Deadline extending government's time to indict owners of former Smith Advertising passes
http://www.fayobserver.com/news/crime_courts/deadline-extending-government-s-time-to-indict-owners-of-former/article_501afeb2-dff7-5c5c-a34a-35d613b6fa08.html
Deadline extending government's time to indict owners of former Smith Advertising passes
Posted: Friday, September 12, 2014 6:50 pm | Updated: 7:00 am, Sun Sep 14, 2014.
By Michael Futch Staff writer
A deadline set after a third joint motion filed by prosecution and defense lawyers in U.S. District Court in Tampa, Florida, to extend the government's time to indict the owners of the former Smith Advertising & Associates has passed.
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Gary Smith, 69, former CEO of the Fayetteville advertising firm, and his son, Todd, 45, former chief operating officer, could face federal charges for allegedly conducting a Ponzi-style scheme involving unsuspecting investors.
"Although the parties continue to be actively engaged in discussions to resolve this matter, no resolution has been finalized to date," the motion said. "This is a complex, fact-intensive matter and the discussions have been lengthy. The parties are hopeful that that additional time may allow them to resolve this matter."
A two-year federal criminal investigation found that at least 74 victims - private individual and business investors in North Carolina, Florida and other parts of the nation - are claiming losses from Smith Advertising exceeding $55 million.