0131sbjan31,0,5908852.story

  68. You guys seem to be a little confused about your office locations, corporate names, and officers/owners of Market Traders Institute, Inc. and I Trade FX, LLC.

    Secondly, you guys do not read your paperwork before you sign them.

    According to the Business Tax Receipt of MARKET TRADERS INSTITUTE INC, ISAAC MARTINEZ is Owner(s)/Officer(s), but on the State of Florida corporate records you are nowhere to be found.

    According to the Business Tax Receipt of MARKET TRADERS INSTITUTE INC, your business address is
    400 COLONIAL CENTER PKWY STE #350
    LAKE MARY, FL 32746,
    but on the State of Florida corporate records you are at
    255 PRIMERA BLVD STE 230
    LAKE MARY FL 32746.

    Between 7/7/08 and 7/21/08, MR ISAAC MARTINEZ was taken off and replaced with MR JACOB MARTINEZ as register agent of MARKET TRADERS INSTITUTE INC on the State of Florida corporate records with an address of
    400 COLONIAL CENTER PKWY STE #350
    LAKE MARY, FL 32746.

    According to the Business Tax Receipt of I-TRADE FX LLC, ISAAC MARTINEZ is Owner(s)/Officer(s), you are located at
    400 COLONIAL CENTER PARKWAY #300
    LAKE MARY, FL 32746,
    but on the State of Florida corporate records you DO NOT EXIST as a LLC or Fictitious Name.

    According to the State of Florida corporate records of I TRADE FX, LLC, you are located at
    400 COLONIAL CENTER PARKWAY STE 300
    LAKE MARY FL 32746
    with MR ISAAC J MARTINEZ as registered agent located at
    255 PRIMERA BLVD SUITE 230
    LAKE MARY FL 32746 US.

    For any new people reading this, Market Traders Institute, Inc. and I Trade FX, LLC. moved to
    400 COLONIAL CENTER PKWY
    LAKE MARY, FL 32746
    in the first half of 2008 and we are currently in 2009.

    Lets now look at Jared Martinez and Jacob Martinez as they do not read the legal papers before they sign it. On 7/7/08 Jacob and Jared signed the STATEMENT OF CHANGE OF REGISTERED OFFICE OR REGISTERED AGENT OR BOTH FOR CORPORATIONS on the corporate papers of Market Traders Institute, Inc. In #4 it states Date of incorporation/qualification: 10/20/2007.
    WOW. MTI is only 16 months old.
    Also in #2 it states The principal office address: 255 Primera Blvd Ste 230 Lake Mary, FL 32746.
    WOW. The mind just boggles.

    You guys are misspending your 20-40 million USD.

    Sources:
    “http://www.seminoletax.org/dev/BTR/occpayres1.asp?AccountID=153266”
    “http://www.sunbiz.org/scripts/cordet.exe?action=DETFIL&inq_doc_number=P02000019255&inq_came_from=NAMFWD&cor_web_names_seq_number=0000&names_name_ind=N&names_cor_number=&names_name_seq=&names_name_ind=&names_comp_name=MARKETTRADERSINSTITUTE&names_filing_type=”
    “http://www.seminoletax.org/dev/BTR/occpayres1.asp?AccountID=154330”
    “http://www.sunbiz.org/scripts/cordet.exe?action=DETFIL&inq_doc_number=L05000072683&inq_came_from=NAMFWD&cor_web_names_seq_number=0000&names_name_ind=N&names_cor_number=&names_name_seq=&names_name_ind=&names_comp_name=ITRADEFX&names_filing_type=”

  69. Am I now blocked?

  70. You guys seem to be a little confused about your office locations, corporate names, and officers/owners of Market Traders Institute, Inc. and I Trade FX, LLC.

    Secondly, you guys do not read your paperwork before you sign them.

    According to the Business Tax Receipt of MARKET TRADERS INSTITUTE INC, ISAAC MARTINEZ is Owner(s)/Officer(s), but on the State of Florida corporate records you are nowhere to be found.

    According to the Business Tax Receipt of MARKET TRADERS INSTITUTE INC, your business address is
    400 COLONIAL CENTER PKWY STE #350
    LAKE MARY, FL 32746,
    but on the State of Florida corporate records you are at
    255 PRIMERA BLVD STE 230
    LAKE MARY FL 32746.

    Between 7/7/08 and 7/21/08, MR ISAAC MARTINEZ was taken off and replaced with MR JACOB MARTINEZ as register agent of MARKET TRADERS INSTITUTE INC on the State of Florida corporate records with an address of
    400 COLONIAL CENTER PKWY STE #350
    LAKE MARY, FL 32746.

    According to the Business Tax Receipt of I-TRADE FX LLC, ISAAC MARTINEZ is Owner(s)/Officer(s), you are located at
    400 COLONIAL CENTER PARKWAY #300
    LAKE MARY, FL 32746,
    but on the State of Florida corporate records you DO NOT EXIST as a LLC or Fictitious Name.

    According to the State of Florida corporate records of I TRADE FX, LLC, you are located at
    400 COLONIAL CENTER PARKWAY STE 300
    LAKE MARY FL 32746
    with MR ISAAC J MARTINEZ as registered agent located at
    255 PRIMERA BLVD SUITE 230
    LAKE MARY FL 32746 US.

    For any new people reading this, Market Traders Institute, Inc. and I Trade FX, LLC. moved to
    400 COLONIAL CENTER PKWY
    LAKE MARY, FL 32746
    in the first half of 2008 and we are currently in 2009.

    Lets now look at Jared Martinez and Jacob Martinez as they do not read the legal papers before they sign it. On 7/7/08 Jacob and Jared signed the STATEMENT OF CHANGE OF REGISTERED OFFICE OR REGISTERED AGENT OR BOTH FOR CORPORATIONS on the corporate papers of Market Traders Institute, Inc. In #4 it states Date of incorporation/qualification: 10/20/2007.
    WOW. MTI is only 16 months old.
    Also in #2 it states The principal office address: 255 Primera Blvd Ste 230 Lake Mary, FL 32746.
    WOW. The mind just boggles.

    You guys are misspending your 20-40 million USD.

  71. The transactions you are entering into with i-Trade FX, LLC (ITFX) are not traded on the exchange. Therefore, under the U.S. Bankruptcy Code, your funds may not receive the same protections as funds used to margin or guarantee exchange-traded futures and options contracts, which receive a priority in bankruptcy.

    Notice to Traders

    This agreement is a Legal Contract; please read it carefully.

    This is a legal contract between i-Trade FX, LLC under the laws of the state of Florida, its successors and assigns, and the party (or parties) executing this document.

    ——–

    Man, the misrepresentation continues. I think your officers and lawyers have flunked law school.

    (i-Trade FX, LLC) is not a legal entity in the State of Florida. (i-Trade FX, LLC) is not registered with the National Futures Association.

  72. Jay, on January 29th, 2009 at 8:23 pm Said:
    It took a while and following a 50 minute wait for the processing to be completed, the bespectacled gangster, dressed in a crisp dark suit, emerged from a glass door on the western wing of the police building with his lawyer David Rowe by his side.

    Their is that lawyer name again – David Rowe

    TRACEY,TRACEY !!!! You have been warned not to underestimate the brilliance and determination of King David. Try your best not to get the King or his clients uptight.
    The troops are assembling; their leader just arrived !!!
    Do you really want to go down this road?
    Do you understand when the shots start to fire, it will be too late for you and the family?
    You have been warned!!!

  73. http://www.tcijournal.com/index.php?idsub=902&id=8

    Feb. 2, 2009 – What next? Proceeds of Crime Ordinance 2007 – By John Hartley

    Proceedings can start with the charge (NB not the conviction). Everyone who has had the slightest benefit at all from the alleged proceeds is caught by the Ordinance.

    It grabs buyers, sellers, advisers, brokers, lawyers, accountants, bankers, priests, everybody. Sentences of 5 and 10 years are mentioned. All property can be confiscated, not just money, and not just wholly owned property. Absconders face harsh treatment.

    Those being hunted will develop a new, full time and deep relationship with their attorneys, if they are not themselves being pursued.

  74. Is it that in Turks they have a FUNCTONAL judicial system?!

    I wonder, what would it feel like to be in such a country?

  75. At the end of his testimony Mr. Handfield asked to make a short statement. Sir Robin said, “Only a few words”. Mr Handfield replied, “Just a couple of words. The easiest way for evil to prevail is for a good man to do nothing.”

  76. http://www.cftc.gov/newsroom/enforcementpressreleases/2009/pr5608-09.html

    Release: 5608-09
    For Release: February 5, 2009

    CFTC Charges Minnesota Resident Charles “Chuck” E. Hays and His Company, Crossfire Trading, LLC, with Running a $5.5 Million Ponzi Scheme

  77. Rob Rawson/ AML was arrested by Seminole County Sherrif’s office on criminal feloney charges. Rob Rawson has been under investigation for providing false information and making false statements against Martinez’s, ItradeFX and MTI to US Government regulators and officials. He has also been under investigation for posting False information in various Blogs and providing False information to various newspapers. At no time did Rob Rawson have access to any inside corporate or finacial information at ItradeFX, MTI, or Martinez. All Information passed off by AML / Rob Rawson should be looked at as false. the Arrest speaks for itself.

    have a look yourselves.

    http://webbond.seminolesheriff.org/iinfo.aspx?bkg_nbr=200900000978

  78. AML / Rob Rowson has done nothing but send various people, officers and regulators on witch hunts that did nothing more delay the entire process of discovering the truth for everyone. It would be diffrent if AML had money at risk, then he would of had a clear focus to get the money back for himself and investors, rather he has spent countless hours writing false information, painting false picture, and creating informations that has nothing to do with helping investors get thier money back.

    After all, who really can trust a person that constatnly accuses the inocent and ends up in jail Himself.

    see for your self!

    http://webbond.seminolesheriff.org/iinfo.aspx?bkg_nbr=200900000978

  79. Looks like Sirach, Baracuda, The Doctor, Harbor Shark and AML etc….were right.

    It is finally coming home to me that David, Tracey and Wayne Smith and the rest of their family are all a set of damm thieves,

    I was one of those people who believed in David.I even gave him the benefit of doubt by rationalizing his need to extend the pay back time period to March.

    Right now, my head is spinning- I will really have to take what was said on the breakfast club and the other radio programs seriously.

    Does anyone know if plans are in the works for a class action lawsuit against David and/or OLINT.

    I do not have much money left in savings and I certainly can’t afford a legal team like some OLINT members but I would be willing to pitch in with a group and for us to present our facts to a lawyer.

    I am truely disappointed in David. As for his wife- she is no better. They are all a set of thieves. I noted one thing- they found the US $1 million dollars to post bail fast,but for 19 months they have not paid us a red cent!! So much for the audit which was preventing any disbursement of funds!!!!

    Anyone willing to join me /have me join their efforts let me know!!!

    Sincerely,
    Angry/ Disappointed Investor

  80. http://www.jamaica-gleaner.com/gleaner/20090207/lead/lead5.html

    He says the local complaints have not been “of substance”.

    “We would ask if any one feels that they have been defrauded and that they invested money in Jamaica, that they contact the Fraud Squad.”

  81. les green knows why he has to utter those foolish statments. it is because he has to protect those who are providing the protection for DS in Jamaica. Sean Belcher has his contracts, his statements, a well written complaint – in fact – better than any complaint taken by the police in Jamaica. But if Sean goes forwrd, it may bring down too many prominent people. the big joke is that we all know who they are already so I don’t know who the idiot les green think him protecting. only further diminishing the little or no credibility he has. these people have no integrity. from the lawyers, to the judges, to the public servants. is it any wonder why they did not throw them support behind the FSC? They could not because the FSC was about to cut off thier life line adn they woudl have been exposed since 2006.

  82. http://www.sunheraldja.com/article/show/2219

    Let’s bring closure Let’s bring closure

    When one looks back and analyses the performance of the Jamaican economy in 2008, the failed unregulated financial organisations, wickedly nicknamed UFOs after unidentified flying objects supposedly from outer space; when one looks back, the failed easy-money schemes stand out as the most painful experience for thousands of Jamaicans.

  83. “Glenford McLeish has resigned as Managing Director of JMMB Securities Limited effective 31 December 2006…”
    Source: JSE : Jamaica Stock Exchange [www.jamstockex.com]

    http://www.jamaica-gleaner.com/gleaner/19990212/business/b1.html

    Feb 12, 1999

    Supreme Court appoints judicial manager

    http://www.finsac.com/news/newsitems/The%2520Interest-Sensitive%2520Policy%2520Story.htm

  84. http://www.torontocentre.org/Securities/Default.aspx

    “The opportunity to analyse and present a position on a regulatory matter under simulated pressure has improved me considerably. I could hardly believe that in a week as individuals we could be so changed by a development experience. I have walked away from here more cognizant of the huge responsibility that I bear as a regulator and how more equipped I am through the leadership program of the Toronto Centre.”
    Glenford McLeish, Senior Director, Securities Division, Financial Services Commission

  85. This is Jamaica’s definition.

    WHAT IS MONEY LAUNDERING
    Money laundering is the process of distancing the proceeds of crime from the crime itself in a way that conceals its illicit origin and puts it back into the legitimate economy under the control of the criminal. It can be simply defined as the process to make illegally acquired money look as if it were acquired legally. Under Jamaican law this process includes:
    • Engaging in transactions that involve funds derived from narcotic crimes
    • Acquiring, possessing, using, concealing, disguising, disposing of or bringing such funds into Jamaica
    • Converting or transferring such funds
    • Removing such funds from Jamaica
    All procedures to conceal the origin of criminal proceeds so that they appear to have originated from a legitimate source, is covered under the phrase, “money laundering”. This gives rise to three features common to those engaged in such criminal conduct; namely that they seek to:
    (i) conceal the true ownership and origin of criminal proceeds;
    (ii) maintain control over such proceeds; and
    (ii) change the form of these proceeds.
    Traditionally, money laundering has been associated with organised crime activities and narcotics trafficking. More recently, however, law enforcement and the public at large have realised its strong association with terrorism, illegal arms dealing, bribery, embezzlement, insider trading, child slavery and a plethora of other serious crimes.
    Money laundering can take many different forms. The experience of regulators in this area has revealed that whatever method is used, there are usually three fundamental stages of money laundering. Where all stages are achieved they occur in sequence but there is often some overlap of the stages. The three stages are placement, layering, and integration.

    Placement
    This is the first stage in the process involving the physical disposal of criminal proceeds into financial institutions or other business establishments. In the case of many serious crimes, the proceeds take the form of cash that the criminal wishes to place in the financial system, and so placement entails converting the cash into other forms of assets or financial instruments. Often, illicit cash is co-mingled with deposits from a legitimate front business such as gas stations, restaurants, and casinos.
    This is the stage where the criminal organisation is most vulnerable to detection and confiscation of assets, and where financial institutions can help prevent “dirty” cash from entering the financial system.
    Placement may be achieved by a wide variety of means, according to the opportunity afforded to and the ingenuity of the criminal and his advisers. Typically, it may include:
    · placing cash on deposit at a deposit taking institution (often intermingled with a legitimate credit to obscure the audit trail), thus converting cash into a readily recoverable debt; or
    · physically moving cash between jurisdictions; or
    · making loans in cash to businesses which seem to be legitimate or are connected with legitimate businesses, thus also converting cash into debt; or
    · purchasing high-value goods for personal use or expensive presents to reward existing or potential customers; or
    · purchasing the services of high-value individuals; or
    · purchasing negotiable assets in one-off transactions or
    · placing cash in a client account of a professional intermediary.

    Layering and Structuring (also referred to as the “Onion Effect”)
    This is the stage where money laundering is most difficult to detect and investigate, and involves the separation of criminal proceeds from their source, by the creation of layers of transactions designed to obscure the audit trail and to provide the appearance of legitimacy. However, this is also the stage where cash is first separated from its illicit source and where the paper trail begins. In order to disguise or obscure the paper trail, there may be a series of simple or complex financial transactions that distance the cash from the crime. Advantage is taken of various differences in legal systems and business practices around the world to create anonymity of the beneficial owner of the cash.
    Layering may also be achieved by a wide variety of means according to the opportunity afforded to, and the ingenuity of the criminal and his advisers. Typically, it may include:
    • rapid switches of funds between deposit taking institutions and/or jurisdiction;
    • use of cash deposits as collateral security in support of legitimate transactions; or
    • switching cash through a network of legitimate businesses and “shell” companies across several jurisdictions
    • re-sale of good / assets

    Integration
    This third stage is where illicit funds are returned to the economy with the “appearance” of legitimacy, so that the criminal proceeds are treated as legitimate. If layering has succeeded, integration places the criminal proceeds back into the economy in such a way that they appear to be legitimate funds or assets. The paper trail has been obscured in such a way as to make “dirty” money virtually indistinguishable from legitimate income and can easily re-enter the financial system without raising suspicion.

    Vigilance Procedures
    The criminal remains relatively safe from vigilance procedures while criminal proceeds remain static. Certain points of vulnerability have been identified in the stages of laundering which the launderer finds it difficult to avoid and where his activities are therefore more susceptible to recognition. Some of these are:
    • cross-border flows of cash
    • entry of cash into the financial system;
    • transfers within and from the financial system;
    • acquisition of investments and other assets;
    • incorporation of companies;
    • formation of trusts.
    Accordingly, vigilance procedures require financial institutions and their employees to be most alert at these points along the audit trail where the criminal is most actively seeking to launder – that is, to misrepresent the source of criminal proceeds.
    Financial services institutions have become the major targets of money laundering operations because of the variety of services and investment vehicles offered that can be used to conceal the source of money. Laundering poses significant reputational and financial risk to these entities, as well as the risk of criminal prosecution if entities become involved in laundering the proceeds of crime.

  86. Jamaica

    Proceeds of Crime Act 2007

    People of Jamaica(Olint members) cannot reclaim what is their property when a civil lawsuit stands in the way of Proceeds of Crime Act 2007.


    The attorney for investment club, Olint today submitted in the Court of Appeal that a cease and desist order should not have been issued against the company as it did not breach any Jamaican law.

    Lord Anthony Gifford is representing Olint in the appeal it has brought against a Supreme Court ruling, which upheld a cease and desist order issued against it in March 2006.

    This gives the people/government a right to after the property, money, and any assets.

    Think about it, the people can own a Turks and Cacios bank, Smith’s houses, the Martinezes’ houses and other item, Martinez’s businesses(when liquidated worth 15 million USD cash)(be quick because the U.S. government wants a piece of it), and be part owner or owners of a cool company named Cool Corp.

  87. Jamaican Proceeds of Crime Act 2007

    This gives the people/government a right to go after the property, money, and any assets.

  88. http://www.jamaica-gleaner.com/gleaner/20051201/business/business1.html

    Kris Astaphan quits National Commercial Bank(NCB)

    NATIONAL COMMERCIAL Bank’s (NCB) deputy chairman Kris Astaphan resigned from all his directorships held in the NCB Group of Companies, the Jamaica Stock Exchange stated yesterday.

    The resignation took effect yesterday. Mr. Astaphan is the executive vice-president of Canadian fund management company AIC Ltd., the parent company of NCB. He was the point man in NCB for AIC chairman and chief executive officer Michael Lee-Chin, travelling non-stop between his home in Canada and his duties in Jamaica.

    Canada-based Mr. Lee Chin is the chairman of NCB Jamaica Limited.

    Mr. Astaphan is deputy chairman of the AIC Financial Group (Trinidad). He was chairman of NCB Capital Markets Limited and NCB (Cayman) Limited. His other directorships included NCB Insurance Company Limited, West Indies Trust Company Limited and Jamaica Promotions Corporation Limited.

    http://www.jamaica-gleaner.com/gleaner/20051207/business/business4.html

    Peter Lawson quits Dyoll

    Peter Lawson, former senior vice-president of marketing at AIC (Canada) Limited, is to play a new role with the company. Here he performs during a piano recital at Alvernia Prep School in St. Andrew last December. – CARLINGTON WILMOT/FREELANCE PHOTOGRAPHER

    ON THE heels of the abrupt departure of Kris Astaphan, former deputy chairman of National Commercial Bank Jamaica Limited (NCB) and AIC Financial Group Limited, another high profile member of the NCB/AIC family has also exited the Jamaican corporate scene.

    On Friday, chairman of Dyoll Group Limited and senior vice-president of international marketing and strategy of AIC (Canada) Limited, Peter Lawson, resigned with immediate effect as chairman of Dyoll, a post he held since June 2004.

    There was no official reason given for Mr. Lawson’s departure – announced in the midst of an NCB executive retreat.

  89. http://www.jamaicanap.com/news013.html

    Dean Panton founded JNAP in 2003. Its board comprises Kris Astaphan as chairman, Drum Drummond as corporate secretary, in addition to Gassan Azan, Paul Hoo, Gary Foster, Barry Walsh and Dean Panton.

    Local telecommunications company, Jamaica Network Access Point Limited (JNAP) is fiercely competing with Michael Lee Chin’s FLOW to bring Internet, cable and telephony services in one package to the homes of Jamaicans.

    JNAP, through its subsidiary DirectConnect (its retail arm), has formed a consortium with cable TV operators (including Entertainment Systems, Jamaica Cable Vision and Stars Cable Company) to offer triple-play services and products under one brand name, ‘ONE’. The idea is to create an island wide network that offers cable TV while also providing Internet and telephone solutions. DirectConnect is designing its super digital TV Headend to also provide Digital TV to all the homes serviced by the cable operators in Jamaica.

    http://www.jamaicaobserver.com/magazines/Business/html/20041130T220000-0500_70569_OBS_WHY_HILL_QUIT_HIS_US___M_JOB.asp

  90. “Over to you. One love, Joey”
    “One Love. Don”

    Do we have a cult going on?

    One Love? What money? Is it DS? Who is the cult leader?

  91. Is case will be referenced for decades to come.

    I am monitoring the outcome.

    The TCI was affected by this scheme as well.

    Where did we go wrong in the due diligence process?

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