Olint: Ja Con Man and His Mentor

[Hortical]

The Con Man and His Mentor

In August 2010, U.S. prosecutors alleged Smith and his co-conspirators laundered more than $200 million of investor money through multiple U.S. bank accounts created by Martinez and two of his sons.

He has confessed to defrauding some 6,000 people out of $220 million when his Ponzi scheme collapsed.

Early investors received monthly e-mailed statements showing returns as high as 12 percent. To manage withdrawals, Smith says, he would decide returns to be paid each month. He would drag out payments during periods when requests for withdrawals increased.

Smith gave away more than $8 million of client money, according to court documents, including $5 million to the Jamaica Labour Party and $2 million to its rival, the Jamaican People’s National Party.

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[Islandman]

Wow what a crook. I wonder why he decided to testify without getting a deal?

[Hortical]

Maybe he expected a deal from US prosecutors.

I pity all these people who lost their money. Some so-called educated people who were duped by the 10% return/month.
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Chris Walker, an Orlando obstetrician, also lost more than $1 million investing with Olint, and his father, Kenneth Walker, lost $1.5 million—his life savings. Chris Walker met Smith at a forex-trading seminar conducted by Martinez in Jamaica. He recalls Martinez ushering Smith up onto a podium in front of hundreds of attendees, at a hotel in Ocho Rios. “Jared introduced David like the Messiah, as the best student he’s ever had,” says Walker. He says he poured more cash into Olint after the seminar. “Jared is a very effective salesman,” Walker says.

[Peter R]

What about Carlos Hill? Any updates? The latest I could find is this http://www.jamaicaobserver.com/news/...ss-Carlos-Hill

It seems that he's still a free man. Any updates anyone?

[Peter R]

If it looks, smells, appears to be too good to be true... it IS too good to be true! Sorry for all those who lost everything! Great for those who cashed out early... but sad all round.

[Hortical]

A trial date of July 3 has now been set for former Cash Plus boss, Carlos Hill.
http://jamaica-gleaner.com/article/n...ial-set-july-3

[Peter R]

Thanks... but seven years? Look how fast dem deal wid David Smith! Our courts slow fi true bwoyy! Not good for anyone!

[Rockman]

The guy is a crook,and that is obvious.
A few things that probably went unnoticed: our Govt (and the opposition)instead of protecting the people of Jamaica,took money from the entity that was bent on victimizing the people they serve(just like the mutually beneficial relationship between FINSAC and JRF),legal recourse came by way of another country(as was the case of Dudus),and the shenanigans of the aforementioned JRF flew well below the radar of the otherwise rectifier.

[Peter R]

The guy is a crook,and that is obvious.
A few things that probably went unnoticed: our Govt (and the opposition)instead of protecting the people of Jamaica,took money from the entity that was bent on victimizing the people they serve(just like the mutually beneficial relationship between FINSAC and JRF),legal recourse came by way of another country(as was the case of Dudus),and the shenanigans of the aforementioned JRF flew well below the radar of the otherwise rectifier.

So true! I/We (bredrins and I) asked people who knew David and were close to him, both in business and family, what he was doing to get those returns; the acolytes could only say "him is a boss", others, more conservative only shook their head and said they had no idea. People in "high" places knew (or certainly ought to have known) that 10-12% per month was not a sustainable nor realistic rate of return to be genuine... shame on them!

[Islandman]

Peter R as they say on Wall Street , fear and greed are the two most powerful emotions. They get the better of otherwise level headed people all the time and no doubt will continue to do so.

There were always people who viewed what David was doing with suspicion. However many more convinced themselves that David was indeed a "master" forex trader, or figured that he had found some trading loophole for beating the system. Others simply didn't care, 10% a month being made by all your friends was just too good to pass up and they would "get out" before it all fell apart. Of course most didn't.

Personally, I thought he was generating the profits but in some shady way that had nothing to do with forex. I did not imagine that it was as basic a Ponzi scheme as it turned out to be.

[Gamma]

my problem was that forex trading is about speculation and one would haveto:

1. to see into the future with amazing accuracy and clarity;
2. be ahead of all others forex traders to be able maintain a 10%-12% return on a regular basis

[Gamma]

its probably elsewhere too ... but Jamaica has a MASSIVE "keeping up with the jonses" complex. and so if they see their neighbour driving an X6, their Honda accord suddenly becomes inadequate.

[MdmeX]

Tenk de lawd - mi ongle trying to keep up wid me ancestors The Speids and Ashers!