PJ denies getting US$1m from OLINT

[Tuff Gong]

Re: PJ denies getting US$1m from OLINT

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: SistaCtry</div><div class="ubbcode-body">no matter what it is, u have to fix dat, </div></div>

I don't deal with him because I love him, he is my blood but he is an educated fool.
He has no feelings he wasted my mom's money, even though he has had the best opportunity in our entire family.
Only thing he is loyal to is the Comrade Party and stupid GF.

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: SistaCtry</div><div class="ubbcode-body">boy Tuff, it did get to some ppl eno,

u see how much $$$ him did a gi whey - so u know, lavish party, helicopter, dem tings deh no cheap, </div></div>

The educated club members daft in the little know-nothings.
I doubt more than a handful of people knew exactly what was going on. But anyone with the slightest slice of intelligence should see that there was no way one could make so much profit on a dollar unless it was illegally done.
Certainly not on ForEx where the margins are most times pennies.

[evanovitch]

Pol parties received Olint funds during FSC probe

Political parties received Olint funds during FSC probe


There are indications that financial contributions made to the country's major political parties by collapsed Ponzi scheme Olint occurred while the entity's principals were under investigation by the Financial Services Commission (FSC).

The issue was again placed in the spotlight this week after a court document in the Turks and Caicos Islands revealed that both the Peoples National Party and the Jamaica Labour Party were the recipients of tainted funds from jailed former Olint boss, David Smith.

The troubles facing Olint were thrown into the public glare back in March 2006  after the FSC conducted a raid in conjunction with armed police officers on the home and New Kingston offices of David Smith.  The scheme was shut down two years later by the regulatory body for allegedly operating illegally, after a legal battle played out in the courts.

Following questions from the business community and investors, then Finance Minister Dr. Omar Davies made it clear in early 2007 that he was firmly in support of the decision by the FSC to shut down Olint.  He was also firmly against the entity having a licence. 

But it would later be revealed that Dr Davies' own party was a recipient of US$200 thousand US dollars from Olint boss David Smith, an admission reportedly made by PNP Chairman, Robert Pickersgill. 

The PNP however stated this week that it had no evidence that it received as much as US$2 million from Smith, as stated in the court order from the Turks and Caicos.  In 2007 tAudley Shaw, the opposition spokesman on finance made it clear in Gordon House that he supported those who felt that the FSC's action was tantamount to an abuse of state power.

In December 2010, former Prime Minister Bruce Golding admitted in the House that both political parties may have mistakenly sought political contributions from organisations with what he described as  unwholesome operations.  He further declared that poor judgement may have been exercised  by politicians on both sides. 

The Jamaica Labour Party has said it is investigating whether it in fact received US$ 5 million dollars as is claimed in the April 18, 2012 Turks and Caicos court document .  David Smith received a sentence of just over six years in prison in The Turks and Caicos in 2010 where he pleaded guilty to fraud and conspiracy charges. 

He is currently serving a 30 year sentence in the US where he was extradited on similar charges.