Jamaican banker pleads guilty to US$220 million fraud

first_img Share NewsRegional Jamaican banker pleads guilty to US$220 million fraud by: – March 30, 2011 Sharing is caring! Share David Smith, former CEO of Olint Corp by Global News StaffORLANDO, USA –Jamaican banker David Smith, the former head of collapsed investment scheme Olint, has pleaded guilty in a Florida court to defrauding thousands of customers of more than US$220 million.The Jamaica Observer reported that, as part of a plea agreement, Smith has admitted guilt on four counts of wire fraud, one count of conspiracy to commit money laundering and ten counts of money laundering.He is facing up to 20 years imprisonment, but is likely to get less because of his plea bargaining.Last year, he received a prison sentence of just over six years in the Turks and Caicos Islands, where he pleaded guilty to fraud and conspiracy charges. US authorities collected him from the TCI in November to face federal charges.Prosecutors said that more than 6,000 people invested with Smith. He admitted in his plea agreement that Olint was a “massive” Ponzi scheme, where he paid returns to investors not from profit but from their own money or that paid by subsequent investors.In addition, funds transferred to his own personal bank accounts reportedly enabled Smith to live a lavish lifestyle. Among his expenditures included political contributions, gambling, a down-payment for the purchase of a Lear jet and sponsorship of the Jamaica Jazz and Blues Festival.A raid by authorities in Jamaica forced him to shut down his business in Kingston and relocate to the Turks and Caicos Islands, where former premier Michael Misick once described him as a “model citizen”.Source: Caribbean News Nowcenter_img Share Tweet 24 Views   no discussionslast_img read more

2016 NCAA Tournament: Beat writers fill out their own brackets

first_img Comments With the 2016 NCAA Tournament officially starting Tuesday, beat writers Sam Blum, Jesse Dougherty and Matt Schneidman filled out their own brackets. Each of them is below, and feel free to critique our picks in the comments section. Happy March Madness.Sam Blum’s bracketJesse Dougherty’s bracketAdvertisementThis is placeholder textMatt Schneidman’s bracket Facebook Twitter Google+center_img Published on March 15, 2016 at 11:35 amlast_img

Tottenham interested in Miralem Pjanić

first_imgTottenham have made an offer for Roma playmaker Miralem Pjanić according to reports in Italy, while other sources suggest Spurs are battling with Bayern Munich for his services, reports givemesport.comPjanić has been linked with a move to the Premier League for some time, with Spurs said have been interested in landing the 23-year-old last summer.While his representatives were keen on playing down a move last time round the Roma midfielder is said to be keen on a switch this summer.Roma face a period of uncertainty following their Coppa Italia cup defeat against rivals Lazio, with a host of key figures said to be ready to move.Earlier this month the Sun reported that the former Lyon ace was a target for Manchester City and Arsenal as well as Tottenham. The paper also claim his value is currently placed at around £20 million.Italian journalist Tancredi Palmeri posted a message on Twitter this afternoon confirming a Sky Italia report that Spurs had lodged an official bid with Roma for Pjanić.last_img read more

Drake Alum Zach Johnson Inducted Into Iowa Golf Hall of Fame

first_img“Having it at my alma mater is just parallel to what this honor is about. It’s about recognizing my accomplishments, but they started in this state and at this University,” Johnson said. “This is where my passion continued to grow and my aspirations started and were cultivated.” Print Friendly Version DES MOINES, Iowa – Drake alum Zach Johnson became the 69th member to be inducted into the Iowa Golf Hall of Fame on Wednesday evening in the Courtside Club in the Shivers Basketball Practice Facility. In February, through an extremely generous gift by Johnson, the Bulldog men’s and women’s golf programs unveiled the Zach Johnson Golf Room which features a new Southwest Green putting surface, LED lighting and graphics. The Cedar Rapids, Iowa native has 12 PGA Tour wins, including a pair of major championships, and has been a regular on the United States Ryder and Presidents Cup teams.Johnson, a 1998 graduate of Drake, is the reigning British Open champion and winner of the 2007 Masters Tournament.With the victory last July, Johnson became the sixth golfer to win majors at Augusta and St. Andrews.Johnson has played in four Ryder Cups and in four Presidents Cups and also represented the United States in the 2005 World Cup.last_img read more