Tweet
Maudid will be a great grand father before he gets the chance to get a hold on David's neck.
Smith won't fight extradition
BY PAUL HENRY Observer staff reporter henryp@jamaicaobserver.com
Friday, August 20, 2010
var addthis_pub="jamaicaobserver";
EMBATTLED Olint boss David Smith is not expected to fight his extradition to the US where he has been indicted in a Florida court on 23 charges including wire fraud and conspiracy to defraud investors in his forex trading ventures.
Yesterday, attorney Oliver Smith, who represents the embattled investor, said that his client will be present in court whenever required by US authorities.
Olint boss David Smith
var caption4933887 = document.getElementById('photocaption4933887').inn erHTML; var mygallery=new fadeSlideShow({ wrapperid: "fadeshow1", //ID of blank DIV on page to house Slideshow dimensions: [370, 245], //width/height of gallery in pixels. Should reflect dimensions of largest image imagearray: [ ["http://www.jamaicaobserver.com/assets/4933887/david-smith_w370.jpg", "", "", caption4933887 ] ], displaymode: {type:'manual', pause:3000, cycles:0, wraparound:false}, persist: false, //remember last viewed slide and recall within same session? fadeduration: 500, //transition duration (milliseconds) descreveal: "always", togglerid: "slideshowtoggler" })
Olint boss David Smith
1/1
"At some point in time the matter will be in the US court and I expect that we will be there," said Smith, who is of the law firm Stanfield Greene on the Turks and Caicos Islands where David Smith has been based for the past two years since leaving Jamaica under legal pressure.
But the decision to willingly face a US court is in no way an admission of guilt on the part of David Smith, who, according to the attorney, is expected to fight the charges against him.
"There is always a presumption of innocence, and that is how we are going to proceed," the attorney said.
It is not certain when the US would be requesting the trader's presence in court, but his attorney surmised that it could be after September 23 when he is set to again appear in the Turks and Caicos Supreme Court on approximately 30 charges in relation to his failed investment dealings in the British-controlled territory.
In the indictment unsealed on Thursday in an Orlando court in the Middle District of Florida, US prosecutors are contending that David Smith took monies amounting to approximately US$200 million from several clients with the understanding that the cash would be invested. However, prosecutors alleged that Smith used the money for his own benefit.
They also charged that Smith had been running a ponzi scheme.
Apart from Olint, the other firms integral to the alleged scheme, according to the indictment, are the Florida-based I-Trade FX, LLC or I-Trade, in which David Smith is the majority capital investor with an investment of over US$2 million, and JIJ Investments.
The scheme to defraud, according to the indictment, began before February 2005 and continued through to on or about July 15, 2008 in Orange County, Florida; in the Middle District of Florida; Jamaica; The Turks and Caicos Islands; and elsewhere.
There is also a motion for the forfeiture of Smith's assets, directly or indirectly accumulated through the alleged scheme and assets traceable to the scheme. These assets include, but are not limited to, a property in Florida paid for with a downpayment of US$159,881; all precious gemstones, precious metals and jewellery recovered on or about January 14, 2010 from the residence of Tanya Masone; US$40,103 transferred from David Smith to Bette Gordon and her husband Paul Gordon, as part of a US$199,985 wire transfer conducted on or about July 24, 2006. US authorities are also seeking a forfeiture money judgement of US$128 million.
Smith is also facing several multi-million dollar lawsuits in Jamaica and the Turks and Caicos Islands from disgruntled investors following the collapse of Olint. Suits are expected to be filed in the US as well.
Smith won't fight extradition
BY PAUL HENRY Observer staff reporter henryp@jamaicaobserver.com
Friday, August 20, 2010
var addthis_pub="jamaicaobserver";
EMBATTLED Olint boss David Smith is not expected to fight his extradition to the US where he has been indicted in a Florida court on 23 charges including wire fraud and conspiracy to defraud investors in his forex trading ventures.
Yesterday, attorney Oliver Smith, who represents the embattled investor, said that his client will be present in court whenever required by US authorities.
Olint boss David Smith
var caption4933887 = document.getElementById('photocaption4933887').inn erHTML; var mygallery=new fadeSlideShow({ wrapperid: "fadeshow1", //ID of blank DIV on page to house Slideshow dimensions: [370, 245], //width/height of gallery in pixels. Should reflect dimensions of largest image imagearray: [ ["http://www.jamaicaobserver.com/assets/4933887/david-smith_w370.jpg", "", "", caption4933887 ] ], displaymode: {type:'manual', pause:3000, cycles:0, wraparound:false}, persist: false, //remember last viewed slide and recall within same session? fadeduration: 500, //transition duration (milliseconds) descreveal: "always", togglerid: "slideshowtoggler" })
Olint boss David Smith 1/1 "At some point in time the matter will be in the US court and I expect that we will be there," said Smith, who is of the law firm Stanfield Greene on the Turks and Caicos Islands where David Smith has been based for the past two years since leaving Jamaica under legal pressure.
But the decision to willingly face a US court is in no way an admission of guilt on the part of David Smith, who, according to the attorney, is expected to fight the charges against him.
"There is always a presumption of innocence, and that is how we are going to proceed," the attorney said.
It is not certain when the US would be requesting the trader's presence in court, but his attorney surmised that it could be after September 23 when he is set to again appear in the Turks and Caicos Supreme Court on approximately 30 charges in relation to his failed investment dealings in the British-controlled territory.
In the indictment unsealed on Thursday in an Orlando court in the Middle District of Florida, US prosecutors are contending that David Smith took monies amounting to approximately US$200 million from several clients with the understanding that the cash would be invested. However, prosecutors alleged that Smith used the money for his own benefit.
They also charged that Smith had been running a ponzi scheme.
Apart from Olint, the other firms integral to the alleged scheme, according to the indictment, are the Florida-based I-Trade FX, LLC or I-Trade, in which David Smith is the majority capital investor with an investment of over US$2 million, and JIJ Investments.
The scheme to defraud, according to the indictment, began before February 2005 and continued through to on or about July 15, 2008 in Orange County, Florida; in the Middle District of Florida; Jamaica; The Turks and Caicos Islands; and elsewhere.
There is also a motion for the forfeiture of Smith's assets, directly or indirectly accumulated through the alleged scheme and assets traceable to the scheme. These assets include, but are not limited to, a property in Florida paid for with a downpayment of US$159,881; all precious gemstones, precious metals and jewellery recovered on or about January 14, 2010 from the residence of Tanya Masone; US$40,103 transferred from David Smith to Bette Gordon and her husband Paul Gordon, as part of a US$199,985 wire transfer conducted on or about July 24, 2006. US authorities are also seeking a forfeiture money judgement of US$128 million.
Smith is also facing several multi-million dollar lawsuits in Jamaica and the Turks and Caicos Islands from disgruntled investors following the collapse of Olint. Suits are expected to be filed in the US as well.
Comment