Before you read this article please read What Happens to the Money in a Ponzi Scheme?
Al Edwards writing in the Jamaica Observer ask the question that people should be focusing on. Even If that ‘e-mail’ is fake, although some believe it is genuine, that is not the issue. The issue is where is the money. Here are some quotes from the man who authored the another article, two(2) months ago May 16, 2008 to be exact, “Olint at a Cross Roads”
Club members of popular foreign currency trading outfit Olint and indeed most of the country are preoccupied with two questions: Will people be able to recover their invested funds and what happened to all that money?
The article points to the fact that there will be no help form government, so club members have their options clearly cut out. The leader of the flock has been quiet and their has been no word of comfort.
In effect, club members will have no recourse other than OLINT for their money. So what does David Smith propose to do about it? His representatives have been strangely quiet, and he has not stood before his flock and calmed their nerves.
If that David Smith and his team is not providing any answers, it is clear that the club members need to be assembling their own high power legal team.
Excuses Dwindle
The author then turns to the rumours and like this writer the author points to the dwindling excuses. Rumours of that the prominent bank, NCB, clearly as they are the possibly the only bank with OLINT accounts if not the one with the main accounts.
Olint has not endeavoured to confirm the veracity of that statement, leaving NCB prudently to categorically state its position.Both the Financial Services Commission (FSC) and NCB made it clear earlier this week that they were not the ones preventing members encashing Olint cheques inferring that once members had cheques they could be cashed. The excuses were slowly being whittled away.
In another section, the writer tries to quietly suggest that maybe all was not well.
It may also be the case that having paid out anticipated returns to his club members, and with no new money coming in; he was caught between a rock and a hard place. Then again, the question has been posed: Was he fully engaged in foreign currency trading, or were there detrimental lapses?
While the writer of the article is afraid to use the SCAM word or the PONZI word we are prepared to. The questions that should is really being asked was it bad management or was it a case of FX outfit that never was or a FX outfit turned PONZI.
Goal Post Gone
Asking a local analyst for a comment, the analyst drew for a quote from the article, Olint at a Cross Roads, one that all well thing persons should consider.
“You summed it up earlier in that article, ‘Olint at the crossroads’, when you said if the goal posts keep moving a lot of people will get pissed-off. I’ve got the quote here on my desktop: ‘If David (Smith) does pay out everybody what he should rightfully pay them, then there will be a huge sigh of relief right across Jamaica. His reputation will be enhanced both professionally and personally. If he does not, he will be stigmatised as a charlatan and rendered a pariah. His fate lies in his own hands. His word, dare I say it, has to be his bond.’
“I think that about says it all, don’t you?”
The Goal Posts have shifted so many times to the point where it now appears that the goal posts have been dismantled.
The article is clearly worth reading, please read it, but maybe answer is No Money No Deh
Source: Olint: What happened to all that money? (Jamaica Observer)
Related:
n.b. We will comment on the “e-mail” soon
Filed under: Commentary | Tagged: David Smith, Jamaica, Olint, Scheme | 25 Comments »
Some still blindly believe
In a letter to editor of the Jamaica Gleaner of August 8, 2008, an OLINT supporter, if not investor, pleads for support of the beleaguered “Investment” Club. The writer, after rambling a bit, takes aim at the law of the land and the regulators who seek to uphold it.
Are people still blaming the FSC, NCB, BOJ, BNS, Peter Bunting and Omar Davis and others for OLINT demise? It should be noted that the Jamaican authorities have not frozen anything, yet. If people had listened to the FSC, the debacle and tragedy that OLINT has become would have been significantly contained.
He mentions the OLINT foundation but what has the foundation been doing lately? Please note this is same the foundation to which MTI’s Jared Martinez was more than happy to put his money in, as a part of public (relations) support for David Smith. I hope the letter writer took note of the MTI AD.( See under related:)
The road to hell is often paved with good intentions.
The blind belief and bankrupt thinking is further evident in the following line:
Firstly, what and where is the evidence of this honesty? A long list of broken promises? David Smith might have started with good intentions, but even if he did, something went wrong, very wrong. The writer should listen again to the Nationwide interview with the ‘troubled’ Peter Bovell. Re-visit the stories of the Walker’s and the Observer’s Al Edwards asking OLINT, where is the Money?
No place for certain business
Based on OLINT’s example, it is vital that companies that are anti-regulation, anti-transparency and anti-disclosure not be in business at all. They are a danger to investors, consumers and themselves.
You can read the rest of the letter here, In support of Olint(Jamaica Gleaner).
Related
Filed under: Commentary | Tagged: David Smith, Jamaica, Jared Martinez, MTI, Olint, Scheme | 51 Comments »