David Smith Gets 30 Years in Prison

By: Caribbean Journal Staff - August 11, 2011

By Robert Di Pano

Caribbean Ponzi schemer David Smith, whose OLINT scheme defrauded investors across Florida and the Caribbean out of over $220 million, has been sentenced to 30 years in federal prison in the United States by Judge Mary Scriven.

“Judge Scriven was severe on David Smith after characterizing his Ponzi scheme as being corrupt and fraudulent, and one that destroyed families in the jurisdiction,” said attorney David Rowe, who is representing nine victims of the OLINT scheme. “I believe the sentence was fair, and will be enough to make David Smith continue to cooperate with authorities so that Rule 35 sentencing motions could be filed in the future.”

Smith was sentenced before a packed courtroom at the United States Federal Courthouse in Orlando, Fla.

“I think it’s a fair sentence for right now,” Rowe said. “I think the judge sent a message to individuals who consider Ponzi schemes in the future.”

The US government said that while Smith had been cooperating, he had not cooperated enough.

Smith’s cooperation involves alleged corruption of officials in Jamaica and Turks and Caicos.

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