Sun | Aug 25, 2019

David Smith sentenced to 6 1/2 years

Published:Thursday | September 23, 2010 | 5:22 PM

The former head of the failed Olint investment club, today pleaded guilty to fraud-related charges in the Supreme Court in the Turks and Caicos Islands and has been sentenced to six and a half years in prison.



His lawyer Oliver Smith told our new centre a short while ago that Smith pleaded guilty to seven counts of fraud.



He says another three were dismissed by the court.



However, Oliver Smith was not able to provide details saying he was just coming out of court.



However, he says David Smith has been sentenced to 6 and half years in prison.



David Smith is on a total of 30 fraud-related charges.



He’s alleged to have lost billions of dollars in investments by club members in his unregulated scheme.