Brian Wynter, executive director of the FSC.
OLINT CORP received the
backing of its members on Friday, following raids carried out earlier by the Financial Services Commission (FSC) on OLINT, on the suspicion that it had breached the Securities Act.
At a meeting of 10 club members, Wayne Smith, brother of David Smith, said members had maintained their support for OLINT Corp and its principal David Smith, and rejected the allegations made in the media.
OLINT Corp, a private members' club, makes high returns through the international foreign exchange market that is available via the Internet, he said in a statement.
Smith noted "the international foreign currency market is a US$1.5 trillion per day business which is larger than the stock and bond markets combined. Trading on the currencies market used to be the privilege of giant banks and wealthy financiers. Over the
past few years however, currency trading has fallen into the reach of the small-time investor."
EARNING POSSIBILITIES
OLINT Corporation maintains that through its investment club, "the ordinary man now realises that there are now greater earning possibilities and does not have to live with the five per cent per annum return, but can now realise larger returns and accomplish dreams and goals buying a house, educating children, helping relatives, and financing a business." According to Smith "the club membership has attracted a wide cross section of individuals and organisations, including the church community which has been in constant prayer on David's behalf."
The proprietor's brother told The Gleaner that "members in attendance stated that neither the principal nor any other employee has ever discussed trading in bonds, stocks, or has given any other investment advice. Members have never had a problem withdrawing part or all of their funds."
According to the statement, "David Smith has proven himself a person of high integrity and despite the numerous attempts to discredit him, many club members have remained steadfastly loyal to the club." He said that "many of the financial institutions are worried that their business has been adversely affected by their client's new expectations of real returns as demonstrated by OLINT."
The investment club has questioned the motive behind what they said was an attack against OLINT and David Smith.
