Olint boss, David Smith has been arrested for a second time in the Turks and Cacois Island.

In discussion with Detective Sergeant Willen Belliard of the TIC Financial Crimes Unit, he said that David Smith was taken into custody earlier today.

In February David Smith was first arrested on charges of theft, false accounting and uttering false documents.

He was later granted bail in the sum on US$1M.

At that time, the Deputy Commissioner of Police in the Turks and Caicos Islands Hubert Hughes said the arrest-followed months of investigations.

The Turks authorities are continuing to peruse the documents they seized from Smith’s house and offices last year.

The developments have further raised doubts that investors will be able to recoup the millions of dollars they placed in the failed financial investment scheme.

Of course, only this week a liquidator was appointed to wind up the embattled club, but the liquidator is warning that there is not enough money left to meet the claims of Olint investors.

Concerns were first raised about the operations of the investment scheme Olint last year after it started having difficulties making payouts to its clients.

In July last year, members of the Royal Turks and Caicos Islands Police Force raided David Smith’s house and seized documents and computers.

Olint, which was operated in Jamaica, had been fighting to keep its account open with the National Commercial Bank.

However, in January, the London-based Privy Council ruled that the bank should go ahead and close the accounts.