Jamaican Banker Gets 30 Years For $220M Ponzi Scheme

Law360, New York (August 11, 2011, 9:36 PM EDT) -- A Florida federal judge on Thursday sentenced a Jamaican banker to 30 years in prison for operating a $220 million Ponzi scheme that defrauded investors in the U.S. and the Caribbean.

U.S. District Judge Mary S. Scriven also ordered David A. Smith, 42, to pay $55 million in restitution for defrauding over 6,000 investors who thought he was trading in the currency market on their behalf. Smith pled guilty in March to 23 counts of wire fraud, conspiracy to commit money laundering and money laundering....
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