David Smith, former CEO of failed investment scheme - Olint, was today sentenced to 30 years in prison.
He was sentenced by Justice Mary Scriven in the U.S. District Court in the Middle District of Florida.
He was accused of defrauding over 6,000 investors in Jamaica, Turks and Caicos Islands and in the US, of over US $220 million.
The 30-year sentence is a reduction in the expected sentencing time, as it was being reported that US prosecutors had intended to ask that he be sentenced for life.
David Smith had previously pleaded guilty to:
- 18 counts of money laundering
- 4 counts of wire fraud
- 1 count of conspiracy to commit money laundering.
The 30-year sentence was as a result of that plea bargain agreement.
According to Nationwide Radio, David Smith is to serve the rest of his 6.5-year prison sentence in the Turks and Caicos Islands and then serve the 30 years in a US prison.
However, he may only serve 24 of those 30 years in the US:
a) If he serves his entire 6.5 years in the Turks and Caicos Islands. (He has 6.3 months remaining)
b) Since he was sentenced in Florida, according to a 1995 Florida law, persons charged with crimes on/after October 1, 1995, in Florida, can serve a minimum of 85% of their prison-sentence time.
Will keep you updated re this (we'll see if his lawyers will appeal the judgement) and other events surrounding David Smith and Olint.
Gillian
Source Include
Television Jamaica's Mid-day News, August 11,2011
Nationwide Radio, August 11,2011
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