UPDATE: International Forex Ponzi Swindler David A. Smith Sentenced To 30 Years In U.S. Jail

By 7:27 pm Aug 15, 2011

David A. Smith. Source: Orange County Jail

David A. Smith, the Ponzi schemer who swindled investors in the Caribbean and Florida in a caper that gathered more than $200 million, has been sentenced to 30 years in a U.S. prison.

Smith, a Jamaican citizen who was brought to Florida last year to face the U.S. charges, first must serve a sentence of six and one-half years in the Turks and Caicos Islands. His time there will count toward his U.S. sentence, and U.S. federal prosecutors said he’d finish the balance of his U.S. term in the United States.

His firm was known as OLINT, which stands for Overseas Locket International Corp.

Categories: Alleged Ponzi Schemes, The Economy, Uncategorized
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2 Responses to “UPDATE: International Forex Ponzi Swindler David A. Smith Sentenced To 30 Years In U.S. Jail”

  1. Tony H
    Aug 16, 2011 at 12:52 am |

    EDITORIAL – Be aggressive against financial scams
    http://jamaica-gleaner.com/gleaner/20110815/cleisure/cleisure1.html

    On the day before Mr Smith was sentenced, and in the midst of speculation over how much time he would spend in jail, Mr McAllister told this newspaper: “The quicker he can get out of prison, the quicker we can get our hands on him, because we believe that he knows where the money is, knows where the money has been sent, or has the ability to trade the money all over again.”

    The last remark, especially, is peculiar. It seems to suggest that ACOM believes that if Mr Smith was not in jail, he could get on with the business of playing the currency markets, thereby earning money to repay clients.

    Mr McAllister’s remark is, on the face of it, a piece of monumental naivety, with which we would have no problem if it was merely to the bane of Godfrey McAllister himself. But Mr McAllister is not without some influence. We assume that he did not install himself chairman of ACOM, but that the organisation’s members elected him as their leader.

  2. jonah
    Oct 24, 2011 at 12:11 am |

    Godfrey McAllister is an absolute idiot! There is simply no other conclusion that one can logically draw!

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