David Smith pleads GUILTY !!!

The former head of the failed Olint investment club, today pleaded guilty to fraud-related charges in the Supreme Court in the Turks and Caicos Islands and has been sentenced to six and a half years in prison.

http://go-jamaica.com/news/read_article.php?id=22825

Does this effectively bring this sordid affair to an end ?

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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

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.

Top Antiguan Regulator indicted in Stanford Saga

In a release issued by the the SEC, on June 19, 2009, announces that two accountants who produced bogus financial statements and an Antiguan regulator who took bribes to look the other way have been charged.

Charged are Mark Kuhrt and Gilberto Lopez, accountants for Stanford-affiliated companies who allegedly fabricated financial statements to give investors the false illusion that their investments were solid, safe and secure.

The SEC also charged Leroy King, the administrator and chief executive officer of Antigua’s Financial Services Regulatory Commission (FSRC), for accepting thousands of dollars per month in bribes to ignore the Stanford Ponzi scheme and supply Stanford himself with confidential information about the SEC’s investigation. King obstructed the SEC’s case since 2005, when its investigation into Stanford began.

A report from the New York times carries an interview with the attorney general of Antigua and Barbuda, Justin Simon where he states that he would condsider a request for extradition of Mr. King. He apparently went on further to state the following about Mr. King.

“This concerns me greatly because it reflects adversely on the commission,” Mr. Simon said, referring to the island nation’s Financial Services Regulatory Commission, which regulates the local banking system. But he added that “I think I am satisfied” that Mr. King “hid things” from the commission’s directors “and got involved in a personal relationship with Stanford.”

The bribes alledly amount to more than US $100,000 to bascially conduct fake audits and mislead U.S. investigators.

The indictment alleges that King showed Stanford the SEC’s inquiries and once responded to the agency with material prepared by Stanford. King, a dual citizen of Antigua and Barbuda and the U.S., has been suspended from his post. The U.S. is seeking his extradition from Antigua.

Questions for Regulators in the TCI

This indictment should be of interest to  certain Forex club investors as questions must be raised on how a businessman that left Jamaica because of a run in with the Jamaica FSC, refused in St. Kitts,  could have two companies registered with the TCI conducting the same questionable business. On the other hand to paraphrase  a quote attributed to the Premier of the TCI at the Jamaica’s loss was TCI gain.

Source:

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:

David Smith may seek exile, fears for his safety

Lead principal of Olint David Smith who is under house arrest in the Turks & Caicos fears that if he were to return to Jamaica that the safety of both himself and his family would be placed in jeopardy and he has not dismissed the prospect of being a permanent exile.

http://www.jamaicaobserver.com/magazines/Business/html/20090612T040000-0500_153317_OBS_DAVID_SMITH_FEARS_FOR_HIS_SAFETY_IN_JAMAICA.asp

Carlos Hill Has 14 Days to Vacate House

Carlos Hill has 14 days to leave Norbrook property.  It is a case of how has the might one has fallen. Carlos Hill former boss of the Ponzi operation called Cash Plus is being evicted from the Armour Heights residence. It is understood from the RJR report that a secruity team along with Trustee in Bankruptcy Hugh Wildman, turn up at the residence to remove Mr. Hill. The report also stated that a NSWA truck was also on hand.

Mr. Hill prevented the eviction from occurring and only and apparent last minute agreement prevented the eviction
The Liquidator is seeking to have Carlos Hill removed as he seeks to sell 4 properties valued about 30 million dollars each in order that Cash Plus investors can look forward to getting back a portion of their investment.
As we await the appointment on a liquidator in the Olint  case, the principals in that scheme should be watching this case with interest.
Interestingly, the 14 days has been granted on humanitarian terms.

 

Mr. Hill prevented  the team for acting for much of the day and only an apparent last minute agreement prevented the eviction.

The Liquidator is seeking to have Carlos Hill removed as he seeks to sell 4 properties valued about 30 million dollars each in order that Cash Plus investors can look forward to getting back a portion of their investment.

As we await the appointment on a liquidator in the Olint  case, the principals in that scheme should be watching this case with interest.

Interestingly, the 14 days has been granted on humanitarian terms.

 

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