Olint boss planning surrender to US

Imprisoned Olint boss David Smith is close to an "arrangement" to surrender to United States (US) authorities in the state of Florida, where he has been indicted on fraud-related charges arising from the failed foreign exchange trading scheme.

This comes amid a move by the Association of Concerned Olint Members (ACOM), a local group of Olint depositors, to begin registering its members with the victim support division of the US District Attorney's Office in Florida to ensure they are eligible to share in any Olint funds recovered by US authorities.

Smith's attorney, Oliver Smith, told The Gleaner yesterday that he would have a clearer picture "between now and next week" of when his client will be handed over. He, however, pointed out that the Olint boss was not being extradited and had not negotiated a plea deal.

"They reached out to me saying, 'Given the fact that you don't intend to fight any extradition request, will you consent to him coming up'?" the attorney said.

"I am going to speak to my client about this and it is highly likely he will agree," he said, adding that Smith was anxious to go.

David Smith began serving a six-and-a-half year prison term in the Turks and Caicos Islands in September after pleading guilty to four of 30 fraud-related charges.

This came five weeks after prosecutors unsealed a 23-count indictment in the US District Court in the Middle District of Florida, Orlando Division, charging Smith with four counts of wire fraud, one count of conspiracy to commit money laundering and 18 counts of money laundering to conceal specified unlawful activity.

Pointing out that the US District Attorney's Office has granted ACOM representational status, the group's chairman, Godfrey McAllister, said this marks the start of "the final leg of the financial-recovery process".