- Why did I receive a notice in the mail about this case?
You received a notice because you have been identified as a possible victim of a
fraudulent investment scheme orchestrated by David A. Smith, doing business as Overseas
Locket International Corporation (“OLINT”) and related companies.
- What is this case about?
David Smith claimed that OLINT and the related 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 United States Department
of Justice will distribute these funds to eligible victims of the fraud through
a process called "Remission.”
- What is forfeiture?
Forfeiture occurs when a court declares the proceeds of a crime to be the property
of the United States.
- What is remission?
Remission occurs when forfeited assets are returned to the victims of the crime
underlying the forfeiture. Authority to grant remission rests with the United States
Attorney General, as delegated to the Asset Forfeiture and Money Laundering Section
of the U.S. Department of Justice. The remission process is governed by the Code
of Federal Regulations, Chapter 28, Part 9 (2012).
- Who is eligible to receive remission?
Persons who incurred a pecuniary loss because of investment in OLINT and/or the
related investment clubs may be eligible for remission. To be eligible, you must
have 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.
- What do I need to do to receive remission?
You must submit a Petition Form to the Remission Administrator. If you did not receive
a Petition Form in the mail, you may download it from the Remission Fund website
by clicking here. You may also request that a form be
mailed to you by calling the Remission Administrator at (877) 281-4446. You must
complete all information requested on the form, sign under the penalty of perjury,
and include sufficient documentary evidence of your investments and returns of investments.
- I was already named as a victim in the Restitution Order in the criminal
case, United States v. David A. Smith, No. 6:10-cr-232-35DAB (M.D. Fla.). Do I still
have to submit a Petition Form?
Yes. Even if you were already recognized as a victim for purposes of restitution
in the criminal case, United States v. David Smith, you must still submit a Petition
for Remission and supporting documents. Remission and restitution are separate forms
of redress that require separate procedures.
- What is the deadline for submitting my Petition Form?
Your completed Petition Form must be postmarked no later than June 14, 2013 and
U.S. v. David Smith Remission Fund
c/o Gilardi & Co. LLC
P.O. Box 990
Corte Madrea, CA 94976-0990
- How much will I receive if my remission request is approved?
The amount of money in the Remission Fund is not expected to be sufficient to cover
the losses of all victims. If your remission petition is approved, you will receive
a pro-rata percentage of your recognized loss amount. The pro-rata percentage will
not be known until all remission claims have been received and adjudicated.
- Do I have to send any money?
No. Do not send any money to the Remission Administrator or to any other persons.
Expenses associated with the remission process are paid by the United States Government.
Most persons should be able to complete the Petition Form without any professional
assistance. However, if your investments in OLINT and the related investment clubs
were very frequent or highly complex, you may wish to obtain the services of a paid
professional in completing the Petition Form.
- When will remission be paid?
Because of the anticipated large number of victims, distribution of funds is not
expected to take place until one year or more after the deadline for submitting
Petitions for Remission.
- Do I give up any legal rights by submitting a Petition Form?
No. Persons who submit a Petition Form will not release any legal rights or claims
they may have against Smith or any other persons associated with this fraud. However,
any recoveries that you receive from other sources may reduce or eliminate your
loss amount for purposes of remission.
- What happens if I do nothing?
If you do not submit a Petition Form, you will not be eligible to receive any compensation
from the forfeited funds, even if you incurred a loss.
- How do I get more information?
More information is available from the Remission Administrator’s website at www.gilardi.com/DSmithRemissionFund
or by clicking the Home tab above. If you have any questions about the Remission
Fund, you may call (877) 281-4446, or send an email to
- Who is Gilardi & Co. LLC?
Gilardi & Co. LLC is a private claims administrator that has been retained by the
United States Department of Justice to process petitions for remission in this case.
Gilardi provides claims administration services for numerous private class-action
lawsuits, as well as several federal agencies, including the United States Securities
and Exchange Commission and the Federal Trade Commission.