JIS News

The Financial Services Commission (FSC) has said that cease and desist orders remain in place for OLINT Corp. Limited (“OLINT”)/David Smith, et al; Overseas Locket International Corp./David Smith, et al; LewFam Investments and Trading Limited/Neil Lewis, et al; and LewFam Investments Club/Neil Lewis, et al.
As such, members of the public are being advised not to conduct business with any of these entities.In accordance with section 68(1B) of the Securities Act, the FSC issued cease and desist orders on the companies on March 24, 2006.
The decision to issue the orders resulted from an investigation carried out by FSC, which indicated that these entities, while they purported to be carrying out foreign currency trading activities, were also engaged in securities activities in breach of sections 7 and 8 of the Securities Act.
These sections prohibit the carrying on of a securities or investment advice business without being licensed to do so by the FSC.
OLINT and David Smith applied to the Commission on March 27, 2006 for a stay of execution of the cease and desist order directed against the company. On March 30, 2006 the Commission refused the application.Failure to comply with the cease and desist orders is an offence under the Securities Act and is punishable upon conviction by a fine, imprisonment or both.
Meanwhile, investors are being encouraged to contact the FSC before handing over their money to persons purporting to offer enormous returns on investments, especially if they are in doubt as to whether the offer has been registered by the Commission, or whether the person making the offer is a licensed securities dealer or is registered as a dealer’s representative.
For further information, members of the public may contact the Commission’s Securities Division by calling 906-3010 to 3012; toll-free #1-888-FSC-HELP (1-888-372-4375) or email:securities@fscjamaica.org

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