A Jamaican man admitted in U.S. federal court on Tuesday to swindling thousands of Florida and Caribbean island investors out of more than $220 million.
David Smith, 41, pleaded guilty in Orlando, Florida, to multiple counts of wire fraud and money laundering. He laundered approximately $128 million to conceal the wire fraud.
He could face decades in prison for defrauding more than 6,000 investors during his three-year Ponzi scheme, the U.S. Attorney's Office said. No sentencing date has been set.
Last year, Smith was sentenced to more than six years in...