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 prison in Turks and Caicos on related fraud and conspiracy charges