David Smith released from prision in Turks and Caicos

The Jamaica Gleaner  reported that David Smith of Olint Fame has been released from prison in the Turks and Caicos  early based on good behaviour . In September 2010, David Smith was sentenced to six and half years in prison in the Turks and Caicos for fraud related charges. In 2011 he would plead guilty in a United States Court to four counts of wire fraud, a count of conspiracy to commit money laundering, and 18 counts of money laundering, after being indicted in August 2010 (See Document). He was then sentenced to 30 years in the United States.

It is not clear when and if he will now report to the United States authorities to serve the remaining portion of his 30 year sentence. After the United States Trial, in 2011, it was reported that he would serve six and a half years in a Turks and Caicos jail before serving time in the United States.

According to the Gleaner, Oliver Smith his lawyer (of no relation to David Smith) offered no comment when contacted. The Observer seems to believe based on their report that he will extradited to serve at least 24 years in United States prison.

The Turks and Caicos Islands SUN is reporting that David Smith appeared before Chief Magistrate Clifton Warner in Grand Turk yesterday.

The David Smith led Olint operations which turned out to be nothing but a Ponzi was reported to have raked in over US$220 Million from over 6,000 direct investors and many more via feeder clubs.

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