Girl With a Purpose (GWAP)

Who on Earth is This Doping Jamaican?

Stock - Needles
Originally uploaded by -= FUNKATRONIK =-

Ok, so from Tuesday, the news media in Jamaica has been buzzing...there is a Jamaican athlete who's "A" (first) urine sample tested positive for a horse tonic used to build muscle and increase speed.

The results of his "B" (second) sample are not yet known.

(The samples were provided at the Jamaican Olympic trials held between June 27-29, 2008.)

There we rumours swirling around, that a Jamaican athlete was dropped from the list of those slated participate in the Beijing Olympics, due to the doping incident above.

Of course, journalists did their digging and found that Julian Dunkley's name was missing from the athlete list on the Jamaica Olympic Association's website.

The Jamaican Olympic Association confirmed on Tuesday, that the athlete is Julian Dunkley.

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The thing is that when a Jamaica Observer reporter got in touch with Dunkley, he claimed that neither the Jamaica Olympic Association (JOA) nor the Jamaica Amateur Athletics Association (JAAA - the body responsible for overseeing Jamaican amateur atheltics) communicated to him that he had been dropped from the team.

However, the JOA claimed that they had sent him a fax on Tuesday, July 29,2008.

What sports journalists are saying is that the JOA should have called him...well, maybe they did, but felt a fax would provide proof that the message was sent.

But this fellow is so froward that he claimed on Tuesday, that he's got an offical JAAA ticket and he's on his way to China... he claims that if the JOA/JAAA had found something wrong, they should have told him.

I feel that this fellow has a nerve... and that him going to Beijing to be a part of the Jamaican athletic camp (contingent of athletes) that's there, will only cause discord and a lot of bad press.

(Members of the world press are already stirring up suspicions that a tiny country like Jamaica, could never be producing the two fastest men in the world, unless our athletes are doping...well this is how the world press is, if the "developed" world is doing well...it's deserved...if a tiny, developing island, such as Jamaica, is doing well...it's a problem. )

What I feel, the JOA/JAAA needed to do, was, as soon as they got confirmation that Julian Dunkley was on his way to China, was to cancel his ticket...and provide him with a one-way ticket back to the USA (where he's been living for sometime).

Failing this, they should have alerted the Chinese authorities re the doping allegations, so this fellow is not even allowed into the country.

I strongly feel that what Julian Dunkley needs to do, is return to the USA (the only decent thing for him to do) and await further instructions, re his future in track and field.

There is no need for him to upset the Jamaican camp or cause undue attention from the world press, by being present.

He should have just stayed put.

But the JAAA has been silent on the issue...so right now, we don't even know where Julian Dunkley is.

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However, I guess we'll know by tomorrow, when the Jamaican camp starts training in China.

As soon as we know, we' ll tell you!

Sources Include:

1) Nationwide Radio, July 29, 2008 and July 31,2008

2) Article, "Jamaican athlete tests positive: official", Canadian Broadcasting Commision Sports, July 29, 2008

Is Asafa Faster?

Asafa Powell
Originally uploaded by Thomas Faivre-Duboz

Well Asafa Powell, former world record holder in the male 100 metre sprint, snatched victory from defeat this week.

He beat fellow-Jamaican, Usain Bolt (curent world-record holder), in a surprise 9.88 seconds-run in Stockholm, Sweden on Tuesday and he won his race in Britain today, in a whopping 9.77 seconds!

In the Stockholm race, we definitely saw that Bolt didn't have a good start and hence the defeat...for in the final fifteen (15) meters of the race, he seemed to notice that Asafa was ahead and went into 4th gear...nearly catching him at the finish line.

We've heard it said that if Bolt gets a good start, no one can catch him.

But I wonder if Usain Bolt realizes that at this level of the game...it is up to him, the athlete, to ensure that he has a good start, no matter the conditions?

Since Bolt knows that his start is a weakness...is he working on it?

He'd better be, for Asafa has been seemingly returning to his true form, and if his races, this week, are anything to go by, Bolt might just find himself second in Beijing.

The thing with Asafa though, is that he has been nagged by injury, for the better part of this year.

The question is, can he remain injury-free to really shine in Beijing?...to show the world that the one event (the Olympics) that has eluded him, won't elude him this time around?

Can Jamaicans now expect a Jamaican 1st and 2nd place in the Olympics in Beijing?...or will both Usain and Asafa stumble out of the blocks...not able to deal with the enormity of the event?

It's amazing that every time either of these two (2) men run...the world waits with bated breath to see if either will win his race or break the world record.

But what of Tyson Gay?...he ran a wind-assisted 9.68 seconds nearly four (4) weeks ago, at the US  Olympic Trials, only to injure himself at the same meet, in the 200 metres.

Hence the showdown between himself and Asafa didn't happen, as planned, today.

So is Asafa faster than Usain Bolt and Tyson Gay?...will he snatch the world record in Beijing?

Well, by the looks of things, he is and he just may do it!

Gillian

Sources Include:

1) Power 106 Sports News at 5:00, July 25, 2008

Olint Money-Laundering Investigations Continue

Money Laundering!
Originally uploaded by elvis_payne

The following is an update to our previous post on Olint:

On Monday, July 21, 2008, Nationwide Radio reported that Olint TCI, TCI FX Traders, Gareth Harris May Daisy and Ingrid Loiten are currently being investigated in the USA, on money-laundering charges.

As such, all their accounts have been frozen.

(Olint TCI and TCI FX Traders are companies owned and operated by David Smith, founder and owner of Olint.)

It was also reported that of the two (2) accounts that Mr. Smith had with FXCM Forex Capital Markets, only USD $3.7 million was left in one (1) account and the other account was empty.

(FXCM Forex Capital Markets' FX Trading Station is one of the foreign exchange platforms that David Smith traded on. Foreign exchange trading platfoms allow users to analyze charts, make trades, and track the progress of those trades.)

Well, this is certainly an important occurence of interest to Olint clients/members and followers of news re Olint.

No doubt as the investigation progresses, more details will be made known...

And you can be sure that Girl With a Purpose (GWAP) Blog will bring these updates to you!

Gillian

Source Includes:

1) Programme "Cover Story", Nationwide Radio, July 21, 2008

Is David Smith to be Believed?

counting01
Originally uploaded by Il Primo Uomo

The following is a continuation of our posts re Olint, the Alternative Investment Scheme, owned by Jamaican, David Smith, and domiciled (based) in the Turks and Caicos Islands.

(We apologize that we were not able to post, yesterday, as promised in our Comments section on Saturday.)

Ok, so on Friday, the Jamaican public was given more information re the current investigations by the Financial Crimes Unit (FCII) of the Royal Turks and Caicos Islands Police Force, into Olint.

What we now know is:

1. The Financial Crimes Unit (FCII) of the Royal Turks and Turks and Caicos Islands Police Force (TCI Police) have confirmed that Olint's clients/members will not receive their monies until after the investigations have been completed in three (3) month's time


2. The TCI Police say that they will speak with Mr. Smith, when they have completed the examination of all the documents and computer records they collected from Mr. Smith's business place and homes


3. Mr. Smith has hired three (3) top-profile Jamaican-affiliated lawyers: Jacqueline Samuels-Brown, Tom Tavares-Finson and Lord Anthony Gifford Q.C., to challenge the current proceedings against Olint, taking place in the Turks and Caicos Islands.

[This challenge will be based on its permissibility and constitutionally (according to Turks and Caicos/British law, since the Turks and Caicos Islands are still a British colony.)]

In a press release on Friday, July 18, 2008, under the signatory of his lawyers, Smith:

a) Stated that he remains dedicated to his club members

b) Admits that the company's accounting and record-keeping systems have been dislocated and as a result, some members were overpaid

c) Stated that he will fulfill obligations to make payments to his members in nine (9) months.

In related news:

The Jamaican Court of Appeal has upheld the ruling that bars National Commercial Bank of Jamaica Ltd.(NCB) from closing any of Olint's accounts.

Mr. Michael Hyton Q.C., former Solicitor General and Chairman of the Financial Services Commission, will be able to represent NCB, in its case against Olint, even though Olint asked for a ruling to prevent this from happening.

(Olint claimed conflict of interest, since Mr. Hylton was privy to certain confidential information re the company, in his former roles as Solicitor General and Chairman of the Financial Services Commission.

Please read this article, for more information.)

Friends, all I can say is that we have interesting days ahead:

But I want to draw attention to David Smith's last statement..."members will be repaid in full after nine (9) months.."

What does this mean, exactly?...

Is it that some (or all) of Olint's money (which had been scheduled for payment) is now gone, so now David Smith has to make up for the shortfall?...

Or is it that Mr. Smith was not making enough money to live up to his obligations for payment (15% interest per month.)

Hmmmh??...

Olint is said to have had cash assets worth between USD $600-800 million:

Even if Mr. Smith is exonerated of all charges, there are questions that arise from these investigations, that are germane:

1. How could a business with so much cash, not even have a small accounting team to ensure that it's records were kept in order and auditable?


2. Will those clients/members who Mr. Smith claims to have been overpaid, be asked to return the money?


3. Who exactly will be paying for the top-profile lawyers who are now in the Turks and Caicos Islands, seeking to defend Mr. Smith?..

        [Are they being hired pro bono (for free)?.. .Or will their fees be paid out of Mr. Smith's pockets or those of Olint members (eventually)?]

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I really think that Mr. Smith is suffering from a credibility problem.

In that he has made promises before, to pay clients, but has not kept them...

So, the question is, can he now be believed?

Gillian

Sources Include:

1) Article,"Olint wins round two of legal battle", by Barbara Gayle, Staff Reporter-the Jamaica Gleaner, July 19, 200

2) Nationwide Radio, July 18, 2008

3) Television Jamaica News at 7:00 and 10:00 p.m., July 18, 2008

More Woes For Olint, and Cash Plus Boss Appears in Court Today

The edge of the storm
Originally uploaded by slack12

National Commercial Bank  Jamaica Ltd.(NCB Jamaica) will be going to court on Friday to obtain an injunction against the Alternative Investment Club, Olint.

In a press release made yesterday, NCB stated that even though Olint's assets have been frozen/seized by the Financial Crimes Unit (FCII) of the Royal Turks and Caicos Islands Police, they, the bank, are noticing that withdrawals are being made from Olint's three (3) NCB accounts.

=================

Yesterday, Cliff Hughes, CEO of Nationwide Radio, obtained an email purportedly sent by David Smith (owner and founder of Olint) to his wife, Tracy-Ann Smith, on Sunday, July 13,2008.

In it David Smith gives a chronology of events affecting Olint. He admits Olint is broke and that there were two runs on the institution...one last year and the other in January of this year.

He stated that Olint's long-standing members...have drawn their money out of the Club and have left - It is it's newest members who are now affected by the financial problems facing the Club.

He also asks his present clients/club members to hold strain...to hang (stay) with him for another year when he promises to return their money at 15% interest. [It was not elucidated (clarified) whether this interest would be per month or per year.]

What is coming out of the story behind this mystery email, is that it was supposed to have been sent to Olint Club members (clients) on Monday.

But when it was sent to the Olint Board, they revamped it and on Monday, July 14,2008, sent a "toned down" version to club members, so as to prevent them from panicking.

Mr. Smith called Nationwide Radio, yesterday, saying that it was untrue that he had penned the email...and asked why would people believe that his house is so big that he'd have to email his wife to tell her these things?

He refused to comment any further, citing that his lawyers have restricted him from saying too much.

The Jamaica Observer carried a story yesterday, re David Smith trying to wire approximately USD $200 million to a Jamaican bank, late last week, but was prevented from doing so when the bank alerted the Royal Turks and Caicos Islands Police.

There are some Olint members who believe that Olint's present problems are being caused by bad-minded people in the financial sector who don't want to see middle-class Jamaicans gaining wealth.

In the meantime, Jamaican Finance Minister, Audley Shaw, says that he is not expecting much fallout in the formal financial sector,as a result of the seizure of Olint 's assets.

However there are a few financial analysts who are contradicting this, saying that the fallout will be huge, due to the huge financial impact, Olint had on the middle classes.

In related news, Carlos Hill, head of another Alternative Investment Scheme - Cash Plus, made his appearance in court, today for his trial on fraud charges, levied against himself, his brother Betram  Hill and Cash Plus' Chief Financial Officer, Peter Wilson, by the Organized Crime Investigation Division of the Jamaica Police Force.

All three were arrested on April 10, 2008 on fraud charges related to Cash Plus and were given bail approximately three (3) weeks later...

All three appeared in court and had their bail extended to July 30, when their trial is expected to begin.

(You can use this search :

Custom Search

to search our blog for posts relating to cash Plus and Carlos Hill. Or you can go to the top left-hand-side of our posts, under the section, "Search This Site or the Web Here", to do so.)

We will keep you updated re events surrounding these two Investment Clubs, as soon as we obtain it.

Gillian

Sources Include:

1) Article, "Cash Plus trio have bail extended", RadioJamaica.com, July 17,2008

2) Programme, "Cover Story", Nationwide Radio, July 16, 2008

3) Television Jamaica, News at 7:00 p.m. and 10:00 p.m., July 16, 2008

Olint Assets Frozen!..What Should Clients Do?

Eat Money
Originally uploaded by waɪ.tiː

The Financial Crimes Unit (FCII) of the Royal Turks and Turks and Caicos Islands Police Force, seized the assets of the Alternative Investment Scheme, Olint, yesterday.

[The Turks and Caicos FCII revealed that they began a probe into suspicious activities of the Foreign Exchange Club (Alternative Investment Scheme) approximately two (2) months ago. As a result of their findings, the Turks and Caicos Supreme Court ordered Olint's assets frozen.]

Olint's assets are said to be worth between USD $600-800 million.

Olint moved to the Turks and Caicos Islands about two (2) years ago after running into problems with the Jamaican Financial Services Commission (FSC), re operating in Jamaica without a securities dealers license.

(The FSC is the body which regulates the securities, insurance and private pensions industries in Jamaica.)

Olint then claimed that they weren't dealing in securities, but were trading in Foreign Exchange. But the FSC claimed that since they were collecting monies to invest on their clients' behalf, that they were dealing in securities.]

About one (1) month ago, Olint placed restrictions on how often their clients could request payments. Clients have also been experiencing lengthy delays in getting back funds.

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The Royal Turks and Caicos Islands Police seized computers and documents from the offices of Olint and searched the homes of founder and owner, David Smith.

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Olint closed it offices in Jamaica, yesterday, as a result of a bomb scare.

Two (2) weeks ago, there were signs of trouble brewing for the company, when it wasn't able to meet its monthly payments to clients.

Founder and owner, David Smith, claimed that this was as a result of due diligence being carried out on the company by Financial Regulators in the USA.

(Olint's trading partner,i-Trade FX LLC along with Ingrid Loiten, May Daisy, Deutsche Bank Trust Company Americas and Turks & Caicos Banking Co. Ltd.Trade, are facing a  USD $20 million lawsuit by Steve Palmer of F1 Investment in Florida. The lawsuit was filed on June 26, 2007, for breach of contract.)

The Jamaican financial community is actively watching this situation to assess the extent of the possible fall-out in the Jamaican economy, that may result from this action taken by the Turks and Caicos Supreme Court.

[It is said that the purchasing power of many middle and upper middle class Jamaicans, was greatly increased (they bought new houses and top-of-the line vehicles, and extended present houses), as a result of their investment in Olint.]

The Turks and Caicos police have confirmed that David Smith has not been arrested and is free to leave the Turks and Caicos Islands.

Hmmh!

Interesting huh?...I'm sure that there are quite a few people today, who are pondering the wisdom of the Royal Turks and Caicos Islands Police Force, in allowing this.

...And are fretting re the status of their monies in Olint.

Well I'm going to say to them:

1) Please don't panic..but keep on top of the news regarding Olint.

Your next steps will be largely dependent on whether or not you still believe that David Smith will come through for you and will return your money.

(If worst comes to worst, a temporary manager will be appointed for Olint and you will be apportioned money in the fairest way that he/she sees fit.)

2) You may also consider meeting and sticking together, as a group, to determine what your next steps should be

3) You should also realize that you have the following options open to you, if you are convinced that David Smith will not come through for you:

a) Contacting the FSC in Jamaica to find out the status of investigations into Olint in the Turks and Caicos Islands. (However, they have a pending court case against Olint and may be scanty with information.)

b) Should you not be able to get any information from the Jamaican FSC,  you may try contacting the  Financial Crimes Unit (FCII) of the Royal Turks and Caicos Islands Police Force, to find out the status of the investigations and what your next steps should be.

(The phone number of the Headquarters for the Turks and Caicos Police is: 946-2499 and their email is: police_hq@gov.tc .

The following website also gives contact information for government officials and agencies in the Turks and Caicos Islands: http://www.turksandcaicos.tc/government/.)

c) Filing a joint suit against the company, as was done by some clients of the failed Alternative Investment Scheme, Cash Plus, to retrieve your money.

I wish all Olint clients, all the best, in getting back the monies owed you!

Please note that the above suggestions do not substitute for advice from your attorney or financial advisor.

Gillian

Sources Include:

1) Radio Programme, "Cover Story", Nationwide Radio, July 15, 2008.

2) Television Jamaica Nightly News at 7:00  and 10:00p.m., July 15,2008

3) Article, "F1 Investments sues May Daisy, I Trade et al", on website: Real Investments for Life, July 6, 2008.

4) Article, "Green Card Politicians": section "Wynter and the FSC caught off base", by Mark Wignall, Jamaica Observer, January 14, 2007