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Post by Cindy813 on Mon Aug 03, 2015 7:03 pm

CFTC Charges Illinois Resident Husam Tayeh, Dinar Corp., Inc., and My Monex, Inc. with Fraud and Other Violations Involving Foreign Currency Scheme

August 3, 2015

Federal Court Issues Emergency Order Freezing Assets and Protecting Books and Records

Washington, DC — The U.S. Commodity Futures Trading Commission (CFTC) today announced the unsealing of a civil enforcement action filed in the U.S. District Court for the Middle District of Alabama, charging Husam Tayeh of Oak Lawn, Illinois; Dinar Corp., Inc. (DCI), a Nevada corporation; and My Monex, Inc. (Monex NV), a Nevada corporation (collectively, the Defendants), with operating a fraudulent scheme involving foreign currency (forex), and failing to register with the CFTC as required by federal law. The CFTC Complaint further names Theodore S. Hudson, II and his company My Monex, Inc., an Alabama corporation (Monex AL), both of Dothan, Alabama, as Relief Defendants.

The CFTC Complaint was filed under seal on July 27, 2015, and that same date U.S. District Judge Myron H. Thompson issued an emergency Order freezing and preserving assets under Defendants’ and Relief Defendants’ control and prohibiting them from destroying documents or denying CFTC staff access to their books and records. The Court scheduled a hearing for August 10, 2015, on the CFTC’s separate motion for a preliminary injunction.

The Complaint alleges that beginning from at least January 2012 and continuing to the present (the relevant period), Tayeh, DCI, and Monex NV engaged, and are engaging, in a fraudulent scheme involving the offering of agreements, contracts or transactions in off-exchange forex on a leveraged, margined, or financed basis to retail customers who were not eligible contract participants (ECPs) and that do not result in actual delivery of forex within two (2) days of the transaction date(s). Defendants, who have never been registered as required with the CFTC, have engaged in more than $8 million of these illegal, off-exchange retail forex transactions.

Tayeh created and operates DCI and Monex NV, business entities that he uses to facilitate the Defendants’ fraudulent activities and that act as the counterparty(s) in the subject agreements, contracts or transactions in forex. Defendants operate their fraudulent scheme via the Internet through the use of their website, by offering, and entering into, transactions in forex with non-ECP retail customers that are leveraged, margined or financed by the Defendants, and that result in actual delivery of forex – if at all - within periods of not less than 15 days and as much as 120 days following the date of the transaction(s).

The Complaint further alleges that in furtherance of the fraudulent scheme, Tayeh, individually and on behalf of DCI and Monex NV, made, and continues to make, material misrepresentations and omit material facts in solicitations to actual and prospective customers via the website, including but not limited to: (1) representing that DCI operates a “fully licensed and fully compliant licensed money services business” but failing to disclose that DCI has been served with cease and desist orders in the states of Texas and Illinois for operating without required licenses; (2) representing that DCI and Monex NV provide the “best price guaranteed” and the “best prices up front all the time” but failing to disclose that the forex transactions they offer to retail customers include significant finance charges; (3) failing to disclose that DCI and Monex NV are each operating as a registered foreign exchange dealer (RFED) without being registered with the Commission as required; and (4) failing to disclose that Tayeh is acting as an associated person (AP) of an RFED(s) without being registered with the CFTC as required. Relief Defendants Hudson and Monex are alleged to have accepted funds from the Defendants to which they have no legitimate claim.

In its continuing litigation, the CFTC seeks restitution to defrauded customers, disgorgement of ill-gotten gains, a civil monetary penalty, permanent registration and trading bans, and a permanent injunction against future violations of federal commodities laws, as charged.

The CFTC appreciates the assistance of the Office of the United States Attorney for the Middle District of Alabama, the Alabama Securities Commission, the Federal Bureau of Investigation, the Dothan Alabama Police Department, and the Houston County Alabama Sheriff’s Office.

CFTC Division of Enforcement staff members responsible for this action are Timothy J. Mulreany, JonMarc P. Buffa, Kyong J. Koh, Patricia A. Gomersall, Joanna M. Lara, Tashieka Taylor, and Paul G. Hayeck, as well as Jeremy Christianson from the Office of Data and Technology.

* * * * * *

CFTC’s Foreign Currency (Forex) Fraud Advisory

The CFTC has issued several customer protection Fraud Advisories that provide the warning signs of fraud, including the Foreign Currency Trading (Forex) Fraud Advisory, which states that the CFTC has witnessed a sharp rise in Forex trading scams in recent years and helps customers identify this potential fraud.

Customers can report suspicious activities or information, such as possible violations of commodity trading laws, to the CFTC Division of Enforcement via a Toll-Free Hotline 866-FON-CFTC (866-366-2382) or file a tip or complaint online.

http://www.cftc.gov/PressRoom/PressReleases/pr7206-15

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Post by Ponee on Mon Aug 03, 2015 7:35 pm

Thanks a bunch Cindy813 for this great update !  Wonderful FIRST POST !

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Post by Cindy813 on Mon Aug 03, 2015 8:55 pm

AND HERES ANOTHER COURT DOC
 
DATED 7/27

http://www.iqncalls.com/DinarCorp_Order.pdf

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Post by Ssmith on Mon Aug 03, 2015 9:28 pm

@Cindy813 wrote:AND HERES ANOTHER COURT DOC
 
DATED 7/27

http://www.iqncalls.com/DinarCorp_Order.pdf

Good read!  Thank you!
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Post by Kevind53 on Mon Aug 03, 2015 11:46 pm

They're done ... wonder who will be next ... 8 million in illegal Forex transactions, and from context I assume they are all reserves, wonder how many were never paid up and thus pure profit?

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Post by Muskie on Tue Aug 04, 2015 12:05 am

Done!  Good stuff.
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Post by Ssmith on Tue Aug 04, 2015 11:30 am

@Kevind53 wrote:They're done ... wonder who will be next ... 8 million in illegal Forex transactions, and from context  I assume they are all reserves, wonder how many were never paid up and thus pure profit?

I wonder about the illegal Forex transaction that were made AND completed.  What will happen to the Dinar that is in the hands of the current owner?
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Post by aksafeone on Tue Aug 04, 2015 12:11 pm

ss: 
The dinar in the hands of the current owner will probably be confiscated and retained by the U. S. Government (probably to be cashed in or traded for oil at a later date - would not surprise anyone given the current administration),  Typically, the assets of those that do similar things, like securities people, bank people, etc. are either frozen or confiscated.  The courts eventually rule on distribution - many years down the road and with much interest either lost or retained by the government.  NO?  Well, then let's audit all of the past cases.  One would probably find corruption, claims of "lost" assets, deniability everywhere, finger pointing and assorted delaying tactics.  Typical government mumbo-jumbo.  Eventually some Senator would tell up that according to some "investigation by my office" the assets have not be located and are presumed lost.  (Ever wonder how a Senator can serve 1 six year term and retire a millionaire?  Several have.) 
Trust in government - NOT.  Certainly not this one we have today.  An Attorney General who not only allows confiscated guns to leave the country, but also those same guns were used to kill Americans!  And he gets away with it.  The list is endless.  TRUST this government, hardly conceivable. Why do I say this?  Look at their track record - even the press (who are pro-administration) has reported on many cases of wrong doing.  And what went to court? Nada.  Really a trust builder isn't it?
Can't change it when they use Chicago political tactics to win elections so time to move on to something else.  Or is it?
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Post by RML on Tue Aug 04, 2015 1:00 pm

I'm having trouble with this cause for action, with regard to the IQD specifically.  The IQD is not traded on Forex, or anywhere else for that matter. The legalese does state "future" trading, and here may be the issue.

That Sterling, Dinar Corp and all the rest are using "deceptive" marketing to sell a not-yet currency to people with the hope (expectation) that it will have a future value, for me, is a bit of a stretch. Like going after someone selling Confederate money marketed with the slant that the "South Will Rise Again!"

The IQD has no value, is not tradable...now.  Ir Dinar Corp properly registers with the Future and Trading Commnission (CFTC) and the State of Alabama, would that nulify the Complaint?

It would be great to get a litigators take on all of this.

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Post by Ssmith on Tue Aug 04, 2015 1:06 pm

IQD does have value and is the legal currency of Iraq, so it's not like Confederate money.
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Post by RML on Tue Aug 04, 2015 3:22 pm

Of course it is Iraq's currency -- inside Iraq. It is not a tradable currency...yet.
Inside Iraq you can buy whatever you want with it. Here in the US, you cannot
walk into a bank that provides currency exchanges and swap it for USD or whatever.

My question and point is: how can one be in violation of US laws with something that
has no value in the US?

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Post by Ssmith on Tue Aug 04, 2015 3:49 pm

Just because it's not an internationally traded currency doesn't mean it doesn't have value here in the US.  Just a few years ago banks were selling it to people who were traveling to Iraq.  They quit when they realized many were getting it as an investment.
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Post by Kevind53 on Tue Aug 04, 2015 9:52 pm

@RML wrote:I'm having trouble with this cause for action, with regard to the IQD specifically.  The IQD is not traded on Forex, or anywhere else for that matter. The legalese does state "future" trading, and here may be the issue.

That Sterling, Dinar Corp and all the rest are using "deceptive" marketing to sell a not-yet currency to people with the hope (expectation) that it will have a future value, for me, is a bit of a stretch. Like going after someone selling Confederate money marketed with the slant that the "South Will Rise Again!"

The IQD has no value, is not tradable...now.  Ir Dinar Corp properly registers with the Future and Trading Commnission (CFTC) and the State of Alabama, would that nulify the Complaint?

It would be great to get a litigators take on all of this.

The issue arises because selling foreign currency as an investment makes it a securities transaction and you must have a securities license to do that. Selling it on reserves makes it a futures transaction and again you must be properly licensed to do that. Currency dealers do not have the required SEC licenses ... just guessing, but I suspect you would need a series 7 license for that.

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Post by RML on Wed Aug 05, 2015 7:26 am

Thanks. I had a Series 7 way back when...
The classification of the probable violation is not the point that I am obviously not  making. The IQD TODAY is not on any retail exchange for trading. As far as the world of currency trading is concerned the IQD has no relationship with any other currency. It is YET to be sanctioned as tradable, hence it is valueless in that context.

How can one be in violation of selling a non-currency via Forex Currency Exchange?

The Complaint has the proviso of a possible "future" violation on the part of the defendants.  If the defendants are not doing anything illegal NOW, the Complaint is saying that they probably WILL be in violation...a future violation of futures.

My takes is that this legal action -- with all of its loopholes, is the pre-planned roll out of shutting down the potential of skullduggery (buying a gazillion dinar on reserve in this world of high-frequency trading). Whoever thought this scenario up is very savvy. It worked.

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Post by crazyjerry123 on Wed Aug 05, 2015 8:55 am

All this sounds like a wicked scare tactic to force us into selling our currency, which is very fishy, indeed. Why would the government want us to close out our Iraqi Dinar, when it has no value and illegal to cash-out, or exchange, according to the GOI. If anyone sells their Dinar on that pretext, then you deserve what you end up with, about half of what you paid. Most of the investors only spent a few hundred dollars, the big purchases went to the Vietnamese Dong because it's a legal currency, that you can cash in at many banks. So, what's going to happen to the Dong buyers? As far as confiscating our Dinars, that is absolutely absurd, how in the world are they going to force millions, or 10's of millions of people all over the world to give up their dinar? Are they going to come to our house with a warrant and demand our currency back? That's the only way they're going to get my tiny stash.

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Post by FS4Enthusiast on Wed Aug 05, 2015 9:26 am

@RML wrote:Thanks. I had a Series 7 way back when...
The classification of the probable violation is not the point that I am obviously not  making. The IQD TODAY is not on any retail exchange for trading. As far as the world of currency trading is concerned the IQD has no relationship with any other currency. It is YET to be sanctioned as tradable, hence it is valueless in that context.

How can one be in violation of selling a non-currency via Forex Currency Exchange?

It's still a currency. Just because you can't exchange for it at your local BoA doesn't make it not a currency. And, lest you forget, you DID used to be able to get it from US banks, they just stopped doing it because they didn't want to be involved in the scam.


The Complaint has the proviso of a possible "future" violation on the part of the defendants.  If the defendants are not doing anything illegal NOW, the Complaint is saying that they probably WILL be in violation...a future violation of futures.

They are doing something illegal now.

An MSB marketing or selling something as an investment is illegal. Selling an "option" or "future" is selling an investment by definition.

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Post by FS4Enthusiast on Wed Aug 05, 2015 9:29 am

@crazyjerry123 wrote:All this sounds like a wicked scare tactic to force us into selling our currency

It sounds to me like the government busting people that are breaking the law, which they should be doing, and is a good thing.

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Post by aksafeone on Wed Aug 05, 2015 12:39 pm

RML:
A thought just came to me, since all of the dealers have websites and the majority of computers are somehow connected to telephone lines it would not be a stretch to connect the dots and have the charges filed due to either interstate commerce or the communication system fraud regulations.

If in fact that is the case, then those that "pump" for the dealers could also be charged with aiding and abetting a felony (fraud).  That would encompass a majority of the "gurus" on the blogs and certainly those that continue to taut the RV happening Monday, no Tuesday, no Wednesday, etc., imminent and any other verbiage that suggests or hints at a date that eventually results in the action never occurring on that date or time.  That act would in some sense be construed to be having the potential for someone to get excited enough to rush right down and purchase dinar with the expectation of a large gain in a short time - how many times has that happened?  I contend that it happened a lot over the years as I have personally seen (and tried to prevent) two individuals from doing just that.  They rushed down, bought dinar for a reduced price with the understanding that they had 30 days to pay off the balance.  The so called RV never happened and they lost their "deposit" as they did not pay off the balance.  Many of the dealers did that in the beginning and much money was "lost" due to those actions.
I personally think that that act of the dealers was also fraud and dealers should not only face criminal charges and penalties but also have to repay the people who participated in the "purchase of dinar on layaway or other action that resulted in the loss of their money due to none payment.  Since the supposed RV did not happen the person lost their money if they did not pay the balance.  If one had purchased a car the loss of the car would have been an appropriate thing in that case since I had possession of the car.  BUT, since one never had possession of dinar and only the prospect of getting it at the end one would think that it would be reasonable to expect ones money back due to the fact that it would be almost impossible to hold that large amount of dinar (the dealer) to cover all of the so called potential sales.  Since it is impossible to determine how many sales one would have it would therefore be impossible to hold that much product i.e.: the action on the dealers part would be fraudulent. 
The further one goes into this the more one gets to wondering about the legality of it all.  The one thing that has occurred to me is that those of us who received the dinar physically have at least a financial document to present at some future time or at any time for some redemption.  The fact that at this present time the dinar is only traded in Iraq is an accepted part of the deal.  From a currency and coin collector's viewpoint even the old Saddam dinar would have some value - collection wise.  Since the financial document is subject to being collected by collectors it would therefore not be a large leap to the actual fact that the dinar actually has value in any country of the world (just not as a traded currency used to purchase goods and services).
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Post by dwm007 on Wed Aug 05, 2015 12:52 pm

@crazyjerry123 wrote:All this sounds like a wicked scare tactic to force us into selling our currency, which is very fishy, indeed. Why would the government want us to close out our Iraqi Dinar,

Hi new here and this has finally gotten me inspired to join in with a question for you or anyone else who has made that statement or one similar, and it seems to come up just about every time "bad news" is posted.

Why would Iraq, or the U.S. Government for that matter, attempt to get Dinar holders to sell? I mean really what would be the benefit to that? THINK about it, just who would you be selling to? You can't possibly sell back to Iraq even if you wanted to and the ONLY places you can sell are to other Dinar "investors" or back to dealers who would in turn re-sell to "investors"! Either way the U.S. Government nor Iraq gains anything by getting people to sell since nothing changes but the name of the person owning the Dinar. Now answer me this, WHY would Iraq then put out "smoke" or mis-information or why would the U.S. Government close down dealers to get investors to sell when the Dinar would only end up in the hands of other "investors"?

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Post by crazyjerry123 on Wed Aug 05, 2015 2:20 pm

@FS4Enthusiast wrote:
@crazyjerry123 wrote:All this sounds like a wicked scare tactic to force us into selling our currency

It sounds to me like the government busting people that are breaking the law, which they should be doing, and is a good thing.
I agree with you on busting people that are breaking the law, because they are going to save us from ourselves, as greed takes over.  I also believe and been saying for a long time that the dealers have to stop selling the huge amounts of reserves they made available. Sterling was offering reserves up to 900 million Iraq Dinar, which is crazy. And, if there is any remote chance of this actually RVing, the cost will now be reasonable, assuming the rate is low enough to make it possible, like a few pennies for the Dinar. I really don't expect any profitable return, but I'm a dreamer anyway.

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Post by Kevind53 on Wed Aug 05, 2015 7:29 pm

@RML wrote:Thanks. I had a Series 7 way back when...
The classification of the probable violation is not the point that I am obviously not  making. The IQD TODAY is not on any retail exchange for trading. As far as the world of currency trading is concerned the IQD has no relationship with any other currency. It is YET to be sanctioned as tradable, hence it is valueless in that context.

How can one be in violation of selling a non-currency via Forex Currency Exchange?

The Complaint has the proviso of a possible "future" violation on the part of the defendants.  If the defendants are not doing anything illegal NOW, the Complaint is saying that they probably WILL be in violation...a future violation of futures.

My takes is that this legal action -- with all of its loopholes, is the pre-planned roll out of shutting down the potential of skullduggery (buying a gazillion dinar on reserve in this world of high-frequency trading). Whoever thought this scenario up is very savvy. It worked.

This is not a probable violation, nor do the charges say anything about Forex. The issue is that by selling options currency dealers are engaging in futures transactions they are not licensed to engage in. Selling the dinar is not illegal, selling futures or selling it as an investment without the proper licensing from the SEC is.

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Post by Kevind53 on Wed Aug 05, 2015 7:37 pm

@dwm007 wrote:
@crazyjerry123 wrote:All this sounds like a wicked scare tactic to force us into selling our currency, which is very fishy, indeed. Why would the government want us to close out our Iraqi Dinar,

Hi new here and this has finally gotten me inspired to join in with a question for you or anyone else who has made that statement or one similar, and it seems to come up just about every time "bad news" is posted.

Why would Iraq, or the U.S. Government for that matter, attempt to get Dinar holders to sell? I mean really what would be the benefit to that? THINK about it, just who would you be selling to? You can't possibly sell back to Iraq even if you wanted to and the ONLY places you can sell are to other Dinar "investors" or back to dealers who would in turn re-sell to "investors"! Either way the U.S. Government nor Iraq gains anything by getting people to sell since nothing changes but the name of the person owning the Dinar. Now answer me this, WHY would Iraq then put out "smoke" or mis-information or why would the U.S. Government close down dealers to get investors to sell when the Dinar would only end up in the hands of other "investors"?

The simple answer is they are not. All of that is pooroo talk and worth about as much as your last bowel movement.

*****************
Trust but Verify --- R Reagan Suspect

"Rejoice always, pray without ceasing, in everything give thanks; for this is the will of God in Christ Jesus for you."1 Thessalonians 5:14–18

 FRAUD CHARGE ON DINAR CORP --BGG/POPPY May be Next 2805820865  FRAUD CHARGE ON DINAR CORP --BGG/POPPY May be Next 2805820865  FRAUD CHARGE ON DINAR CORP --BGG/POPPY May be Next 2805820865  FRAUD CHARGE ON DINAR CORP --BGG/POPPY May be Next 2805820865
Kevind53
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FRAUD CHARGE ON DINAR CORP --BGG/POPPY May be Next Empty Re: FRAUD CHARGE ON DINAR CORP --BGG/POPPY May be Next

Post by FS4Enthusiast on Thu Aug 06, 2015 3:48 pm

@Kevind53 wrote:
@RML wrote:Thanks. I had a Series 7 way back when...
The classification of the probable violation is not the point that I am obviously not  making. The IQD TODAY is not on any retail exchange for trading. As far as the world of currency trading is concerned the IQD has no relationship with any other currency. It is YET to be sanctioned as tradable, hence it is valueless in that context.

How can one be in violation of selling a non-currency via Forex Currency Exchange?

The Complaint has the proviso of a possible "future" violation on the part of the defendants.  If the defendants are not doing anything illegal NOW, the Complaint is saying that they probably WILL be in violation...a future violation of futures.

My takes is that this legal action -- with all of its loopholes, is the pre-planned roll out of shutting down the potential of skullduggery (buying a gazillion dinar on reserve in this world of high-frequency trading). Whoever thought this scenario up is very savvy. It worked.

This is not a probable violation, nor do the charges say anything about Forex. The issue is that by selling options currency dealers are engaging in futures transactions they are not licensed to engage in. Selling the dinar is not illegal, selling futures or selling it as an investment without the proper licensing from the SEC is.

This is one of the gray areas, at least to me (since I'm not a lawyer).  There's nothing inherently illegal about exchanging dinar for dollars.  People DO travel to Iraq, and it wouldn't hurt for them to have some dinar (even though dollars are probably accepted virtually everywhere, and at a MUCH better exchange rate than you'll get from a dinar dealer in the US).

On one end of the spectrum, we have guys like Sterling that were (allegedly) paying people to lie about the prospects of the dinar, in order to sell more dinar.  Not hard to see why that is or should be illegal.

On the other end of the spectrum, what about a dinar dealer than never paid a single cent to a guru or forum for advertising, but still sold 3 trillion dinar over the last 5 years?  It's not possible that they'd be so stupid that they'd think there was a legitimate demand for that much dinar just from vacationers and contractors actually travelling to Iraq, so they KNOW that these dinars are being bought by people as an investment.  And not just as an investment, but as an investment entirely based on the total lies told by the gurus.

On the surface you might think "well, yeah, but they didn't market it as an investment, not their fault what the buyers were planning on doing with it."  But is that really true?  Legally?  What if you ran a Walgreen's and had a guy that came in and bought 400 packages of Sudafed a week?  You know he's not that congested.  You know he's using it to make meth.  You sell it to him anyway.  I think Walgreen's in this scenario would be legally culpable (which is why ephedrine products have become so locked down by retailers).

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Post by FS4Enthusiast on Thu Aug 06, 2015 3:53 pm

Internet forums are actually another good corollary. You can make a forum that is supposed to be about discussing knitting, but if all the members start posting illegal pornography on it and you don't do anything about it, you're going to get reamed by the justice department. Even though it wasn't your intent, the fact that you knew it has happening and didn't stop it can make you legally culpable.

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