Two disgruntled members of the foreign exchange trading club Olint have filed suits against principal David Smith to recover just over US$3 million they say they have invested with the embattled entity.

The men are seeking damages for "fraudulent representation" and a court order to trace Smith's assets into the hands of any third party.

Claimant Christopher Walker, a medical practitioner of St Andrew, is seeking to recover close to US$2.5 million plus interest, while businessman Micheal Belcher is suing to recover US$800,000 plus interest.

The suits filed in the Supreme Court on Monday by the law firm Heart Muirhead Fatta come after news broke last week that some of Smith's assets have been frozen in the Turks and Caicos Islands as part of a probe into allegations of financial crime.

Smith had last year moved Olint's base from Jamaica to the Turks and Caicos Islands due to pressure from the Financial Services Commission, which in 2006 served the unregulated entity with cease and desist orders.

Just last week, Smith issued a press release urging members to be patient as the club conducted an audit of members' accounts and balances. Smith also said in the release that all things being equal he would be able to start making payments to club members in another nine months.

In a legal victory for the club, the Court of Appeal ruled last Friday that Olint's accounts with the National Commercial Bank are to remain open, pending a trial to determine whether the bank is within its rights to close the accounts.

Trousers in Denim

Cream of the 'Crop'

Cheeky's World