David Smith to be sentenced Thursday, Aug 11, 2011

If  prosecutors have their way David Smith the man who ran one of the largest Ponzi scheme in Jamaica and the Caribbean could spend the rest of his life in prison.

The fall of David Smith’s empire is nothing short of incredible,as at one point in time, if you did not have money in Olint you must have been an idiot. The “club” as it was called was exclusive and if you could not get in you just turned to a “pig” ie you latched unto someone who was already in the club.

The client that he had was some the who’s who in Jamaica and was said to have included some well heeled individual as well as some financial analyst. As Smith await his faith on Thursday, I am amazed at how he appears to have decided to take the full fall and not name his co-conspirators, some of  whom  made a lot more than he did in the fraudulent scheme.

That is so not “cool”. David is like a man in the middle of the desert on a fertile piece of land.

If you get my drift.

 

Update.

Heard the Feds were in the tourist resort last week “cooling”  or was it “staking out”, not sure we will just have to wait until we hear from the District Attorney.

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Gleaner calls Olint beneficiaries(JLP/PNP) to repay

With the collapse of the OLINT and the confession by its leader, David Smith, that it was has nothing more than a glorified PONZI, there has been some interesting utterances. The most recent one is from the Gleaner calling for the the ‘Gangs’ of Gordon House to repay the OLINT money. This call is  the most refreshing and is the right thing for the the JLP/PNP as a whole,  members of political directorate and those that benefited to  do.

What about the some Church leaders? Devon Dick in his article ‘Churchs should repent over olint‘, pointed out that these Church leaders need to accept their sorry role in the whole affair, repent and where appropriate repay the ‘profits’.

If they refuse to do so,  court proceeding should be initiated to force them to do so. Simple put those that benefited from OLINT and other Unregulated Financial Organisations should repay.

Interestingly, to this day no charges have been brought against David Smith in Jamaica.

On slightly different but very related note, what is the status of the OLINT feeder clubs, Lewfam etc and their bosses? When will they be drawn before the courts?

Related

Worldwise Boss Noel Strachan under US Probe !!

Seems like the USA is turning up the heat on former Jamaican Ponzi scheme operators. The lastest such person who seems set to come under heat from the USA authorities is Noel Strachan, the former Worldwise Boss who ran off with millions on investors money and went on  buy spree in 2009 purchasing over J$1.8B  in properties in the Broward County area of the USA.

Included in this purchase was a mansion for US$1.8M along with a Rolls Royce Bentley.

Link:

http://jamaica-gleaner.com/gleaner/20110330/lead/lead7.html

David Smith pleads guilty in the USA

The daily newspapers have reported that former Olint Boss David Smith has pleaded guilty to over 20 cases of fraud in relation to his ponzi scheme. In exchange for his plea, he appears set to speak about those who help him with his elaborate plans to defraud “investors”. Word is now that their is a mad scramble now on in Jamaica as persons try to further distance themselves from any association with David Smith as well as hiding assets they came in possession of as a result of the ponzi scheme.

The desert is bound to get real hot shortly.

See links

Read plea agreement here:

http://rjrnewsonline.com/sites/default/files/docs/25_PLEA%20AGREEMENT%20re%20counts%20One%20through%20Twenty-Three%20of%20the%20Information%20(3).pdf

http://www.orlandosentinel.com/news/crime/os-ponzi-david-smith-20110329,0,7910391.story

http://www.jamaicaobserver.com/news/Hope-for-Olint-investors

Capital Blu Principals found Guilty !!!

David Smith Guilty – Usa

Donovan Davis – Guilty – Usa

Noel Strachan– Not yet tried

Not one of these guys ever tried in Jamaica where most of the fraud was committed.

An Orlando jury concluded last week that Damien Bromfield of Ocoee and Donovan Davis Jr. of Palm Bay had misled investors, stole their funds and otherwise violated federal commodities laws through their Central Florida-based firm, Capital Blu Management LLC.

http://articles.orlandosentinel.com/2011-02-07/business/os-capital-blu-fraud-20110207_1_currency-scheme-defense-lawyers-regulators

Thanks to the poster for this link.

David Smith pleads not guilty in the USA

Former head of Olint – David Smith has pleaded not guilty in a Florida court after being flown from TCI to the USA last evening.

http://www.reuters.com/article/idUSTRE6AI02X20101119

David Smith pleads GUILTY !!!

The former head of the failed Olint investment club, today pleaded guilty to fraud-related charges in the Supreme Court in the Turks and Caicos Islands and has been sentenced to six and a half years in prison.

http://go-jamaica.com/news/read_article.php?id=22825

Does this effectively bring this sordid affair to an end ?