• Olint investors seek to recover funds

A prominent Jamaican banker, his investment financial house and another well-known businessman are among defendants in two law suits filed in US courts by investors seeking to recover funds, as the Olint saga continues.

Both defendants were named in multi-million dollar civil suit filed in the civil division of the Judicial Circuit Court in Broward Country in Florida.  Richard Stevens and Don Dowe are the claimants in both cases filed late last year.

Meanwhile, the United States Department of Justice has written to another investor Patricia Brunicardi of Pompano Beach Florida informing her, “our office in conjunction with several investigative agencies continue to investigate the operations of Olint, and others.”

Because “this investigation is ongoing, the letter continued, we are unable to provide any specific details but assure you that a very through investigation is being conducted.  We respectfully request your continued patience during the investigation.”

Based on court papers, the prominent banker, who operates a leading financial house, is accused of “deliberately concealing large amounts of Olint assets between 2007 and 2009.” The banker is said to have done banking business in Broward Country where he owns property.

The suit, in which claimant Stevens is seeking to recover over US$2 million, the financial house is said to have “actively facilitated” the Olint’s boss David Smith by providing him with funds after he was arrested on alleged fraud charges in the Turks & Caicos Islands.

The financial house was also accused of refusing to co-operate with private investigators and federal law enforcement that were attempting to determine the whereabouts of David Smith’s funds.

Co-conspirator

Meanwhile, the top-ranking businessman who operated one of several unregulated feeder clubs, which solicited millions of dollars on behalf of Olint, is named as a co-conspirator with David Smith.  Additionally, he has been accused of diverting money from the Olint scheme to his feeder clubs, which was used to collect money on Olint’s behalf when that entity was ordered closed by the Financial Services Commission (FSC).

Wachovia Bank, which is a  defendant in the case, was named as a facilitator for David Smith to convert money from the plaintiff via wire transfers to the United States while Turks & Caicos Financial Authorities, the Federal Bureau of Investigations and the FSC were probing Olint.  Other defendants are David Smith, his brother Wayne Smith, and Jarred Martinez.  Martinez operated I Trade, a Florida-based entity with close business relationship with Olint.

Documents obtained by the Sunday Herald show complainant Don Dowe depositing over $1.6 million in 2007 to one of the feeder clubs operated by the Kingston-based businessman.  Dowe also alleged that Smith promoted an overseas-based scheme known as the Overseas Locket Corporation (Olint) to the Jamaican-American community and the Jamaican Diaspora living in the eastern Caribbean.

Over 1,000 investors were convinced that Olint and its agents could produce a return of ten per cent per month by participating in foreign currency exchange trading.  American investors were targeted to invest in Olint.

Based on their aggressive advertising of high interest return, Dowe claimed that Olint raked in over US$1 billion from investors based in US, TCI, Jamaica, St Kitts Panama and Grenada among other countries.