Olint may have spawned many mini-ponzi schemes

The latest Olint liquidator report has shed new light on the operations of Olint. Investforlife has raised the issue before of “pigs” which we can now call mini-ponzi schemes, as was highlighted by liquidator in his latest report.
We read the sad case for example of one family who paid over $3.9m to a feeder club, however the liquidator was only able to find records of a substantially smaller sum actually making it into the coffers of Olint TCI.
The feeder clubs were in fact operating their own mini ponzi scheme, thus allowing for the entire sordid affair to continue long after David Smith had stopped paying.

We now know why we have seen very little action brought against David Smith and Olint from these so called feeder club, as they were busy “feeding” off their clients.

See liquidator report for additional information
http://site.olinttciliquidation.com/uploads/Olint_TCI_Liquidator_s_Second_Interim_Report_-_Published_30_November_2009.pdf

David Smith withdraws $20m from local accounts

The Sunday herald of November 22, 2009 reported that David Smith had removed $20m from a local financial institutions, while not taking the institutions involved.

There has been no freeze on his local accounts despite the fact that he ran and ponzi and stole millions of dollars, as local Olint investors have failed to take any action to ensure that the fleecing does not continue.
We wait to see if more funds held locally would be moved as the receiver tries to close in on all the loot that may have been stashed away.

http://www.sunheraldja.com/2009/11/fsc-alert-about-olint/

David Smith Granted Bail

David Smith was granted bail on October 1, 2009 . He and his wife was arrested again on September 28,2009. His wife was granted bail while he was initially remanded on until the Oct 26,2009 court date.

http://www.jamaica-gleaner.com/gleaner/20091003/lead/lead3.html

n.b.

OLINT Feeder Club Members: File your claim against the respective Club

The Liquidator of OLINT TCI as issued an update in regard to feeder club members. In essence it is directing to investors who invested in investment/feeder clubs, that in turn invested in OLINT, to  file a claim againts that club and not against OLINT TCI.

If you are a member of a feeder club or investment club that invested in Olint TCI Corporation Limited (“Olint TCI”) between the period April 2006 to July 2008, please note that your claim is against the feeder club or investment club and not Olint TCI.

The feeder club or investment club would in turn have a claim against Olint TCI and is required to submit its claim to the Official Liquidator of Olint TCI in accordance with the requirement shown in the Update section of the website.

Source:  Feeder Clubs

That letter

Sometime in June/July 2009 before the August 5, 2009 court case, a statement attributed to Lewfam was issued and can be seen below. The reason for our questioning the authenticy of the statement will become clearer soon

Dear Member,

At this time our situation has not changed. We still await realization of one of the options that we have been pursuing.

As you may have noted, the media has been issuing releases stating that OLINT TCI was audited and is being wound up as per order of the Turks and Caicos courts.  OLINT TCI is a separate organization started by Mr. David Smith in the Turks and Caicos Islands and does not concern us in any way.

Our funds are in OLINT and located on the trading platforms NOT in the Turks and Caicos Islands.

We trust that at some time our funds will be released and Mr. Smith will have an avenue to make payouts.

Please be reminded that the next court date will be August 5th, 2009. Through the Caribbean Currency Traders Association (CCTA) a lawyer has been appointed to watch proceedings on our behalf.

As always we ask you to please continue to pray for the following:

1. Relief for many members who are undergoing hardships at this time;

2. The successful completion of the negotiations;

3. The early resolution to the situation involving our trader’s funds and for him and his family’s well being.

The Management and Staff

LewFam Club

Note: (Emphasis(bold) added)

The lines in bold are very strange and seem to indicate the confusion or denial.

It is almost difficult to believe that such a statement could be attributed to Lewfam.  Lewfam and OLINT were in court together on matters relating to the FSC Cease and Desist order. They lost the appeal in December 2007, and shortly thereafter OLINT payment problems developed.

Lewfam should have been aware the OLINT Jamaica had become the “customer care” arm as mentioned in the Court Documents in the OLINT vs NCB mattter. Therefore to  to say that the issue surrounding OLINT TCI does not concern Lewfam is simply unbelievable and  leaves one to wonder if this is nothing more that a mischievous hand at work.

Here is a statement from another document in the public domain attributed to the OLINT boss.

…after the FSC raid in Jamaica I formed Olint TCI, and the club members of Overseas Lockett International, were transferred to Olint TCI and the Claimant remained the customer service arm of Olint Corp TCI and Overseas Lockett….

If that statement is true, then something in that letter does not add up.

However one thing is clear and seems beyond question is that Lewfam had funds invested in OLINT and therefore investors should have from long looked at their options to recover their funds.

Head the Advice of the Liquidator

The bottom line  is ivestors in investment clubs/Feeder clubs such as SGI Holdings, Lewfam, Wealthbuilders, UWIN, F1 Investments etc if they have not done so should heed the advice of the liquidator.   It has been long argued that these feeder clubs were responsible for allowing to OLINT to flourish by a conduit of funds ,  ‘bypassing’ the cease and desist order put in place by the FSC.  Apart from the clubs there were individual investors who acted as what is now term “Pigs” and the allowed sub investors, “piggybackers”, to invest through them. They also should file claims against their pigs.

Interestingly such advice has already in given to many investors but the question remains how many have actually initiated action or can afford to do so.

The option of filing a simple complaint with the particulars with the fraud squad in Jamaica, the FBI in the USA or local security forces in the respective territory is still an option.

Related

• How OLINT survived
• OLINT NCB the PDF (external site)
• Feeder Clubs (external site)
• OLINT/Lewfam lose to FSC (external site)
• Further Affidavit of David Smith (external site)

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.

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.

• Try the Scam meter today
• Check the red flag meter

Reflections:

• NO Money no deh
• OLINT where is the Money

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

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