Oil traders work on the floor of the New York Mercantile Exchange in New York. Oil prices ended 2007 at 57 per cent higher, but kept below the US$100 mark. - Reuters

Olint Corporation has already 'initiated' an appeal against the Supreme Court ruling of December 24, which held that its foreign exchange trading activity constitutes the business of investment, according to an email issued to its members obtained by Wednesday Business.

But LewFam, the other investment scheme that had joined Olint in a suit to block regulators, the Financial Services Commission, and had sought the court's declaration that they were outside the remit of the Securities Act, is still considering its next move.

"We are in the process of working out what next to do and are currently engaged in very careful discussion," Major Neil Lewis, founder of LewFam, told Wednesday Business. An appeal is among the options, he said.

Later, Lewis' lawyers said LewFam had 42 days either to comply with the court or appeal the decision. LewFam was represented by the firm Livingston Alexander and Levy.

No changes for members

In the meantime, Olint's founder, David Smith, is advising members that nothing has changed for now.

"Due to this ruling, you may have concerns about our club and its future," he said in a letter to club members.

"In order to address these concerns, let me remind you that Olint TCI, of whom you are a member, continues to operate legally within the Turks and Caicos jurisdiction. The legal battle is between Olint Corp and the Jamaican Financial Services Commission."

The Supreme Court ruling had given Smith 45 days in which to register his operation with the FSC. But Smith said the appeal has effectively placed that ruling on hold.

"This means," he said, "that members will continue to conduct their affairs as they are accustomed to."

Efforts to reach Smith or other principals of the company were unsuccessful.

However, Smith, in his letter to investors dated December 27, said he was "excited at the challenge" to strive for even greater returns in 2008.

sabrina.gordon@gleanerjm.com