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Tax Fraudster and Absconder David Smith Is Sentenced to 3 Years and $7 Million in 120 Days

By Matthew Russell Lee, Patreon
BBC - Guardian UK - Honduras - The Source

SDNY COURTHOUSE, June 8 – David L. Smith was indicted in 2008 for tax shelter fraud. He ultimately fled to Canada, from which he was extradited in 2019. On June 8, U.S. District Court for the Southern District of New York Judge Sidney H. Stein held a sentencing, which Inner City Press covered.  

Notably, Smith spoke for himself, saying he sent Judge Stein a letter on May 18.

Judge Stein said he had not received it, and asked Smith's Federal Defender if she was pushing these objections.    

The Federal Defender said, correctly, Yes, I support what he has written in his letter.  

Then Smith read out his May 18 letter, about his communications with the IRS while working at Merrill Lynch. "Each swap transaction had a counter party, like UBS." He said, "I'll paraphrase because the letter is kind of long."    

Smith says he got legal letters from Skadden, Cravath, Cleary... As to another company he said, "The CEO was a pig.. he was charged with sexual harassment."   

Judge Stein asked, Are you seeking a Fatico hearing?  

The answer was no. But then the Federal Defender began to describe conditions in the MCC, vermin infected, infinite lockdowns.  

Judge Stein cut in: One of my recommendations to BOP is going to be to transfer him to a facility "more appropriate for his crime."   

The Federal Defender argued, This would-be tax evader does not need another day in prison.   

Judge Stein disagreed, sentencing Smith to 36 months and one year of supervised release, and to paying $7 million in 120 days. He ran through payment he said Smith has received, and noted that he agreed not to appeal this level of payments.

The overall case is US v. Coplan, 07-cr-453 (Stein); this part is US v. Smith, 07-cr-453-5 (Stein). 


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