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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David Smith pleads guilty in the USA

The daily newspapers have reported that former Olint Boss David Smith has pleaded guilty to over 20 cases of fraud in relation to his ponzi scheme. In exchange for his plea, he appears set to speak about those who help him with his elaborate plans to defraud “investors”. Word is now that their is a mad scramble now on in Jamaica as persons try to further distance themselves from any association with David Smith as well as hiding assets they came in possession of as a result of the ponzi scheme.

The desert is bound to get real hot shortly.

See links

Read plea agreement here:

http://rjrnewsonline.com/sites/default/files/docs/25_PLEA%20AGREEMENT%20re%20counts%20One%20through%20Twenty-Three%20of%20the%20Information%20(3).pdf

http://www.orlandosentinel.com/news/crime/os-ponzi-david-smith-20110329,0,7910391.story

http://www.jamaicaobserver.com/news/Hope-for-Olint-investors

David Smith pleads not guilty in the USA

Former head of Olint – David Smith has pleaded not guilty in a Florida court after being flown from TCI to the USA last evening.

http://www.reuters.com/article/idUSTRE6AI02X20101119

David Smith Indicted in the USA !!

David Smith, the embattled head of the failed foreign currency trading scheme Olint, has been indicted on 23 charges in the United States.

Smith is certain to face a heavy prison sentence for his criminal activities committed against many Jamaicans and other Caribbean nationals.

Why has no charges been laid against Smith in Jamaica where it all started.

Read more

http://www.jamaica-gleaner.com/gleaner/20100819/lead/lead1.html

See the indictment document here . Thanks Maik for this link

http://www.fptci.com/downloads/olintusinformation8-18-10.pdf

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