Prosecutors want maximum sentence for David Smith

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United States prosecutors have asked the court to throw the book at former Olint boss David Smith when he is sentenced on Thursday.
Lawyers representing Smith, the mastermind behind the Ponzi scheme that bilked investors out of more than US$220 million, had written to the court pleading for leniency at the sentencing.
But in a response, the prosecutors asked the court to impose a sentence reflecting the seriousness of the charges and to have the sentences on all 23 run consecutively, so that Smith will remain in prison for a long time.
Smith is to be sentenced in the United States District Court in Orlando.
In March, Smith entered a guilty plea to 23 counts of wire fraud, conspiracy to commit money laundering, and money laundering. Last week, his lawyer, Oliver Smith, filed a motion in court seeking a "reasonable sentence" for the convicted money trader.
With Smith facing maximum jail time of 20 years on each count, the attorney urged the court to sentence him below the advisory guidelines.
But the prosecutors argued that if Smith was sentenced to only 20 years, the court would fail to respect the nature and seriousness of the crime, and would also fail to offer adequate deterrence to criminal conduct.
The prosecutors further argued that a 20-year sentence would show a disparity to persons who were found guilty of similar offences.
The prosecutors also filed a motion for the court to allow the state to seize property and cash totalling US$128 million from Smith.
The prosecutors identified a property in Florida purchased by Smith for US$159,881 and three accounts holding more than US$5 million, which they want to seize immediately while the search continues for any other asset he might own.
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