Bloomberg: David Smith claims he got help from Famous Friends

In a expose that appears in the June 2015 issue of Bloomberg,  David Evans goes behind the history of OLINT and David Smith.  Much of what he says is already known,  however there are a few things that stand out.

The key one is one why was the Martinez Family from I-Trade never prosecuted? Many persons law enforcement agents and prosecutors  are puzzled. David Smith seems to reveal that part of his pleading guilty was in exchange for providing information and feels he was tricked and thrown under the bus.

“Once I decided I’d plead guilty, there was no holding back,” Smith says, locked up just a few miles from the turquoise waters and seaside villa where he often entertained the Martinez family. “I went all the way. I did everything they asked me to do. I got nothing in return.”

A number of persons are named in this article for their roles including members of the Martinez family. There are the stories of many who persons would call greedy still lamenting what the lost.

In a related article, Leverage as High as 50-1 Lures OTC Forex Traders Who Most

Martinez admits the dangers for FOREX Trading or Currency Casino

He says he’s taught 30,000 students a formula for making consistent profits with MTI’s Ultimate Traders Package, which sells for $7,995. Yet, in an interview with Bloomberg Markets last year, Martinez estimated no more than half his customers make back trading what they spend on their MTI tuition.

The role Market Traders Institute(MTI)  played is beyond question in Jamaica as those organisations gave legitimacy to David Smith and his OLINT operations.  In fact, Jared Martinez openly praised the skill of David Smith and called him a Jamaican Moses.  Listen carefully and note a few things:

  1. He admits there has been controversy “about the returns he brings” but he has “helped” persons
  2. But then issues an “endorsement”  and says “it has been the real deal”

Watch and listen Jared Martinez Calls David Smith the ‘Jamaican Moses’

Whether they were complicit in a conspiracy is the question that will probably be never known, unless there is a confession.

For more read The Con Man and His Mentor

Some still blindly believe

In a letter to editor of the Jamaica Gleaner of August 8, 2008, an OLINT supporter, if not investor, pleads for support of the beleaguered “Investment” Club. The writer, after rambling a bit, takes aim at the law of the land and the regulators who seek to uphold it.

Up until the authorities started their campaign to wipe out his business, he consistently delivered on his promise.

Are people still blaming the FSC, NCB, BOJ, BNS, Peter Bunting and Omar Davis and others for OLINT demise? It should be noted that the Jamaican authorities have not frozen anything, yet. If people had listened to the FSC, the debacle and tragedy that OLINT has become would have been significantly contained.

He mentions the OLINT foundation but what has the foundation been doing lately? Please note this is same the foundation to which MTI’s Jared Martinez was more than happy to put his money in, as a part of public (relations) support for David Smith. I hope the letter writer took note of the MTI AD.( See under related:)

The road to hell is often paved with good intentions.

The blind belief and bankrupt thinking is further evident in the following line:

I respect and support him based on his history of honesty. It is vital that people like David Smith survive in business, because he has the good of the people at heart and has proven himself not to be one of the greedy investors.

Firstly, what and where is the evidence of this honesty? A long list of broken promises? David Smith might have started with good intentions, but even if he did, something went wrong, very wrong. The writer should listen again to the Nationwide interview with the ‘troubled’ Peter Bovell. Re-visit the stories of the Walker’s and the Observer’s Al Edwards asking OLINT, where is the Money?

No place for certain business

Based on OLINT’s example, it is vital that companies that are anti-regulation, anti-transparency and anti-disclosure not be in business at all. They are a danger to investors, consumers and themselves.

You can read the rest of the letter here, In support of Olint(Jamaica Gleaner).