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)

F1 vs May Daisy (Part 2)

On June 26, 2008, Steve Plamer & F1 investments has filed a lawsuit in a Flordia court against Ingrid Loiten, May Daisy, I Trade FX, LLC, Deutsche Bank Trust Company Americas and Turks & Caicos Banking Co. Ltd.  In part 2 of this article we examine briefly the counts  as stated in the lawsuit.

These are the Counts as outlined in the lawsuit 

1. Breach of contract
2. Civil theft
3. Conversion
4. Unjust enrichment
5. Demand Accounting 

We will now present a brief outline of each charge.

Count #1: Breach of Contract

Breach of contract is pretty much self explanatory.  F1 investments is accusing May Daisy and Ingrid Loiten of the following breaches.

• Wrongful transferring money to 3rd party
• Delegating duties
• Failing to exercise diligent honesty
• Failing to return funds when requested.

Count #2: Civil theft

In this count F1 Investment is basically saying May Daisy and or Ingrid Loiten has stolen their money. Civil Theft appears to be a american statue in some states including Florida. In summary it is a civil action brought by private individuals and is basically similar to obtaining money by false pretense, fraud and or deception.  It is a statutory right, and in Florida it is defined in §812.012, Florida Statutes.

Count #3: Conversion

This has to do with intentionally and wrongfully depriving another  person of his property permanently or for an indefinite time.  The intent component is important and F1 Investment is arguing that May Daisy/Ingrid Loiten has intentionally deprived it of its money.  The failure to return property(money) also is a part of conversion.

Count #4:  Unjust Enrichment 

In the this count F1 Investments is arguing that May Daisy has been duly enriched at the its expense and under obligation to make restitution.  F1 investment is asking May Daisy has unjustly gained it must return F1’s money

Count #5: Demand for accounting

It is in this count, that I-Trade FX and the other defendants come in. F1 Investment is asking the court to demand the accounting records of Ingrid Loiten and or MAY DAISY. That is, they are requesting that all the transaction records for accounts held with these defendants, including I-Trade FX be produced.

I am not a lawyer so the information presented is my understanding based on information available. Please consult a lawyer for legal advice.

Sources:

• http://wiki.answers.com/Q/What_does_a_civil_theft_suit_mean
• http://goliath.ecnext.com/coms2/summary_0199-2557273_ITM
• http://www.floridasupremecourt.org/decisions/pre2004/bin/93321.pdf
• http://www.adelmanlawyers.com/articles/112703civil.pdf
• http://wiki.answers.com/Q/What_is_theft_by_conversion
•  http://law.onecle.com/texas/property/113.151.00.html

Related:

• F1 vs May Daisy (Part 1)
• F1 Investments sues May Daisy, I-Trade et al

F1 vs May Daisy (Part 1)

In an interesting twist one alternate investment scheme(AIS) or Un-regulated Financial Organisation(UFO) has sued another. This occurred when F1 investments had enough of May Daisy’s failure to pay over sums it had requested. Here are more details on that lawsuit. There are five(5) points of contention

1. Breach of contract
2. Civil theft
3. Conversion
4. Unjust enrichment
5. Demand Accounting

Background
Based on the information at hand, F1 investments contracted May Daisy to trade Foreign Exchange with specific contractual conditions. The account with May Daisy operated from August/September – December 31, 2007. A request for full encashment was made on January 13, 2008. That request has yet to be honoured. This effectively forms the basis of the lawsuit.

Time-line
The time-lime will further explain what appears to have happened.

• August 16, 2007 – US $2,500,000 given to May Daisy
• September 6, 2007 – Contract finalised
• Sometime after September 6, 2007 – A further US $9,330,278 handed over to May Daisy
• By December 31, 2007 – F1 account with May Daisy valued at US $20,191,858.16
• January 13, 2008 – Request made for funds, i.e full encashment, no funds forthcoming
• April 2008 – Ingrid Loiten arrested in Zambia and US $7,000,000 seized.
• June 13, 2008 – Court documents signed
• June 26, 2008 – Documents filed in Florida court.
• July 25, 2008 – Letter sent out to clients

Special Terms
The contract between F1 investments and May Daisy appeared to have some specific terms. The following are highlighted as they are mentioned specifically in the lawsuit.

• Only May Daisy and Ingrid Loiten should trade the F1 investment funds.
• Trading should not be sub contracted.

Allegations

1. May Daisy and Ingrid Loiten allegedly used I-Trade FX which was a breach of contract
2. May Daisy allegedly sub-contracted actually trading to I-Trade FX which was also a breach of contract.

On June 26, 2008, Steve Plamer & F1 investments has filed a lawsuit in a Flordia court against Ingrid Loiten, May Daisy, I Trade FX, LLC, Deutsche Bank Trust Company Americas and Turks & Caicos Banking Co. Ltd.  In Part 2 we will attempt to break down the counts in the lawsuit and explain how I-Trade FX and the other defendants come in. 

Related:

• F1 Investments sues May Daisy, I-Trade et al

F1 Closes OLINT-traded Gold Fund

F1 Investments is explaining to customers that problems with David Smith Led OLINT has put their GOLD fund in jeopardy.  In a release to members they say that the Platinum fund is not in danger except for the problems that they are having with Ingrid Loiten led May Daisy. Please see the letter below.

July 25, 2008

Dear Valued Client

We would like to take this opportunity to thank you for your patience and understanding and seek to update you on the current status of affairs with regards to our Gold and Platinum Funds in light of recent developments which have occurred within the foreign exchange trading industry.

As you are aware our Gold Fund, as mentioned on the website, is traded by OLINT Corp. Limited (OLINT).

Mr. Smith sent out a communiqué on July14 & 18, 2008 and we wish to forward this to you, as this will have implications re your Gold Funds in trade.

We believe that due to investigations by various international authorities there may be a significant impact on OLINT’s ability to successfully trade this Fund and as such in order to protect the funds placed with OLINT we have decided to close this Fund and have requested that OLINT forward to us all monies due to date with a view to paying out our clients all amounts due for this Fund. It is our understanding that to date no legal action has been brought by the authorities against David Smith or OLINT nor has OLINT been ordered to cease its operation.

We have heard that the investigation, at this stage, is a fact-finding exercise on the part of the local authorities in the exploration of their mandate to stem the flow of financial crimes in the jurisdiction, however we believe that our decision to close the Gold Fund is necessary to mitigate any risk to client funds in light of these circumstances.

We are aware that possible consequences of this investigation could be the delay of these payments by OLINT and we are currently in dialogue with OLINT with a view to have payment made as soon as possible. A direct consequence will be the delays in fulfilling encashment requests for the Gold Fund.

We anticipate a resolution to this situation and will endeavour to keep you fully informed and pledge to address all relevant issues in a timely, effective and efficient manner as the situation unfolds; as we can only inform you of the facts as we receive them. As you are aware, this is beyond our control.

Our Platinum Fund continues to be traded by our traders with good results save and except for the sums placed with Ingrid Loiten of Maydaisy which we are endeavouring to recover through due process in the Courts of the United States of America.

We continue to monitor the events closely and commit to keeping you informed. We once again thank you for your understanding and wish to reassure you that your support
serves to encourage and strengthen our resolve to do whatever is necessary to ensure that our clients’ interests remain of paramount importance.

Please do not hesitate to give us a call for any queries you may have.

Yours sincerely,
F1 INVESTMENT INC.

F1 Investments addresses May Daisy issue

F1 investments who filed suit against May Daisy has now sought to advise its clients of what is happening. Here is a letter sent out to its clients.

Dear Clients

F1 Investments Inc. (F1) has, over the years, achieved good returns for its clients through Foreign Exchange Traders and entities who have had good trading discipline and have exercised capital preservation as a main investment strategy within the context of foreign exchange trading. In order to achieve this, F1 Investments has entered into contractual agreements with traders who trade the Funds of the clients of F1. As you may be aware, a number of these entities and individuals have come under the scrutiny of various regulatory bodies and some have had a number of issues in regards to the ability to return clients funds on request. F1 has sought to ensure that it remains able to encash and return clients’ funds at reasonably short notice.

F1 entered into a contractual relationship with Miss Ingrid Loiten of May Daisy Corporation, to perform some of the trading activities for an allotted portion of funds on behalf of our clients, and Miss Loiten has seemingly performed well in relation to her trading. In light of the challenges of the Industry and to ensure the protection of client’s funds, F1 re-structured its arrangements with its Traders and requested the funds held by Miss Loiten with a view to doing same. Miss Loiten has failed to comply with our requests for the transfer of funds, inclusive of gains made through her trading, within a reasonable timeframe and to date continues to hold the funds either in banks and/or on a trading platform.

In order to protect our client’s interests, F1 has initiated legal proceedings against Miss Loiten with a view to obtaining a court order to have the funds returned. F1 has engaged the services of United States legal counsel to assist in this process.

While it is with regret that we have had to take this action, our client’s interests are paramount and it is imperative that we take the necessary steps as outlined above. We continue to have very good results from our other traders and expect to continue on a path of good results for you our client. It is however possible that the impact of the action being taken against Miss Loiten and May Daisy Corporation could result for the first time in a delay in encashments were we to receive a large number of requests. We hope for a timely resolution to this matter, and we will continue to update you accordingly.

We continue to thank you for your support.

Yours truly,
F1 Investments Inc.

We will be presenting a breaking down of the counts as listed in the lawsuit filed by Steve Palmer and F1 investments soon.

Related

• F1 Investments sues May Daisy, I-Trade et al

Olint Discussions with Hermes, Jason, NoCotec et al

This is facilitate an interesting discussion between Hermes, Jason, NoCotec, Jay and others.

The F1 Investments addresses May Daisy Issue has still available at F1 Investments addresses May Daisy issue.

Related 

• F1 Investments sues May Daisy, I-Trade et al

F1 Investments sues May Daisy, I-Trade et al

News is surfacing, that Steve Plamer & F1 investments has filed a lawsuit in a Flordia court against Ingrid Loiten, May Daisy, I Trade FX, LLC, Deutsche Bank Trust Company Americas and Turks & Caicos Banking Co. Ltd. The lawsuit is for breach of contract. The suit was filed on June 26, 2008. Indeed this is a very sensitive matter as it appears that the Steve Palmer’s F1 investments had “invested” with Ingrid Loiten’s May Daisy and like other “investors”, has failed to receive any payments in the last 6 months.

Linkages between AIS

Ingrid Loiten was named in the NFA complaint against I-Trade filed on June 30, 2008 and now we have this report. It appears May Daisy might be going the way of Cash Plus and the lawsuits are now starting to appear. This interesting case highlights something that we have been very concerned about, the possible linkages between the investment clubs. “Diversification” by investing in multiple un-regulated alternative investment schemes(AIS) does not appear to have been a wise move.

I-Trade FX a defendant too

Interestingly one of the defendants is I Trade FX, the same company subject in the an NFA complaint of June 30, 2008. You can read more at, Martinez’s (I-Trade) in Trouble with NFA – Ingrid Loiten, David Smith named.  In the NFA complaint document, item 25, the following quote appears.

Loiten’s account opening documents listed her annual income and net worth as between $25.000 and $50,000. Yet, between December 2006 and March 2007 , seventeen deposits weremade to Loiten’s account totaling over $1.7 million.

The Turks and Caicos link is also at work as the Turks & Caicos Banking Co. Ltd is listed as a co-defendant. In a Friday Afternoon interview on Nationwidenewsnetwork, David Smith admits that while knowing Ingrid Loiten and having worked with her in the past, they no longer communicate and neither she or her company has any investments with OLINT and he now understands that she is a trader too.

Ms. Loiten, who once ran a website homeworkjamaica.com, was arrested in Zambia after a few million US dollars was allegedly deposited in a bank account there. It is not clear what is the status of that case but reports suggest that the case was dropped.

If you have the funds and if you have the money you can go to http://dockets.justia.com/docket/court-flmdce/case_no-6:2008cv01040/case_id-215541/ to get the details for a small fee.

N.B. Thanks to poster who pointing out this document.