Posts Tagged ‘David Smith’

Persons Who Invested in Overseas Locket International Corporation, Olint Corporation, Olint TCI Corporation, Ltd. And/Or TCI FX Traders, Ltd., Between February 3, 2005 Through July 15, 2008, May Be Eligible to Receive Compensation From The United States Government

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TAMPA, Fla., May 8, 2013 /PRNewswire/ – The following statement is being issued by the United States Department of Justice:

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.

Smith claimed that the companies were private investment clubs that purportedly traded in foreign currency on investors’ behalf. Smith made false and fraudulent statements indicating that members could expect high returns on their investment with low risk to principal. Rather than investing the funds as promised, Smith used them for personal gain and paid returns using new investors’ money, in a classic Ponzi scheme.

Smith was convicted in the U.S. District Court for the Middle District of Florida in September 2011 on multiple counts of wire fraud and money laundering, in the case of United States v. David A. Smith, No. 6:10-cr-232-35DAB (M.D. Fla.). As part of his criminal sentence, Smith was ordered to forfeit assets seized by federal authorities.

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. A copy of the Petition Form can be obtained from the Remission Administrator’s website: www.gilardi.com/DSmithRemissionFund. The Petition Form must include evidence of relevant investments and returns, including copies of all required supporting documentation.

Persons needing assistance in completing the Petition Form or with questions about the Remission Fund may call 1-877-281-4446; or send an email to classact@gilardi.com; or visit the Remission website at www.gilardi.com/DSmithRemissionFund.

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