Law

OLINT Investors Await Smith Sentencing

By: Caribbean Journal Staff - August 1, 2011

Above: Federal District Court in Orlando, Fla.

By Robert Di Pano

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.

 

Popular Posts

A.R. Carnegie, 74, Caribbean Legal Legend

A Caribbean Journal Editorial He was never a judge, never a Queen’s Counsel. His robes were never silk. But A. Ralph Carnegie was a Caribbean John Marshall if there ever was one. Ralph Carnegie, A.R. in scholarly texts, passed away […]


Robinson: Manatt Approached Government

Lackston Robinson, Jamaica’s Deputy Solicitor General, testified that it was the law firm Manatt, Phelps and Phillips, and not the Jamaican Government/Jamaica Labour Party, that made the first move to solicit a contract to lobby the White House, he told […]


IMF Back in Antigua on Performance Review

The International Monetary Fund has sent a team to Antigua for a third review of the nation’s performance on a stand-by arrangement with the IMF. According to the Ministry of Finance, the IMF team began the review Monday and will […]


Related Posts grace bay in turks and caicos

Caribbean Tourism Organization Hosting Turks and Caicos Conference

The Caribbean Tourism Organization is bringing back its popular State of the Tourism Industry Conference this fall, Caribbean Journal has learned.  The Barbados-based organization is relaunching SOTIC, as it’s known, this October in Turks and Caicos.  The event, which brings […]


“Highest” Real Estate in Turks and Caicos Breaks Ground 

turks and caicos

A new villa development has broken ground in Turks and Caicos, and it’s the “highest” in the British Overseas Territory.  It’s called The Summit, and it’s a new villa community that, at more than 150 feet, is the highest elevation […]


Caribbean Photo of the Week: On the Sand in Middle Caicos

turks and caicos photo

The latest Caribbean Photo comes from Caribbean Journal reader Luz Orallo-Adams, who sent in this wonderful shot of a beach in Middle Caicos, Turks and Caicos.  Have you taken a great photo in the Caribbean? Send it to news@caribjournal.com with […]


SUBSCRIBE!

Sign up for Caribbean Journal's free newsletter for a daily dose of beaches, hotels, rum and the best Caribbean travel information on the net.


No. Thank You