Investforlife hits 1,000,000

When Investforlife started in May 2008, we never imagined the traffic, discussion and controversy that would follow this site.  Yesterday Investforlife.wordpress.com hit the 1,000,000 mark.

Giving thanks – The value of  ‘good’ advice.

Bless be the day when we took the advise of users on another blog and formed this blog.  It is interesting that although we did not agree with many of the comments of posters on one particular blog we were prepared to listen to their advice and deciding that it was not a bad idea this blog was formed. Be prepared to listen critically to suggestion

We also like to thank all the ‘deportees’ banned on the other site(s) that have teamed together to make this blog open, informative, relevant while  allowing both sides of the story to be heard.

  • To our readers, and bloggers that keep the comments flowing we say thank you,
  • To the article contributors, Jay, NoCotec, Sage one, John Doe  We say thank you,
  • To the sources…. that will remain nameless… we say thank you,
  • To Nation Wide News Network we say thanks,
  • To the silent readers thank you…
  • To WordPress thanks for allowing us to host this service for FREE!

Defining moment

The site really got notice, when after receiving a tip,  we broke the story broke about NFA,  I-Trade FX and David Smith. Form there the site was on the map as not only the ‘blogosphere’ was interested but radio, newspapers and TV stations now took notice.

Lastly we hope that more than the millions the lessons will be learnt.

  1. If you let your guard down you will be conned.
  2. Listen to the advice of persons critically, friend or foe
  3. Transparency and accountability is your friend not the enemy
  4. What your grandma told you, if it it sounds to good to be true it probably is.

Popular posts are

The most popular posts up until this point are shown below.

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Top Antiguan Regulator indicted in Stanford Saga

In a release issued by the the SEC, on June 19, 2009, announces that two accountants who produced bogus financial statements and an Antiguan regulator who took bribes to look the other way have been charged.

Charged are Mark Kuhrt and Gilberto Lopez, accountants for Stanford-affiliated companies who allegedly fabricated financial statements to give investors the false illusion that their investments were solid, safe and secure.

The SEC also charged Leroy King, the administrator and chief executive officer of Antigua’s Financial Services Regulatory Commission (FSRC), for accepting thousands of dollars per month in bribes to ignore the Stanford Ponzi scheme and supply Stanford himself with confidential information about the SEC’s investigation. King obstructed the SEC’s case since 2005, when its investigation into Stanford began.

A report from the New York times carries an interview with the attorney general of Antigua and Barbuda, Justin Simon where he states that he would condsider a request for extradition of Mr. King. He apparently went on further to state the following about Mr. King.

“This concerns me greatly because it reflects adversely on the commission,” Mr. Simon said, referring to the island nation’s Financial Services Regulatory Commission, which regulates the local banking system. But he added that “I think I am satisfied” that Mr. King “hid things” from the commission’s directors “and got involved in a personal relationship with Stanford.”

The bribes alledly amount to more than US $100,000 to bascially conduct fake audits and mislead U.S. investigators.

The indictment alleges that King showed Stanford the SEC’s inquiries and once responded to the agency with material prepared by Stanford. King, a dual citizen of Antigua and Barbuda and the U.S., has been suspended from his post. The U.S. is seeking his extradition from Antigua.

Questions for Regulators in the TCI

This indictment should be of interest to  certain Forex club investors as questions must be raised on how a businessman that left Jamaica because of a run in with the Jamaica FSC, refused in St. Kitts,  could have two companies registered with the TCI conducting the same questionable business. On the other hand to paraphrase  a quote attributed to the Premier of the TCI at the Jamaica’s loss was TCI gain.

Source:

Who really is Noel Roswell Strachan

Investforlife as part of its ongoing investigation into the UFO’s has come across another bit of interesting information regarding another UFO operator.

This time we have decided to focus on Noel Strachan who is the lead principal of Worldwise Partners.

36 year old Florida resident Noel Roswell Strachan was so broke 7-1/2 yrs ago , that he was evicted from his rental home in  Pembroke Pines , Florida via a order issued by the 17th judicial court , for Broward County, on February 1, 2001.

Worldwise was such a profitable venture for Noel and his wife Judy , that they were able to spend over US$14 million, between April – June of 2008, to purchase five properties and land , in Broward County.

Four of those properties we had earlier reported were purchased under a company called Juelle Properties LLC, which they formed on April 7, 2008.

They also purchase a US$1.8 million luxury in the lakefront gated community of Davie. This house was purchased jointly in there names.

Noel also owns a J$150million dollar property  in Jamaica which was the subject of controvery last year, when it was “stolen” by a defrauded investor.

So while Worldwise investor were/are waiting for thier big pay day, Noel is living a life of luxury, in Florida.

Some investors have however “wised” up and so dar there has been around four cases filed in the 17th judicial court in Browrad County. Cases can be seen at this link. You have to pay however to see te details of the case.

http://www.clerk-17th-flcourts.org/bccoc2/pubsearch/case_search_results.aspx?hidSearchType=party_case&mscssid=&txtLastName=STRACHAN&txtBusinessEntity=&txtFirstName=&txtMiddleInitial=&chkAdvSearch=0&cboCourtType=&sbmPublicParty=Submit&user_type=&hidPageNumber=27

OLINT TCI NOTHING MORE THAN A PONZI

OLINT TCI was one big PONZI. The liquidator site is now up (see link under sources).  The documents appear to confirm much of what was thought and offers little hope to ‘investors’ now victims of either a speedy or significant settlement.

To date the monetary assets identified amount to US$13 Million dollars, money frozen in the USA (4 million est*.) and  TCI (8-9 million est*). Deposits to OLINT TCI amount to over US$ 220 million.

The pattern of receipts and payments indicate that the main function of the (Hallmark/Olint) account was to collect in money from members ($220 million) and then meet redemption requests from members ($156 million). We can find no evidence in our analysis of the source and application of funds of any trading profits being received in the bank account to meet these redemption requests.”
In simple terms Olint TCI was in the business of meeting old club members’ request for redemption with new club members’ money. These redemption requests were not just for the principal, but the principal plus the trading gains that had been inflated to “eye catching” proportions to encourage more depositors. The characteristics of a classic Ponzi scheme.”

The pattern of receipts and payments indicate that the main function of the (Hallmark/Olint) account was to collect in money from members ($220 million) and then meet redemption requests from members ($156 million). We can find no evidence in our analysis of the source and application of funds of any trading profits being received in the bank account to meet these redemption requests.”

In simple terms Olint TCI was in the business of meeting old club members’ request for redemption with new club members’ money. These redemption requests were not just for the principal, but the principal plus the trading gains that had been inflated to “eye catching” proportions to encourage more depositors. The characteristics of a classic Ponzi scheme.”  –  Page 5-6, Item # 18 Court Ruling TCI Supreme Court, Case CL No. 71/09

Despite this the declaration of OLINT TCU as a PONZI many questions remain on the status of OLINT CORP and Overseas Locket Corporation given David Smith’s relation to them along with the companies that are being wound up TCI-FX and OLINT TCI.

Please be aware that this appointment relates only to Olint TCI Corporation Limited (“Olint TCI”) which was incorporated in the Turks and Caicos Islands on 18 April 2006. It does not include Olint Corporation Limited, Oversees Locket International Limited or any other entity incorporated in Jamaica or elsewhere that may be linked to David Smith and Tracy-Ann Smith the shareholders of Olint TCI. – Court Ruling TCI Supreme Court, Case CL No. 71/09

By way of comparison Cash Plus was estimated to have taken in J$28-32 billion dollars. Using an exchange rate of US$1 to J$70 that amounted to over US$400 Million but remember Olint Corporation Limited, Oversees Locket International Limited are not included in the US$200 million dollar figure.

The liquidation order does not cover those companies. This is were some ‘investors’ now victims will have to look. JIJ investments is an also area that should be of interest but interests in Belize and Panama are worth investigating.

Time to forward claims

The following is taken from the site:

In the interim, to assist the Official Liquidator, claimants of Olint TCI are being requested to forward their claim along with the following information about their account(s):

  • Name(s) of account holder and beneficiary
  • Customer account number and member ID number
  • Contact information, including address, telephone number, facsimile, and email
  • Copies of all Contracts or Agreements
  • Documentation showing funds placed with and withdrawn from Olint TCI e.g. copies of cheques, banker’s drafts or wire transfer instructions
  • Statements received from Olint TCI
  • Any other document that may substantiate a claim against Olint TCI

Claimants should with dispatch submit the requested documents.

Silent Media

It is of note that once again media in Jamaica is silent on this declaration. This is easy reporting, no allegations.

*- Estimates based on available information

Source:

Related

OLINT’s David Smith Arrested again

Investforlife can now confirm that David Smith of OLINT, OLINT TCI and TCI FX among others, has been arrested again. A source in the Turks and Caicos and more importantly the  Financial Crimes Unit has also confirmed the arrest.

We now understand that there are additional charges as outlined below.

  • 1 count of Theft
  • 1 count of Obtaining property by  deception
  • 2 counts of Money Laundering

He was granted by in the sum of US$ 2 million.

Last week, an Liquidator to wind up  OLINT TCI was appointed.  An article appearing in the Jamaica Observer today indicated that David Smith apparent fears returning to Jamaica but it seems he is facing more legal troubles in the Turks and Caicos.

OLINT and its related companies has failed to pay investors since at least January 2008.  Many feeder clubs associated with OLINT have not paid either.

Source:

David Smith may seek exile, fears for his safety

Lead principal of Olint David Smith who is under house arrest in the Turks & Caicos fears that if he were to return to Jamaica that the safety of both himself and his family would be placed in jeopardy and he has not dismissed the prospect of being a permanent exile.

http://www.jamaicaobserver.com/magazines/Business/html/20090612T040000-0500_153317_OBS_DAVID_SMITH_FEARS_FOR_HIS_SAFETY_IN_JAMAICA.asp

FSC Publishes updated list…

The FSC has published and updated list of UFOs in the Jamaica… The list can be found at the link below or click on the image to see version

It list some 58 companies and the names of their principals in some cases.

What is interesting is that the list now carries some names not heard of before and expands to include the other names some of these clubs were called.

Unregistered_Investment_Sch