Market Opportunities Unlimited (MOU) Blog

Happy Independence Day, Jamaica!!

600px-Flag_of_Jamaica_svg
Originally uploaded by AFRO_KING_DUDE

Jamaica is celebrating forty-six (46) years of independence from British rule,today!..Yippee!!!

August 6, 1962, the date of our Independence, was a memorable date for many Jamaicans...

I wasn't born yet...but my parents and older Jamaicans can relate how proud they were to know that we would finally rule/govern ourselves.

We now had our own Constitution, our own flag...and our own Parliament...we could now vote for those who would lead us.

Darker skinned Jamaicans could hold "high-profile" jobs (e.g. bank teller jobs) and could now hold managerial posts in top companies.

Darker skinned Jamaicans could now own businesses.

This year, 2008, is really special...we saw the return of the Float Parade where different aspects of our culture was displayed on floats on top of trailers that paraded in a line, with marching bands and revelers in between, from Hope Road to Arthur Wint Drive.

The Grand Gala (an event where there is a lot of pageantry and performances by the Jamaica Constabulary and Jamaica Defence Force marching bands, other marching bands, combined choirs, orchestras, other musicians and dancers) also returned this year and is presently in full swing at the National Stadium.

I'm really enjoying this Independence Day!

Happy Birthday Jamaica!!!

Gillian

Olint Money Laundering Investigations Continue

Guilty of money laundering
Originally uploaded by slworking2

The following is an update to our previous post on Olint:

On Monday, July 21, 2008, Nationwide Radio reported that Olint TCI, TCI FX Traders, Gareth Harris May Daisy and Ingrid Loiten are currently being investigated in the USA, on money-laundering charges.

As such, all their accounts have been frozen.

(Olint TCI and TCI FX Traders are companies owned and operated by David Smith, founder and owner of Olint.)

It was also reported that of the two (2) accounts that Mr. Smith had with FXCM Forex Capital Markets, only USD $3.7 million was left in one (1) account and the other account was empty.

(FXCM Forex Capital Markets' FX Trading Station is one of the foreign exchange platforms that David Smith traded on. Foreign exchange trading platfoms allow users to analyze charts, make trades, and track the progress of those trades.)

Well, this is certainly an important occurence of interest to Olint clients/members and followers of news re Olint.

No doubt as the investigation progresses, more details will be made known...

And you can be sure that Market Opportunities Unlimited (MOU) Blog will bring these updates to you!

Gillian

Source Includes:

1) Programme "Cover Story", Nationwide Radio, July 21, 2008

Is David Smith to be Believed?

counting01
Originally uploaded by Il Primo Uomo

The following is a continuation of our posts re Olint, the Alternative Investment Scheme, owned by Jamaican, David Smith, and domiciled (based) in the Turks and Caicos Islands.

 

(We apologize that we were not able to post, yesterday, as promised in our Comments section on Saturday.)

Ok, so on Friday, the Jamaican public was given more information re the current investigations by the Financial Crimes Unit (FCII) of the Royal Turks and Caicos Islands Police Force, into Olint.

What we now know is:

1. The Financial Crimes Unit (FCII) of the Royal Turks and Turks and Caicos Islands Police Force (TCI Police) have confirmed that Olint's clients/members will not receive their monies until after the investigations have been completed in three (3) month's time


2. The TCI Police say that they will speak with Mr. Smith, when they have completed the examination of all the documents and computer records they collected from Mr. Smith's business place and homes


3. Mr. Smith has hired three (3) top-profile Jamaican-affiliated lawyers: Jacqueline Samuels-Brown, Tom Tavares-Finson and Lord Anthony Gifford Q.C., to challenge the current proceedings against Olint, taking place in the Turks and Caicos Islands.

[This challenge will be based on its permissibility and constitutionally (according to Turks and Caicos/British law, since the Turks and Caicos Islands are still a British colony.)]

In a press release on Friday, July 18, 2008, under the signatory of his lawyers, Smith:

a) Stated that he remains dedicated to his club members

b) Admits that the company's accounting and record-keeping systems have been dislocated and as a result, some members were overpaid

c) Stated that he will fulfill obligations to make payments to his members in nine (9) months.

In related news:

The Jamaican Court of Appeal has upheld the ruling that bars National Commercial Bank of Jamaica Ltd.(NCB) from closing any of Olint's accounts.

Mr. Michael Hyton Q.C., former Solicitor General and Chairman of the Financial Services Commission, will be able to represent NCB, in its case against Olint, even though Olint asked for a ruling to prevent this from happening.

(Olint claimed conflict of interest, since Mr. Hylton was privy to certain confidential information re the company, in his former roles as Solicitor General and Chairman of the Financial Services Commission.

Please read this article, for more information.)

Friends, all I can say is that we have interesting days ahead:

But I want to draw attention to David Smith's last statement..."members will be repaid in full after nine (9) months.."

What does this mean, exactly?...

Is it that some (or all) of Olint's money (which had been scheduled for payment) is now gone, so now David Smith has to make up for the shortfall?...

Or is it that Mr. Smith was not making enough money to live up to his obligations for payment (15% interest per month.)

Hmmmh??...

Olint is said to have had cash assets worth between USD $600-800 million:

Even if Mr. Smith is exonerated of all charges, there are questions that arise from these investigations, that are germane:

1. How could a business with so much cash, not even have a small accounting team to ensure that it's records were kept in order and auditable?


2. Will those clients/members who Mr. Smith claims to have been overpaid, be asked to return the money?


3. Who exactly will be paying for the top-profile lawyers who are now in the Turks and Caicos Islands, seeking to defend Mr. Smith?..

        [Are they being hired pro bono (for free)?.. .Or will their fees be paid out of Mr. Smith's pockets or those of Olint members (eventually)?]

==========

I really think that Mr. Smith is suffering from a credibility problem.

In that he has made promises before, to pay clients, but has not kept them...

So, the question is, can he now be believed?

Gillian

Sources Include:

1) Article,"Olint wins round two of legal battle", by Barbara Gayle, Staff Reporter-the Jamaica Gleaner, July 19, 200

2) Nationwide Radio, July 18, 2008

3) Television Jamaica News at 7:00 and 10:00 p.m., July 18, 2008

More Woes For Olint, and Cash Plus Boss Appears in Court Today

The edge of the storm
Originally uploaded by slack12

National Commercial Bank  Jamaica Ltd.(NCB Jamaica) will be going to court on Friday to obtain an injunction against the Alternative Investment Club, Olint.

In a press release made yesterday, NCB stated that even though Olint's assets have been frozen/seized by the Financial Crimes Unit (FCII) of the Royal Turks and Caicos Islands Police, they, the bank, are noticing that withdrawals are being made from Olint's three (3) NCB accounts.

=================

Yesterday, Cliff Hughes, CEO of Nationwide Radio, obtained an email purportedly sent by David Smith (owner and founder of Olint) to his wife, Tracy-Ann Smith, on Sunday, July 13,2008.

In it David Smith gives a chronology of events affecting Olint. He admits Olint is broke and that there were two runs on the institution...one last year and the other in January of this year.

He stated that Olint's long-standing members...have drawn their money out of the Club and have left - It is it's newest members who are now affected by the financial problems facing the Club.

He also asks his present clients/club members to hold strain...to hang (stay) with him for another year when he promises to return their money at 15% interest. [It was not elucidated (clarified) whether this interest would be per month or per year.]

What is coming out of the story behind this mystery email, is that it was supposed to have been sent to Olint Club members (clients) on Monday.

But when it was sent to the Olint Board, they revamped it and on Monday, July 14,2008, sent a "toned down" version to club members, so as to prevent them from panicking.

Mr. Smith called Nationwide Radio, yesterday, saying that it was untrue that he had penned the email...and asked why would people believe that his house is so big that he'd have to email his wife to tell her these things?

He refused to comment any further, citing that his lawyers have restricted him from saying too much.

The Jamaica Observer carried a story yesterday, re David Smith trying to wire approximately USD $200 million to a Jamaican bank, late last week, but was prevented from doing so when the bank alerted the Royal Turks and Caicos Islands Police.

There are some Olint members who believe that Olint's present problems are being caused by bad-minded people in the financial sector who don't want to see middle-class Jamaicans gaining wealth.

In the meantime, Jamaican Finance Minister, Audley Shaw, says that he is not expecting much fallout in the formal financial sector,as a result of the seizure of Olint 's assets.

However there are a few financial analysts who are contradicting this, saying that the fallout will be huge, due to the huge financial impact, Olint had on the middle classes.

In related news, Carlos Hill, head of another Alternative Investment Scheme - Cash Plus, made his appearance in court, today for his trial on fraud charges, levied against himself, his brother Betram  Hill and Cash Plus' Chief Financial Officer, Peter Wilson, by the Organized Crime Investigation Division of the Jamaica Police Force.

All three were arrested on April 10, 2008 on fraud charges related to Cash Plus and were given bail approximately three (3) weeks later...

All three appeared in court and had their bail extended to July 30, when their trial is expected to begin.

(You can use this search :

Custom Search

to search our blog for posts relating to cash Plus and Carlos Hill. Or you can go to the top left-hand-side of our posts, under the section, "Search This Site or the Web Here", to do so.)

We will keep you updated re events surrounding these two Investment Clubs, as soon as we obtain it.

Gillian

Sources Include:

1) Article, "Cash Plus trio have bail extended", RadioJamaica.com, July 17,2008

2) Programme, "Cover Story", Nationwide Radio, July 16, 2008

3) Television Jamaica, News at 7:00 p.m. and 10:00 p.m., July 16, 2008