David Smith pleads guilty to a $220 million forex ponzi scheme
David Smith pleads guilty to a $220 million forex ponzi scheme
It was one of my first posts here on Forex Magnates almost two years ago! And now this case is close to completion.
David Smith from notorious Olint (an alleged forex Ponzi scheme which bilked investors out of hundreds of millions) was linked to I Trade, a former US forex broker. In September 2010 David Smith was extradited to the US and indicted with four counts of wire fraud, one count of conspiracy to commit money laundering and 18 counts of money laundering to conceal specified unlawful activity. The US authorities are also seeking to seize US$128-million which they claim Smith gained through wire fraud.