Friday, November 2, 2007

Rumor regarding Olint

The word “accountable” is defined in Webster’s New Collegiate Dictionary as, “subject to giving an account; answerable.” In this context, Webster’s Dictionary defines, “account” as, “to furnish a justifying explanation.” Taken literally, the application of this definition to a believer’s life will require them to furnish justification for their lives and actions to another mortal human being. Yikes! This is how the Catholic Inquisition began!
Across America, a large percentage of pastors and church leaders instruct their church members that each and every individual is commanded BY God, in the Bible, to be “accountable” to a pastor and to a local church of their choice.
Each individual Christian man or woman should be, “in submission to a pastor,” to whom he or she is spiritually, “accountable.”
Investment clubs and other schemes that exist in the Caribbean should be accountable to their members/investors. Most claim to be involved in FX trading, paying 10 or more per cent per month to investors.
Outgoing executive director of Jamaica’s Financial Services Commission, Brian Wynter is not a believer. “You shouldn't have to guess what your money is doing.” And that is what Wynter says concerns him the most. "You should not have to speculate and guess what your money is doing. The basic principle of investing is to have full disclosure to investors so that they can make informed decisions." He also noted that he wanted to put to rest the persistent rumor regarding Olint. "I did not run David Smith out of the country. We issued a cease and desist order. That is all."
And as to Cash Plus, Wynter noted, "In May we issued a public notice against Cash Plus. Cash Plus then applied for a declaratory judgment that what they do doesn't come under the FSC Act. They joined us in the suit. The case went before the judge and we expect it to go to trial in December. There has not been any other action against Cash Plus."
Wynter would not comment on rumors that his organization plans to raid or take legal action against any of the alternative investment schemes operating in the country. He did note that, "Personally, I am skeptical. I don't believe that these entities can sustain ably deliver these returns." See full Article at Jamaica’s Financial Service Commissioner Brian Winter FSC (p)
In Conclusion
An investment club needs to run smoothly with a great amount of reliability and confidence among its members. When all members of the club expect and meet the same requirements everyone works together in a way that induces success and, hopefully, some profitability. It will be very important that the investment club have checkpoints in place that account for all investments, profits, losses, and other money issues. These checkpoints should be readily available for all members of the club to read at a point in time.
Investors should demand more accountability from operations like the ones mentioned in previous articles, they should insist on access to financial statements to track the performance of the company and the management of their funds. Any investor with their money at stake should want to know this.

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