Above: Federal District Court in Orlando, Fla.
David Smith, the mastermind behind the Caribbean-based Olint Ponzi Scheme that bilked investors out of over $220 million, will be sentenced Aug. 11 in United States District Court in Orlando, Fla.
Smith pled guilty March 28 to 23 counts of wire fraud, conspiracy to commit money laundering, and money laundering.
Pursuant to US Federal Sentencing Guidelines, the wire fraud counts each carry a maximum penalty of twenty years in federal prison, a fine of $250,000, and a term of supervised release of not more than three years.
The money laundering counts carry a maximum penalty of twenty years in federal prison, a fine of $500,000 or twice the value of the property involved in the transaction (whichever is greater), and a term of supervised release of not more than three years.
Smith is likely to receive a shorter sentence, however, because of his plea deal and overall level of cooperation. US prosecutors indicated that they would not oppose Smith’s request that any sentence imposed in the US run concurrently with his six-and-a-half year sentence in the Turks and Caicos.
The Jamaican native is likely to return to Turks after his sentencing, although he could remain in United States custody going forward.
The US Government is still seeking full restitution for OLINT investors.
Smith is represented by attorneys Oliver A. Smith and Timmy McClain.