Ruth Madoff could be left with nothing.

The USA government is hell bent on ensuring that Maddoff wife gest next to nothing and hence does not profit from the the proceeds of her husband crimes.

NEW YORK, USA – Prosecutors probing Bernard Madoff’s massive fraud are determined to leave his wife with almost nothing after telling a Manhattan court that they consider more than US$100 million in assets, most of it listed in her name, the fruits of her husband’s crimes.

http://www.jamaicaobserver.com/magazines/Business/html/20090317T190000-0500_147730_OBS_IF_GOVERNMENT_GETS_WAY__RUTH_MADOFF_GETS_NOTHING_.asp

Question?

Are there any lessons here for investors who have been defrauded by Olint, CashPlus & Worldwise.

Are there any lessons here for Jamaican and TCI  authorities.

This is how things should be done, but the slow pace of justice in the banana republic’s will almost certainly ensure that these crooks get away with there crimes.

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30 Responses

  1. No one is getting away.

  2. Even Betty Ann Gordon’s real estate bought with Olint funds will be captured.

  3. http://64.62.146.166/

    Seems to be up again.

  4. Neveranidiot

    Betty would be so glad because the mortgage she has on the house is much more than the value of the house. LUCKY GIRL

  5. Special Civil Recovery Unit to Recover Public Assets: Not only provide a secure office (remember those fires folks) but staff an office of individuals to recover assets civilly via the Attorney General’s Chambers. Of course I am going to assume Kurt de Freitas won’t be occupying any Chambers himself. The office is to begin the “early freezing or recovery” of land and/or assets pending recovery. They will use interim injunctive relief both in the Territory and worldwide. Go get ‘em!

    Special Criminal Recovery Unit to Recover Public Assets: In contrast to civil procedures to recover assets, it is recommended a secure and staffed office under the Attorney General’s Chambers have a recovery and confiscation team to take parallel proceedings for recovery with the civil team. So, if you have Crown land with fingerprint dust on it, don’t get too attached to it. And don’t try to convey it to your brother’s uncle on your wife’s aunt’s side of the family to hide it.

    So boys, and you know who you are out there. The Tax Man cometh to you soon for those discounts you thought were so great at the time. Get your checkbooks out.

    Furthermore, the Governor can use an “International Flying Squad” of UK experts to come in and effect a new “accountable system of governance and control at all levels, including departmental and island administrators (yes, Candy Herwin, maybe there is a God out there) and public boards, commissions, etc.”

    Now, as a result, all purported political parties, it is recommended, should be required to register as such with an authority such as the Integrity Commission and maintain accounts disclosing the names of contributors.

    Criminal Trial by Judge Alone: Now we get into some interesting concepts here. The Governor, if so advised, could suspend the Constitution such that a provision for the introduction of Special Courts or special court procedures, making trial by judge alone for cases where trial with a jury would risk impairment of the administration of justice.

    The right to trial by jury at the option of the defendant would be gone. For example, there is a provision of trial by judge alone in cases of serious and complex fraud where there is a concern for jury tampering

    Appointment of a Special Prosecutor: Sir Robin recommends that if trial be by judge alone, then the Governor should appoint a Special Prosecutor for any prosecutions resulting from police investigations engendered by the Commission’s Final Report. This Prosecutor should be supported by a team of prosecutors and investigators, including forensic accountants and those specializing in fraud. They should come from outside the TCI in the main.

    http://www.tcijournal.com/index.php?idsub=1119&id=8

  6. Looks like the “experts” in Jamaica are going to be schooled on the Olint case. Everything right out in the open.

  7. Madoff’s accountant arrested, released on US$2.5m bail

    Helped fool investors

    Federal authorities are turning their attention to people they believe helped Madoff fool 4,800 investors into thinking their investments were safe.

    Prosecutors said Friehling essentially rubber-stamped Madoff’s books for 17 years, serving as Madoff’s auditor from 1991 through 2008 while he worked as the sole practitioner at Friehling and Horowitz. He was paid a tidy sum by Madoff: Prosecutors said he made between $12,000 and $14,500 a month from 2004 to 2007. That amounts to $144,000 to $174,000 a year.

    Authorities said that, if Friehling had done his job, Madoff’s financial statements would have shown his company owed tens of billions of dollars to his customers and was insolvent.

    Prosecutors said he made between $12,000 and $14,500 a month from 2004 to 2007. That amounts to $144,000 to $174,000 a year.

    http://www.jamaica-gleaner.com/gleaner/20090319/business/business2.html

  8. Buy and Hold is dead ask Lee CHin.He is just down to one Billion from 2.5 a year ago.

  9. RSI,

    Lee chin BRUK now! 🙂

  10. AIC Barbados broke?

    I have just learnt that AIC Barbados shareholders cannot be paid, in what appears to be a cash flow problem.
    NCB Jamaica has reported that it has not been affected by the AIC Barbados operations.

    More later.

  11. The global financial recession has hit AIC boss Michael Lee Chin’s operations hard as jittery noteholders of AIC (Barbados) have called in their notes, forcing Lee Chin to liquidate assets to honour his creditors.

    However, Lee Chin remained unflappable, making it clear that he intends to make good and pay out US$170 million on the notes within the next three months.

  12. interesting… will be watching lee chin make money out of thin air closely. Once I learn how, I’ll be RICH!

  13. This once busy forum, laying deadly silent for so long…is this the end? Have people lost interest? Will anybody even read this post?
    I’ll ask it,where is sirach?
    Where is everyone else? No news is good news? I’ll check back in a week.

  14. CALL SPECIAL AGENTS DENISE DAY @ 407-488-3808 AND/OR RONALD RAMOS @ 407-575-5735 IF YOU HAVE INVESTED IN OLINT AND/OR MAY DAISY.

  15. Has anyone heard about the announcement from OLINT to call 32144126851 if you have not been paid?
    Is this a bogus number? To many digits!

    Has anyone heard? A friend said she heard on the radio in Jamaica. Is it really true?

  16. Its way too quiet. Did Higgins warner started paying out in March, whats up with olint? whats up with Lewfam?
    Have you guys given up?
    Pls check in , all comments apreciated..

  17. I guest every one is mentally stressed at this time and is wordering what is next. Every day the news about olint gets more and more worse.

    Wayne is saying the case is August. That does not help anyone. If DS have any money at all he would be paying out the people who are sueing him in order to move forward. It seems the man was living it up on people’s money.

    What next? Prison for DS and all his family

  18. I think the blog has been dead for a long time …it was a few persons posting under different names….

  19. There could be more legal trouble confronting embattled OLINT boss David Smith.

    News has surfaced that the United States (US) Federal Bureau of Investigation (FB) is now investigating Mr. Smith following complaints by Jamaicans living in the US who have invested millions in OLINT.

    Attorney Professor David Rowe, who is representing the investors, told RJR News that the complainants have provided information to US authorities about a US$100 million transfer of funds from the Turks and Caicos Islands (TCI) to a company in the US allegedly connected to Mr. Smith.

    According to Professor Rowe, the US agents are now probing the transfers.

    “That confirmation has led to a multi US task force investigation involving the FBI, IRS (Internal Revenue Service), DEA (Drug Enforcement Administration) & the FAA (Federal Aviation Authority). Some of those special agents have interview individuals that I’m representing in connection with the operations of OLINT,” he said.

    Professor added that most of the investors want restitution of their monies.

    Meanwhile, defence attorney Oliver Smith who is representing Mr. Smith in the TCI, told RJR News that he is unaware of any FBI investigation against his client.

    However, he said the OLINT boss is prepared to challenge any indictment submitted by US prosecutors.

    Mr. Smith was charged in the TCI in February following investigation into allegations of fraud.

    His arrest put a damper on the hopes of OLINT’s investors being refunded their money following the freezing of the company’s assets.

    http://www.radiojamaica.com/content/view/17018/52/

  20. DaveSin,

    How do other investors in Olint contact Professor Rowe if they have lost money in the scheme.

    YF

  21. LAW OFFICES OF
    DAVID P. ROWE
    AND
    ROSEMARIE D. ROBINSON
    110 E. Broward Blvd.
    Suite 1700
    Fort Lauderdale, FL 33301
    Phone: (305) 731-0019
    Fax: (954) 323-8628

    http://www.constitution-and-rights.com/profile-of-constitutional-rights-lawyer.html

  22. Believe me, the U.S. is investigating. I personally turned over all my documents for May Daisy and OLINT to the Dept of Justice in the Middle District of Florida.

  23. LETTER ON WORLD WISE WEB SITE:
    worldwisepartner.com

    2 1/4 Ruthven Road, Kingston 5, Jamaica
    Tel: (876) 754-WISE – 2836-40 / Fax: 754-2835
    email: balances@worldwisepartner.com / customercare@worldwisepartner.com
    April 1, 2009

    Dear Partners,

    This serves to address a recent report by the FSC concerning World Wise Partners Jamaica Limited.

    PAYMENT OF ADMINISTRATIVE EXPENSES/PAYMENT TO PARTNERS

    How do we pay administrative costs while not being able to pay partners?

    The fact is that it has been difficult to make administrative payments to keep the office open and the staff at work as our merchant banking facilities are in fact limited and definitely cannot handle the volume of payments required by the Partner base.

    The payment process that was in place was actually moving in the direction of satisfying Partners, but was however halted as was dictated by the original Cease and Desist Order. World Wise Partners Jamaica Limited requested that the order be changed to allow the Partners to legally close their Accounts. This request has finally been granted by the FSC after five long months. During the months of waiting for the FSC to make this change we have experienced the loss of Partner confidence and a vast amount of goodwill that will now have to be rebuilt at considerable expense.

    World Wise Partners Limited has asked the FSC in the past to make representations on the Partners’ behalf to have an account opened at a local commercial bank. This would have allowed Partners to be satisfied more readily. The FSC responded in their letter of July 21, 2008 that they “have no legal authority to assist any entity to open a bank account,” having crippled our organization by their deliberate publications, they have offered no solutions to this dilemma.

    The FSC throughout last year led a campaign advising the Public that World Wise Partners Jamaica Limited is not regulated by them and the Public should be careful of unregulated schemes. These publications have led to numerous losses in our company including the loss of banking facilities.

    It must be noted that not many entities were able to withstand the kind of assault that we have withstood; we are still here.

    OUR GOAL

    World Wise has remained steadfast in our goal to satisfy our obligations to our partners.

    On Monday 6th of April 2009 in keeping with our mandate as secretary to the various partnerships we will recommence facilitating settlement of the partnership accounts on a scheduled basis. Please note that we will not be able to see all Partners at the same time. This is impossible and can create uncomfortable situations; therefore we will see each Partner by appointment only. Our communication and meetings with you, the Partners, will be aimed at the settlement of your accounts only.

    All Partner accounts will be settled within as reasonable a time as the circumstances allow and in an even quicker time with the co-operation of Partners.

    Patience and confidence in World Wise Partners Jamaica Limited is a requirement. We have not disappeared and are fully dedicated to satisfying Partners.

    We look forward to seeing you and bringing about a conclusion to what has proven a very trying period for us all.

    Yours truly,

    World Wise Partners (Jamaica) Limited

  24. LETTER ON WORLD WISE WEB SITE:
    worldwisepartner.com

    2 1/4 Ruthven Road, Kingston 5, Jamaica
    Tel: (876) 754-WISE – 2836-40 / Fax: 754-2835
    email: balances@worldwisepartner.com / customercare@worldwisepartner.com
    April 1, 2009

    Dear Partners,

    This serves to address a recent report by the FSC concerning World Wise Partners Jamaica Limited.

    PAYMENT OF ADMINISTRATIVE EXPENSES/PAYMENT TO PARTNERS

    How do we pay administrative costs while not being able to pay partners?

    The fact is that it has been difficult to make administrative payments to keep the office open and the staff at work as our merchant banking facilities are in fact limited and definitely cannot handle the volume of payments required by the Partner base.

    The payment process that was in place was actually moving in the direction of satisfying Partners, but was however halted as was dictated by the original Cease and Desist Order. World Wise Partners Jamaica Limited requested that the order be changed to allow the Partners to legally close their Accounts. This request has finally been granted by the FSC after five long months. During the months of waiting for the FSC to make this change we have experienced the loss of Partner confidence and a vast amount of goodwill that will now have to be rebuilt at considerable expense.

    World Wise Partners Limited has asked the FSC in the past to make representations on the Partners’ behalf to have an account opened at a local commercial bank. This would have allowed Partners to be satisfied more readily. The FSC responded in their letter of July 21, 2008 that they “have no legal authority to assist any entity to open a bank account,” having crippled our organization by their deliberate publications, they have offered no solutions to this dilemma.

    The FSC throughout last year led a campaign advising the Public that World Wise Partners Jamaica Limited is not regulated by them and the Public should be careful of unregulated schemes. These publications have led to numerous losses in our company including the loss of banking facilities.

    It must be noted that not many entities were able to withstand the kind of assault that we have withstood; we are still here.

    OUR GOAL

    World Wise has remained steadfast in our goal to satisfy our obligations to our partners.

    On Monday 6th of April 2009 in keeping with our mandate as secretary to the various partnerships we will recommence facilitating settlement of the partnership accounts on a scheduled basis. Please note that we will not be able to see all Partners at the same time. This is impossible and can create uncomfortable situations; therefore we will see each Partner by appointment only. Our communication and meetings with you, the Partners, will be aimed at the settlement of your accounts only.

    All Partner accounts will be settled within as reasonable a time as the circumstances allow and in an even quicker time with the co-operation of Partners.

    Patience and confidence in World Wise Partners Jamaica Limited is a requirement. We have not disappeared and are fully dedicated to satisfying Partners.

    We look forward to seeing you and bringing about a conclusion to what has proven a very trying period for us all.

    Yours truly,

    World Wise Partners (Jamaica) Limited

  25. When will we see David in prison looking at Bernie Madoff and asking him how are we the same although worlds apart. The answer will be once a crook always a crook. The Bible that David Smith quote to cover up his evil doings is the same Bible that says, “Behold your sins will find you out” also whatever is done in the dark will come to light. You and your family will be EXPOSED!!!!! I hope the investors will get justice.

  26. Trustee wants Madoff investors’ profit returned
    Some who saw gains say they intend to legally challenge demand

    http://www.msnbc.msn.com/id/30390787/

  27. I am indeed alive and well :-). I do check in from time to time but am usually busy.

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