Olint Ruling in TCI delayed

We are receiving confirmed reports that the the Judge in the Olint case, in the Turks and Caicos Islands, has delayed the ruling until Monday, January 12, 2009. This is in order further review all the documents that he now has before him.

If this is true, the Olint faithful and others linked to feeder clubs and piggy-backers will have to wait a few more days to hear what is the status of the frozen assets of David Smith and Olint.

Update: We can now confirm. The Judge has reserved Judgement until Monday, January 12, 2009.

January 9th is here…

“January 9th is basically upon us..” echos Cullkull, a member of the INVESTFORLIFE community. He went on the place his bets on what will happen after January 9th.

“My bet is that the carrot will move to about March/April..
so I guess a lot more prayer vigil will keep etc.. but by time March/April come, there will be some new excuse and the carrot on the stick will move to around Aug/Sept.”

January 9, 2008 is the date when the court in the Turks and Caicos  is expected to rule on Olint and David Smith’s holdings in that country. These assets have been frozen since July 15, 2008 following raids by the Turks and Caicos Financial Crimes Unit.

Olint, the troubled Unregulated Financial Organisation(UFO) has reportedly not paid its investors for close to or little more than 1 year, outside of a rumours that a lucky or privileged few were in early 2008. In its hey day, OLINT paid an average return of around 10% per month.  After being issued cease and desist orders by the FSC in Jamaica, Olint shift operations overseas and apparently depended primarily on inflows from feeder clubs spread all across the Caribbean and the United States. (see related link below).

Since the delays in payments, efforts by many investors to recover the principal or a portion there of has so far turned out to be futile. Some have turn to lawsuits while others to prayer. Indeed a large section of church in Jamaica support and gave legitimacy to many of the UFOs operating in Jamaica particularly OLINT. Those clubs included Lewfam led my prominent and respected church man, Major Neil Lewis.

The role the MTI played is still up to question. Are the innocent or is there more to the story? I Trade- FX a company owned by the principals  MTI ran into problems with the NFA with David Smith’s Olint along with May Daisy  being named in the complaint.

The impression is being given that once the court rules in David Smith’s favour, money will somehow start to roll. Prophet Phinn appears to one those spreading that ‘vision’. What do you bloggers think will happen today?” We now await the court ruling.

Related

• Olint Raided, Assets Frozen
• MTI says – Scams,Schemes, Scandals!
• How OLINT survived?

Olint’s, David Smith issues new email to his clients

This is a copy of the email that was allegedly sent to Olint members this morning.

Dear Club Members,

Let me start by sincerely apologizing to each one of you for the absolute lack of communication on my part with you the members of the club. This has definitely not been my desire but due to the money laundering allegations in the Turks and Cacios Islands directed at me, Olint TCI and TCI FXTraders it has been impossible for me to communicate with you.

I want you all to know that I am aware of the extreme hardship that every single OLINT club member is experiencing due to the position the club is in at the moment. I am aware and deeply sadden by this for as most of you are aware my intentions have always been good and about creating a better standard of life for all involved directly in Olint along with Jamaicans as a whole. I am devastated at the moment that anything that I am involved in can be causing this hardship to so many and I remain one hundred percent committed to not resting until this extreme situation is resolved.

Further I want you all to know that I truly understand what each and every one of you is going through because my family and I are experiencing it also. I know that there are many rumors out there that would contradict my last statement and that is exactly what they are vicious rumors. I urge each and every one of you not to be blinded by the rumors and to weigh in your own minds the things you hear and see them for how farfetched they are.

Once again I stress that I am doing everything in my power to rectify the situation that we are all tied up in and I am not alone, this situation has brought me back to my first love as I have had to go to my knees and seek Gods face.

Remember ALL THINGS ARE POSSIBLE THROUGH CHRIST JESUS and I sincerely believe with all my heart that with the Lords’ help all will be resolved. I also believe that this is a time of reflection for us all and that we should listen to see what it is the Lord is trying to tell each of us as we endure this situation.

My wife and I (yes we are still very much together despite the rumors) from the bottom of our hearts want to thank all you club members who have been patient and supportive during this terrible period. And for those club members who have not been, I just want you to know that I understand fully why, and I once again stress that I feel your pain and am doing all that I can to resolve things as quickly as is legally and humanly possible.

I pray for all club members that the lord will give you his peace that passes all understanding, and that the Holy Spirit will bless us all with patience. May the Lord keep each and every one of us as we stand on his promise not to give us more than we can endure .

Sincerely

David Smith

Wild accusations and Olint

“I am sure you are well aware of the crime situation in Jamaica. I am responsible for managing all the crime investigations – the police resources for over 1,500 murders each year plus all the other crimes, etc. As such, my time is very limited.

“There is absolutely no Government influence in this investigation and we will follow up the allegations made, although it is essential that we have the full facts and details, including the relevant documents to show that a fraud has been committed!!!”

So wrote Assistant Commissioner of Police Les Green to Dr Christopher Walker who describes himself as ‘a concerned Olint investor’.

The communication, an e-mail, copied to about 10 different addresses, including me, was dated October 7, 2008.

 

Walker has decided to step up the heat on Olint in a bid to recover the US$2.4M that he invested in the company, but will he be successful , only time will tell.

Read the full article by Mark Wignall here:

http://www.jamaicaobserver.com/columns/html/20081101T200000-0500_142043_OBS_WILD_ACCUSATIONS_AND_OLINT.asp

David Smith issues Statement

While most of us where busy celebrating the success of  the Jamaican athletes at the Olympics of 2008 held in Beijing China, David Smith was quietly issuing a statement dated August 16, 2008. In the Statement, David Smith attempted to shed some light on the current situation. According to the letter, an application has been filed with the Supreme Court of Turks and Caicos Islands seeking to “seeking the discharge of the restraint order which has prevented me from dealing with any of my assets, or my companies’ assets, in these Islands; as well as the return of the documents and computers which were seized from me by the Turks & Caicos Islands police.”

 There is no reference to the US $200 million wire, no reference to the US$ 735/750 million. There is no mention of the problem with frozen assets in the USA. There is reference to an audit but no reference to who  or which firm is responsible for doing it. Is it an internal audit? 

‘Pregnancy’ Period.

Later in the letter , the nine months promise resurfaces again. Given that David Smith cannot supposedly “trade”, When did this nine month period begin or is it to begin sometime in the future? Has the plan been conceived yet or is fertilization to occur soon?

For the full text of the article please see below.

STATEMENT BY DAVID SMITH IN CONSULTATION WITH HIS LEGAL TEAM

I have had consultations over the past few days with my Jamaican and Turks & Caicos attorneys-at-law. Lord Anthony Gifford QC, the leader of the team, was admitted to the Bar of Turks & Caicos Islands on 15th August 2008 for the purpose of representing me in the Court of Turks & Caicos Islands.

An application is being filed with the Supreme Court of Turks & Caicos Islands on 18th August 2008 by my local attorneys-at-law, seeking the discharge of the restraint order which has prevented me from dealing with any of my assets, or my companies’ assets, in these Islands; as well as the return of the documents and computers which were seized from me by the Turks & Caicos Islands police.

My attorneys-at-law advise me that this application will be heard in September 2008 and that they are confident of a positive outcome.

The freezing of my accounts and assets in the Turks & Caicos Islands has meant that I am prevented from either trading club members’ funds or from making repayments. The situation is on hold until the litigation commenced by the Attorney General of Turks & Caicos Islands has been resolved.

However we are using the time to proceed with the audit which was referred to by my attorneys-at-law in their statement of 18th July 2008. Auditors have been retained in order to produce accurate accounts of what is due to members, and what is due from members who have been overpaid. That process is now continuing.

I am still confident that the time scale outlined in the attorneys’ statement can be honoured. In that statement the attorneys said I was committed to fulfilling my obligations and making payments to members within nine months. That remains my commitment.
David Smith
16th August 2008

P.S. Now that the Olympics are over, you should see more postings. Congratulations to our athletes. We, Jamaicans, can certainly be the best at what we set our mind to be.  It is a pity that the UFO con-men have chosen the wrong path. You have to play by the rules.

I-Trade Response now available.

The NFa has release I-trade FX’s response to NFA complaints.

At this time we are not able to comment, we will do so later but here are some highlights

Ingrid Loiten

Respondents state in the affirmative that over 94%o of the funds deposited by Loiten were lost tradings.

Gareth Harris

Respondents state in the affirmative that Harris sustained trading losses in his account in excess of 9.5 million dollars, which was equivalent to over 94% of the deposits made in the account.

On David Smith we will have to revisit the document.

Here is the link

• http://www.nfa.futures.org/basicnet/CaseDocument.aspx?seqnum=1669

Bovell: OLINT Refused to be transparent (with interview)

An apparently disappointed, hurt and ‘troubled’ Peter Bovell told his side of the story.  Simply put only one person knows the story, David Smith. In Summary

1. He and Joey Issa apparently still have money in OLINT. He and Joey Issa have no hundreds of millions in OLINT
2. David Smith refused to show him the trading accounts. He begged David to get audited, be transparent, hoped the move to the TCI would have facilitated this.
3. In February 2008, He told DS forget audited accounts let me see the money. He has not seen any proof that US $735/$750 million exists. 
4. He felt the due diligence and other excuses were garbage
5. Assisted David Smith to move to TCI with aim for David Smith to become legitimate.
6. Earned a % of funds made by OLINT as part of earlier contract where he got a % of the profit. He acknowledges that it was profitable. 
7. Terminated agreement in point #6 as he was tired of being in dark as he was frustrated with David’s resistance to be audited etc. Spilt with David in March 2008 or there about.
8. Relationship with David Smith has soured as David Smith lied to him.
9. Explored the Capital BLU partnership with OLINT but David Smith was not interested.
10. Said he was never a director of OLINT

People are going to talk now, as the heat is on. 

Source: Nationwide News Network 

Click to Listen to Peter Bovell Interview

Warning

• a section is missing. It was not deliberate. Once I get the full copy it will be posted, but since people are want to hear something here it is.
  
• the quality is not the best
  

NB: To some critics why wanting to know why the audio late? We have other things doing…

TCI Police: Investigations could take months

Nothing incriminating yet is the word from the Police in the TCI according to a report published in the TCI Sun. The lead investigator was however quick to warn than that the investigations could months. Here is a quote from the article.

Meanwhile, investigator Mark Knighton of the Financial Crimes Unit, noted that it could take up to three months for his team to complete their probe into Smith’s local operations, quickly pointing out that so far their investigations yielded nothing incriminating.

The police claim they have a lot of documents and it is possible that they will need assistance from other jurisdictions.

“My experience is that, when you’ve got all these documents, and the possibility that other jurisdiction may be involved, this takes time. And the length of time it takes depends on the co-operation of the other jurisdictions. We have a lot of documents to go through, and when we have gone through these documents, then we will make a judgment whether or not we should proceed further,” Knighton said.

We have also heard reports on Nationwide that the police in TCI has sought and gotten additional help to speed up the investigations.

You can read more at 

source: http://www.suntci.com/multimillion.asp