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.


OLINT Accounts at NCB can now be closed.

Tonight news has surfaced that the UK-based Privy Council has ruled that the National Commercial Bank was right when it made the decision to close the accounts of David Smith’s investment club,  Olint.  In the meanwhile there is news that another UFO is being investigated.

After much hassle, it appears NCB has been given the green light to close  OLINT‘s accounts. What would be interesting to know, is how much money, if any, is in those accounts.

The result is not a surprise to many given current ‘ know your customer’ policies and other Anti-money laundering regulations in place today.

Partners Financial Investment Limited being investigated

According to report from Radio Jamaica the Fraud Squad is probing another alternative investment scheme,  Partners Financial Investment Limited

It is understood that complaints from investors, who have reportedly pumped millions of dollars into the scheme has resulted in the investigations.

RJR News understands that investors in the scheme, which traded in foreign currency, went to the Fraud Squad after representatives of the Partners Financial Investment Limited were unable to give them answers about their money.

One of the investors reportedly lost $90 million in the scheme.

We are not sure if Partners Financial Investment Limited was related to OLINT in any way.


Court Tells NCB NO!

The National Commercial Bank’s  application for leave to go to the Privy Council was this morning turned down by the Court of Appeal. NCB wanted to challenge the Court’s ruling that OLINT accounts should remain open.

Instead, the court has directed NCB to return to the Supreme Court and seek to have a speedy trial. The Court also said that the accounts should remain open until the civil case is dealt with. 

This is another blow for NCB in their quest to close OLINT three(3) accounts, while this is some good news for OLINT and its investors.

Source: NCB application denied – Olint accounts stay open


NCB said there was no $200M

In a Radio Jamaica is now reporting that NCB says there is no $200M wire it is aware off. 

The Gleaner newspaper on Wednesday reported that a prominent Jamaican bank had reported the suspicious activity to the authorities and an investigation followed.

However, in a statement, NCB said it was not aware of any attempt to send such a wire transfer.

NCB said it has also become aware of several rumours circulating regarding OLINT’s accounts

Dave Garcia from NCB, on Nationwide, said they were not aware of any wire of $200M to Olint’s accounts so they could file alert/report to any authority. Garcia says to refuse funds for deposit would be in breach of the Court order to keep the accounts open.

This is a most unusual step but it is clear that given rumours circulated NCB has decided to respond.

Source: http://www.radiojamaica.com/content/view/10033/52/

NCB dismisses Rumour

National Commercial Bank (NCB) has finally responded publicly to a rumour that has been swirling since at last week that the bank was blocking, holding up not accepting deposits destined to OLINT accounts. Radio Jamaica reports the following

The Bank says while it awaits the decision of the Court of Appeal, it cannot lawfully refuse to accept any deposit which Olint would wish to make to its accounts, and insists it has not refused to take their deposits or to do any other transaction

It is also understood that NCB had an ad in the Newspaper too with similar information. This release also confirms that OLINT actually appeared to have won a battle and the courts had granted an extension on the injunction barring NCB from closing its accounts. 

Brokers say not me

Based on information that we have, two brokers, Oanda and FX solutions have indicated they(the brokers) are not under due diligence and are not being investigated. The situation at I-Trade is well documented on this site and I-Trade was not blamed by David Smith in his Nationwide Interview.

FSC weighs in

Today, the FSC has also weighed in and stated that they are not preventing OLINT from paying their clients and that OLINT is free to honour their obligations 

If the information that we have is correct, it now appears that the FSC, brokers and NCB are not the problem.  

Source: http://www.radiojamaica.com/content/view/9948/26/


Micheal Lee-Chin’s Investment pays off

When Micheal Lee-Chin bought NCB I am not sure he dreamt that  in six-years his investment would pay off so quickly.  The Observer presents a very interesting peice worth reading

Yesterday, National Commercial Bank’s (NCB’s) share price closed on the Jamaica Stock Exchange (JSE) four cents lower than the day before. But for Michael Lee Chin, the price of $23.94 a share was more than seven times the price he would have paid per share back in 2002 when he bought a majority stake in the bank.

How much did he purchase NCB for in 2002?

Lee Chin bought a75 per cent stake in NCB back in 2002 for US$127 million (J$6 billion in 2002), of which US$56 million (J$2.65 billion) was made as a downpayment.

How much did he actually pay down to purchase his stake in NCB?

Considering that only J$2.65 billion was paid down, earnings from dividends and share sales would have taken care of the rest of payments that were made in tranches over the years following 2002, reflecting an even higher return on his initial investment.

The discussions will rage whether or not it was a good deal for Jamaica but for Micheal Lee-Chin, the deal has more paid off.

Source: NCB deal eightfold

Olint and NCB Back in Court

The David Smith led investment club and the Micheal Lee-Chin led National Commercial Bank (NCB) are back in court today to hear how three-member panel will rule on the current injunction. The injunction bars NCB from closing the Olint’s accounts. NCB argues that Olint’s accounts put the bank at jeopardy while Olint argues that NCB is unfairly closing its accounts and carrying out anti-competitive activities.