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Trouble Mounts For MasterCard, Hallmark Bank, David Smith, Jared Martinez And The OLINT Ponzi Scheme

|Includes: Mastercard, Inc. (MA)
Trouble Mounts For MasterCard, Hallmark Bank, David Smith, Jared Martinez And The OLINT Ponzi Scheme


Published Jul 24, 2009
 


Vandel Lyttle, an OLINT stakeholder has sued OLINT, David Smith, Wayne Smith and Jared Martinez for US$12.4 million dollars in the State Court of Florida.

Mr. Lyttle alleges that David Smith, CEO of OLINT and the OLINT Corporation sent multiple wire transfers to the Martinez group based in Lake Mary Florida. This was done in order to evade the Jamaican and Turks and Caicos Islands (NYSE:TCI) financial regulatory authorities who were investigating the business practices of David Smith.
Mr. Lyttle stated that he never authorized OLINT to transfer his money to Jared Martinez or any of his companies.

Gilbert Smith a.k.a. Wayne Smith, a Jamaican national who was the CEO of OLINT Jamaica is named as one of the defendant’s in the lawsuit. Gilbert Smith is thought to be in hiding from law enforcement in Jamaica.
The lawsuit alleges that the Smith’s and Martinez family engaged in racketeering, mail and wire fraud.
Vandel Lyttle’s lawsuit appears to be the single largest claim against OLINT filed in US Court to date and will result in damages of US$38 million dollars being awarded if upheld by the Florida Court.

Meanwhile a group of investors based in Florida have sued Hallmark Bank, MasterCard, David Smith, Wayne Smith, Michael Missick and the Martinez brothers in further racketeering related claims.

Michael Missick, former Premier of the TCI was named in the Auld Commission of Enquiry Report as being engaged in significant corruption, bribery and fraud in the TCI. He is also named as a defendant in the lawsuit.

The Florida based group of investors includes Wayne Gallimore, Eric Harrington, Dr. Henry Lowe, Steward Shand and Ivor Alexander, former managing partner of Myers, Fletcher and Gordon, Jamaica’s largest law firm.

They allege that MasterCard Worldwide owes them millions of dollars because of being financially irresponsible in harboring, financing and promoting the OLINT Ponzi scheme which was run by Hallmark Bank and OLINT.

OLINT distributed large sums of money on MasterCard Compass Debit Cards. In spite of the overwhelming evidence MasterCard Worldwide continues to have a close financial relationship with Hallmark Bank, which was the banking institution that accepted money for the OLINT Ponzi scheme.

Attempts to contact Mr. Robert Selander, CEO of MasterCard for comments related to his company’s relationship to a Ponzi scheme were futile.