Oliver Smith, the attorney representing David Smith, the former head of the collapsed Olint Corporation, has refused to comment on his client's guilty plea in the Orlando Federal Court Tuesday morning.

Smith, 41, pleaded guilty to 23 charges of fraud. The attorney, who was contacted Tuesday afternoon, would not budge when asked for a reaction to the outcome of the morning's court matter.

His client pleaded guilty to four counts of wire fraud and 18 counts of money laundering, with each count 

carrying a maximum penalty of 20 years in jail.

It is still unclear how much time Mr. Smith will serve; however it is understood that federal prosecutors are recommending that his sentence be adjusted downward.

The plea agreement, a copy of which was obtained by RJR News,   outlined that, for each count of wire fraud, the fine may be assessed at twice the amount of gross gain or loss.

He could be convicted for a total of 460 years.

The money laundering counts each carry a maximum penalty of 20 years in federal prison, a US$500 million fine, or twice the value of the property involved in the transaction, whichever is greater.

There is also a term of supervised release of not more than three years.

The plea agreement said Smith described Olint as a private investment club, where he pooled investors' money to engage in foreign currency trade on their collective behalf.

Smith admitted to operating a massive Ponzi scheme, in which he paid returns to investors from their own funds, or money paid by subsequent investors, rather than from any real profit.

Last year Smith, pleaded guilty to fraud and conspiracy charges filed in the Turks and Caicos Islands arising from his investment scam there, and he was sentenced to serve six and a half years in prison.