Gleaner calls Olint beneficiaries(JLP/PNP) to repay

With the collapse of the OLINT and the confession by its leader, David Smith, that it was has nothing more than a glorified PONZI, there has been some interesting utterances. The most recent one is from the Gleaner calling for the the ‘Gangs’ of Gordon House to repay the OLINT money. This call is  the most refreshing and is the right thing for the the JLP/PNP as a whole,  members of political directorate and those that benefited to  do.

What about the some Church leaders? Devon Dick in his article ‘Churchs should repent over olint‘, pointed out that these Church leaders need to accept their sorry role in the whole affair, repent and where appropriate repay the ‘profits’.

If they refuse to do so,  court proceeding should be initiated to force them to do so. Simple put those that benefited from OLINT and other Unregulated Financial Organisations should repay.

Interestingly, to this day no charges have been brought against David Smith in Jamaica.

On slightly different but very related note, what is the status of the OLINT feeder clubs, Lewfam etc and their bosses? When will they be drawn before the courts?

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Olint affair is it now over?

With the closure of the TCI bank, which contained the remaining US$13M loot that David Smith has stolen, does this signal the end of this entire Olint affair?
John Connolly must have eggs all over his face, for failing to recognize that the place that he had placed the Olint loot (leftovers) was shaky and about to collapse.

As a forensic accountant/auditor one would have though he would have been able to see this on the horizon and as such seek to prevent further loss of the small sums which had been found.

I suppose John will no longer be the liquidator as now everything has been liquidated, and with no funds available, he cannot be paid for his services rendered as liquidator.

While the court case has now been moved to September, this is really meaningless for the thousands of Olint investors, who having now lost everything with the TCI bank closure, interest would d have now waned as people now really begin to start focus on recovery.

Rich Jamaican businessman under US probe

The observer  today reported something that we have all speculated on for some time now and has been gathering evidence to support our point.

We have always been very careful with our post and as usual we will not call any names but will simply point your nose in the right direction and you can make your own judgment.

http://www.olinttciliquidation.com/uploads/Olint_TCI_-_Official_Liquidator_First_Interim_Report__pdf_.pdf

Check out these two companies called out in the report on page 10, item # 2.4 (page 10  of the adobe file, not the report page number).

The liquidator said just over US$135M was forwarded to these companies, amongst others which where not identified. So who are the principals of those two companies.

Well you have to do a little digging, so we have decided to do it for you. Check out these legal proceedings that have been filed against Usimo, and use a little ingenuity and you will know at least one for the principals.

http://dockets.justia.com/search?q=USIMO

For those unfamiliar with the case just browse  the blog and you will find a ton of information.

See details as it appears in the Sunday Observer.

http://www.jamaicaobserver.com/news/US-wants-info-on-Ja-billionaire

Olint (Jamaica) Investors angry and disappointed.

Olint investors left the two meetings held by the Olint Liquidator very angry and disappointed

The liquidator has stated that the only persons who are likely get back anything, would be those investors who deposited funds directly to Hallmark Bank & Trust Limited in the Turks and Caicos Islands between the period April 2006 and July 2008 and had entered into a Private Club Members Agreement with Olint TCI.

On the other hand those persons who were forced by David Smith into signing the Private Club Members Agreement with Olint TCI would be left penniless.
This is a very cruel blow to Olint investors who had gathered at the Jamaica Conference Center hoping to hear some good news on their money.

Unanswered questions.

What was the real purpose of this meeting?
Why did the liquidator need to come to Jamaica to tell the investor in Jamaica that they would receive nothing?
Is there a hidden agenda?

I suppose these questions will be answered in the next couple of days.

http://www.jamaicaobserver.com/news/Olint-Creditors_7401310

Olint Liquidator schedules meeting – Latest update.

The liquidator of Olint has schedule meetings for defrauded investors  next week, February 8, 2010 at the Jamaica Conference Center.
He has indicated that the only persons who can attend are those who have filed a claim and have been contacted by the liquidator via email or otherwise to confirm their attendance.

Many persons are suspicious, as they have indicated that the liquidator would have had their files and be as such would have been aware if there are a bonafide investor or not, so why the need for these pre-conditions.

Some people have asked me the following questions?
1. Are persons from the Inland Revenue Dept going to be on hand
2. Will agents of the fraud squad going to be on hand
3. Will ‘investors” be identified on arrival at the center i.e. will John Doe be required to prove and then sign that he is in fact John Doe.

I have no idea what is likely to taken place at the door or inside the venue itself.
One question investor should seek an answer for is, what has happened since the expiration of the injunction that was filed in the Supreme court which sought to froze DS accounts.
Was there a second injunction filed and if not why not. Also since if one was not done, have the funds been since moved to a number of other offshore accounts

http://site.olinttciliquidation.com/

Update

A new Olint group has been formed to “protect” the interest of Olint investors.

The groups website which is still under construction can be found here.

http://acomaction.info/

Further update – Feb 9, 2010

The liquidator has stated that the only persons who are likely get back anything, would be those investors who deposited funds directly to Hallmark Bank & Trust Limited in the Turks and Caicos Islands between the period April 2006 and July 2008 and had entered into a Private Club Members Agreement with Olint TCI.

On the other hand those persons who were forced by David Smith into signing the Private Club Members Agreement with Olint TCI would be left penniless.
This is a very cruel blow to Olint investors who had gathered at the Jamaica Conference Center hoping to hear some good news on their money.

There are some unanswered question

What was the real purpose of this meeting?
Why did the liquidator need to come to Jamaica to tell the investor in Jamaica that they would receive nothing?
Is there a hidden agenda?

I suppose these questions will be answered in the next couple of days.

http://www.jamaicaobserver.com/news/Olint-Creditors_7401310

Worldwide freeze ordered on Olint assets

BREAKING NEWS!!

Today the Olint liquidator was sucessful in obtaining the supreme court in Jamaica to order a worldwise freeze on Olint assets.

Read more here.

http://site.olinttciliquidation.com/

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