News
US businessman sues David Smith, Joey Issa, OLINT, 11 others
BY KARYL WALKER Online Editor walkerk@jamaicaobserver.com
Wednesday, September 08, 2010
LOCAL businessman Joey Issa and OLINT boss David Smith are among 14 defendants in a lawsuit filed in the Circuit Court in Broward County, Florida by US businessman Don Dowe.
The other defendants are USIMO; Overseas Locket International Corporation (OLINT); Wachovia Bank; Florida residents Jared and Isaac Martinez; MZ Holdings Ltd; Market Traders Institute Inc; I-Trade FX LLC; Hallmark Bank and Trust Ltd; MasterCard Worldwide; Turks and Caicos Islands FSC; Cool Card, a Jamaican Corporation; and the Cayman Islands-based Butterfield Bank.
Dowe is alleging that Issa, Smith and OLINT targeted American investors to “directly or indirectly” invest in OLINT which, he claimed, raked in over US$1 billion from investors based in the USA, Turks and Caicos Islands, Jamaica, St Kitts, Panama, Grenada, the Cayman Islands and the Dominican Republic.
According to Dowe, those investments were based on the defendants’ aggressive advertising of high rates of return.
Dowe claims that he has lost “approximately US$20 million” in the investment scheme and is seeking to recover “the principal and profit of his account”.
He is also seeking damages for what he said was a breach by OLINT to honour his requests for the withdrawal of his funds.
Dowe is being represented by prominent attorney Professor David Rowe who told the Observer that his client took regular trips to Jamaica to invest in the now failed investment scheme.
Dowe is requesting that the Broward court:
• Enjoin all the defendants;
• Appoint a receiver to take control of all assets of the defendants Joseph Issa, David Smith, Jared Martinez, Isaac Martinez, OLINT, I TRADE FX LLC, Market Traders Institute Inc and the relief defendants to marshal and preserve assets for the benefits of investors;
• Direct the defendants to pay an amount equal to the funds and benefits obtained, plus prejudgement interest on that amount;
• Direct the defendants to pay civil penalties in an amount determined as appropriate by the court; and
• Direct the defendants to pay an amount equal to the funds and benefits obtained, plus prejudgment interest, and any further relief the court may deem fit and proper.
Issa, through his lawyer Robert Vaughn, has already filed a notice of removal to the Broward County Court. His attorney argues that the matter is removable to the Federal Court based on federal question jurisdiction. “The presence or absence of federal question jurisdiction is governed by the well-pleaded complaint rule, which provides that a district court has jurisdiction where a federal question is presented on the face of the complaint,” the removal notice states.
 
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9/8/2010
This is what the government of Jamaica should have done to protect the interests of Jamaicans. The idea here is not to win, but to have a dog in the hunt so that when the money is seized by the US Govt, his name will be first on the list for reimbursement.
This is a chance to protect the interest of Jamaicans and the Attorney General and the Solicitor General are missing in action. However we all know why.. just follow the money.
9/8/2010
Mr linval Campbell sorry no disrespect but it is known as common sense,why did i not invest in these scams? Every single day people would call me from every corner of the world telling me how much money they are making and i need to join in. Even my wife was bothering me to get in because all her friends were getting crazy amounts of money.How could you expect to make 120% return on any investment? Like real southy says not only greedy but dunce.
9/8/2010
If your UK and US gov't freezes the man's money, how come you are suing him because you could not withdraw your funds. The colonialists and modern-day financial pirates (US & UK) cannot have their cake (or should I say other people's cake) and eat it. The US and UK are the ones in a big scam to take wealth from third-world and politically-weak nations, especially after they squandered theirs on war-on-terror! They spent hundreds of billions of their people's treasury ostensibly hunting cavemen.
9/8/2010
While i can understand the little man a $5000 us investment into these schemes for the life of me i can only think that what happened to you is just and fair. its because of your greed why you are in this position now, $20m and you are not satisfied? and please dont say you were investing that money to help others, most americans are greedy at heart thats why they will sue their neighbors for the least of things. Serves you right.
9/8/2010
This makes my day ...i'm not going to quarrel about the J$1 million that i lost recently ...this guy makes me look like small fries
9/8/2010
Mike Anderson,why is it hard for you to understand,thats what business men do,they invest.Up until now,who would have knowledge that this was a scheme to rob investors.Persons invest all the time and get a return,you invest in a car for a taxi but how do you know it wont crash before you get to insure it.
9/8/2010
i hope him dont get back a dollar. $20million US in a pyramid scheme? dunce and greedy
9/8/2010
This will be an interesting show down and one to watch very carefully. Guys, don't think for a second that this will be over and done with in the short term. Note, the first fight that defendant's counsel has waged is over jurisdiction. That will chew up some time and that's even before we get to early motions to dismiss or even discovery.
Sit back and watch two very good attorney's go at it.
9/8/2010
The this, the that, and the other. Lawyers sparring to obtain the edge.The really interesting part will be when trial starts and if court of record can identify location and fate of hidden funds, and/or liabilities for same. I saved a friend from gambling in Olint(she called it "investing") . Others were not so lucky. Even some CHURCH groups put in from between ONE to TWO MILLION USD in Olint. I don't want to hear no sermon 'bout the 'son of man hath nowhere to lay his head' hahahah.
9/8/2010
Didn't know that Joey Issa was involved in the OLINT matter ...interesting
9/8/2010
Good Luck to him, if he can actually get any money out of that group
9/8/2010
Wow!!! Why would you invest $20 million in an unproven if not shady scheme. With that amount of money, i would be reluctant to invest in even the stock market. I find it hard to believe that so many people never heard of pyramid schemes. I guess it is not so hard to believe, recently i was downtown and saw someome getting tricked by the 3 card man, so i guess suckers are still plentiful.
9/8/2010
David Rowe vs Robert Vaughn. Hmmmm
9/8/2010
Tnk Gad this issue re-surface cause mi still a wate paaa mi mone. I hope it is a class action lawsuit, so that all investors can at least get back their principal.
9/8/2010
So, let me be clear .These influential J'cans were involved in bamboozling people. I wonder who else was.I heard it being bandied about that businessmen , politicians among others were involved , could someone please enlighten me.
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