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:

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