David Smith Arrested – To be Extradited to the USA

On Friday, ABC news via an Associated Press(AP) article had quoted a spokeswoman for the U.S. Attorney’s Office, Amy Filjones, in the Middle District of Florida,  saying that the U.S. government was “actively seeking to extradite” David Smith from the Turks and Caicos Island(TCI)

On Saturday, the Jamaica Gleaner reported that David Smith had been arrested on Friday, January 23, 2015 on a provisional warrant and will be extradited to the United States of America next week.

Given that David Smith served only little more that four years in  a TCI prison it is will be interesting to see if he will serve 24 or 26 more years in a USA prison.

Why David Smith was released on January 22, 2015 with no arrangements made to have him immediately picked up by the United States Authorities is a question the Turks and Caicos Authorities would have to answer.

While his wife and family might be grateful, many who would have suffered as a result of Olint will be left wondering why?

Related

• US Seeks Extradition of Fraudster Released From TCI Prison
• Olint’s David Smith arrested in TCI, to be extradited to US next week

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.

Related

• David Smith Pleads Guilty in the United States
• David Smith Sentenced in Turks and Caicos

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

• Gangs Of Gordon House Should Repay Olint Cash

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

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 ?

David Smith Indicted in the USA !!

David Smith, the embattled head of the failed foreign currency trading scheme Olint, has been indicted on 23 charges in the United States.

Smith is certain to face a heavy prison sentence for his criminal activities committed against many Jamaicans and other Caribbean nationals.

Why has no charges been laid against Smith in Jamaica where it all started.

Read more

http://www.jamaica-gleaner.com/gleaner/20100819/lead/lead1.html

See the indictment document here . Thanks Maik for this link

http://www.fptci.com/downloads/olintusinformation8-18-10.pdf