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 ?
Filed under: Olint | Tagged: David Smith, Olint, Ponzi, Scheme | 492 Comments »
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.
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
Filed under: Olint | Tagged: David Smith, Jamaica, Olint, Ponzi, Scheme | 201 Comments »
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.
Filed under: Olint, UFOs | Tagged: DPP, FSC, Jamaica, Olint, Scheme | 16 Comments »
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 $100,000 to bascially conduct fake audits and mislead U.S. investigators.
The indictment alleges that King showed Stanford the SEC’s inquiries and once responded to the agency with material prepared by Stanford. King, a dual citizen of Antigua and Barbuda and the U.S., has been suspended from his post. The U.S. is seeking his extradition from Antigua.
Questions for Regulators in the TCI
This indictment should be of interest to certain Forex club investors as questions must be raised on how a businessman that left Jamaica because of a run in with the Jamaica FSC, refused in St. Kitts, could have two companies registered with the TCI conducting the same questionable business. On the other hand to paraphrase a quote attributed to the Premier of the TCI at the Jamaica’s loss was TCI gain.
Source:
Filed under: UFOs | Tagged: Ponzi, Scheme, Stanford | 32 Comments »
Investforlife can now confirm that David Smith of OLINT, OLINT TCI and TCI FX among others, has been arrested again. A source in the Turks and Caicos and more importantly the Financial Crimes Unit has also confirmed the arrest.
We now understand that there are additional charges as outlined below.
He was granted by in the sum of US$ 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:
Filed under: Olint | Tagged: David Smith, Forex, Jamaica, Olint, Scheme, TCI, TCI FX | 118 Comments »
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.
Filed under: UFOs | Tagged: David Smith, Forex, Jamaica, Olint, Scheme, TCI, TCI FX | 52 Comments »
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 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.
Source :
Filed under: UFOs | Tagged: Carlos Hill, Cash Plus, Jamaica, Ponzi, Scheme | 29 Comments »
The TCI Weekly News is reporting that OLINT TCI is to be wound up beginning Tuesday June 2, 2009.
David Smith home and offices were raid in July 2008 and assets frozen by the TCI Law enforcement. Later that month, OLINT and David Smith’s accounts in the USA were frozen. In February 2009 he was charged by the TCI authorities for fraud and other theft related offences
The TCI weekly quotes, Justice Richard Williams as revealing that the Supreme Court in TCI had personally received “streams of correspondence” from anxious local investors.
“I feel terrible for them, it’s sad for all the people.” – Justice Richard Williams
The question then, is there enough money. According to the TCI weekly, Justice Williams is reported as saying the following:
“The amounts that the AG disclosed to me, there are not the amounts in that account to meet the amounts the creditors say they are owed.” …
Appointment of Liquidator opposed
However, it is understood that OLINT through its directors David and Tracy Smith are apposing the appointment of a liquidator. In the Cash Plus case Carlos Hill seem originally alright with the receiver but later fought to have the receiver removed. Subsequently a liquidator was appointed in the Cash Plus case. It should be noted There is already a wind-up order in place for TCI FX trader, a TCI based company.
In general, since January 2008, investors in OLINT has not been paid interest and have been unable to have their principal repaid.
There are currently a number of lawsuits against OLINT in the TCI and in the USA. It is interesting what will become of those lawsuits now that the liquidator has been appointed, given the lessons learnt from Cash Plus and other failed PONZIs.
Source:
Related:
Filed under: Olint | Tagged: David Smith, Forex, Jamaica, Olint, Ponzi, SCAM, Scheme, TCI FX | 452 Comments »
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