USA v. David A. Smith Remission Fund
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Frequently Asked Questions

  1. Why did I receive a notice in the mail about this case?
  2. What is this case about?
  3. What is forfeiture?
  4. What is remission?
  5. Who is eligible to receive remission?
  6. What do I need to do to receive remission?
  7. 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?
  8. What is the deadline for submitting my Petition Form?
  9. How much will I receive if my remission request is approved?
  10. Do I have to send any money?
  11. When will remission be paid?
  12. Do I give up any legal rights by submitting a Petition Form?
  13. What happens if I do nothing?
  14. How do I get more information?
  15. Who is Gilardi & Co. LLC?
  1. 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.

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  2. 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.”

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  3. What is forfeiture?

    Forfeiture occurs when a court declares the proceeds of a crime to be the property of the United States.

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  4. 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).

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  5. 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.

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  6. 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.

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  7. 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.

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  8. What is the deadline for submitting my Petition Form?

    Your completed Petition Form must be postmarked no later than June 14, 2013 and mailed to:

    U.S. v. David Smith Remission Fund
    Remission Administrator
    c/o Gilardi & Co. LLC
    P.O. Box 990
    Corte Madrea, CA 94976-0990

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  9. 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.

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  10. 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.

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  11. 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.

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  12. 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.

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  13. 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.

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  14. 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 classact@gilardi.com.

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  15. 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.

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