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OLINT investors try to recover money

Investors in the Turks and Caicos-registered failed investment scheme OLINT, who have formed a body known as Association of Concerned Olint Members, ASCOM, met in Kingston, Jamaica February 8, 2010 and have urged all those who invested in the failed scheme to register on their website as they seek to recover money invested.

OLINT Boss David Smith

Some three hundred reputed investors in OLINT, an acronym for Overseas Locket International, met at the Jamaica Conference Centre in downtown Kingston to attempt to come up with a common strategy to recover various sums invested in OLINT – a foreign exchange trading scheme operated by Jamaican David Smith and his family.

The meeting was convened by OLINT liquidator Joseph Connolly to update investors on efforts made to recover their money. The meeting was closed to the media, but according to a report in the Gleaner newspaper of February 9, 2010, OLINT investors were angry and cynical and are making a parallel effort to recover sums estimated at over twenty million U.S. dollars invested in the scheme.

In a statement on Tuesday February 9, 2010, ASCOM said it has good reason to believe that there is substantially more money available to be pursued than the Liquidator has led them to believe.

In July 2008, the Turks and Caicos Islands police raided the house of Olint’s boss David Smith and seized computers and documents.

They arrested Smith in February 2009 and again in June 2009 and charged him with several criminal offences including theft, false accounting and uttering false documents in the British colony.

Several financial organizations in Jamaica, including at least one credit, have acknowledged that the failure of OLINT and the unlicensed investment scheme Cash-Plus, has had a negative impact on their customers.

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