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/

Cash Plus Liquidator Finds Possible Hidden Loot

Cash Plus Liquidator yesterday announced, that he had found possible hidden loot of about US $25 million in a Swiss Bank account held in Dubai. According to reports, action has already been initiated to have these funds frozen has the liquidator believes they are rightly belonging to the Cash Plus Investors.

http://www.jamaica-gleaner.com/gleaner/20091007/lead/lead1.html

http://jamaicaobserver.com/news/html/20091006T190000-0500_161288_OBS__CASH_PLUS_MILLION__FOUND_IN_DUBAI_.asp

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’s David Smith in Jail

There is news that David Smith is now in a TCI jail following being arrested again. It is understood that his wife was also arrested but released on bail.  It is understood that she is pregnant.

According to reports available the additional charges are in relation to the Management of OLINT TCI but no details were forthcoming from the Police.

This the latest twist in the David Smith and OLINT saga which sees OLINT having failed to pay Investors from at  least January 2008.  His offices and home was raided in the TCI in July 2008 and  funds held buy OLINT and  David Smith and Wife in the USA frozen that same month. He as then arrested and charged in February 2009 for fraud, uttering false documents and again in June 2009 on similar related charges.

The OLINT liquidator has effectively declared OLINT to have been a PONZI and have been asking the victims to come forward make state their claims.

The report is this time carried in on Radio Jamaica and  in the Jamaica Gleaner

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.

Reflections:

OLINT’s David Smith Arrested again

Investforlife can now confirm that David Smith of OLINT, OLINT TCI and TCI FX among others, has been arrested again. A source in the Turks and Caicos and more importantly the  Financial Crimes Unit has also confirmed the arrest.

We now understand that there are additional charges as outlined below.

  • 1 count of Theft
  • 1 count of Obtaining property by  deception
  • 2 counts of Money Laundering

He was granted by in the sum of US$ 2 million.

Last week, an Liquidator to wind up  OLINT TCI was appointed.  An article appearing in the Jamaica Observer today indicated that David Smith apparent fears returning to Jamaica but it seems he is facing more legal troubles in the Turks and Caicos.

OLINT and its related companies has failed to pay investors since at least January 2008.  Many feeder clubs associated with OLINT have not paid either.

Source: