CLAIMANTS against failed investment club Olint TCI Corporation Limited, which is in compulsory liquidation, elected two committees on Monday to represent them in their claims against the company.

The committees were elected at two meetings between the liquidator, John Connolly, and club members held at the Jamaica Conference Centre in downtown Kingston. One committee will represent the Potential Beneficiaries of Trust Funds and the other, Unsecured Creditors.

The elections were conducted under the supervision of the Electoral Office of Jamaica which has certified the results.

Persons to serve on the respective committees are as follows:

Potential Beneficiaries of Trust Funds Committee:

Denise Kitson

Dr Lloyd Goldson

Alastair Macbeath

David Lee

Doreen Forbes

Unsecured Creditors Committee:

George Wilson

Dean Shaw

Jahsen Levy

Trevor Stines

Rachel Eaton

According to Olint TCI’s website, Trust Fund beneficiaries are claimants who had deposited funds directly to Hallmark Bank & Trust Limited in the Turks and Caicos Islands between the period April 2006 and July 2008 and had entered into a Private Club Members Agreement with Olint TCI. On the other hand, unsecured creditors are claimants who also entered into a Private Club Members Agreement with Olint TCI, but did not deposit funds directly to Hallmark.

In a report published at the end of last year, Connolly deemed Olint — an unregulated financial organisation which was operated by David Smith — a Ponzi scheme purporting to make high returns from foreign currency trading. Smith and his wife, the principals of Olint, were arrested and slapped with several criminal charges in relation to investors’ money last year and are to face the courts in the Turks and Caicos Islands in March.

Connolly told the claimants during the meetings that he had so far only identified US$10 million in liquid assets, less than a sixth of total claims.