Turks & Caicos police could seek further help in Olint case

Saturday, February 07, 2009
By the Jamaica Observer

Turks and Caicos Islands police have not ruled out getting assistance from other jurisdictions, apart from Jamaica, in their fraud case against Olint boss David Smith.

“That can be a possibility,” admitted Detective Sergeant Calvin Chase, press liaison officer of the Turks and Caicos Islands police, when the Observer asked last night whether the police investigation could take them to other countries.

Detective Sergeant Chase, however, declined to say more, pointing out that there was a gag order on the case.

Yesterday, in a news release, Chase said that Smith, who was arrested Thursday and granted $1-million bail, will be arraigned on Wednesday, August 5 in the Providenciales Magistrate’s Court.

Chase also outlined the charges against Smith as “two counts of uttering forged documents, four counts of false accounting and two counts of theft”.

The charges, Chase said, are in connection with investigations being conducted by officers from the Turks and Caicos Islands’ Financial Crime Unit into Smith’s foreign exchange trading club, Olint TCI.

Smith’s assets in the Turks and Çaicos – where Olint is now based after moving from Jamaica in the face of mounting pressure – were frozen in July 2008 by way of a court order as part of an investigation by the police there into allegations of financial crimes.

His bid to have the assets released was denied by the Turks and Çaicos Islands High Court just over three weeks ago.

OLINT’s lawyers ready to fight TCI court

OLINT’s lawyers ready to fight TCI court
Friday, 06 February 2009
By www.radiojamaica.com

David Smith.  Lawyers representing embattled OLINT boss David Smith say they intend to put up a fight against criminal charges laid against him in the Turks and Caicos Islands (TCI).    Following months of investigations, Mr. Smith was on Thursday charged with five counts of false accounting, theft and other fraud related charges.

He was later granted US$1 million bail.

Defence attorney Oliver Smith of the law firm Stanfield and Green in TCI told RJR News on Friday that there is no basis for the charges against his client.

“We intend to fight those charges vigorously … we haven’t gotten the discovery and we haven’t fully understood the basis of the prosecutions charges but whatever they are, it’s our intention to fight those charges and to prove Mr. Smith’s innocence … it is our view that the prosecution will have problems proving their case,” he said.

He said despite the criminal charges he and his team will continue to battle the authorities in TCI to release OLINT’s assets, which were frozen by a court order last year.

“We’re still gonna maintain that the assets should be unfrozen and we’re still maintaining our application for the first available date after March 11 that the court set to see to that … we still feel that the funds should be released and we have good grounds to make those arguments,” said Mr. Smith.

Last year, police in the Turks and Caicos Islands raided OLINT’s offices as part of an investigation by the US Federal Bureau of Investigations
.

The courts also froze Mr. Smith’s assets.

Mr. Smith appealed the decision, but was turned down last month by the Turks and Caicos Supreme Court.

Thousands of OLINT investors in Jamaica and elsewhere have been left wondering when or if they will get back their money.

Olint boss held

Olint boss held
Published: Friday | February 6, 2009
By the jamaica Gleaner

Head of OLINT Investment Club, David Smith, was arrested yesterday by police in the twin-island state of Turks and Caicos, following months of investigation into the operations of Olint Corporation in those islands.

He was subsequently granted US$1 million bail with surety. Smith voluntarily surrendered his travel documents, police say.

Speaking with The Gleaner/ Power 106 News Centre last evening, Turks and Caicos Islands’ (TCI) Deputy Commissioner of Police, Hubert Hughes, said Smith was on fraud charges – theft, false accounting and uttering false documents.

No court date

A date has not yet been set for Smith’s court appearance. Hughes said there was “a possibility that my investigators will have to seek assistance from Jamaica”.

At the same time, Assistant Superintendent Mark Knighton of the TCI’s Financial Investigation Unit said the authorities were not ruling out more arrests.

Jamaicans have millions of dollars tied up in the investment club.

This is the second major blow for the failed investment club in less than a week.

Olint had been fighting to keep its account open with the National Commercial Bank.

But last week, the London-based Privy Council ruled that the bank should go ahead and close Olint’s accounts.

Up to press time, The Gleaner/ Power 106 News Centre was unable to make contact with any of Smith’s lawyers for a comment on his arrest.

Last July, Smith’s offices in the TCI were raided by police who seized computers and files.

Only days before the raid, Smith’s clients reported facing trouble with their investments. Smith also ordered his New Kingston office in Jamaica closed.

Olint had been facing a string of legal problems since 2006 when the Jamaican Financial Services Commission served a cease-and-desist order on the entity.

Last year, Smith was also named in an investigation of another company by a US-based independent regulatory body for suspicious activity.

Smith was named as principal of the company and was alleged to have contributed close to 100 per cent of its capital.

Olint’s troubles

✓ March 31, 2006: Lawyers representing investment club Olint go to the Court of Appeal in Jamaica to challenge a Supreme Court ruling refusing to grant an order for the Financial Services Commission (FSC) to return documents which were seized.

✓ November 3, 2006: Olint was given the green light by the Supreme Court to continue its operations.

✓ December 24, 2007: Investment club Olint lost its appeal in the case it brought against the FSC in the Supreme Court.

✓ July 15, 2008: Olint’s Turks and Caicos Island offices are raided. Police seize computers and files.

✓ February 5, 2008: Olint boss, David Smith arrested in Turks and Caicos Islands and granted US$1 million bail.

OLINT boss charged with fraud

OLINT boss charged with fraud
Friday, 06 February 2009
By www.radiojamaica.com

David Smith. OLINT boss David Smith is facing more trouble in the Turks and Caicos Islands after being arrested and charged Thursday with various fraud related offences.

Turks and Caicos Police say Mr. Smith could be slapped with additional charges as investigations continue into OLINT’s financial operations in the British dependent territory.

After being taken into custody and questioned Thursday afternoon the police charged Mr. Smith with five counts of false accounting, theft and other fraud related charges.

He was granted US$1 million bail.

Mr. Smith later volunteered to surrender his travel documents.

Deputy Commissioner of the Turks and Caicos Police, Hubert Hughes, told our news centre that the OLINT boss is expected to face further questioning.

“The investigation is still in progress and there is a likelihood that he might be questioned on other things. There is the possibility [that he might face further charges] because the investigations will lead,”

DCP Hughes said his Force is in close contact with the Jamaican police as the probe continues.

“I know that my investigators were in contact with the Jamaican authorities…so there can be some level of cooperation once we request their assistance,” said DCP Hughes.

Last year, Turks and Caicos Police raided OLINT’s offices as part of an investigation by the US Federal Bureau of Investigations
(FBI).

The courts also froze his assets.

Mr. Smith appealed the decision, but was turned down last month by the Turks and Caicos Supreme Court.

Thousands of OLINT investors in Jamaica and elsewhere have been left wondering when or if they will get back their money.                                                                                           In the meantime, Mr. Smith will have to wait another six months to make his next court appearance in the Turks and Caicos Islands to answer the fraud charges.

Turks and Caicos journalist, Vivian Tyson, said Mr. Smith is booked to appear in court in August.

“David Smith was charged by the Turks and Caicos Police…for two counts of uttering forged documents, four counts of false accounting and two counts of theft. The charges are in connection with investigations by the Financial Crime Unit here which is conducting an investigation into OLINT,”

“He appeared before the Provenciales Resident Magistrate’s Court where he was offered one million dollars bail with surety and is to return to court on August 5. He is represented by the law firm Stanfield Green,” said Mr. Tyson.