Olint boss arrested
The Turks and Caicos Police have arrested Olint boss David Smith.
It has been confirmed that Mr Smith was arrested on fraud related charges about 3 p.m.
Assistant Superintendent Mark Knighton of the Turks and Caicos Financial Investigation Unit told our news centre a short while ago that the arrest follows months of investigation
According to Knighton there are no immediate plans to make another arrest in the matter but he said this does not rule out the possibility that more people could be placed behind bars.
Concerns were first raised about the operations of the investment scheme Olint after it started having difficulties making payouts to its clients.
In July last year members of the Royal Turks and Caicos Islands Police Force, raided David Smith’s house and seized documents and computers.
This is the second major blow for the failed investment club.
Olint, which operated in Jamaica, had been fighting to keep its account open with the National Commercial Bank.
But last week, the London-based Privy Council ruled that the bank should go ahead and close the accounts.
These developments have further raised doubts that investors will be able to recoup the money they had invested in the club.
Listen to audio clip of Assistant Superintendent Mark Knighton of the Turks and Caicos Financial Investigation Unit speaking with Damion Mitchell of The Gleaner/Power 106 News Centre.