AML / CFT: Defendant extradited to US from Turks and Caicos
Authorities in Turks and Caicos have handed David A. Smith to U.S. authorities pursuant to an official request by the United States government for Smith to be brought to Orlando, Florida to face federal charges. Smith is charged in the Middle District of Florida with wire fraud, conspiracy to commit money laundering and money laundering.
On18 August, 2010, Smith was charged by an Information filed in the Middle District of Florida, Orlando Division, with four counts of wire fraud, one count of conspiracy to commit money laundering, and eighteen substantive counts of money laundering. If convicted, Smith faces a maximum penalty of 20 years in federal prison on each count. The Information also notifies Smith that the United States intends to forfeit certain items of property that are alleged to be traceable to proceeds of the offences, including a money judgment in the amount of USD128 million; a residence located in Windemere, Florida; precious gemstones, precious metals; jewellery, and USD40,103.90 involved in a wire transfer that was conducted on 24 July, 2006.
According to the Information, for more than three years, Smith executed a scheme to defraud over six thousand investors located in the Middle District of Florida and elsewhere out of over USD220 million. In addition to defrauding those investors, Smith conspired to launder the proceeds of his criminal activities.
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