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<span style="font-style: italic">A Jamaican banker accused of bilking thousands of investors out of more than $200 million is the latest suspected Ponzi schemer to be targeted by federal prosecutors in Orlando.
David A. Smith, a Jamaican citizen who already faces criminal charges in the Turks and Caicos, now faces 23 counts in Orlando federal court ranging from wire fraud to money laundering.
Prosecutors say more than 6,000 people from Orange County, Jamaica, the Turks and Caicos Islands and elsewhere invested in Smith's companies, which includes the Olint Corp.
Smith touted Olint as a private investment club. He claimed to pool investors' money to engage in foreign currency trading on their collective behalf, court documents filed in Orlando say.
But prosecutors say Smith defrauded investors. He failed to invest the funds as promised and paid returns to some investors from their own money, or money paid by later investors — typical of a Ponzi scheme.
Smith transferred millions of dollars invested by his company's clients to his personal bank accounts, which he used to finance a lavish lifestyle, prosecutors say.
Smith's attorney, Oliver A. Smith, stated in an e-mail Wednesday that he had no comment.
As part of the forfeiture process in Orlando, prosecutors are going after $128 million, a home owned by David Smith's sister in the Reserve at Belmere neighborhood in Windermere, gemstones, precious metals and jewelry.
Prosecutors also say Smith had ties to a Lake Mary company, i-Trade FX, which was licensed to deal in foreign currency trading.
Court documents do not say to what extent Smith's involvement was with i-Trade, but prosecutors said Smith was the "majority capital investor" in the business, with an investment of more than $2 million.
Prosecutors said Smith opened multiple trading accounts at i-Trade FX, and filed a conspiracy to commit money laundering charge against him related to his involvement with the Seminole County business.
In Jamaica, authorities raided Smith's investment company's office in 2006 and barred it from operating in the country.
U.S. prosecutors say Smith created a broad infrastructure at Olint in Jamaica to make it appear that the company was a legit private investment club.
Smith moved to the Turks and Caicos Islands after the raid.
There, he was arrested several times in 2009, and was released from jail after posting bond. His wife, Tracy, a co-owner of Olint TCI, was also taken into custody at one point.
It's unclear if or when Smith will be extradited to Orlando.
Smith is also the target of a lawsuit in Orange County Circuit Court, filed by an Orlando doctor and his father, Christopher Walker and Kenneth Walker.
In the suit, the Walkers allege Smith solicited about $2.4 million from Kenneth Walker, which was supposed to be invested.
But the claims made by Smith and his wife were false, and the suit alleges the entire purpose of the Olint company was to defraud investors like Kenneth Walker.
Now, Walker wants his $2.4 million back. The Smiths have refused to return the money, the suit said.
David P. Rowe, a Fort Lauderdale attorney representing the Walkers, said Wednesday that Kenneth Walker lost his entire savings by investing with Smith.</span>Material from the Associated Press was used in compiling this report. Amy L. Edwards can be reached at [email protected] or 407-420-5735
David A. Smith, a Jamaican citizen who already faces criminal charges in the Turks and Caicos, now faces 23 counts in Orlando federal court ranging from wire fraud to money laundering.
Prosecutors say more than 6,000 people from Orange County, Jamaica, the Turks and Caicos Islands and elsewhere invested in Smith's companies, which includes the Olint Corp.
Smith touted Olint as a private investment club. He claimed to pool investors' money to engage in foreign currency trading on their collective behalf, court documents filed in Orlando say.
But prosecutors say Smith defrauded investors. He failed to invest the funds as promised and paid returns to some investors from their own money, or money paid by later investors — typical of a Ponzi scheme.
Smith transferred millions of dollars invested by his company's clients to his personal bank accounts, which he used to finance a lavish lifestyle, prosecutors say.
Smith's attorney, Oliver A. Smith, stated in an e-mail Wednesday that he had no comment.
As part of the forfeiture process in Orlando, prosecutors are going after $128 million, a home owned by David Smith's sister in the Reserve at Belmere neighborhood in Windermere, gemstones, precious metals and jewelry.
Prosecutors also say Smith had ties to a Lake Mary company, i-Trade FX, which was licensed to deal in foreign currency trading.
Court documents do not say to what extent Smith's involvement was with i-Trade, but prosecutors said Smith was the "majority capital investor" in the business, with an investment of more than $2 million.
Prosecutors said Smith opened multiple trading accounts at i-Trade FX, and filed a conspiracy to commit money laundering charge against him related to his involvement with the Seminole County business.
In Jamaica, authorities raided Smith's investment company's office in 2006 and barred it from operating in the country.
U.S. prosecutors say Smith created a broad infrastructure at Olint in Jamaica to make it appear that the company was a legit private investment club.
Smith moved to the Turks and Caicos Islands after the raid.
There, he was arrested several times in 2009, and was released from jail after posting bond. His wife, Tracy, a co-owner of Olint TCI, was also taken into custody at one point.
It's unclear if or when Smith will be extradited to Orlando.
Smith is also the target of a lawsuit in Orange County Circuit Court, filed by an Orlando doctor and his father, Christopher Walker and Kenneth Walker.
In the suit, the Walkers allege Smith solicited about $2.4 million from Kenneth Walker, which was supposed to be invested.
But the claims made by Smith and his wife were false, and the suit alleges the entire purpose of the Olint company was to defraud investors like Kenneth Walker.
Now, Walker wants his $2.4 million back. The Smiths have refused to return the money, the suit said.
David P. Rowe, a Fort Lauderdale attorney representing the Walkers, said Wednesday that Kenneth Walker lost his entire savings by investing with Smith.</span>Material from the Associated Press was used in compiling this report. Amy L. Edwards can be reached at [email protected] or 407-420-5735
<span style="color: #660000">,...it IS a new day, thank you for your steadfast love Lord...have a peaceful day, everyone.</span>
pan di marginalised ppl fram Tivoli....when they, these financiers indeed, are the real criminals..
This is going to be a<span style="font-weight: bold"><span style="font-family: 'Arial Black'"> COOL</span></span> story.
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