David Smith, accused of perpetrating a $200 million Ponzi scheme, could now face up to 23 criminal counts in Orlando as a result of his scheme. Smith, a Jamaican banker, is also facing criminal charges in the Turks & Caicos. Smith convinced investors to put their money into his various companies, including Olint Corp., a company purportedly engaged in foreign currency trading. Smith found investors from all over the world, including the Turks & Caicos, Jamaica, and Orange County, FL.
Smith also faces a conspiracy to commit money laundering charge based upon his affiliation with i-Trade FX, a licensed foreign currency trading company. Prosecutors claims Smith was the major investor in the company with his contributions exceeding $2 million.
In addition to these criminal charges, a civil suit against Smith is also ongoing in Orange County. The investor who brought the lawsuit claims to have lost his life savings, approximately $2.4 million, by investing in Smith’s companies. The investor’s demand for return of his money has gone unfulfilled. The lawsuit further alleges that Smith’s companies were created solely to defraud investors.