Olint defence
Published:Monday | February 9, 2009 | 6:22 PM
The attorney for investment club, Olint today submitted in the Court of Appeal that a cease and desist order should not have been issued against the company as it did not breach any Jamaican law.
Lord Anthony Gifford is representing Olint in the appeal it has brought against a Supreme Court ruling, which upheld a cease and desist order issued against it in March 2006.
The Financial Services Commission had issued the order against Olint on the ground that it was breaching the Securities Commission Act because it was not licensed to trade in foreign exchange.
Lord Gifford said Olint is a private investment club and therefore the FSC did not have the power to regulate private investment schemes.
He said the FSC had the power to regulate institutions and persons offering financial service to the public.
Lord Gifford said although Olint had a wide membership, it did not offer any financial service to the public.
Olint\'s boss, David Smith is facing fraud charges in the Turks and Caicos Islands.
He was arrested and charged last week.