US Prosecutors indicted David Smith, former CEO of failed investment scheme-Olint, on 23 charges, yesterday.
The indictment, released yesterday, listed the charges as:
1) 4 counts of wire fraud
2) 1 count of conspiracy to conduct money laundering
3) 18 counts of money laundering.
The US government has also seized $128 million which they claim that Mr. Smith gained from wire fraud.
They said that he devised a scheme to defraud over 6,000 investors and broke the law by obtaining over $200 million from these investors.
(Mr. Smith could face over one year in prison if convicted of wire fraud).
The US Government has sent out an extradition request to the Turks and Caicos Islands, for Mr. Smith.
(Mr. Smith lives in the Turks and Caicos Islands).
As usual, MOU Blog will bring you updates re this and all occurrences involving David Smith and Olint, as soon as they become known.
(I would like to thank Ben for the use of his Flickr inset photo, entitled, "Trouble in Paradise").
Gillian
Sources Include
1) Television Jamaica's Prime Time News at 7:00 p.m, August 18, 2010
2) Power 106 FM News at 5:00 p.m., August 18,2010
Between love and madness, lies xenophobia
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