David Smith’s OLINT raided

All the people who have money in OLINT are realizing their worst nightmare right about now. The Turks and Caicos authorities raided David Smith offices and home in that island yesterday. This is on top of a USD $200 million transaction that OLINT allegedly attempted to wire into Jamaica. This is said to have alerted authorities here of a “suspicious” transaction.

If that’s not bad new enough, National Commercial Bank is preparing to take the case to the Supreme Court in England to have OLINTs accounts closed once and for all. Local courts had earlier ordered that NCB keep the accounts open.

Well, I am sorry for all those people down in the dumps right about now. There was a tit bit in the papers today where a man supposedly mortgage, loaned or sell his house to get cash to invest in OLINT. Now the big question is how he will break the news to the wife. Talking about the media did you see how both newspapers cover this OLINT saga sharply different in today’s papers?

The Jamaica Observer I feel has an obvious agenda in breaking the backs of all so called alternative investments. I have talked about this many times in previous posts about how the bankers, regulators and the media (status quo) have conspired to destroy alternative investment clubs. Today in the Business Observer they had a headline “Olint: What happened to all that money? “. To be honest I am surprise at the extreme agenda reporting (if you can call it reporting) of this newspaper. This is not just in terms of OLINT, but in politics and tourist interests which is benefactor to the owner. If anyone challenges them on these things they like to threaten people with law suits.

I wonder though which “prominent Jamaican bank” reported this so call suspicious transaction. What really is a suspicious transaction? I am not sure but didn’t OLINT stop taking new members a long time ago and ended relationship with some of its members?. If the guy wants to pay money owed to remaining members and be done why not make him pay them. They should not stand in the way of Jamaicans getting their money back. Then again they might want a pound of flesh. They need a big raid like the one in Turks and maybe the arrest of Mr Smith just like Carlos Hill and his brother. The suspicious transaction might have triggered this raid.

How dare David Smith and Carlos Hill rock the boat of the status quo threatening the banks billions of billions earned from malicious bank charges and interests rates on credit cards and loans. The banks in Jamaica are greedy and selfish, speaking from experience here people. They take advantage of their customers and the Financial Securities Commission should start an investigation into some of these fees, ATM charges especially…….

Oops, I am sorry I forgot they are working together to screw the Jamaican public. I find it disheartening how government agencies set up to protect the public interests hardly ever does.

I wonder why OLINT didn’t just come clean and try to get a securities license. Why not just be transparent as the FSC had asked. OLINT said they just trade foreign currencies. It’s not like currency trading is some big secret. The banks trade currencies on the international markets and any Jamaican can open an account online. I am sure the Financial and Securities Commission was not asking for specific trade secrets and methods. Maybe I am missing something here but why not just come clean, go legit. With all that money that the media has speculated that OLINT has under management, why couldn’t he hire some good public relations people to fight the message war? In such a public fight its crazy to make your opponents define you even if the media are already prejudiced against you.

OLINT should have their own blog updated daily with news of the company. I am have never attacked another blog but Invest For Life a Jamaican investment blog on wordpress is aimed at discrediting any investment that does not line the pockets of the higher uppers. This blog set to highlight the daily demise of investment clubs. For example The Jamaica Observer had the article about the raid in Turks in the business Observer. They highlight the negative headline Olint: What happened to all that money? which was not even front page news in that newspaper. They totally ignore the front page “David’s war – Olint boss readies team for legal showdown” in the Jamaica Gleaner a more positive view of the situation. That’s not just for today but an over all trend. I don’t know who runs that blog but if I had to guess it’s probably some bank people or close to it. Other than their clear agenda I was please to see Invest for Life having posts in the top ten yesterday for the whole of wordpress. Big dem up, mi Jamaican blog, even though I disagree with them.

Unregulated Financial Organization-UFOs, Ponzi schemes and alternative investment schemes are some of the media terms used to describe the OLINT and Cash Plus types. OLINT seem to have had more success fighting the banks in the courts. They are able to keep some of their accounts open up until now. In the Jamaica Gleaner today the leading story is about a high caliber legal team that Mr Smith has assembled to fight the legal issues. Maybe this move is a little bit late. They loss the message fight and severely injured on the legal and technical battles. OLINT might not be a complete victim here. Their refusal to comply with Jamaican laws caused them to have to move to the Turks and Caicos who as mentioned earlier raided them; this is not to overlook the obvious plot by the big sharks to destroy OLINT. Also a US regulatory agency was investigating them for “suspicious activity” basically the same reason a bank in Jamaica reported OLINT.

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~ by RB on July 18, 2008.

15 Responses to “David Smith’s OLINT raided”

  1. How interesting? It is quite apparent that Olint will be giving up more than a pound of flesh. Indeed, there will be difficult times ahead for all of those individuals who have their life’s hard earnings in Olint.Things are definitely coming to a bump. Very informative post.RESPECT star!!

  2. Another investment scheme under attack. This is why people shouldn’t invest their life savings in theses things, for someone to win, someone must loose. Not saying one can’t take a risk, but don’t just jump in all the way! But evidently a lot of persons made some big leaps.

  3. I think that greediness is at the heart of a lot of these things. The banks are greedy and the member who put all their money into investment clubs are greedy too. The sad thing is that only the member will get hurt the most after the fights are over.

    Many ruined lives

  4. thats kinda ruff on the average dude who put money in OLINT. real sad

  5. Well, one thing you’re definitely right on is the selfishness of the established banks! My God! Dem wicked!

  6. Not that I’m saying you’re wrong on the other stuff. I’m keeping an open mind on that, but the bankers dem wicked fi true!

  7. I note your criticism but please note the following. The Gleaner published that story on July 18, 2008.

    We published this on July 17, 2008, “Olint assembles Lawyers” . Please See
    http://investforlife.wordpress.com/2008/07/17/olint-assembles-lawyers/

    That means we published on that subject matter the day before… Thanks for the commendations and although we might disagree it just shows how big Jamaica is

  8. Thank you for clearing that up. I miss the gleaner link you had on the site. Both dailies came out on Friday I am sure.

  9. I know of a fact that Olint was taking members in the earlier part of this year, I have friends who joined the club in 2008 through another investment club who at present is recruiting new members, if they knew they were having so much problems why not make the payments that were requested? some folks it not because of greed why they invested it was just a means to an end, a lot of folks like myself is out of a job right now with bills to pay and we were just trying a thing based on the recommendation we received, lets all pray that this will be resolved quickly for all those involved especially those of us who cannot afford to loose$$$

  10. We must not lose hope. God is still in control. He will work tings out. Lets start believing this. What you think about you bring about. Stay positve

  11. David was given poor legal advice when he continued to challenge the FSC with the issue of Olint being an unauthorized securities dealer. In hindsight he should have embraced FSC or accept breaching the law and attempt to comply, if this path had been chosen he would not be under investigation for money laundering. But this is a painful lesson to learnt.

  12. David was given poor legal advice when he continued to challenge the FSC with the issue of Olint being an unauthorized securities dealer. In hindsight he should have embraced FSC or accept breaching the law and attempt to comply, if this path had been chosen he would not be under investigation for money laundering. But this is a painful lesson learnt.

  13. I absolutely agree with you here, I have said that many times here. How can you expect take billions of dollars from the public to invest/trade and not expect to be regulated.

  14. FX Trading is not a scheme dummies!!!!!!! It’s quite legitimate

  15. Everyone should remember that this investment club was founded on BIBLE Principles, therefore, it will be challenged and taken through the fire; only to emerge as pure GOLD. GOD does not lie. David Smith was and is helping the poor, the oppressed, and most of all GOD’s children. Everyone needs to continue to stand and to pray for David, Olint, and each other. The entire world is going through tough economic times, so why wouldn’t $200 million dollars in transactions be questioned. GOD is using David Smith and we all need to pray for him and the victory of Olint. GOD BLESS you David and your legal team. GOD said victory is mine!

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