January 9th is here…

“January 9th is basically upon us..” echos Cullkull, a member of the INVESTFORLIFE community. He went on the place his bets on what will happen after January 9th.

“My bet is that the carrot will move to about March/April..
so I guess a lot more prayer vigil will keep etc.. but by time March/April come, there will be some new excuse and the carrot on the stick will move to around Aug/Sept.”

January 9, 2008 is the date when the court in the Turks and Caicos  is expected to rule on Olint and David Smith’s holdings in that country. These assets have been frozen since July 15, 2008 following raids by the Turks and Caicos Financial Crimes Unit.

Olint, the troubled Unregulated Financial Organisation(UFO) has reportedly not paid its investors for close to or little more than 1 year, outside of a rumours that a lucky or privileged few were in early 2008. In its hey day, OLINT paid an average return of around 10% per month.  After being issued cease and desist orders by the FSC in Jamaica, Olint shift operations overseas and apparently depended primarily on inflows from feeder clubs spread all across the Caribbean and the United States. (see related link below).

Since the delays in payments, efforts by many investors to recover the principal or a portion there of has so far turned out to be futile. Some have turn to lawsuits while others to prayer. Indeed a large section of church in Jamaica support and gave legitimacy to many of the UFOs operating in Jamaica particularly OLINT. Those clubs included Lewfam led my prominent and respected church man, Major Neil Lewis.

The role the MTI played is still up to question. Are the innocent or is there more to the story? I Trade- FX a company owned by the principals  MTI ran into problems with the NFA with David Smith’s Olint along with May Daisy  being named in the complaint.

The impression is being given that once the court rules in David Smith’s favour, money will somehow start to roll. Prophet Phinn appears to one those spreading that ‘vision’. What do you bloggers think will happen today?” We now await the court ruling.


Phinn Promises again

Once again Dr Phillip Phinn is promising something but this time the magic number is not seven but nine. According to a Jamaica Observer report, repayments of prinicipals who held investments in the Faith International Investment, operated by Phinn, will begin in March 2009. The payments will be over a nine month period and end nine months later in December 2009 ‘. Here is a quote.

AT the beginning of the New Year, hundreds of Jamaicans have received joyful news that the millions of dollars they had ploughed into an alternative investment scheme – and thought lost when it crashed – will be repaid over nine months.

The Jamaica Observer’s headline, “Alternative investment Joy”, is misleading to say the most. How can you count your chickens before the hatch? how does Phinn know there is enough money to pay investors back their principals?

Reading the article further you will see just how a misleading a sick piece of journalism, if it can be call that, is being presented by the Jamaica Observer.

A direct quote attributed to a cirucular sent to members on December 23, 2008 reads,

“There is a possibility that the payment schedule could be shortened and the monthly payouts increased if a significant amount due to our trader from a foreign jurisdiction is released anytime soon,”

How does possibility equal definite which translates into Alternative Investment Joy? In appears that most of the money collected Faith International Investment was invested in with David Smith’s Olint operations.

One thing the circular apparently did make clear is that no interest will be paid.

Phinn was not the only Jamaican church leader wrapped up in the Unregulated Investment Schemes and led their flocks along. They might see just see this as cause for rejoicing but 

Prophet Phinn had prophesied the Portia Simposon Miller would have won the 2009 Jamacan general elections orginially set to be held on August 27,2007  but was delayed to the the 3rd or the ninth month of the year 2007. The official results had Portia losing but with pending dual citizen cases it possibly is not over yet.

N.B. : Interestingly in an April 2008 report, Reverend Phinn disassociates himself from unregistered investment scheme called .... It appears the report got the name wrong it should have been Phillip Phinn Ministries International Limited