Positive news yesterday emerged out of the United States for persons who have lost money in Olint, operated by once-respected Jamaican currency trader David Smith.
The US Department of Justice, in a press release, advised persons who lost money in the scheme to make a claim for compensation.
“Persons who lost money from investments in companies operated by David A Smith, doing business as Overseas Locket International Corporation (OLINT), and related companies may be eligible to receive compensation from the United States Government,” said the release.
Smith claimed that the companies were private investment clubs that traded in foreign currency on investors’ behalf, and that members would expect high returns on their investment with low risk to their principal.
However, Smith, instead of investing the funds as promised, used them for personal gain and paid returns using new investors’ money.
He was convicted in the US District Court for the Middle District of Florida in September 2011 on multiple counts of wire fraud and money laundering. As part of his criminal sentence, Smith was ordered to forfeit assets seized by federal authorities.
Yesterday, the US Justice Department said in its press release that “the forfeited funds will be returned to victims of the scheme through a process called remission. To be considered for remission, a Petition for Remission Form must be submitted to the Remission Administrator”.
Smith, who operated the scheme in Jamaica, The Turks and Caicos Islands, and the United States is facing several lawsuits from those seeking compensation.
