Olint judgment reserved
Published:Thursday | February 12, 2009 | 6:12 PM
The Court of Appeal has reserved judgment in the case brought against the Financial Services Commission (FSC) by investment club Olint.
The three-member panel said the decision would be handed down shortly.
The lawyers for Olint are challenging a 2006 decision by the FSC to issue a cease and desist order on the investment club.
In 2007, the Supreme Court upheld the order, but Olint is appealing that ruling.
Olint\'s lawyers, Lord Anthony Gifford and Huntley Watson argued that the FSC did not have the authority to issue the cease and desist order on the club.
They are claiming that Olint was a private club and did not fall under the jurisdiction of the FSC.
But the FSC’s attorney, Nicole Foster Pusey submitted that the Commission had the power to impose the order.
Foster-Pusey said when the FSC issued the cease and desist order it had reasonable suspicion that Olint was dealing in securities.
In the last six months there has been a series of developments involving the failed investment club.
It’s principal David Smith is now on fraud charges in the Turks and Caicos Islands.
He’s to appear in court in August.