David Smith, former Olint CEO, plead guilty to 23 fraud and money laundering charges at his hearing, today, in the Florida District Court.
His guilty plea was a part of his plea bargain deal with the US Attorney's Office.
Another was that his wife, Tracy Ann Smith, will not face money laundering or fraud charges in relation to Olint and that he himself, will not face additional charges.
David Smith admitted that Olint was a Ponzi Scheme which he used to fleece Olint investors in Jamaica, the Caribbean and the diaspora of US $220 million, which he used to bankroll his extravagant lifestyle, which included a:
- US $2 million house
- down-payment on a Learjet
- expensive cars, jewelery.
David Smith will forfeit US $128 million as restitution payment to investors he fleeced.
The 23 charges carry a combined conviction of up to 460 years, but under the plea bargain agreement, he could only serve three (3) years, in additon to his 6.5-year prison sentence in the Turks and Caicos Islands.
(Please see the above Youtube video by DezignByDebz, which details the plea agreement that David Smith struck with US Attorney's Office).
Gillian
Sources Include
1) Television Jamaica's Nightly News at 7:00 p.m., March 29,2011
2) CVM Television's News Watch Hour at 8:00 p.m., March 29,2011
3) Article, "Olint's David Smith must forfeit US$128 million", by Jamaica Observer and Associated Press, JamaicaObserver.com, March 29,2011
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