David Smith pleads guilty in the USA

The daily newspapers have reported that former Olint Boss David Smith has pleaded guilty to over 20 cases of fraud in relation to his ponzi scheme. In exchange for his plea, he appears set to speak about those who help him with his elaborate plans to defraud “investors”. Word is now that their is a mad scramble now on in Jamaica as persons try to further distance themselves from any association with David Smith as well as hiding assets they came in possession of as a result of the ponzi scheme.

The desert is bound to get real hot shortly.

See links

Read plea agreement here:

http://rjrnewsonline.com/sites/default/files/docs/25_PLEA%20AGREEMENT%20re%20counts%20One%20through%20Twenty-Three%20of%20the%20Information%20(3).pdf

http://www.orlandosentinel.com/news/crime/os-ponzi-david-smith-20110329,0,7910391.story

http://www.jamaicaobserver.com/news/Hope-for-Olint-investors

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109 Responses

  1. Anonymously forwarded emails linking the Jamaica Labour Party’s narrow 2007 general election victory to massive funding from embattled investment banker David Smith and his floundering investment scheme, Olint, have been creating a firestorm in cyberspace.

    http://jamaica-gleaner.com/gleaner/20090213/lead/lead2.html

    • Let us sit back and wait for the official allegations and see how far denials will take them. Bad luck worse dan obeah dem seh. The JLP nuh have no luck ataall!!
      🙂

  2. Treasurer of the ruling Jamaica Labour Party (JLP), Christopher Bovell, denied that Olint donated US$5 million to the party, although admitting that the investment club donated to the JLP’s campaign fund.
    “I certainly don’t agree with that figure. We got some money from Olint, but it was nothing near US$5 million, that is ridiculous,” Bovell told the Sunday Herald yesterday.
    Bovell said individual candidates did spend substantial sums, but party central spent nothing near US$5 million, which is equivalent to over J$300 million.

    The latter amount coincided with sums which were reportedly invested in Olint by political bigwigs aligned to the JLP. Part of the interest, sources said, was used to bankroll the campaign. Financial watchers believe those investors were behind the massive pullout of funds from the investment club last December, when over US$300 million was reportedly withdrawn.

    Was David Smith asked for his permission to be revealed as a donor to the party?

    Seems an inconsistency in the equality of pigs. For the Manatt donor(s) are allegedly asked permission as to having their names revealed by the PM.

    Careful it may just be revealed by someone who need no permission.

    Was David Smith asked if his name could be revealed by JLP officers? Or was it after it had been revealed that their were feeble attempts at damage control. The figures are wrong of course.

  3. Promises, Promises, One must wonder if the learned Mr Phipps thinks the political promise to pay a lawyers school fees is not self evident….right inside the commission on camera every day.

    The time for coming clean on you own is running out…fast….

  4. Blast from the past:

    nocotec, on August 4, 2008 at 8:44 pm said:

    miachica: “If olint turns out to be a ponzi…can the people who benefited from the scheme keep their gains? Especially those that helped facilitate it?”
    The short answer is Yes. However if criminal charges are brought against DS and conspirators which result in convictions then co-conspirators will likely be forced to give up any gains. This is still a big if.
    There is precedence in the US and other countries for investors who made profits in a ponzi scheme being required to pay back any gains into a pool to be divided among investors with losses. I do not know if there is any precedence in TCI, but it is a British territory and I believe there is such precedence in Great Britain.
    No such precedence has been established in JA as yet. However this is quite easy for a judge to establish since the common law principle of Unjust Enrichment clearly applies to those that profited at the expense of other investors via a fraudulent scheme.
    With the sums involved we could have Dr Omar Davis sell the accounts of those that refused to repay or are unable to repay to an international debt collector such as was done in the Finsac situation. This debt collector would relentlessly pursue these people and their assets for years to come. The benefit of this strategy is that we would eliminate most future JA ponzi schemes since people would know they would not be allowed to profit from such schemes.

  5. RJR gets cease & desist order for Cash Plus story

    Members of the public are aware that RJR News has been pursuing the Cash Plus story over the past few years including this week.

    However, on Thursday, RJR News was issued with a cease and desist letter by the law firm Dunn Cox following stories we aired about the fees being charged by the court appointed receiver of Cash Plus.

    Dunn Cox, which represents the receiver Kevin Bandoian, has instructed RJR News that their client’s fees are sealed by order of the court and may not be disclosed by anyone except the court.

    RJR News has pursued this story because we believe that there is significant public interest in the matter as more than 40,000 persons have invested billions in the failed scheme.

    We think it is important to bring to your attention the difficulties that we will now face in pursuing this aspect of the cash plus story.

    http://jamaica-gleaner.com/gleaner/20090218/business/business6.html

  6. Govt misses deadline to divest Jamalco

    Last year, the government agreed with the International Monetary Fund to divest its stake in Jamalco, which is owned through Clarendon Alumina Partners, CAP.

    http://jamaica-gleaner.com/gleaner/20100915/business/business5.html

  7. Stunning free kick eliminates U20 Boyz

    http://jamaica-gleaner.com/gleaner/20110402/lead/lead31.html

  8. For AML,

    How a big US bank laundered billions

    had bought the plane with money they had laundered through one of the biggest banks in the United States: Wachovia

    http://www.guardian.co.uk/world/2011/apr/03/us-bank-mexico-drug-gangs

  9. Corrupt Money And Jamaican Politics

    There will be no disclosure of the money taken from the David Smiths of this world; of persons like Coke and the Shower Posse; of unnamed “persons within the JLP”, to use Karl Samuda’s mysterious phrase; and those persons will be protected by prime ministers even at commissions of enquiry where they refuse to tell who they get money from.

    http://jamaica-gleaner.com/gleaner/20110403/focus/focus7.html

    No disclosure Mr. Buddan? You sure? Don’t touch that dial. I can provide the motivation and encouragement. Quicker than the right hand can reach a Bible.

  10. Let them work it out themselves. No rush. Certain lawyer will NOT ever practice Law AGAIN in short order. It is a trying time. Give them space…

  11. Sports Minister disbands SDF board
    Mon 4 April

    http://rjrnewsonline.com/sports/sports-minister-disbands-sdf-board

  12. One of the world’s leading economists, Charles Ross, suggested that Jamaica should make the tough decision to restructure its debt now.

    Yeah, and the cow jumped over the moon. Worls Class Olinter.

  13. “One of the world’s leading economists, Charles Ross, suggested that Jamaica should make the tough decision to restructure its debt now.”

    This Story is not available
    http://go-jamaica.com/news/read_article.php?id=27740

  14. Uploaded by A1Jamaican on 18 Sep 2010

    Information Minister Daryl Vaz has told The Gleaner that attorney-at-law Harold Brady had submitted documents to the Cabinet, which he claimed confirmed that the error, which indicated that the firm was working on behalf of the Government, had been corrected.
    Vaz said the information submitted by Brady had been passed to the solicitor general.

    ????

    http://www.youtube.com/results?search_query=harold+brady&aq=f

    We want the truth, not impertinence or pedantry

    Read more: http://www.jamaicaobserver.com/columns/We-want-the-truth–not-impertinence-or-pedantry_8615576#ixzz1IbgB6Ieq

  15. Capital and Credit Financial Group reeling from bad press

    Capital and Credit Financial Group continues to reel from bad press last week, causing another 1.5 million units of its shares to be dumped on the Jamaica Stock Exchange Monday.

    http://rjrnewsonline.com/business/capital-and-credit-financial-group-reeling-bad-press

  16. Smith’s court confession comes at the same time that Jamaica’s prime minister refuses to tell the Manatt-Dudus enquiry where the JLP got the money to pay Manatt for its services, which Manatt said were services for the Government of Jamaica.

    http://jamaica-gleaner.com/gleaner/20110403/focus/focus7.html

  17. The expectation is that Helen Garlick will now through her indictments lay bare how the millions and billions of dollars were stolen by the previous administration. It is only then that the major players from the civil service who played a central role in getting us to where we are now will finally be named, removed, and real reform will then begin in each of the Ministries.

    While we wait for that shoe to fall with respect to the civil service, there is a grave danger that in the realm of political and electoral reforms, those who created our current mess will have been able to unduly influence the nature of our reforms before Helen Garlick lays down her indictments.

    http://www.tcijournal.com/index.php?idsub=3959&id=8

  18. The case marked the latest Ponzi scheme to affect investors in Florida already hit by fallout from the massive fraud scandals surrounding convicted Wall Street swindler Bernard Madoff and accused Texas con man and financier Allen Stanford

    http://www.postchronicle.com/news/breakingnews/article_212356802.shtml?rssfeed

  19. Dear Club Member,

    As you are aware we have been faced with increasing challenges in doing business with local banks. We have received an injunction that temporarily prevents the National Commercial Bank (NCB) from closing our accounts in that institution.

    We have taken steps to restructure our entire banking arrangements which will allow us to complement our local financial institutions with financial services from our overseas banks.

    This process of reorganization has created delays and longer than usual waiting periods for transactions to be completed.

    In two weeks, the reorganization will be complete and you can expect transaction times to return to normal. Currently there are funds en route from Wachovia in the United States to OLINT TCI that will be sent to Jamaica on Tuesday to satisfy any requests that have not yet been met.

    The high volume of funds transferred requires due diligence analysis in the United States hence the slight delay.

    The Management Committee has taken a decision to not reaccept funds from Club Members who have pulled their funds from the Club, but to endeavour to continue performing consistently for our loyal Club Members.

    I would like to take this opportunity to invite all our Club Members to attend the Air Jamaica Jazz and Blues Festival of which OLINT TCI is the Major and Presenting Sponsor. The premier event runs from Thursday January 24 to Saturday January 26 at the Aqueduct on Rosehall in Montego Bay. Through OLINT’s sponsorship, the festival will feature Diana Ross, Jill Scott, Anita Baker, Lou Gramm of Foreigner, JT Taylor of Kool & the Gang, Billy Ocean and my personal pick [That has been chosen for me], gospel act Mary Mary among others.

    Those of you in attendance are welcome to visit the OLINT Cotton Club, our hospitality booth.

  20. Another thing I found interesting is that 2 months ago 8 million was transferred to a middle eastern bank account that is not a client.

    I am so serious about not telling anyone the specifics that you cannot even tell Aron just ask for an encashment quietely.

    That’s not very nice. Sounds like insider trading there. Tagged.

  21. We don’t like smartypants. Of any rank.

  22. Refreshing the memories con’t

    Association of Concerned Olint Members (ACOM)

    May 5, 2010
    The British Foreign Minister Hon Chris Bryant King Charles Street London
    SW1A 2AH
    Dear Minister Bryant:

    Consistent with the Prosecution‟s unwillingness and/or inability to present a credible case against Mr. David Smith and to achieve the conviction that they so desperately seek, there has been reasonably substantiated allegations that the Prosecution and its Agents have been engaged in extra-judicial activities which amounts to attempting to persuade persons against their will to testify against Mr. David Smith. ACOM is in direct contact with persons who have been bribed with the “guarantee” that they will be the first to “get back your money” if they testified against David Smith. During this time, Prosecution Agents are known to have been running around in a desperate attempt to create and/or collate evidence to substantiate the accusations which initially formed the grounds on which Mr. Smith was arrested, charged, humiliated, deprived of his assets and jailed, pending bail.

    Serious allegations there ACOM. Tagged.

  23. Amazing, downright nasty (and these are only a few examples)
    some re education is necessary.

  24. From: Huntley Watson [huntley.watson@legalwat.com]
    Sent: Monday, January 05, 2009 10:01 AM
    To: ‘anthony gifford’
    Cc: ‘Ruth-Ann James’; ‘Huntley Watson’; dsmith@kasnet.com
    Subject: RE: Olint V FSC

    Dear Lord Gifford

    We are indeed acting on that presumption but I needed to impress upon the
    client that we require instructions urgently and as you know I do not like to
    leave matters open to interpretation so I do not like to leave these matters
    to the last minute as indeed this is where we are now.

    I called our client this morning and he indicated that his email address is
    out of service again hence he has not been receiving my reminders. By copy to
    his new address, I am urging him to advise us immediately of any future
    changes in contact information particularly as his telephone contact is
    unreliable and we are at a critical stage of proceedings.

    We are instructed that our client is now putting funds $1,500,000 in place at
    Sterling for Security for Costs of the Appeal.

    I do not have the actual Order but I have told him to have them make the
    cheque out to Nicole Foster-Pusey/Watson & Watson and we can attend to any
    details thereafter.

    Regards

    Huntley V Watson

  25. In recent days, each side has been describing the other in increasingly vitriolic terms, bandying around words such as “disingenuous” and “lying” in private. Such a vitriolic and sustained dispute between senior officers and prosecutors is unprecedented, say sources in both organisations.

    http://www.guardian.co.uk/uk/2011/apr/05/phone-hacking-journalists-arrested

  26. Every government minister must be certified as computer literate within six months of being appointed a Minister – it is not normal in today’s world to be considered literate if one is not computer literate. Indeed, it would be in good form for all 60 members of parliament and 21 members of the senate to be certified as computer capable as a demonstration of what the country must embrace in the 21st century.

    http://rjrnewsonline.com/editorials/if-manattdudus-commissioners-are-so-bold

  27. Repent over Olint

    He must feel vindicated now, and deserves a national honour.

    However, not all Christians behaved in such a manner. There were Christians who were praying for Smith out of a belief that he was the victim.

    to acknowledge where errors were made and give the nation an assurance that it will not make the same mistake. This admission would affirm, once again, that Christians are not perfect.

    Therefore, sometimes we support things we should condemn, and we condemn things we should support.

    And finally, the Church is not beyond yielding to the temptation of filthy lucre, just like any gambler.

    http://jamaica-gleaner.com/gleaner/20110407/cleisure/cleisure2.html

  28. Repent over Olint

    He must feel vindicated now, and deserves a national honour.

    However, not all Christians behaved in such a manner. There were Christians who were praying for Smith out of a belief that he was the victim.

    to acknowledge where errors were made and give the nation an assurance that it will not make the same mistake. This admission would affirm, once again, that Christians are not perfect.

    Therefore, sometimes we support things we should condemn, and we condemn things we should support.

    And finally, the Church is not beyond yielding to the temptation of filthy lucre, just like any gambler.

    http://jamaica-gleaner.com/gleaner/20110407/cleisure/cleisure2.html

  29. Pastor, people don’t like admit wrongs in Ja. Pastor you nevr watch the enquiry?

    Send coffee to China, tour the bammy factory…speak of Olint?

  30. Getting ready

    5. Some political observers are saying things are in play for early general elections! They point to a flurry of activities all around, coupled with what they say will be ‘a feel good budget’; and a number of ads all over the place by government agencies patting themselves on the back, by supposedly trumpeting their accomplishments, are setting the ground work for the ‘Big’ day!

    http://jamaica-gleaner.com/gleaner/20110407/ent/ent3.html

  31. This time the JLP will not benefit from the largesse of heads of Ponzi schemes and the younger demographic will undoubtedly register its disgruntlement. Sista P will have to rely on a lot more than that.

    Read more: http://www.jamaicaobserver.com/business/Getting-Jamaica-on-track-after-the-Dudus-Manatt-Enquiry_8641042#ixzz1Iux38M4X

    Hmm..Ponzi money has a way of showing up in even the most “respectable” corporate donations.

  32. The Church needs to repent not just over the Olint affair but other dealings that are wrong and which it has swept under the carpet.

    http://jamaica-gleaner.com/gleaner/20110408/letters/letters4.html

  33. EDITORIAL

    Mr Golding’s declaration, notwithstanding, another general election should not take place without a law that brings transparency to party financing.

    http://jamaica-gleaner.com/gleaner/20110408/cleisure/cleisure1.html

  34. Investigation Conrad Smith TCI? You send that one Smitty?

    What a p***y you are Deacon.

  35. News International could face prosecution
    Hacking admission will put pressure on Scotland Yard inquiry to pursue corporate criminal charges
    http://www.guardian.co.uk/uk/2011/apr/08/news-international-face-prosecution-hacking

  36. Mea culpa that reaches right to the very top

    The acceptance of liability on a grand scale has implications which stretch across the Atlantic to the heart of News Corporation. Why, Mr Murdoch will surely ask himself, didn’t he take a personal grip of this situation before it reached such a pass?
    http://www.independent.co.uk/news/uk/crime/mea-culpa-that-reaches-right-to-the-very-top-2265432.html

  37. The apology – and what it means

    Top of the company’s agenda is to prevent more damaging allegations coming out. The company may well insist on gagging orders to prevent those they settle with from talking.
    http://www.independent.co.uk/news/uk/crime/the-apology-ndash-and-what-it-means-2265547.html

  38. Murdoch ‘urged Brown’ to cool hacking investigation

    Former PM refuses to comment on claims that News Corp chairman tried to use influence…

    http://www.guardian.co.uk/uk/2011/apr/09/phone-hacking-rupert-murdoch-gordon-brown

    Smitty…

  39. There is clearly no credibility to the case he has tried to make to the commission that the Jamaica Labour Party (JLP), in an act of benevolent zeal, committed US$100,000 per quarter to hire lobbyists to protect the constitutional rights of just another Jamaican accused of high crimes. That the effort was intended to protect the interest of the Jamaica Labour Party is painfully palpable. And it is even more obvious that Dudus’ value to the JLP was calculated to be far greater than the US$100,000 quarterly fee required to secure the services of Manatt.

    Were it true that the purpose of engaging Manatt was to protect Coke’s constitutional rights, the Government would have shouted its intentions from the rooftops, because not only would their actions have been right, they would have been popular.

    The commission will, in the end, reveal no more than the simple but horrible truth which is already known to everyone who is prepared to think objectively: the JLP hired Manatt and tried to avoid the extradition of Christopher Coke in a desperate effort to protect its own political interest

    http://jamaica-gleaner.com/gleaner/20110410/cleisure/cleisure2.html

  40. Waiting to Exhale Dave

    Presentation of Keys to Broward County & Proclamation to Ambassador

    Of Jamaica by Broward County Mayor Sue Gunzburger on behalf of Broward County

    Commission. Proclamation to be read by Commissioner Dale V.C. Holness

    Commission Chambers, 4th Floor, Government Center. FREE AND OPEN TO THE PUBLIC

    115 S. Andrews Avenue, Fort Lauderdale, FL 33301

    Tuesday, April 12, 2011 at 6-8p.m.

    Community Meet and Greet

    Nova Southeastern University

    Auditorium, Health Profession Building FREE AND OPEN TO THE PUBLIC

    3200 South University Drive

    Davie, FL 33328-2018

    (corner of University Drive and SW 30th Street, Davie)

  41. Nobility in Our Midst

    LIGHTBOURNE… sad that this noble chamber was used in that way, but no amount of pretence or piousness can cover up what I think the whole country and world saw as rude, disgraceful and abusive behaviour

    Read more: http://www.jamaicaobserver.com/news/Dudus-Manatt-bitterness-lingers-in-the-Senate_8647439#ixzz1JNMsbu4K

  42. KNIGHT… they mislead, they lie, they are corrupt in the use of their power and my thinking is why should we accord public officials the same treatment as the average citizens?

    Read more: http://www.jamaicaobserver.com/news/Dudus-Manatt-bitterness-lingers-in-the-Senate_8647439#ixzz1JNNJpedn

  43. Don Crawford, former head of the failed Century National Bank, says it is important that he gets an opportunity to tell his side of what transpired during during the financial sector meltdown of the 1990s, but is requesting that the Government grant him an all-expense paid trip to Jamaica to appear before the Financial Sector Adjustment Company (FINSAC) enquiry.

    Crawford’s efforts to have the Supreme Court decision against him reversed has been unsuccessful.

    The UK Privy Council, his last chance at appeal, ruled in October 2005, in agreement with then Solicitor General Michael Hylton, QC, that “It was a breach of fiduciary duty for a director of a bank to authorise substantial unsecured loans to companies in which he had an interest, and he should be ordered to repay those loans even though he did not guarantee them personally.”

    Crawford said he continued to be in fear of his life and does not want to end up like Douglas Chambers, referring to the chairman of the Jamaica Urban Transit Company who was tragically shot and killed on June 26, 2008 outside the Spanish Town Depot.

    http://jamaica-gleaner.com/gleaner/20110413/business/business2.html

    Surely a Corporate Sponsor is willing to pay for an all expenses paid trip? Why Govt.?

  44. Director of Public Prosecutions(DPP)Paula Llewellyn was this morning served with a subpoena to appear as a witness in the Cuban light bulb trial.

    http://go-jamaica.com/news/read_article.php?id=27990

    So many holders of high office have demonstrated that they do not make the grade to sweep streets recently when in the witness chair.

    Perhaps the DPP can do better. She’s not elected so I suppose she will have to do better than what the country was subjected to recently.

  45. Gbagbo will face Ivory Coast charges, says OuattaraIvory Coast president says Laurent Gbagbo is being held at villa pending charges on ‘national and international level’

    http://www.guardian.co.uk/world/2011/apr/13/gbagbo-ivory-coast-charges-ouattara

  46. Jamaican travel to St. Maarten restricted

    The St. Maarten government confirmed Jamaicans will now need visas to travel to that country.

    Meanwhile, Jamaica’s Ministry of Foreign Affairs said it was not formally informed of the new arrangement.

    http://go-jamaica.com/news/read_article.php?id=27993

  47. The latest Jamaica Survey of Living Conditions (JSLC), conducted between July 2008 and February 2009, shows that 16.5 per cent of Jamaicans are living below the poverty line. This represented a relative increase in comparison to 2007 and 2008 when the figures were 9.9 per cent and 12.3 per cent, respectively.

    Read more: http://www.jamaicaobserver.com/business/Poverty-alert—Jamaica–region-facing-crisis_8661717#ixzz1JQwgpJvy

  48. Magistrate throws out Llewellyn’s application
    Uphold’s defence motion for DPP to be banned during cross examination of key witness

    SENIOR Magistrate Judith Pusey, this afternoon rejected an application to set aside a subpoena filed by defence lawyers in the Cuban light bulb trial for the Director of Public Prosecutions, Paula Llewellyn, to be called as a witness for the defence.
    Pusey also ordered Llewellyn to make herself available to give evidence for the defence.

    Read more: http://www.jamaicaobserver.com/news/Magistrate-throws-out-Llewellyn-s-application#ixzz1JRhy8hZp

  49. The primary ground of his appeal against conviction is that the trial was conducted in a manner which was grossly and fundamentally unfair. The source of this unfairness, it is said, was the conduct of prosecuting counsel, Mr Richard Small, which is said to have undermined the integrity of the trial process.

    http://www.privy-council.org.uk/files/other/RANDAL~1%20(No.19%20rtf).rtf

  50. The police investigation into phone hacking at the News of the World has taken a dramatic turn with the surprise arrest of James Weatherup, a senior journalist at the paper.

    He is the third current or former News of the World journalist to be arrested as part of Scotland Yard’s new investigation into alleged phone hacking at the paper.

    Weatherup, who has not previously been named in connection with the scandal, was arrested early on Thursday. He is currently in custody at a police station in outer London.

    http://www.guardian.co.uk/media/2011/apr/14/news-of-the-world-journalist-arrested

  51. Tony Rebel can’t recall the last time he had a song that became so popular this quickly.

    His latest song I Can’t Recall, that is already a hit even though it is yet to be officially released, is about the happenings at the recently concluded Manatt-Dudus enquiry that captivated the nation and certain parts of the world for more than 40 days.

    “It’s been a little overwhelming. I knew it would capture the imagination, but within a few days it has surpassed expectation,” he said. “My phone has been ringing 24/7. People want the song,” he tells The Gleaner.

    “People have been calling from all over the world, my email is crowded and my BBM crowded.”

    The song has also been spreading like wildfire in the social media via a fan-created video on YouTube that eventually made its way onto Facebook. “Pandemonium,” is how the song’s producer Donovan Germaine has described what I Can’t Recall has been creating since last Friday.

  52. Re: Citizenship & Nationality

    In response to Mr. Higgs question of “why conditions are imposed” on the Turks & Caicos Islands, the simple answer is that without clear, concise guidelines, not subject to interpretation, past governments have all played fast and loose with Belongerships and have used the status as a political and financial tool.

    Laying out clear conditions prevents the granting of Belongership from being abused as much as it has been in the past.

    http://www.tcijournal.com/index.php?idsub=3990&id=8

  53. Rebekah Brooks’ comments about police ‘could trigger criminal inquiry’
    Scotland Yard could investigate News International chief executive’s comments that officers were paid for information

    http://www.guardian.co.uk/media/2011/apr/15/rebekah-brooks-phone-hacking-investigation

  54. Former ATL execs charged in pension scheme fraud

    Patrick Lynch, retired director of finance and planning of the Sandals Group, Dr. Jeffery Pyne and Catherine Barber were each granted bail in the sum of $5 million.

    http://go-jamaica.com/news/read_article.php?id=28043

  55. Thursday’s release of a murder suspect wanted in the United Kingdom, allegedly as a result of the mishandling of the case by the two departments, only serves to strengthen the perception that the nation’s judicial affairs are not being well managed. It also lends support to those who charge that the departments run by Attorney General Dorothy Lightbourne and DPP Paula Llewellyn are in disarray.

    But even before that, the reputation of the ODPP suffered considerably after public spats with Contractor General Greg Christie and INDECOM head Terrence Williams. It is rare to hear public officials trashing each other, but the appraisal of the ODPP offered by both men was worrying. Charges ranging from being slow to hesitant were levelled at the ODPP.

    http://jamaica-gleaner.com/gleaner/20110416/cleisure/cleisure1.html

  56. FORBES.com

    FOREX Pirate of the Caribbean Pleads Guilty To Ponzi Scheme

    Given how profitable this scheme turned out, Smith decided to branch out into another line of crime. In time, he conspired with others to launder approximately $128 million of proceeds from his victims. Brilliant! First you defraud folks out of their money. Then you launder the booty.

    http://blogs.forbes.com/billsinger/2011/04/04/forex-pirate-turks-caicos-ponzi/

  57. Nationality Law under review

    The Immigration Law is one of the major planks up for reform in the draft Constitution, since it has been argued in some circles that the path to citizenship in the Turks and Caicos Islands has been cloudy.
    Individuals often complained that after living here for long periods – some for more than ten years – applied for citizenship, and were yet to receive their documentations. They said they received various excuses as to why their documents were not processed.

    http://www.suntci.com/index.php?p=story&id=1605

  58. Accept £100,000 or get nothing, Murdoch lawyers tell Sienna

    The six-figure offer is the first evidence of a News International strategy to halt further revelations against it in civil cases by offering substantial settlements. It has emerged that the actress claims her email account as well as phone messages was hacked using information obtained by the private detective Glenn Mulcaire.

    http://www.independent.co.uk/news/uk/crime/accept-163100000-or-get-nothing-murdoch-lawyers-tell-sienna-2268613.html

  59. Along with other public figures pursuing claims against the NOTW, Ms Miller has indicated that she wishes the full facts of the newspaper’s activities against her to be made public rather than achieve a financial settlement.

    http://www.independent.co.uk/news/uk/crime/accept-163100000-or-get-nothing-murdoch-lawyers-tell-sienna-2268613.html

    Uhh oh..

  60. Britain’s biggest newspaper group faces a second investigation by Scotland Yard, in addition to the deepening inquiry into phone hacking.

    Ms Brooks said then: “We have paid the police for information in the past.”

    http://www.independent.co.uk/news/uk/crime/met-considers-inquiry-into-journalists-illegal-payments-to-officers-2268615.html

  61. SIDE BAR: Any person who believed to be a victim and wishes to submit a claim for restitution may contact the U.S. Attorney’s office through a special e-mail account: usaflm.david_Smith_ponzi@usdoj.gov
    People…here it is. If you think there is no relief for your losses you are mistaken. DS will have to give up all the feeder clubs, all the folks who got back more than they invested, and the few he trusted with money to launder, to keep Tracey out of prison. Believe that !! And he has made it clear that he does not want her jailed.
    If you are a US citizen invested in this scheme, I truly hope these investments were reported on your annual tax filings….LOL…get ready for the IRS to enter the fray.

  62. Life could never be another jail? Fools have tried…wise men have faith?

    Oh mocking bird…have you ever heard…words that I never heard….

  63. What about Americans who already paid tax on Olint and then got a silly tax attack from Jamaican authorities trying to steal (as usual) money belonging to the United States Federal Govt.?

    Ever eat paper? Practice….

    Like my good friend said…in a reggae riddim…don’t jump in the water..if you can’t…

  64. Best and Brightest…haha…….WHERE?

  65. AFFIDAVIT OF GILBERT WAYNE SMITH

    IN THE SUPREME COURT OF JUDICATURE OF JAMAICA

    CLAIM NO 2006 HCV001365

    BETWEEN OLINT CORP LIMITED 1ST CLAIMANT

    AND DAVID SMITH 2ND CLAIMANT

    AND THE FINANCIAL SERVICES COMMISSION DEFENDANT

    I GILBERT WAYNE SMITH, being duly sworn make oath and say as follows;

    1. I am the acting Chief Executive Officer of Olint Corp Limited and my address for the purposes of this matter is at Shop 25A, 31 Dominica Drive, Kingston 5 in the parish of Saint Andrew.

    2. Olint Corp Limited facilitated our Club for the benefit of and to assist its members who wish to trade foreign currencies over an international platform. As Chief Executive Officer of the Company I am directly responsible for the day to day management of the Club and I am accordingly authorized to make this Affidavit on its behalf and do so in relation to matters within my own knowledge.

    3. All the members of the Club as at or around March 30th, 2006 elected to transfer their club related activities to a similar Club operating in the Turks and Caicos Islands and no new members have joined the Club. However in keeping with the spirit of the Court Order I have prepared a complete list of all persons who were members of the Club up to March 24th, 2006 being the date of the Cease and Desist order and including all persons who may have joined the Club between this date and November 3rd 2006. This List has been carefully reviewed by me for accuracy and completeness and has been placed in a Sealed Envelope for deposit with the Registrar of the Supreme Court in compliance with the Order of the Honourable Mrs. Justice Mangatal.

    4. I certify that the List of Club Members set out in the Sealed Envelope deposited with the Registrar of the Supreme Court and bearing on its face a similar certificate of truth is a true and complete list of all persons who were Members of the Club as at March 24th, 2006 or who joined the Club subsequently to that date and up to November 3rd, 2006 and the Certificate is given on the instructions of the 1st and 2nd Claimant.

    SWORN by the said Gilbert Wayne Smith )

    SWORN!…..???

  66. As the Acting Chief Executive Officer for the Olint Corp Limited I am directly responsible for transitioning the club’s business from Olint Corp Limited to the full control of an overseas entity that the club has commissioned.

  67. Eye on elections

    General elections are due next year, and despite presenting an almost flat spending plan in real terms, the Bruce Golding administration has faced criticism that it has crafted an ‘election budget’.

    http://jamaica-gleaner.com/gleaner/20110417/out/out2.html

  68. ATL Pension Fund healthy despite Lynch, Pyne fraud charges

    Sunday, April 17, 2011

    THE management of the ATL/Sandals Group has assured all team members, contributors to the ATL Pension Fund and pensioners that their pension contributions are safe.

    “We would like to emphasise that notwithstanding the charges brought against former senior directors of the group, in relation to the administration of the pension fund, the integrity of the fund remains intact,” the group said in a press statement.

    Police investigations have resulted in the charging of Patrick Lynch, the former Pension Fund chairman, and Jeffrey Pyne, along with former general manager Catherine Barber. They have each been charged with four counts of conspiracy to defraud.

    Pyne was charged with an additional further four counts of causing money to be paid by false pretences, bringing the total for him to eight counts of fraud.

    “This is a sad day for the group as a whole, as they are former colleagues. The matter is firmly in the hands of the police; we respect their responsibility and duty, and await the outcome of this process. We therefore will make no further comment on the matter at this time,” said the statement over the signature of Group Communications Director Rachel McLarty.

    Read more: http://www.jamaicaobserver.com/news/ATL-Pension-Fund-healthy-despite-Lynch–Pyne-fraud-charges_8679747#ixzz1JntywYJ4

  69. There are few persons in this country who would argue that either gang, despite sporadic declarations of fealty to openness, has been transparent in its operation, a fact that was recently underlined by the JLP’s leader, Mr Bruce Golding, while testifying at the commission of enquiry into the Christopher Coke extradition scandal.

    He was not, Mr Golding told his cross-examiner, about to disclose who financed the JLP’s programmes.

    The PNP has said it has no such qualms. Yet, in the absence of constraint, it has failed to name its financiers.

    Neither the PNP nor the JLP would seriously resist the claim that in the pursuit of group interest, it, when in office, skews huge chunks of state resources to friends and supporters, contributing to the fact and perception of Jamaica as an extremely corrupt country.

    http://jamaica-gleaner.com/gleaner/20110418/cleisure/cleisure1.html

  70. SOMETHING STRANGE seems to be happening with the gas tax and we hope the Standing Finance Committee of Parliament will seek answers on the country’s behalf this week.

    http://jamaica-gleaner.com/gleaner/20110418/news/news1.html

  71. The constitutional changes that will be implemented in the near future will probably please no one. Some will wish the new constitution had a more clear path to citizenship, others will wish it had less power invested with the Governor, others will undoubtedly have complaints about this or that.

    However, we must not forget what brought us to this moment in time; massive corruption and criminal activity on the part of a large number of elected representatives, a negligent and weak Governor and FCO, an intimidated and purchased media, and an allegedly corrupt Attorney General.

    There is enough blame present to be appropriated to all sectors of the ruling classes.

    Someone had to clean up this mess and the British are the only player with the resources and institutions to do so; even though it is acknowledged fully by all that some of their own are partiallyresponsible for this mess. (The American FBI, IRS, CIA, DEA, FAA, and SS are also assisting the British.)

    There is only one clear path for the TCI. Embrace transparency in all of its facets or be prepared in the future to go through another period of Hell similar to the one we are currently passing through.

    http://www.tcijournal.com/index.php?idsub=4002&id=8

  72. Judge describes David Smith as ‘common thief’

    David Smith, the man whose millions helped finance the election machinery of the ruling Jamaica Labour Party and the Opposition People’s National Party was described as “common thief” by the Supreme Court judge in the Turks & Caicos before he was sentenced to six years in jail.

    “You have pleaded guilty to a very substantial fraud — substantial in terms of the amount of money involved, in the time over which it was continued and in the number of people you deceived,” the judge told Smith.

    “The true nature and extent of your dishonesty and lack of feeling is shown clearly by your willingness, even after you knew the whole fraudulent edifice you had built was beginning to collapse, to continue to accept the money of new members. It demonstrated the greed and selfishness of no more than a common thief.” As with most frauds, the judge told Smith that he used lies and deception to gain the trust of innocent people and then betrayed that trust for his own selfish ends.

    “I sentence you for the offences committed in this country. I do not take the earlier incidents in Jamaica into account save to note that your dishonesty started there and you only came to these shores to continue what was becoming difficult in Jamaica and, as it turns out, to increase and develop those previous activities.

    “By your deceit,” the judge told Smith “you persuaded others to entrust you with very substantial sums of money — the total received here exceeded the enormous sum of $220 million — on the pretence that you would trade it in the Forex market and pay investors very substantial profits.

    “In fact you cynically made very little attempt to do as you had promised and found it much easier simply to use that money to dupe them further, backed up by complicated and deliberate lies in the form of totally fabricated accounts.” Stark contrasts The judge noted that some investors received some of the money they entrusted to Smith, “but the fraud was that the returns were the result of legitimate trading.” It was that claim, the judge stated, which led them to give Smith their money.

    “Many, on the other hand, will have lost all they invested because their money was used to cover your fraud with others.

    “You, on the other hand have, over a very short time, have taken more than $15 million for your own use. The lifestyle that allowed you and your family to enjoy starkly contrasts with the misery your victims have experienced from the loss of their legitimate earnings saved, no doubt in many cases, with the aim to secure a much less extravagant lifestyle on retirement — one which your activities will now have reduced or, in so many cases, have destroyed.” The judge said he read the many and striking references sent to the court. Most related to Smith’s conduct before the offences or in the period since.

    He said he accepted Smith’s remorse. And he did not doubt it was genuine but all too clearly, far too late.

    “Your previous good character and your early indication of an intention to plead guilty allow me to reduce the sentence I would otherwise have ordered if you had contested the case. I shall reduce it by the maximum; I can properly do of one third.” However, the judge said the sentence must be a substantial period of imprisonment.

    “The length of that sentence under our law is unlimited but I acknowledge the limit placed in England by their legislation and the guidelines found in England authorities before and after their statute. This was, as I have stated, a serious and protracted course of conduct. It was built on the misplaced trust of others, which was betrayed by you repeatedly.”

    “By your deceit,” the judge told Smith “you persuaded others to entrust you with very substantial sums of money — the total received here exceeded the enormous sum of $220 million — on the pretence that you would trade it in the Forex market and pay investors very substantial profits.

    “In fact you cynically made very little attempt to do as you had promised and found it much easier simply to use that money to doope them further, backed up by complicated and deliberate lies in the form of totally fabricated accounts.”

    http://www.sunheraldja.com/index.php?option=com_content&view=article&id=1112:judge-describes-david-smith-as-common-thief&catid=1:latest-news&Itemid=671

  73. “In fact you cynically made very little attempt to do as you had promised and found it much easier simply to use that money to doope them further, backed up by complicated and deliberate lies in the form of totally fabricated accounts.”

    http://www.facebook.com/group.php?gid=25558236313&v=info

    http://www.facebook.com/group.php?gid=19852848686&v=wall

  74. Illegal Fee

    A recent out of court settlement in favour a local company, which challenged the legality of the Customer User Fees (CUF) on imported goods could force to government to make urgent adjustments or face a flood of litigants.

    That the company in question paid over $2 billion user fees over two years on products imported from Trinidad, is an indication of the amount of money raked in by the government since this fee was introduced over five years ago.

    http://www.sunheraldja.com/index.php?option=com_content&view=article&id=1111:illegal-fee&catid=1:latest-news&Itemid=671

    ‘Kool nuh man a yard’

  75. World recovering while Ja in depression

    While the statistical Institute of Jamaica (Statin) is reporting that the Jamaican economy declined for the 15th consecutive quarter in December of last year, the International Monetary Fund (IMF) is reporting that the global economic recovery is gaining steam.

    Latin America and the Caribbean, the region in which Jamaica falls, zipped by 6.1 per cent last year, while the Jamaican economy declined by another 1.2 per cent, on the back of weak aggregate demand, spiraling fuel prices, high security costs a lack of investor confidence. The IMF is projecting growth of 4.7 per cent for the region this year, while Jamaica is at best expected to move from decline to stagnation.

    http://www.sunheraldja.com/index.php?option=com_content&view=article&id=1146:world-recovering-while-ja-in-depression&catid=105:business&Itemid=676

  76. “You, on the other hand have, over a very short time, have taken more than $15 million for your own use. The lifestyle that allowed you and your family to enjoy starkly contrasts with the misery your victims have experienced from the loss of their legitimate earnings saved, no doubt in many cases, with the aim to secure a much less extravagant lifestyle on retirement — one which your activities will now have reduced or, in so many cases, have destroyed.” The judge said he read the many and striking references sent to the court. Most related to Smith’s conduct before the offences or in the period since.

    http://www.sunheraldja.com/index.php?option=com_content&view=article&id=1112:judge-describes-david-smith-as-common-thief&catid=1:latest-news&Itemid=671

  77. An economist, Dr. Davidson Daway has said enough thought did not go into the 2011-2012 budget.

    Other economists also expressed similar sentiments.

    http://go-jamaica.com/news/read_article.php?id=28103

  78. Are you registered to vote?

  79. Simpson-Miller queries dismissal of SDF board

    http://rjrnewsonline.com/sports/simpson-miller-queries-dismissal-sdf-board

  80. EDITORIAL – Gangs Of Gordon House Should Repay Olint Cash
    Published: Tuesday | April 19, 2011

    This newspaper, though, knows of two institutions that did not suffer from the fall of David Smith, except, maybe, for tinges of embarrassment, for having stuffed Smith’s stolen cash into their coffers and for being less than aggressive in ensuring that fraudsters of Smith’s type are brought to justice.

    In respect to Olint, they could lead the way in helping the liquidators recoup as much as possible of the money stolen by David Smith by repaying all the funds received for their campaigns. This process should be transparent.

    beneficiaries of fraud

    It is widely believed that several politicians who invested in Olint were able to cash out before it collapsed. They, too, should repay any returns beyond their principals. To do otherwise would mean they benefited from fraud.

    http://jamaica-gleaner.com/gleaner/20110419/cleisure/cleisure1.html

  81. STERLING ASSET MANAGEMENT INTERNATIONAL LIMITED

    30 DeCastro Street
    Road Town
    Tortola

    INVOICE

    CUSTOMER

    Olint Corp (St. Kitts)
    Port Zante. P.O. Box 998
    Basseterre
    St. Kitts

    Description

    Total billing for processing transactions for the
    month of June 2006.(1.5% * 3,583,096.01)

    $53,746.44

    Payment Details

    Wire Instructions
    ABA # 84000026
    Bank First Tennesse Bank, Memphis
    165 Madison Avenue
    Memphis, Tenn. 38101
    For Account of: Morgan Keegan
    Account No: 0010000117382
    Reference: Sterling Asset Management International
    Account No: 20108700

  82. FINSAC commission clears the air
    2011-03-30 09:26:01 | (0 Comments)

    That commission will be chaired by retired judge, Justice Boyd Carey, and includes as members chartered accountant Worrick Bogle and Charles Ross, the managing director of the investment house, Sterling Asset Management. Fernando DePeralto, a former deputy of the Bank of Jamaica, will serve as its secretary.

    http://go-jamaica.com/news/read_article.php?id=27609

  83. Chaos at National Arena

    The demand for free health services being provided by medical staff from the USNS Comfort Hospital Ship out of the United States this morning caused chaos at the National Arena in Kingston.

    The team has been providing general health services as well as dental, optical, physiotherapy, counselling and consultation to the public at the arena since last Thursday.

    However, the stadium police said the large number of people seeking the free health services has gotten out of control.

    Phipps wants MOU’s scrapped

    http://go-jamaica.com/news/read_article.php?id=28141

    Vex because American doctors turned him away?

  84. Davies charged that the government had been attempting to conceal the true state of affairs with the RMF by only making reference to some $750 million in expenditure when the committee was being asked to vote on some $8 billion, the bulk of which was not reflected, nor were the areas for expenditure outlined clearly.
    He further noted that the Government was attempting to sidestep the findings of the Auditor General as it related to the RMF which he charged showed ‘an effort to conceal’.

    Read more: http://www.jamaicaobserver.com/latestnews/Ugly-row-forces-adjournment-in-Parliament-#ixzz1K607YGZX

  85. Vassell: Lawyer for Minister of National Security Dwight Nelson speaks to Commissioner’s faulty memory….

  86. Is Vassell a lawyer? Or a clerk of some kind?

  87. Don’t worry…no problem….they’ll never find out about Brady and Manatt…..Cool nuh man stop worry…they’ll never find out about we and David Smith….don’t worry they’ll never find out about we and……

    They’ll never find……

  88. The value of advice from loyalists

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