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Olint boss David Smith is reported to be en route to the United States to face a raft of criminal charges stemming from operations surrounding his failed ponzi scheme empire.
US marshals swooped down in the Turks and Caicos Islands earlier Thursday to take custody of Smith who is now serving time in prison.
The Olint boss was sentenced to six and half years in prison after he pleaded guilty to conspiracy to money laundering and two counts of conspiracy to fraud in the Turks and Caicos.
On Thursday afternoon Mr. Smith’s lawyer, Oliver Smith says he expected is client to land in the United States where he will face criminal charges in a Florida Court.
The attorney swiftly dismissed speculation that David Smith was extradited.
“He is on his way to the United States but it is not an extradition. We have agreed for him to go up so it’s not an extradition, pursuant to a consent agreement between myself and the US Attorney’s office,”
“I don’t want it to be portrayed as an extradition, an extradition has certain connotations as if he is a fugitive. [I am expecting him to arrive in the United States] very shortly, in the next day or two,” Mr. Smith said.
Mr. Smith also said he does not know if the former Olint boss has left the Turks and Caicos Islands.
Meanwhile, legal documents filed in a Broward Country Court in Florida obtained by RJR News labelled David Smith as a self proclaimed religious genius, who convinced over one thousand investors from the US, Jamaica, St. Kitts, Panama, Greneda and the Dominican Republic, that he could produce a 10% return per month in foreign currency trading.
US lawyers say Smith and his Olint company targeted American investigators directly or indirectly to invest in the hedge fund which amassed over one billion dollars.
David Smith as well as co-defendants have been charged with violating the US Securities Act, the Investor Advice Act.
The plaintifs in the case, who are all American citizens, are also seeking an order for the court to appoint a receiver to take control of the assets of Olint and affiliated companies.
US marshals swooped down in the Turks and Caicos Islands earlier Thursday to take custody of Smith who is now serving time in prison.
The Olint boss was sentenced to six and half years in prison after he pleaded guilty to conspiracy to money laundering and two counts of conspiracy to fraud in the Turks and Caicos.
On Thursday afternoon Mr. Smith’s lawyer, Oliver Smith says he expected is client to land in the United States where he will face criminal charges in a Florida Court.
The attorney swiftly dismissed speculation that David Smith was extradited.
“He is on his way to the United States but it is not an extradition. We have agreed for him to go up so it’s not an extradition, pursuant to a consent agreement between myself and the US Attorney’s office,”
“I don’t want it to be portrayed as an extradition, an extradition has certain connotations as if he is a fugitive. [I am expecting him to arrive in the United States] very shortly, in the next day or two,” Mr. Smith said.
Mr. Smith also said he does not know if the former Olint boss has left the Turks and Caicos Islands.
Meanwhile, legal documents filed in a Broward Country Court in Florida obtained by RJR News labelled David Smith as a self proclaimed religious genius, who convinced over one thousand investors from the US, Jamaica, St. Kitts, Panama, Greneda and the Dominican Republic, that he could produce a 10% return per month in foreign currency trading.
US lawyers say Smith and his Olint company targeted American investigators directly or indirectly to invest in the hedge fund which amassed over one billion dollars.
David Smith as well as co-defendants have been charged with violating the US Securities Act, the Investor Advice Act.
The plaintifs in the case, who are all American citizens, are also seeking an order for the court to appoint a receiver to take control of the assets of Olint and affiliated companies.
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