Olint under US pressure

[evanovitch]

Ripple effect from Olint ...now Grenada


The Grenada government says it is closely monitoring a development in which an undisclosed number of persons there appear to have lost millions of dollars in the troubled U.S. currency scheme, Olint Investments.

Depositors of a local financial institution, SGL Holdings, have complained that interests on their investments have not been paid for the past two months and requests for reimbursements have not been honoured.

SGL Holdings said the present "challenges" being experienced emanate from difficulties facing its trader, Olint TCI, located in the Turks and Caicos Islands.

Olint TCI, owned by David Smith, has had its assets frozen pending an investigation into its operations and a letter from SGL Holdings informs customers that TCI plans to resume payments within nine months.

Jamaican investors in Olint have also been given a nine-month timeframe for receiving their monies.

The Government statement said efforts are being made to ascertain from the authorities in the Turks and Caicos Islands the status of the investigations.

SGL has neither disclosed the exact number of Grenadians affected nor the amount of money involved but, in its letter to customers, on the weekend, the company also blamed the lapse in payments, on questionable accounting errors.

[Dr.Dudd]

Re: Ripple effect from Olint ...now Grenada

there is no investigation going on. Ther is a conspiracy to destroy OLINT though. they have been pressurring that organization for well over a year now, and they have not produce one line of evidence to prove that any dishonest or illegal activities have been going on.

They are simply trying to cause a run on his business in an effort to destroy the man behindt and the opportunities for ordinary black people to really get a piece of the world bigtime economic pie.

It is a shame,but moreso on the educated blacks that don't even have the sense of curiosioty to pay some attention and, really examine the real story.

never see come see, frighten friday them. What a waste of education opportunities.

[Dr.Dudd]

Re: Grenada monitoring US currency scheme linked to Olint

Grenada monitoring US currency scheme linked to Olint

CMC
Tuesday, July 29, 2008



ST GEORGE'S, Grenada (CMC) - The Government of Grenada says it is closely monitoring a development in which an undisclosed number of Grenadians appeared to have lost millions of dollars in a troubled United States currency scheme linked to the investment club Olint.

Depositors of a local financial institution, SGL Holdings, have been complaining that interests on their investments have not been paid for the past two months and requests for reimbursements have not been honoured.

SGL Holdings said the present 'challenges' being experienced emanate from difficulties facing its trader, Olint TCI, located in the Turks and Caicos Islands.

Olint TCI, owned by Jamaican David Smith, has had its assets frozen pending an investigation into its operations and a letter from SGL Holdings informs customers that TCI plans to resume payments within nine months. Jamaican investors in Olint have also been given a nine-month time frame for receiving their monies.

"Efforts are being made to ascertain from the authorities in the Turks and Caicos Islands the status of the investigations," a statement from the Government said yesterday. "The Ministry of Finance continues to monitor the situation and will be in contact with the ECSRC (Eastern Caribbean Securities Regulatory Commission) as the official regulator for collective investment schemes," said the statement.

SGL has neither disclosed the exact number of Grenadians affected nor the amount of money involved but, in its letter to customers, the company also blamed the lapse in payments on "some questionable accounting errors".

Added the statement: "Due to the ongoing scrutiny and processes, not to mention a recent investigation against our trader, our business has been impacted to a degree that has caused unforeseen delays in providing you, our customers with the distribution of your gains and encashment.

"Additionally, it has come to our attention that there have been some questionable accounting errors noted by the trader's account payable and record keeping system, which has also contributed to the lapse in payment."

Local attorney Anslem Clouden was yesterday expected to file a claim on behalf of a client seeking to freeze the accounts of SGL Holdings. Clouden said he would be suing the company for in excess of US$90,000 plus damages.

"My client deposited with SGL US$90,000 and I am instructed to retrieve those monies. They were unable to give him an affirmative word on when he can retrieve his money," Clouden told reporters.

"If it means I have to fly to the Turks and Caicos Islands to take an action there, then I am prepared to do that," said the Government statement.

This latest controversy follows the collapse of two banking institutions in recent times - the locally owned Capital Bank International (CBI) and the offshore bank First International Bank of Grenada (FIBG) in which North American depositors lost million of dollars.

www.jamaicaobserver.com

[evanovitch]

OLINT starts the battle in TCI


Tuesday, 29 July 2008
RJR News has been informed that the legal battle for the release of the assets of investment club OLINT Limited has started in the Turks and Caicos Islands (TCI).

Our news centre understands that a court in Turks and Caicos on Monday heard an application from OLINT's lawyers in camera, that is, in the judge's chambers.

Further submissions are expected in coming days as OLINT's attorneys present their case against the freezing of the company's assets which reportedly amount to billions of dollars.

OLINT had its assets frozen three weeks ago pending an investigation into its operations by the Turks and Caicos police.

As was reported by RJR News, OLINT's head David Smith has assembled a high-powered legal team to mount a vigorous challenge.

Mr. Smith has retained eminent Queens Counsel Lord Anthony Gifford and other senior lawyers to represent his company and its principals.

Clients in Jamaica have been anxiously awaiting word on the status of their investments.

OLINT recently advised that it would try to make refunds in nine months.

[Dr.Dudd]

Re: OLINT starts the battle in TCI

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: evanovitch</div><div class="ubbcode-body">
Tuesday, 29 July 2008
RJR News has been informed that the legal battle for the release of the assets of investment club OLINT Limited has started in the Turks and Caicos Islands (TCI).

Our news centre understands that a court in Turks and Caicos on Monday heard an application from OLINT's lawyers in camera, that is, in the judge's chambers.

Further submissions are expected in coming days as OLINT's attorneys present their case against the freezing of the company's assets which reportedly amount to billions of dollars.

OLINT had its assets frozen three weeks ago pending an investigation into its operations by the Turks and Caicos police.

As was reported by RJR News, OLINT's head David Smith has assembled a high-powered legal team to mount a vigorous challenge.

Mr. Smith has retained eminent Queens Counsel Lord Anthony Gifford and other senior lawyers to represent his company and its principals.

Clients in Jamaica have been anxiously awaiting word on the status of their investments.

OLINT recently advised that it would try to make refunds in nine months.

</div></div> As I have been saying. Just as I was saying about hoidoing and the whole IS economy,for years before the economic bubble implode.
It is the same way the black economuc standard will be crashing down on them. And what they wull doo as they are doing with this man now. Is to point finger on each wealthy black that is blamed for some trumped up conspiracy as a means of taking his posessions.
They already have laws that allpw police to take awat cash without any charges and it has been quietly used against small black businessmen,that use cash to do their business. They ciezed cash from a few black and hispanic men comming to Boston to buy cheap car at the car auction,claiming that they are trading frigs. Although the police couldnt make a case against them.
they still don't get the money returned.
That is on the local scale. It is very easy to b lame the wealthy black man for crimes, because it is easy for theeducated blacks to accept that.
Just like ZUMA,who believe that white poverty is an anathema to his country,but black famine is acceptable.

<span style="font-size: 20pt"> Now where are the young bright black lawyers??
Where are the futuire Norman Manleys??</span>

[Dr.Dudd]

Re: Olint funded the JLP, PNP

Olint funded the JLP, PNP

2008-07-26 Written by: No Author


Christopher Bovell - “We got some money from Olint, but it was nothing near US$5 million, that is ridiculous,” Bovell told the Sunday Herald yesterday. Both major political parties have admitted receiving money from the collapsed David Smith-led Olint Corporation, to finance the 2007 election campaign, which is now under investigation for alleged money laundering.

Treasurer of the ruling Jamaica Labour Party (JLP), Christopher Bovell, denied that Olint donated US$5 million to the party, although admitting that the investment club donated to the JLP’s campaign fund.

“I certainly don’t agree with that figure. We got some money from Olint, but it was nothing near US$5 million, that is ridiculous,” Bovell told the Sunday Herald yesterday.

Bovell said individual candidates did spend substantial sums, but party central spent nothing near US$5 million, which is equivalent to over J$300 million.

The latter amount coincided with sums which were reportedly invested in Olint by political bigwigs aligned to the JLP. Part of the interest, sources said, was used to bankroll the campaign. Financial watchers believe those investors were behind the massive pullout of funds from the investment club last December, when over US$300 million was reportedly withdrawn.

Responding to queries, chairman of the opposition People’s National Party (PNP), Robert Pickersgill, dismissed claims that the party got US$1.3 million.
“To the best of my knowledge, Olint donated US$200,000,” Pickersgill said yesterday.

Reports have been swirling in and outside of political circles that millions were donated to both political parties and candidates by principals of the two collapsed unregistered financial entities, Olint Corporation and Cash Plus Limited. Unconfirmed reports are that Olint donated millions to individual candidates on both sides of the political divide.

It is said that US$80,000 was donated to one candidate in central Jamaica, while another in eastern Jamaica benefited from US$20,000 monthly from an Olint account opened for that purpose.

Yesterday, observers were contemplating the implications if any, between Olint’s donations to political parties and the US probe into alleged money laundering against the investment club. Britain has already initiated a similar probe against members of the Turks &amp; Caicos government who are said to be very close to Olint’s boss, David Smith.

Sunday Herald probe revealed that US$467,000 and J$8 million are held in local Olint accounts. Last week, the club’s accounts in the United States and the Turk &amp; Caicos Islands were frozen.

Meanwhile, members of the local religious fraternity are among many investors contemplating their next move. Groups such as Haven INC and 71 Investments are among church groups with money in the failed club.

Explaining how the groups work, one source said prominent clergymen formed groups who recruited members. The groups mobilised funds, which they invested with Olint at 15 per cent monthly. They would pay out 10 per cent to members of the club and retain five per cent.

Contacted for comment on the involvement of the church with Olint, Reverend Sam Green of Grace Missionary Church declined comment, saying he wouldn’t speak on the telephone.

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[David Mullings]

Re: Olint funded the JLP, PNP

All the &quot;alternative investment schemes&quot; in Jamaica have been under investigation by the US authorities for some time and this I know for a fact.

There is no question that FX trading is real and can generate great monthly returns. There is also no question that consistently being up is highly improbable in any kind of investment, even FX. The odds simply favour some sort of month where there is a negative return, not just a lower positive return.

more importantly, international KYC rules, &quot;Know Your Customer&quot;, must be followed due to money laundering issues. Jamaica is also on the money laundering watch list.

Money laundering is not just about drug money, it simply means concealing the real source of funds and one can understand why the USA would be concerned about the proliferation of these schemes in Jamaica, one of the leading drug export countries.

Does anyone believe that no drug money made it into these schemes?

My letter to the Jamaica Gleaner published on Dec. 3, 2007 pointed why these schemes would have had to be registered in the USA if they wanted to call themselves &quot;investment clubs&quot; (see http://www.jamaica-gleaner.com/glean.../letters1.html).

I understand that people feel that banks are fighting out these schemes but the banks have to protect themselves because of KY regulations as well and if a bank is notified that a client/customer is under investigation for money laundering, the bank is not allowed to tell the client/customer or make that investigation public knowledge.

If you owned the bank, you would be concerned about the damage to your reputation.

FirstCaribbean Bank was recently indicted on money laundering charges in Belize precisely because of &quot;failing to report suspicious transactions&quot; and now faces over 100 charges (see http://www.jamaica-gleaner.com/glean...business4.html).

If a company cannot provide audited financial statements and yet is moving tons of money through the bank, those count as &quot;suspicions transactions&quot; and must be reported.

It is wrong to demonize companies that follow the laws of international banking accords.

[Dr.Dudd]

Re: Olint funded the JLP, PNP

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: David_Mullings</div><div class="ubbcode-body">All the &quot;alternative investment schemes&quot; in Jamaica have been under investigation by the US authorities for some time and this I know for a fact.

There is no question that FX trading is real and can generate great monthly returns. There is also no question that consistently being up is highly improbable in any kind of investment, even FX. The odds simply favour some sort of month where there is a negative return, not just a lower positive return.

more importantly, international KYC rules, &quot;Know Your Customer&quot;, must be followed due to money laundering issues. Jamaica is also on the money laundering watch list.

Money laundering is not just about drug money, it simply means concealing the real source of funds and one can understand why the USA would be concerned about the proliferation of these schemes in Jamaica, one of the leading drug export countries.

Does anyone believe that no drug money made it into these schemes?

My letter to the Jamaica Gleaner published on Dec. 3, 2007 pointed why these schemes would have had to be registered in the USA if they wanted to call themselves &quot;investment clubs&quot; (see http://www.jamaica-gleaner.com/glean.../letters1.html).

I understand that people feel that banks are fighting out these schemes but the banks have to protect themselves because of KY regulations as well and if a bank is notified that a client/customer is under investigation for money laundering, the bank is not allowed to tell the client/customer or make that investigation public knowledge.

If you owned the bank, you would be concerned about the damage to your reputation.

FirstCaribbean Bank was recently indicted on money laundering charges in Belize precisely because of &quot;failing to report suspicious transactions&quot; and now faces over 100 charges (see http://www.jamaica-gleaner.com/glean...business4.html).

If a company cannot provide audited financial statements and yet is moving tons of money through the bank, those count as &quot;suspicions transactions&quot; and must be reported.

It is wrong to demonize companies that follow the laws of international banking accords. </div></div> The company does not need to provide any audited statements to any financial institution ot is not borrowing mony from.
All those who are writing are a bunch of paid hacks or ignorant about how foerig exchange is traded.

It is mathematically hery highly probably to to trade foreign exchange and not loose a penny.
There is a formula that can be udentified with close scritiny, by skilled practioner.

I have visited the trading platform and examine trades made by different practioner,and I am convonced that Mr Smith is not doing ant ullegal stuff.

Just because most people are ignorant of the principles involved, does not make it a fraud.

Just because most people are mathematically illiterate,does not mean that odds cannor favour of some activites that they are not aware.
Every body jupm on the band waggon,and start bashing it becaise they accedot the views of these that have their hidden agendas.

why can't even one person decide to really examine it themselves? banks have a responsibillity to report to theor jurisdiction. They have no right to demand audited reports. they should leave that to the aurthorities, and if the authorities demand it and don't get it that is another position

[CeaBee]

Re: Olint funded the JLP, PNP

<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">The company does not need to provide any audited statements to any financial institution it is not borrowing mony from. </div></div>

When i worked in Jamaica, I remember having to send my Company's Audited FS to the bank. (and we wasn't borrowing nuh money from them)

if you arguing that it shouldn't be necessary then that's another thing.

[Dr.Dudd]

Re: Olint funded the JLP, PNP

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: coolbeans</div><div class="ubbcode-body"> <div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">The company does not need to provide any audited statements to any financial institution it is not borrowing mony from. </div></div>

When i worked in Jamaica, I remember having to send my Company's Audited FS to the bank. (and we wasn't borrowing nuh money from them)

if you arguing that it shouldn't be necessary then that's another thing. </div></div> They can ask and most do, but audited statements is not necessary. to open an account. certificate of incorporation and articles and memotandum, yes, But not financial statements

[David Mullings]

Re: Olint funded the JLP, PNP

As for the people writing and being uneducated, I have an MBA in Marketing and International Business and worked at one of the biggest financial institutions in Jamaica on the product development team.

I even had to create a product to compete with the outflow of dollars into these schemes so I am more knowledgeable than you give credit for.

If a money manager starts off legit and then has a bad month but instead of telling investors there was a loss, takes money from a different account to then pay the &quot;interest&quot; that was never gained, that is &quot;money laundering&quot; because it conceals the true source of funds.

It is possible that this happened in Olint.

I also see that you made no comment about the investigations by US authorities into all these schemes that have been going on because of the suspicion of drug money finding their way into them.

We all know that people were trading on friends and family member accounts, plus other schemes invested money in Olint and those schemes most likely did NOT adhere to international KYC rules.

If any dirty money made it's way into the pool, even if a scheme was completely legit, it would be in trouble and all the assets would be frozen.

I highly recommend that research be done on KYC regulations and money laundering rather than make attempts to justify FX trading.

FX trading can generate great returns but it is impossible to always win at any investment over a significant length of time, all sophisticated investors know that.

[Dr.Dudd]

Re: Olint funded the JLP, PNP

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: David_Mullings</div><div class="ubbcode-body">As for the people writing and being uneducated, I have an MBA in Marketing and International Business and worked at one of the biggest financial institutions in Jamaica on the product development team.

I even had to create a product to compete with the outflow of dollars into these schemes so I am more knowledgeable than you give credit for.

If a money manager starts off legit and then has a bad month but instead of telling investors there was a loss, takes money from a different account to then pay the &quot;interest&quot; that was never gained, that is &quot;money laundering&quot; because it conceals the true source of funds.

It is possible that this happened in Olint.

I also see that you made no comment about the investigations by US authorities into all these schemes that have been going on because of the suspicion of drug money finding their way into them.

We all know that people were trading on friends and family member accounts, plus other schemes invested money in Olint and those schemes most likely did NOT adhere to international KYC rules.

If any dirty money made it's way into the pool, even if a scheme was completely legit, it would be in trouble and all the assets would be frozen.

I highly recommend that research be done on KYC regulations and money laundering rather than make attempts to justify FX trading.

FX trading can generate great returns but it is impossible to always win at any investment over a significant length of time, all sophisticated investors know that. </div></div> I dion't think that having an MBA usor even a PHD is evidence of an education I am aware that you attendde and graduated Campion and nkow of bachelors an MBA acheivements. I congratulate you on yoyr achievements and thisk you are an ounstanding Jamaican as far as that is concerned. But Yem me see the actions. gaving such eexelent educationl achievements should be morivation to qyestuion and play closer attention to statements made by others. th esimpolel fact that one is well educated does not necessary mean that they are r9ght. We should strive to use the tools aquired to further the level of discourse that exists.
Any way welcome again.
and i am really able to spell,irrespective of what others might say.

Nopw back to th epoint of OLUNT. What if his reserves were kept in th eaccount and was enough to pau as promised?
remember he was payinh (only) 10% while making sometimes 3 times that. Where I think they hshould lookedd was on the basis of TAXes. they did niot because they was not intrested ioon th ebusiness cointituying as a business. ther sloe pirpose was to shuit him down. Reason? because he was a danger to the financial control of thoise wgo keep th eJamaican economy as a plantocracy. keepong out the rabble f
rom possobillity of gaining country of key sectors of the economy. As long as the general belief is that it is impossible to consistently win at foerx trading I am happy.

[evanovitch]

David Smith fails to show for 'Full Hundred' on Olint


Two Thursdays ago when embattled head of Olint TCI, David Smith, promised to give me the 'Full Hundred' on Olint, I allowed my most optimistic side to cling to the tenuous hope that he would indeed do so. 'Full Hundred' is, of course, street slang for the obvious: giving the full story with no fanciful promises and skilfully crafted embellishments.

In that telephone conversation we had (he called three times in 15 minutes) he sounded like a man ready to unload, either because the times demanded it or because the goal posts could not be moved any further away from the field of play.

Wanting to give the highly anxious and super-stressed-out Olint investors something more than a nebulous nine months for the gestation and rebirth of Olint, I told him then that I was in the position of so many people - forced to speculate because of a lack of information. I told him that I could not write a full page of 'nothings'.

My objective then was to have a face-to-face with him. &quot;I will get back to you, Mark, and give you the 'full hundred',&quot; he said.
&quot;Should I tell the readers that?&quot; I asked. He agreed, but went further. &quot;The paper is going to sell off.&quot; Even though the times called for tears, I exploded in laughter, not so much to mock those who have begun to crowd private hospitals due to increased and unrelenting stress, but to encourage him to live up to his promise.

A short while later, I realised that a face-to-face in Turks and Caicos was not in the making so I dispatched to him, through a third party, 16 questions, when what I really wanted to ask was 100 more. That Smith has failed to live up to his promises to me will not, of course, endear him to those who even now are allowing a deeper and more painful reality to sink in.

At this time, to those people, Smith is on their 'most wanted' list.
Many of those who worked for him have departed, so direct contact with him was the best way to gather information on Olint. The fact that he made the link with me, issued a promise, then failed to show, has left me in a position to naturally conclude that Smith has either taken professional advice to shut his damn mouth or, at the very time of our telephone conversation, the 'full hundred' promised was just his way of knee-jerking himself to the next day.

In his last letter to club members he asked them to give him nine months. To do what? Recover their money? Recover a part of the funds? Or, as many are saying, he was giving himself nine months' breathing space?

The fact is, telling investors to give him nine months begs the obvious questions. What will Olint/Smith be able to do for investors nine months down the road that he is not able to do for them now? How likely is it that he will ever be allowed to trade again?

In his interview with ace journalist Cliff Hughes, mention was made of an e-mail he had reportedly sent to his wife admitting that he/Olint was bankrupt, busted, gone kaput. I criticised that at the time, even as one sensed that Smith was wavering between travelling the formal, legal route and cleansing his soul by a frank and full disclosure of the financial status of Olint.

In that interview with Hughes, he said, &quot;I pray to God that the funds will be released by Friday.&quot; Which funds, Mr Smith? Which Friday, Mr David Smith?

The Olint fall from grace, to promises, to pain

In November 2007 when the Olint Foundation was launched, Jared Martinez, head of Market Traders Institute (MTI) and the man who is known as FXChief, described the founders of Olint as &quot;ordinary people doing extraordinary things&quot;.

Something has since soured in that relationship between Olint and MTI. An MTI ad in the July 27 edition of the Sunday Gleaner begins:

&quot;There is nothing crueler than a violation of one's personal trust or an abuse of someone's loyalty. Many Jamaicans have joined various FOREX Investment Clubs to help them take advantage of the money than can be made trading currencies. Unfortunately, it has been many Jamaicans that have been taken advantage of.

&quot;Given the recent rash of FOREX Trading schemes, scams and scandals, MTI is working to help educate the people of Jamaica on the FOREX while Jamaicans take greater steps to educate themselves and avoid becoming victims of any more scams. The FOREX itself is not a scam or a scheme. Without a true education about the FOREX, people can be taken advantage of by some questionable FOREX clubs. At Market Traders Institute, we are not in the business of taking people's money to trade on FOREX. We are in the business of educating people to trade on the FOREX for themselves.

&quot;Market Traders Institute is not a club. We are an institution and we are committed to helping the citizens of Jamaica take control of, and improve their personal finances. MTI is trying to correct the misperceptions that many Jamaicans have about the FOREX. While there is tremendous opportunity for profit trading currencies, without a proper education the potential for losses is just as great.&quot;

MTI has therefore drawn some distance between itself and Olint, and probably should be seen as indicative of something radically wrong with Olint.

Was the meeting with big players a sham?

On June 23, a meeting was held with about 35 of the big investors in Olint to outline to them the true position. It must be remembered that some Olint investors were Cabinet ministers in the last PNP Government and current JLP Cabinet members. Some came on board the 'Olint train' in the early days and did well financially.

Then again, if we assume that not all politicians are blessed with knowledge of complex financial matters, investors also included bankers, CEOs of large companies, proprietors of various entities and many other people who simply wanted 'something more'.

In that meeting an April 29 statement indicated that US$735 million was listed as a balance with Oanda, a company that styles itself as 'A leading FOREX dealer and FX Trade platform.' Was the document authentic?

&quot;Based on what has happened now,&quot; said one big player to me, &quot;I believe it was just that, a document projected on a screen. A document which, as far as I am concerned, means nothing if David Smith does not come clean.&quot;

The reasoning behind the 'big' meeting was obvious. If the big players could be convinced that Olint had some semblance of financial 'possibilities', then word would filter down to lesser investors with a US$20,000 or $30,000 in Olint.

One letter writer has posed the following as the 'big' question for David Smith: &quot;If all of the accounts which are frozen were 'unfrozen' today, what percentage of investors' balances to May 31, 2008 would be realised?&quot;

There are some who believe that at the time in January 2008 when Olint was sponsoring the Air Jamaica Jazz and Blues Festival, Smith was in Jamaica to pay out US$100 million because of a run on Olint. If that is so, was the festival funded from accumulated profits in Olint or were funds removed from any trading platform to pump into Jazz?

In addition, was there a stage, in January of 2008, when 'interest' was being met out of new entrants' investments?

&quot;I don't care about that now,&quot; said one extremely distraught woman to me. She was trembling as we spoke. &quot;I am a sick person, with no husband and no other source of income. As a retired teacher I invested US$50,000 in Olint in 2005. It was my all. To be true, I made money for the bills and the medical expenses, so on that account I praise Smith. My problem is that my illness still remains while I have to be living off friends and family.&quot;

She began to cry. &quot;Mark, I am in such a precarious position now that if you even have J$1,000 to offer me now I will take it.&quot;
David Smith, my offer still stands, and I am certain you must have your reasons for promising me a fuller interview, like you promised investors changing payout dates. To me, the nine months' promise is just that. Another attempt to buy time.
Time for what?

I waited and waited, Mr Smith. I even decided to use the space allotted me by the Observer to carry only one piece this Sunday. A piece on Olint. As it is, Mr Smith, you have chosen not to call me, not to live up to your promise. But then again, that seems to your new modus operandi. If you were unable to talk because of legal implications you should have told me so.

In the past, those employed to you would be quick off the bat to give me any information I requested, and even some I did not. Now you have chosen to give another promise in the hope of what?

To be further pilloried?

I am still open to hearing from you, David. Make the link, as the matter is urgent. Just ask the head of any hospital in Jamaica. Every sensible investor has a tiny space in the back of his or her mind that loss is possible and likely. In that scenario, the investor deserves nothing less than a full disclosure. Is that too much to ask, David? Look into yourself, then stare at the man in the mirror.
[email protected]

[David Mullings]

Re: Olint funded the JLP, PNP

I mentioned my education because I sought to explain how I approach the topic of finance and business - I was taught and have worked in the industry, creating products for Jamaicans.

You ask what if his reserves were kept in each account was enough to pay as promised - The answer would be from OLINT itself. If it had the money to pay, it would have not stopped paying barring any legal problems with making payments.

There can only be 2 reasons for not paying:

(1) There are legal issues with making the payments but the money is there
(2) The money is not there

You have failed to address any of my points about international KYC regulations, money laundering investigations by US authorities that have been going on or the definition of money laundering under the law.

OLINT and the alternative schemes are only dangers to the Jamaican economy if they were became as big as what happened in Albania in the 1990's (research that if you don't know about it because you should). I don't think it would have gotten that big because of the US investigations and the warnings from the FSC and BOJ.

(1) These schemes had to keep their money in Jamaican bank accounts = more profit for those banks.
(2) The investors in the schemes were better able to pay their credit cards, mortgages and loans = more profits for the financial institutions
(3) Investors took out new mortgages and 2007 was a record year for mortgages in Jamaica = more profits for financial institutions
(4) Investors took much of their interest payments and placed them in regular savings accounts = more profits for financial institutions

Clearly these institutions benefitted from these schemes, but they are also put at risk.

(1) Risk of default on loans and lines of credit
(2) Risk of money laundering charges against financial institutions

People love conspiracy theories about business but as someone who sat in board meetings, I can say that there are no conspiracies.

Smart companies limit their legal downside and that is all that Jamaican and US institutions have done.

[bee_bop]

Re: Olint funded the JLP, PNP

Littleman says:
<span style="color: #660000">I think OLINT was a good opportunity for many Jamaicans, the main problem is/was that there was too much money being entrusted to one organization, that wasn't subject to review of its finances.

It would appear that too many of OLINT's customers invested far more than they should have, judging by a significant increase in health-stress related illnesses.</span>

Dr. Dudd said:
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">I dion't think that having an MBA usor even a PHD is evidence of an education I am aware that you attendde and graduated Campion and nkow of bachelors an MBA acheivements....
and i am really able to spell,irrespective of what others might say.
</div></div>

Littleman says:
<span style="color: #660000">Be careful Dudd, what you say here may well apply to yourself, as well. Also, it's not what others may say about your spelling, it's what they are reading from you.</span>