Will the former DPP respond to the Deputy Director of FSC challenge ?

Former DPP, Kent Pantry in a speech that was covered by CVM seemed to indicate that the FSC had some responsibility for the collapse of Olint. See his speech at the following link:
http://docs.google.com/www.utech.edu.jm/News_Events/51stAnniversaryLecture.pdf

In response the deputy director of the FSC, George Roper, wrote a letter to the Gleaner: See letter at the following link

http://www.jamaica-gleaner.com/gleaner/20090417/letters/letters2.html

In one section of the letter Mr. Roper said “In light of the foregoing, we think it would be appropriate for Pantry to declare openly whether he has any vested interest in, or relationship with any, of the unregulated investment schemes. Such a declaration would assist members of the public to put his statements in their proper context.”

It should be noted that the raid by the FSC on OLint/Lewfam would likely have revealed the then list of investors to the FSC.

The website http://www.olintja.com contains  what appears to be a partial list of Olint investors. While investforlife cannot vouch for the accuracy or completeness of the list, based on public responses of people on the list, it is known that the list does contain names of investors.

A look at this reveals that the following names are on the list: Kent Pantry, Carol Panty …

While investforlife cannot verify that these persons were investors or that they are the former DPP or persons related to him, we believe that the former DPP should respond to the letter from the FSC deputy director and reveal whether he did have any relationship with Olint or any other UFO.

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Reflections One year later.

July 1-18, 2008 was an eventful period for OLINT investors. This article is a reflection and a re-write of a previous article entitled “OLINT where is the money” .

One year later and many OLINT investors are still waiting. Some are listening and feeling around for something that will let them know that the money is here. Some are have sued or others have not , others are thinking evil thoughts that we do not recommend. Violence does not solve anything. Some have not spoken the liquidator while other OLINT investors have urged to come forward.

Whatever the reasons, greed, selfishness, need or peer pressure, that drove persons to invest in OLINT and other UFOs , OLINT and other UFO investors face a problem of payments being promised and not being delivered, repeated schedules announced and repeated excuses. The excuses given for non-payment have included the FSC, BOJ, NCB, to the now popular one “Due Dilligence” or simply “I don’t know” have all proven to far from the truth. The reality is “Money no deh” and from all appearances
OLINT was nothing more that a glorified PONZI

Court Losses, Arrests, liquidation

David Smith, the OLINT boss has been arrested and charged on two different occassions in the TCI on various counts of fraud and money laundering. The case is up for trial on August 5, 2009. Two of the companies that he was affliated to TCI FX and OLINT TCI have been ordered liqudiated. Lawsuits as mentioned before have been filed primarily in Florida, USA. One of the lawsuits seeks to recover US$2.4 Million which represent principal and “alleged interest”. (see court documents)

NCB was finally given the go ahead to close OLINT’s account and the Privy Council Judges rightly chatised the Jamaican judges for the foolishness that went on.

Carlos Hill has been thrown out of a home bought by Cash Plus investors funds and still roams freely while  his fraud case is before the courts. The Cash Plus liquidation is far advanced and Jamaica investors in Cash PLus at this moment are looking a little better than their OLINT counterparts.

ITrade FX is effectively dead, having been fined $250,000 in relation to not filing suspicious activity report (SARs) relating to OLINT accounts. They also sold all their customers FXCM. The website is also appears to be currently down  too.

Mirage in desert

Flashback to early June 2008, after a months of speculation, some money did appear to flow from the OLINT coffers but only very few persons got any relief. No sooner had the mirage appeared and hopes lifted, it disappeared.

For a fleeting moment it seemed like the detractors would be proven wrong and have to hang their heads in shame. Seriously though, detractors would have no problem saying we were wrong for at least people would have gotten back there money. However, it is sad to see how some people are suffering but it is worst to see people blind to the fact that maybe they are being scammed. Some who have publicly comforted themselves that they ”invested what they could afford to lose”, are now shell-shocked and are silently talking to the lawyers.

When the few drops of money dried up, reality set in and by the end of June 2008, many angry investors were left bitterly disappointed but others found more excuses and refuse to face the possibility that something was wrong and that they had been victims of a scam.

Cognitive Dissonance – Suspension of Reason.

Many Investors simply cannot beleive that their hero would do this to them and have suspended reasoning and rational and are now simply clinging on to faith, despite the overwhelming evidence that something is wrong, the arrests and the liquidation. I understand the term is Cognitive Dissonance.

To understand the depths of denial one only has to look at that letter sent out by Lewfam to investors in July 2009. Clearly the principals of that company are either misled or seeking the mislead.

FOr the christian minded and those who feel so inclined we offer a few passages of scriptures.
For those in need
But my God shall supply all your need according to his riches in glory by Christ Jesus. http://bible.cc/philippians/4-19.htm
God Forgives
For You, Lord, are good, and ready to forgive, And abundant in lovingkindness to all who call upon You. http://bible.cc/psalms/86-5.htm
Walk in the counsel of the righteous
How blessed is the man who does not walk in the counsel of the wicked, Nor stand in the path of sinners, Nor sit in the seat of scoffers!http://bible.cc/psalms/1-1.htm

Some Words of Comfort and lessons hopefully learnt

In the now famous July radio interview, David Smith had said his fingers were crossed. Many Olint Faithful whose faith have been tested and tried continued to look for word of comfort to soothe their troubled souls for much the rest of 2008. In 2009, one year later we can offer no word of comfort as it relates to OLINT and recovery

For the christian minded, and those who feel so inclined, we offer a few passages of scriptures. For those in need, “But my God shall supply all your need according to his riches in glory by Christ Jesus”, Philippians 4:19. God forgives, “For You, Lord, are good, and ready to forgive, And abundant in lovingkindness to all who call upon You.” Psalms 86:5 and finally listen to the counsel of the righteous “How blessed is the man who does not walk in the counsel of the wicked…” Psalms 1:1.

Protect yourself

We invite you to check the following links, as the look on identifying scams and red flags investments.

Reflections:

Cash Plus Investors to recoup as little as 5 cents on the dollar

In keeping with what many of us have been saying as it relates to the possible recovery rate of investors who invested in the AIS, the observer is today reporting that CashPlus investors could recover as little as five cents on the dollar.

This is close to the figure which many of the “detractors” have been saying for sometime now, and as time progress that figure seems more likely now than ever before

One interesting comment was made in this article, and that was the fact the law in Jamaica says if you are engaged in a real estate deal, in which the buyer can no longer close the deal, the seller can keep no more than 10% of the sale price of the property.

This means that any payments that cashpus made in excess of 10% of the sale price should be refunded. I have seen or heard of no such mov by the receiver or the liquidator to make any such moves, thus allowing these “sellers” to make off with millions of dollars.

It once again shows how weak our justice system is in protecting Jamaicans.

Read he full report.

http://www.jamaicaobserver.com/magazines/Business/html/20090711T190000-0500_155188_OBS_CASH_PLUS_INVESTORS_TO_RECOUP_AS_LITTLE_AS___CENTS_ON_THE_DOLLAR_.asp

Olint investors urged to come forward

Today we were greeted with the news from the liquidator out of the TCI, who was lamenting the fact that many persons who have been defrauded by Olint TCI have been reluctant to come forward with their claims.

ISLANDERS who ploughed cash into scandal-plagued firm Olint TCI are being urged to submit their claims if they are to have any chance of recovering their savings.

Liquidators for the Providenciales-based company � embroiled in a $750m international fraud probe � revealed that just 100 investors out of an estimated 6,000 have come forward to date

Why is there a reluctance by these folks to file their claims?

Is it that persons do not want to become exposed i.e. they are afraid of now being shown to be  a believer in the unbelievable?

Is it that most investor invested in Olint TCI through feeder clubs, who really have no intention of filing a claim?

It is  interesting to note that only direct investors of Olint TCI will stand a chance of getting back anything, as the liquidator was careful to note that only Olint TCI was being liquidated.

The stunning silence by Olint investors in indeed amazing consider that some many posters in the past few weeks have accused the media of conspiracy and cover up, and not wanting to expose the real “crooks”  in the Olint saga.

The fact that only 100 have come forward couple with the fact that the majority of Olint investors were Jamaicans, is indeed in sync with the fact that their has been no reports to the Jamaica fraud squad by defrauded Olint investors.

The liquidator has reported his intention to make more public appeal via the print media, I will wait to see if any of these appeal will show up in the local papers.

For more info see link here :

http://www.tcweeklynews.com/default.asp?sourceid=&smenu=1&twindow=&mad=&sdetail=1381&wpage=1&skeyword=&sidate=&ccat=&ccatm=&restate=&restatus=&reoption=&retype=&repmin=&repmax=&rebed=&rebath=&subname=&pform=&sc=2404&hn=tcweeklynews&he=.com

Bill Clarke and Scotia, a case of greed gone too far?

The current battle between former CEO of BNS and BNS Canada is really getting ugly and will turn out to be a very costly process.

Is Bill Clarke justified in putting up such a fight to retain his “dignity” or should he just have taken the offer from Scotia and ride off into the sunset.

Is this of “craven choke puppy dog” (Translated to me is the just plain greedy)

Bill Clarke for the most part has being an aggressive and sometime very crude and abrasive character who at times did not seem to care about the people he came in contact with while he was at the pinnacle of his career.

Bill Clarke however from what I have been told was a fearless person who worked tirelessly to ensure that BNS raked in significant profits year after year and was very loyal to his company.

The one thing I found very odd however was he held little or no shares in the company that he had worked 40 yrs at and 10 being as CEO.

There may have been a good reason for this I have no idea and only Bill himself can answer that question.

What is happening now is that Bill’s dirty laundry is being completely exposed and I have the feeling that he is fighting a battle that he does not have a ghost of a chance in winning.

The situation will not doubt only get worse, when he loses all his appeals and will be asked to pay full legal cost to Scotia and possible rental cost for the period that he has lived in the company house after being told to leave.

Its really unfortunate so sees what is happening, but as my mom always tell me and I am constantly reminded by that fact. ” When you work for a company no matter how high up the food chain you are, you are just still an employee, nothing more than that.”

She went on further to say,”it does not matter what you contributions have been in the past or even very current, when your handlers think its time for you to go, you will have to go. You can either go quietly with the package being offered or publicly with a reduced package, it’s your choice.”

Very sound advice from a lady who is my mentor with a high school education who is currently studying for a college degree.