Howard Campbell, Sunday Gleaner Writer

David Smith, founder of Olint, Turks and Caicos Islands. - File

Providenciales, Turks and Caicos Islands:

DAVID SMITH, head of troubled investment club Olint Corporation, has the reputation of being a high-roller in this British dependent island he has called home since 2007. According to those in the know, he is a big spender who likes a good party.

Smith is a popular figure in corporate circles here and is known to throw down as much as US$100,000 ($7.2 million) a night at the Players Club and Casablanca casinos, two of his favourite spots.

Good for this country

Two weeks ago, he celebrated his birthday with a massive party at his mansion in the upscale Chalk Sound area. It was reportedly attended by several Jamaican members of Parliament.

No one is prepared to give their name when talking about Smith, but they speak highly of his boundless benevolence, which includes sponsoring many sports competitions and social events. "David helps a lotta people here man. He's good for this country," says a man who claims to be Smith's friend.

Smith's home and businesses here were raided last Monday by the Financial Crime Unit of the Royal Turks and Caicos Islands Police Force. Yesterday, when The Sunday Gleaner contacted him, he would not comment on investigations into alleged financial irregularities involving his two investment companies.

"I'm under strict instructions from my lawyers not to say anything," Smith said. Attempts by The Sunday Gleaner to speak with Neville Cadogan, head of the Financial Services Commission here, were unsuccessful. His assistant said he was on vacation and calls to his mobile phone were not answered.

Not in financial trouble

Meanwhile, the issue has been getting some play in the local media. In their latest editions, the Turks and Caicos Weekly News and Turks and Caicos Sun, two of three weekly newspapers, report extensively on the latest developments on the Smith affair.

In Jamaica, Olint is the latest of the so-called 'alternative investment' schemes to experience problems. The company has been unable to pay out monthly returns to its investors in recent months, despite Smith's insistence that Olint is not in financial trouble.

The Financial Services Commission in Jamaica issued a cease-and-desist order against Olint in 2006, shutting down the company's New Kingston office, saying it did not have a licence to operate.