Issued September 26, 2011: ACOM Update

In response to the recent circulation of the “Judgment” in “United States of America vs. David A. Smith – Case # 6:10-CR-232-ORL-35DAB” to Olint Victims, by the office of the District Attorney for the Middle District of Florida, ACOM has sought and obtained clarification from the US Assistant District Attorney, Mr. Bruce Ambrose. As a result, ACOM is now hastening to set the record straight, and to clarify any misunderstandings that may have arisen from perusing the emailed copy of the Court’s judgment, and with special reference to the stated restitution amounts for affected named Olint Members.  A copy of the 30 page judgment is accessible from this website.

After investigating all the claims it received, the US authorities found that the total of the verifiable claims based on net deposits is US$55,646,896.54.  This figure is therefore the subject of restitution awarded by the Court to victims who have established that they were proximately harmed by the conduct of Mr. David Smith. However, preliminary investigations by ACOM have revealed that the list is seriously flawed and does not represent an accurate picture of what the US authorities claim it does.  ACOM has evidence that effectively challenges the calculations made by the US authorities, and in several cases, the figures quoted in the document are understated.

All Olint members who are disputing the accuracy of the amount of their net claim as reported by the list attached to the judgment, are encouraged to report this to ACOM immediately. As part of your report, please include the supporting documents that were submitted to the US authorities. Please note that the valid amount to be claimed is the difference between the total of “real” funds deposited, less the total of “real” funds withdrawn over the full duration of your relationship with Olint.  This is the formula used by the US authorities to calculate “net deposit”. When submitting your complaint to ACOM, please indicate the amount and date of your last paid membership dues. Please submit your complaint report to This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

The much bantered US$128,000,000.00 is the aggregate of all of the funds that the US authorities claim that Mr. Smith laundered through the United States financial institutions. This figure corresponds to the total included in all of the indictments related to money laundering.  As part of his plea bargain, Mr. Smith agreed to forfeit the amount of $128,000,000 as part of the punishment for his crime.  What is not as yet clear is whether or not the US authorities have physical possession of these funds. Clarification on this issue is being sought.

However, when asked the most important question, Mr. Ambrose stated that at present there was no money in the possession of the Clerk of Courts from which the restitution judgment can be satisfied. He referred to a small amount of US$5.2 Million that represents seized proceeds from the I-trade platform in which Mr. Smith was implicated.  That money is still under the control of the New York authorities and is the subject of continued negotiation.  Mr. Ambrose indicated that he is in no position to project a date by which funds would be available to satisfy the restitution judgment. 

I put it to Mr. Ambrose that any failure on the part of the US authorities to either convict, or clear specific members of the Martinez family of any alleged direct or indirect involvement in, or complicity with Mr. David Smith’s criminal activities, would be seen at best as a travesty of justice, and at worse, a serious cover-up that would need to be explained.  To this the US Assistant District attorney said that he could not comment at this time. ACOM interprets his response to mean that members of the Martinez family are currently under investigation.

It is the researched conclusion of ACOM that some members of the Martinez family could be very helpful in tracking the whereabouts of Millions of dollars of our money that Mr. Ambrose says he cannot locate. There are still many unanswered questions that must be answered. ACOM is again calling on the Government of Jamaica to identify with its citizens in this matter.

Judgement in Criminal Case # 6:10-CR-232-ORL-35DAB   

ATTENTION: ACTION NEEDED IMMEDIATELY

All Olint members who are disputing the accuracy of the amount of their net claim as reported by the list attached to the judgment, are encouraged to report this to ACOM immediately. As part of your report, please include the supporting documents that were submitted to the US authorities. Please note that the valid amount to be claimed is the difference between the total of “real” funds deposited, less the total of “real” funds withdrawn over the full duration of your relationship with Olint. This is the formula used by the US authorities to calculate “net deposit”. When submitting your complaint to ACOM, please indicate the amount and date of your last paid membership dues. Please submit your complaint report to This e-mail address is being protected from spambots. You need JavaScript enabled to view it no later than October 3, 2011