David Smith, the former operator of the failed ponzi scheme, Olint, was released today from a prison in the Turks and Caicos Islands after completing 10 years imprisonment.
This was confirmed by Turks and Caicos Attorney General Rhondalee Braithwaite-Knowles.
Smith was sentenced in Turks and Caicos in 2010 and a concurrent 10 years in the US for money laundering.
The US courts also sentenced Smith to a consecutive 20 years for wire fraud.
He was discharged from extradition on the fraud charges by the former Turks and Caicos Islands Chief Magistrate Clifton Warner, which resulted in the US applying again for his extradition in respect of that part of their case.
The Turks and Caicos Islands authorities never appealed that discharge and it was brought back under the guise of being a new offence.
It was heard by former Chief Magistrate Tanya Lobban Jackson, who discharged him on the extradition on the fraud charges.
The US is appealing that decision.
The Attorney General for the Turks and Caicos said Smith will be rearrested in the event that the US is successful in the appeal.
In August 2011, a U.S. District Judge sentenced Smith to 30 years in prison in Orlando federal court.
Smith pleaded guilty to 18 counts of money laundering, four counts of wire fraud and one count of conspiracy to commit money laundering.