Wednesday, December 26, 2007

Will the court’s ruling against Olint set precedent for other investment clubs?

The precedent on an issue is the collective body of judicially announced principles that a court should consider when interpreting the law. When a precedent establishes an important legal principle, or represents new or changed law on a particular issue, that precedent is often known as a landmark decision. Precedent is central to legal analysis and rulings in common law countries like the United States law. In some systems precedent is not binding but is taken into account by the courts.
On Monday afternoon in the Caribbean Island of Jamaica, Investment club Olint lost its appeal in the case it brought against the FSC in the Supreme Court. Supreme Court judge, Justice Norma McIntosh, ruled in favor of the FSC. The court also dismissed the appeal of Neil Lewis and Janice Lewis of LewFam Investments, who were also having their appeal heard against the cease-and-desist orders issued by the FSC last year.
Deputy Director of the Financial Services Commission (FSC), George Roper, says this week's court ruling against two investment clubs will have significant implications for the financial sector.
Olint had obtained an order from the Supreme Court-which allowed it to continue its business with the existing members until the court made a ruling in the matter. In its appeal, the investment club contended that there was no need for it to be regulated as it did not deal in securities, but strictly in foreign exchange. See full article at

Wednesday, December 12, 2007

Church members involved with OLINT and other groups

A number of Church leaders across the island of Jamaica met to discuss their members' involvement in high-risk investment schemes.

Pastors met in order to discuss the issue which has become widespread among a number of Christians. During the discussion it was mentioned that some of their parishioners traded with OLINT and other groups but later decided to trade for themselves. The group has since expanded to include other ventures.

It was also stated that similar schemes are owned and run by the Church namely FE One, which according to a minister the company is a retail trading entity and not an investment scheme. A Bishop present used the following definition for gambling: "Gambling is when you put your money at risk to win at the expense of others". He further went on to state that forex trading happens every day and the risk can be reduced.

The church community is against the idea of casino gambling in Jamaica. They are concerned about the social implications casino gambling could have as it could bring in criminal activities on the island. This is very interesting. Can you separate foreign exchange trading activities from gambling?

When you bet on a currency going higher relative to the other, someone has to be betting in the other direction. The money you gain has to be a lost to someone else in order for you to benefit.
The major issue among church groups is whether it is ethical to be involved in these schemes that are seen as gambling by some. What’s your opinion?

List of Alternative Investment, some paying 10% or more per month.
1.Lew Fam Club/2. Olint Club/.3. F1investments/.4. CashPlus Investments/5. Visions Increase World Wise/10. Advance Investment Finanzas Forex Eng/12. Capital Hill Fx A3Union ../14. Kingdom Investments International Unlimited/15. CAREIF Ltd. :: Home/
Warren Buffet, Berkshire's CEO is the most successful money manager in recorded history. The average annual return for the fund since 1990 has been 18.8%, which is almost twice the long-term average annual return of the Standard & Poor's 500 stock index. Big returns, such as a 57.4% and 52.2% gains in 1994 and 1998, helped power the stock. The biggest loss during that period was a 19.9% drop in 1999, as investors went tech crazy.Berkshire's Class A shares sell for over $150,000 as of December 7, 2007, making them the highest-priced shares on the New York Stock Exchange, in part because they have never had a stock split. Shares closed over $100,000 for the first time October 23, 2006. [1]Yet, some of the above mentioned schemes are paying 10 or more percent per month. A return of 10 per cent per month works out to be about 314 per cent a year. This is over 16 times Warren Buffet's historical average.

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