USA v. David A. Smith Remission Fund
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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.

Background

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 Ponzi scheme.

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 classact@gilardi.com.