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Pursuing justice for Olint investors
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| Published on Wednesday, August 5, 2009 | Email To Friend Print Version
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By Tess Hennigan
Caribbean Net News Staff Reporter
Email: tess@caribbeannetnews.com
PROVIDENCIALES, Turks and Caicos Islands -- As the investigation into the alleged Olint Ponzi scheme continues, one of the investors has taken on the task of pursuing justice for his family, as well as other investors in the scheme.
Dr Christopher Walker, a surgeon in Orlando, Florida, says he is investing resources to uncover the truth behind the scheme and pursue justice not only for his family but other Olint investors as well.
According to a press release last week, Walker has hired two private detective agencies and an international legal team, inclusive of Reed Smith, one of the fifteen largest law firms in the world; Professor David Rowe, a highly accomplished attorney in South Florida; and Hart, Muirhead and Fatta, one of the largest law firms in Jamaica.
Walker and his family reportedly lost $2.4 million dollars, and said that their loss had resulted in the financial ruin of Walker’s ailing father, who is a retired government worker.
As previously reported by TCI Net News, Jamaican David Smith, the head of Olint TCI Corporation, was arrested in the TCI on eight charges. Police press officer, Sgt Chase, said at the time that the eight charges consisted of two counts of uttering false documents, four counts of forgery, and two counts of theft.
Smith was subsequently released on $1 million bail and was scheduled to appear in the magistrate court at a later date.
According to the US National Futures Association, the suspicious activity that led to the launch of the investigation into Olint included “extensive and unexplained wire activity; deposits followed by a request to transfer the funds to a third party without any apparent business reason; and unexplained, extensive wire activity with very low trading levels in the accounts”.
In July 2008, Smith and his wife Tracy had their multi-million dollar assets frozen by way of a court order as part of the investigation by TCI police into the allegations of financial crimes and, in mid January 2009, the TCI Supreme Court refused to lift the freeze on Smith’s assets.
When interviewed, Walker expressed “profound sadness” that Smith and his family chose to defraud and ruin the lives of thousands of people rather than uplift and lend a ray of light to the poor people in the society, stating, “It takes a unique narcissistic personality trait to pull something like this off.”
According to last week’s press release, the evidence unearthed to date is reportedly overwhelming and provides strong evidence that David Smith did not act alone.
Smith, after initially establishing Olint in Jamaica, was forced to shut down his investment scheme in that jurisdiction by Jamaica’s FSC Financial Services Commission. With the assistance of certain local residents, Smith relocated to the TCI where he is said to have made and bought influential friends, including former Premier Michael Misick, who is himself currently facing the possibility of a criminal investigation for corruption and bribery.
All Olint funds were reportedly transferred to Hallmark Bank and Trust TCI Ltd, an offshore bank based in the TCI. This bank is said to have been used to accept monies on behalf of Olint and to wire transfer money on behalf of Smith to third parties, including Jared and Isaac Martinez of Market Traders Institute and I-Trade Fx, located in Lake Mary, Florida.
The Olint TCI Corporation sent multiple wire transfers to the Martinez group, allegedly to evade the Jamaican and TCI financial regulatory authorities investigating Smith’s business practices.
All Olint investors interviewed to date have reportedly stated that they never authorised Olint or Smith to transfer their money to Jared and Isaac Martinez, any of their companies, or to any other third party.
Hallmark Bank also issued MasterCard Compass debit cards, with a limit of US$10,000, which could be redeemed in any part of the world.
According to Walker, “The action of the Fortune 500 company [MasterCard] sheds light on how the affluent may evade taxation, and their action may be viewed dimly by the current US administration, which is tightening the noose on offshore investment schemes aimed at defrauding the Internal Revenue Service.”
It has been reported that a US federal investigation is ongoing into the Olint scheme and all conspirators and co-conspirators. | | | | Reads : 3265 | | | |
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