Mon | Oct 3, 2022

Former Olint boss David Smith released from prison in TCI

Published:Wednesday | October 7, 2020 | 4:13 PM
David Smith

Former head of the failed Olint investment scheme, David Smith, was today released from prison in the Turks and Caicos Islands.

Attorney General Rhondalee Braithwaite-Knowles told The SUN news outlet in the TCI that the Jamaican businessman was freed having completed 10 years imprisonment.

It was explained that the prison term reflected the 6.5 years to which he was sentenced in 2010 and the concurrent 10 years for money laundering to which he was sentenced in the United States.

The US court had also sentenced Smith to a consecutive 20 years for wire fraud.

He was discharged from extradition on the fraud charges in the TCI, which resulted in the US reapplying for his removal in respect of that part of their case, according to The Sun.

The TCI authorities never appealed that discharge and the matter was brought to court by the US and Smith was again discharged.

The US is appealing the decision.

Braithwaite-Knowles said Smith will be rearrested in the event that the US is successful in the appeal.

In 2010, Smith was sentenced to six years in a Grand Turk prison, however, he only spent four years because of good behaviour.

Smith was taken to court for fleecing thousands of investors in the Olint ponzi scheme of more than US$220 million. 

‎In 2011, he was extradited to the US where he pleaded guilty to 18 counts of money laundering, four counts of wire fraud, and one count of conspiracy to commit money laundering. 

‎‎‎At the time, the US court ordered that the prison term should run at the same time with the sentence in the TCI.

Smith was then sent back to the TCI to continue the sentence.

Follow The Gleaner on Twitter and Instagram @JamaicaGleaner and on Facebook @GleanerJamaica. Send us a message on WhatsApp at 1-876-499-0169 or email us at onlinefeedback@gleanerjm.com or editors@gleanerjm.com.