David Smith released from prison in Turks and Caicos

KINGSTON, Jamaica — David Smith, who was convicted in the Turks and Caicos Islands over the fraudulent activities of his ponzi scheme Olint, was released from prison on Thursday, the Turks and Caicos Sun is reporting.

He was released from “over the last 12 hours”, the news organisation reports.

His early release from jail was reportedly due to good behaviour. Smith was sentenced in August 2011 to six years in TCI prison, after which he must serve a minimum of 30 years in the United States.

OBSERVER ONLINE was unable to reach attorney Oliver Smith for a comment as his phone went to voicemail. The 47-year-old Smith, who was accused of defrauding thousands of investors of more than US$220 million, was sentenced after pleading guilty to 18 counts of money laundering, four counts of wire fraud and one count of conspiracy to commit money laundering.

The Turks and Caicos Sun quoted “well-placed sources” as saying that Smith, who appeared before Chief Magistrate Clifton Warner in Grand Turk on Thursday, was seen at Margaritaville in Grand Turk earlier on Thursday with his wife Tracey and lawyer Oliver Smith, who is of no relation.

It is likely that when Smith returns to the island of Providenciales later today, law enforcement officials will commence proceedings to have him extradited to the USA, Turks and Caicos Sun reported.

The 30-year sentence will run concurrent to the prison time in the Turks and Caicos Islands, which means he will spend 24 years in a US prison.

jamaica observer