Welcome to the website for the administration of the USA v. David A. Smith Remission
Fund. This website has been established by the U.S. Department of Justice to provide
general information related to the Remission Fund and the related administration.
January 23, 2017 – All appeals related to the Notices of Petition Determination and Denial have been addressed and final decisions will be mailed shortly.
The Department of Justice has issued a decision on all 5,652 Petitions submitted for remission. Of those submitted, 3,400 Petitions have been granted with Recognized Losses totaling $187,423,237.28. The Department of Justice and Remission Administrator are now in the payment process stage and working to determine the exact pro rata payment amount for each Petitioner as the total Recognized Losses far exceed the forfeited money.
If you invested in Overseas Locket International Corporation, OLINT Corporation,
OLINT TCI Corporation, Ltd. and/or TCI FX Traders, Ltd., between February 3, 2005
through July 15, 2008, inclusive, you may be eligible to receive compensation from
the United States Government.
Between 2005 and 2008, David A. Smith orchestrated a fraudulent investment scheme,
doing business as Overseas Locket International Corporation (“OLINT”) and related
companies. Smith claimed that the companies were private investment clubs that purportedly
traded in foreign currency on investors’ behalf. Smith made false and fraudulent
representations that club members could expect high returns on their investment
with low risk to principal. Rather than investing the funds as promised, Smith used
them for personal gain and paid returns using new investors’ money, in a classic
Smith was convicted in the U.S. District Court for the Middle District of Florida
in September 2011 on multiple counts of wire fraud and money laundering. He was
ordered to forfeit assets seized by federal authorities.
The forfeited funds will be returned to victims of the scheme through a process
called “Remission.” The United States Department of Justice has retained Gilardi
& Co., LLC., as Remission Administrator to assist in the processing of Petitions
for Remission and administration of the Remission Fund. To be considered for Remission,
you or your representative must complete a Petition for Remission Form (“Petition”)
and return it to the Remission Administrator.
If you were identified as a victim in the criminal case, United States v. David
A. Smith, No. 6:10-cr-232-35DAB (M.D. Fla.) for purposes of restitution, you must
still complete and submit a Petition for Remission in order to be eligible for a
remission payment. Restitution and remission are different forms of redress that
require separate procedures.
To be considered for Remission, you must complete a Petition for Remission Form
(“Petition”) along with copies of all supporting documentation and return it to
the Remission Administrator postmarked on or before June 14, 2013.
A Petition can be obtain by visiting the Relevant Documents tab
and clicking “Petition for Remission”. If you have any questions about the Remission
Fund or how to complete the Petition for Remission, you may call (877) 281-4446;
or send an email to email@example.com.