JIS News

The Supreme Court today (March 8) turned down an application from OLINT Corporation, and its proprietor David Smith, that sought orders to return materials seized by the Financial Services Commission (FSC) from the Corporation’s premises in New Kingston.
The Court also denied an application from the company, which requested that the FSC be restrained from returning to the company’s offices in furtherance of investigations the Commission was pursing against OLINT Corporation for suspected breaches of the Securities Act.
The Court’s actions come against the background of the Commission’s investigative work, which revealed intelligence supporting reports that persons may be in breach of the Securities Act.
OLINT Corp. Limited and Lewfam Investments and Trading Limited, were identified as companies, which seemed to be operating outside of financial laws governing the securities sector.
Consequently, on March 3 and March 6, the Commission executed search warrants at the premises of OLINT Corporation and Lewfam Investments Trading Limited to inspect and make copies of all books, accounts, records and other documents, cheques and securities and cash found on the premises.
In addition, pursuant to the warrants, the FSC seized and detained books, accounts, records and other documents found on the premises.
Under section 7 of the Act, it is unlawful for persons to carry on the business of securities without a licence issued by the Commission. In addition, the law prohibits persons from carrying on the business of providing investment advice without holding an investment advisors licence.