... Olint investors promised refund

Concerned Olint members in Jamaica say they have been assured by United States (US) authorities that funds from the failed investment scheme will be paid out to victims and without bias.

The Association of Concerned Olint Members (ACOM), a group that represents victims of the failed scheme, said it has also been told this will be honoured even if Olint founder, David Smith, is convicted on money-laundering charges.

ACOM said the assurances came during consultations with Bruce Ambrose, a US deputy district attorney.

In a statement yesterday, chairman of ACOM, Godfrey MaCallister, said Ambrose explained that US law-enforce-ment agencies are allowed to seize and keep assets of convicted criminals when there are no victims.

"... In the pending case against Mr Smith, there are victims and it is to the victims that all identified funds will go in the event that Mr Smith is convicted," McCallister quoted Ambrose as saying.

No discrimination

In addition, the ACOM chairman said Ambrose made it clear that there would be no discrimination based on na-tionality, country of residence or whether victims have different attorneys.

"All identified funds will be proportionately distributed among all victims who have registered with the US Victim Coordinator," Ambrose was quoted as saying.

Following Smith's indictment in the US last month, worried Olint members expressed concern that US authorities could confiscate assets belonging to the failed investment scheme if he is convicted on money-laundering charges.

ACOM says it has close to 1,000 registered members and intends to watch Smith's trial "very closely".