Open enquiry into alternative investment schemes, Bunting...

[Bricktop]

Dem bredda yah jus love chat and don't know what dem a seh, bout "promises via a contract, a return on the investment". Olint promises no such thing

[Bricktop]

In all probability the Olint operation is a version of of a ponzi scheme dressed up as a forex trading outfit.... if they indeed provided outsized returns on a consistent basis over an extended period of time.

Explain how they continued to pay out to the people on the top tier when they weren't accepting new members? Explain how clients were receiving payouts even after the incident when the offices were raided and 70% of investors withdrew their money? Since we dealing with facts and all.

[Karl]

The Olint issue does not turn on the legality of forex trading. You are either unaware of the possible legal ramifications of that operation or for some other reason (surprise,surprise!) not framing the issue correctly.

When an entity accepts deposits from the public and promises via a contract, a return on the investment - that entity in all probability must be subject to regulation and oversight by the relevant government authorities. Whether regulated or not, such an entity is subject to the laws of the marketplace, if it invests in marketable instruments such as foreign exchange.

While substantial gains can be made in forex trading- the world's largest market- there is no legal investment that can GUARANTEE extraordinary returns(say- returns above gilt-edged securities) -uninterrupted - over an extended period of time - this defies market logic as well as common sense... ask George Soros... probably the greatest currency trader in history.... he's taken a bath several times in his trading career.

In all probability the Olint operation is a version of of a ponzi scheme dressed up as a forex trading outfit.... if they indeed provided outsized returns on a consistent basis over an extended period of time.

Not that you are particularly keen on facts or logic - I guess defending a political position trumps those minor considerations.

The matter of unregulated movement of foreign exchange also raises the spector of legality of sourced funds...and whether or not the movement of funds could involve money laundering?

I believe movement of funds above certain 'volumes' within certain
time-frames require certain disclosures and the following of certain procedures?

mek dem gwaan!

[Karl]

Whey Mosiah deh? Him somehow hang onto dem breddah yah words. I guess him getting confident.

Cash Plus deh bout from when? What did the previous gov't do about it?

What did the previous opposition do?

...claims that Finance Minister Audley Shaw may have given fillip to such entities when, before coming to office, he criticised regulators for their robust moves against them.

Seems that the previous government may have been stymied in its actions against these 'investment schemes'?
...and the opposition 'led the charge' at roadblocks???? Right Lazie????

[Gamma]

for sure i know that errol ennis did!!!

[Bricktop]

"The Gestapo-like invasion of David Smith's office last year as conducted by the Financial Intelligence Arm of the Financial Investigation Division was a vulgar abuse of state power and highly reflective of the actions of a totalitarian state.

"It was designed to destroy both the company and the man's reputation in one fell swoop. It was even more frightening, given that to date, no clear statement has emerged as to the exact legal infringement committed by the company. The "Cease and Desist" order served on the company was somewhat akin to brute force when it was clear that the intended effect of the raid, to create a run on the company's office, did not materialise."

[Gamma]

is dat jiggs did seh?

[Karl]

is dat jiggs did seh?

Well it was rumoured that...
... fear of money down the drain?

[Don1]

thanks

Explain how they continued to pay out to the people on the top tier when they weren't accepting new members? Explain how clients were receiving payouts even after the incident when the offices were raided and 70% of investors withdrew their money? Since we dealing with facts and all.

Your use of the term "top tier" betrays perhaps that this scheme is indeed a pyramid. If they collected from "bottom tier" or "mid tier" or whatever depositors and have a reserve therefrom - that's an obvious possibility in the entity paying the favoured few - in fact that's how pyramids work. You just prove my point - thanks.

I made general points regarding finance and economics which are irrefutable - no one can guarantee above market returns indefinitely - if they do - it's a scam - period.

[Don1]

contract law

OLINT promises a return via a contract ???

FYI - contracts are expressed or implied.

[Don1]

Dem bredda yah jus love chat and don't know what dem a seh, bout "promises via a contract, a return on the investment". Olint promises no such thing

You seem somewhat familiar with this particular ponzi scheme - explain why people invest in it if they are not promised a return above what they can get in a regulated market.

A valid contract has 3 elements - offer, acceptance & consideration - which element is missing in Olint's dealings with it's depositors?

[Assasin]

you might be right on all counts.

I simple thing with proper legislation and Fiscal monitoring there is no way an ILLEGAL firm should have grown so big. Red flags should have been driven from year one.

It is not like the man dem did a cook the books and get away with it, they simple presented no books at all.

[Bricktop]

explain why people invest in it if they are not promised a return above what they can get in a regulated market.

The potential to achieve returns above what can be expected with traditional investment firms. I invested up to my risk tolerance. If i lose my investment i will not be looking for the nearest window to hurl myself out of.

[Mosiah]

They easily got around the "no new members" thing when their members made additional payments on behalf of non-members. Everybody know dat!

[Bricktop]

Your use of the term "top tier" betrays perhaps that this scheme is indeed a pyramid. If they collected from "bottom tier" or "mid tier" or whatever depositors and have a reserve therefrom - that's an obvious possibility in the entity paying the favoured few - in fact that's how pyramids work. You just prove my point - thanks.

I made general points regarding finance and economics which are irrefutable - no one can guarantee above market returns indefinitely - if they do - it's a scam - period.

You claim it is a ponzi scheme hence my use of the phrase "top tier". You are yet to answer the question instead you chose to slip on your leotard and dance around it. Please advise if OLINT is a ponzi scheme how did they continue to pay the "top tier" if they had no new funds coming in?