Convicted former Olint boss, David Smith, has applied to the Supreme Court in the Turks and Caicos Islands for a USD$20-million confiscation order against him to be dismissed.

Smith appeared before Chief Justice Margaret Ramsey-Hale in Providenciales for a confiscation hearing last week.

The Jamaican fraudster is being represented by attorney Oliver Smith.

The confiscation order was made so that David Smith would repay the USD$20-million he defrauded from investors in his Ponzi scheme. That’s only a fraction of what he’s alleged to have defrauded.

That order was issued in October 2012 and intended to deny Smith the benefit of property derived from his criminal activities.

Failure to comply with the order would see him serve additional time behind bars.

But Smith’s attorney, Oliver Smith, asked the court that if it was not willing to dismiss the order entirely, it should then reduce the amount to be paid.

Smith said the Director of Public Prosecutions in the Turks and Caicos, acted illegally in not appointing a receiver to collect the money to be repaid.

He also claimed that the unjustifiable and unreasonable three years delay in bringing the confiscation order, was an abuse of process by the Crown.

He further argued that even if the prosecution had no obligation to impose the confiscation order, the law protects defendants from undue delays.

But prosecutors told the court that David Smith should serve additional time, given his failure to comply with the order.

They say Smith has not demonstrated any attempt to repay the money.

Prosecutors say Smith’s house in Chalk Island in the TCI, has little value, since being destroyed by fire in 2012.

But they note that the land on which the house is sited is valued at 2-hundred-thousand US dollars.

Prosecutors told the court that David Smith gave more than 20-million US dollars to the JLP and PNP in Jamaica and the Progressive National Party in the TCI.

The prosecution denied that Smith was being victimized by the length of time it took the Crown to enforce the confiscation order.

They told the court that since Smith was already in prison at the time the order was issued, he could not suffer undue delay.

The prosecutors told the court that they’ve written to the JLP and PNP, seeking to recover the monies that David Smith gave them.

To date they’ve received no response.

According to the prosecution, David Smith defrauded USD$220-million from his victims and does not deserve a further discount on the confiscation sum.

Smith was convicted of multiple counts of wire fraud and money laundering in the TCI and the US in 2010 and 2011.

The court will hand down its ruling in January next year.