Grenadians who have lost out in their investment with SGL Holdings may begin to see a glimmer of light at the end of the dark tunnel.
Local Attorney-at-Law, Sabrita Khan-Ramdhani from the Law Firm of Ramdhani and Associates, located on St. John’s Street, St. George’s, has taken it upon herself to file a Class Law Suit on behalf of the undisclosed number of local investors.
Khan-Ramdhani indicated that the action Class Suit would give the Grenadian investors a better chance to be able to tap into the funds that are being held for victims of the Olint TCI investment clubs that were owned by Jamaican David Smith by the Government of the United States.
The female attorney indicated that so far there is no direct link with SGL to Olint.
The US State Department had first circulated a form on line which deadline date was May 15 for affected persons to file for payment.
However, that date has since been extended to a further 30 days which is up to June 14 due to the intervention by the local Attorney General Chambers to the State Department in Washington.
Khan-Ramdhani believes the extension of the time does not give SGL investors a very good chance of the possibilities of recovering some monies.
“Hopefully, with a court order by the court here linking the fact that SGL has invested Grenadian investors monies with Olint, we will then be able to have a better chance of recovering,” she said.
She noted that since 2008, none of the local investors have been able to recover any of the funds that they pumped into SGL that was located on H. A. Blaize Street in St. George’s.
“Countries have gone into recession, persons have lost their monies, everybody is feeling the pinch and suffering as a result of all these unfortunate events that have been happening globally, nationally, everywhere,” she said.
The principal operators of SGL Holdings were Lester Clyne of C-Tech Securities & Public Protection Ltd and Glen Clement.
Local attorney-at-law, Anselm Clouden has filed legal action in a local court seeking to recover over US$100, 000.00 invested with SGL as part of the Olint TCI Investment by a local businessman.
Khan-Ramdhani holds the view that something needs to be done to try to assist since quite a number of persons have had the unfortunate experience of investing in SGL and not being able to regain anything.
She gave an undertaking to do her best to get the court order which can be sent to the US State Department long before the June 14 deadline so that the local investors can end up with some positive results.
Smith has been convicted in Florida, USA in August 2011 and is serving a prison sentence of 30 years.
Following is the statement issued by the United States Department of Justice on the OLINT matter:
“Persons who lost money from investments in companies operated by David A. Smith, doing business as Overseas Locket International Corporation (“OLINT”), and related companies may be eligible to receive compensation from the United States Government.
Smith claimed that the companies were private investment clubs that purportedly traded in foreign currency on investors’ behalf. Smith made false and fraudulent statements indicating that members could expect high returns on their investment with low risk to principal. Rather than investing the funds as promised, Smith used them for personal gain and paid returns using new investors’ money, in a classic Ponzi scheme.
Smith was convicted in the U.S. District Court for the Middle District of Florida in September 2011 on multiple counts of wire fraud and money laundering, in the case of United States v. David A. Smith, No. 6:10-cr-232-35DAB (M.D. Fla.). As part of his criminal sentence, Smith was ordered to forfeit assets seized by federal authorities.
The forfeited funds will be returned to victims of the scheme through a process called Remission. To be considered for Remission, a Petition for Remission Form must be submitted to the Remission Administrator. A copy of the Petition Form can be obtained from the Remission Administrator’s website. The Petition Form must include evidence of relevant investments and returns, including copies of all required supporting documentation”.