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Sterling Indictment

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Sterling Indictment Empty Sterling Indictment

Post by Ssmith on Wed Feb 24, 2016 4:05 pm

https://www.iraqidinar.org/criminal-indictment-of-james-shaw-tyson-rhame-frank-bell/

IN THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF GEORGIA ATLANTA DIVISION
Criminal Indictment No. 1:16CR6
FILED IN OPEN COURT FEB 10 2016
UNITED STATES OF AMERICA
v.
TYSON RHAME
TERRENCE KELLER, AKA TERRYK
JAMES SHAW
FRANK BELL
THE GRAND JURY CHARGES THAT:
Count One
Conspiracy to Commit Mail Fraud and Wire Fraud
(18 U.S.C. § 1349)
1. Beginning in or about 2010, and continuing to on or about June 3, 2015, in the Northern District of Georgia and elsewhere, the defendants, TYSON RHAME, TERRENCE KELLER, also known as TerryK, JAMES SHAW, and FRANK BELL, did knowingly and willfully combine, conspire, confederate, agree and have a tacit understanding with each other and with others, both known and unknown to the Grand Jury, to devise and intend to devise a scheme and artifice to defraud, and to obtain money and property, by means of materially false and fraudulent pretenses, representations, and promises, and by the omissions of material facts, well knowing and having reason to know that said pretenses were and would be false and fraudulent when made and caused to be made and that said omissions were and would be materiaL and, in so doing, caused the United States Postal Service and other interstate carriers to be used, and interstate wire communications to be made, in furtherance of the scheme and artifice to defraud, in violation of Title 18, United States Code, Sections 1341 and 1343.

Background
It is relevant to this Indictment that during the time period of the conspiracy:

2. Sterling Currency Group, LLC, which also did business as Sterling Online Processing Services, LLC, and Dinar Banker (collectively, “Sterling”), was a Georgia corporation with its principal place of business in Atlanta, Georgia. Sterling sold and exchanged so-called “exotic currencies”, including most predominantly the currency for the country of Iraq, the Iraqi dinar.

3. TYSON RHAME and JAMES SHAW were co-owners of Sterling, which began operations in 2004. FRANK BELL began working for Sterling in 2010 and became Sterling’s Chief Operating Officer in 2011.

4. During the course of the conspiracy. Sterling grossed over $600 million in revenue from the sale of Iraqi dinar and other currencies. During this time period, RHAME and SHAW received over $180 million in distributions from Sterling. Sterling’s sales were primarily derived from three sources: (1) dinar and other currency sales to individual customers, (2) non-refundable and refundable “layaway orders” whereby customers could put a percentage of money down for the full purchase price of the dinar and other currency, and (3) orders from entities that purchased the dinar and other currencies in bulk (who were, at various times of the conspiracy, referred to as “high-value customers”, “high-risk customers”, “resellers”, and “agents”).

5. “The GET Team” was the trade name for a group of individuals, led by TERRENCE KELLER, also known as TerryK, who ran a website, an internet chat forum and weekly conference calls in which, among other things, information was disseminated to participants concerning the potential investment value of the Iraqi dinar. KELLER maintained operational control over The GET Team, including its finances and revenue, through a Kentucky corporation named “TCB Group.”
Manner and Means
6. During the time period of the conspiracy, the Iraqi dinar was touted by some as a potential investment opportunity. For example, in 2010, Sterling’s website, which contained videos featuring RHAME and articles written by RHAME, described the potential for the Iraqi dinar to increase in value. Additionally, information publicly available on certain internet websites, blogs, chat rooms, and conference calls fueled the speculation by predicting that a “revaluation” of the Iraqi dinar would occur imminently. A “revaluation” or “RV”, in this context, meant a sudden, exponential rise in value of the Iraqi dinar as compared to the U.S. dollar and other relatively stable global currencies. Individuals who owned Iraqi dinar would realize potentially enormous gains if an “RV” ever occurred in this manner.

7. TERRENCE KELLER, through The GET Team, was one of the leading internet-based proponents of the “RV” theory. On The GET Team’s website, internet chat forum, and on weekly conference calls, KELLER falsely claimed to have information from, and verified by, high-level confidential sources in the United States government, the Iraqi government, international organizations, and major financial institutions, regarding an imminent “RV.”

8. Sterling was one of the largest sellers and currency exchangers of the Iraqi dinar in the United States. Beginning at least as early as 2010, Sterling’s business revenue was driven in part by the investment advice touted by TERRENCE KELLER and others, both on the internet and on participating conference calls. In fact, TYSON RHAME, JAMES SHAW, and FRANK BELL, through Sterling, began advertising with The GET Team through a web banner placed on The GET Team’s website. A Sterling representative also participated in The GET Team’s internet forum and on conference calls with followers. At various times, RHAME and BELL personally participated in The GET Team’s conference calls. Followers of The GET Team were on occasion offered a discount coupon and sale price to purchase Iraqi dinar from Sterling.

9. TERRENCE KELLER induced followers of The GET Team into believing his claims about the imminent “RV” of the Iraqi dinar, and about his access to high-level confidential sources, by making material misrepresentations and by omissions of material facts. For instance, KELLER did not have information from, or contact with, high-level confidential sources. Additionally, KELLER claimed directly and indirectly to followers of The GET Team that he had no financial or other ulterior motive to promote the Iraqi dinar as an investment, but rather, that he was simply disseminating his knowledge and information so that others could benefit from it as well. Religious and patriotic themes were often interwoven into The GET Team’s conference calls and internet forums, further solidifying the perception that KELLER was honest, credible and could be trusted.

10. In truth, TERRENCE KELLER had a secret arrangement with TYSON RHAME, JAMES SHAW and FRANK BELL to promote and “pump” the Iraqi dinar in exchange for payments made by Sterling to benefit KELLER. KELLER, RHAME, SHAW, and BELL knew and believed that representations concerning an imminent “RV” of the Iraqi dinar, particularly claims that the information came from one or more supposed high-level confidential sources, would boost sales for Sterling.

11. TERRENCE KELLER affirmatively told his followers that he did not make substantial profits from his dealings with Sterling and other dinar dealers. In actuality, since at least as early as August 2011, Sterling paid KELLER over $160,000. Additionally, since Sterling’s partnership with KELLER began in late 2010, KELLER received dinar specials, extensions on layaway sales, and other material benefits from Sterling. Separate from this, KELLER received over $100,000 from at least one other dinar dealer. KELLER consistently downplayed all of these financial benefits to his followers and listeners.

12. The correlation between Sterling’s increased sales and TERRENCE KELLER’S promotion and “pump” of the Iraqi dinar was further cemented by the presence of a Sterling representative and other dinar dealer representatives, including, at times, TYSON RHAME and FRANK BELL, on The GET Team’s conference calls and internet forums. At various times, RHAME, BELL and other Sterling representatives participated in conference calls and internet forums in which KELLER made representations to followers concerning the imminent Iraqi dinar “RV”, his access to high-level confidential sources, and claims that he was just trying to be helpful and received no financial benefit for providing this information to others.

13. The presence and participation of TYSON RHAME, FRANK BELL, and other Sterling representatives on The GET Team’s conference calls and internet forums provided further validation to followers that KELLER’s claims about an imminent “RV” of the Iraqi dinar should be believed. While making no direct representations about the likelihood of an “RV” themselves or offering investment advice to potential investors, RHAME, BELL, and other Sterling representatives assured listeners on The GET Team’s conference calls that Sterling was prepared to handle the high volume of Iraqi dinar exchanges that many investors expected would occur immediately after the “RV.”

14. Since at least as early as 2011, RHAME, SHAW, AND BELL established financial relationships with additional promoters, both known and unknown to the Grand Jury, who promoted the notion of an Iraqi dinar revaluation.

15. TYSON RHAME, JAMES SHAW, and FRANK BELL knew and believed that many of Sterling’s customers relied upon information from TERRENCE KELLER and these other promoters when making investment decisions regarding the Iraqi dinar, and that much of the information being disseminated by KELLER and the other promoters was materially false. For one, RHAME, SHAW, and BELL never believed that KELLER or the other dinar promoters had the types of high-level sources they repeatedly claimed to have. Furthermore, at the same time that RHAME, SHAW, and BELL told their employees not to speculate or offer investment advice to customers, they knew that KELLER and the other promoters would continue to spread false information about the dinar.

16. TYSON RHAME, JAMES SHAW, and FRANK BELL knew and believed that the pumping activities of TERRENCE KELLER and other dinar promoters (who were oftentimes called “bloggers”) were essential to Sterling’s financial success. In November 2010, SHAW told an individual that Sterling was the “second largest in US but have been making ground up as we now have the bloggers singing our praises. Almost a little cult like.” In December 2010, RHAME told colleagues that KELLER and the GET Team “push 80% of our business these days.” By December 2011, the relationship with KELLER had grown so strong that, in an internal Sterling email, BELL referred to The GET Team as Sterling’s “largest referrer.” RHAME, SHAW, and BELL knew and believed that the relationships with KELLER and the other dinar promoters continued to generate Sterling millions of dollars in dinar and other currency sales throughout the course of the conspiracy.

All in violation of Title 18, United States Code, Section 1349.
Counts Two Through Seven
Mail Fraud
(18 U.S.C. §§ 1341 and 2)
17. The Grand Jury re-alleges and incorporates herein by reference the factual allegations set forth in paragraphs 2-16.
18. On or about the dates listed below, within the Northern District of Georgia, the defendants, TYSON RHAME, TERRENCE KELLER, also known as TerryK, JAMES SHAW, and FRANK BELL, aided and abetted by each other and others known and unknown to the Grand Jury, for the purpose of executing and attempting to execute the above-described scheme and artifice to defraud, knowingly and willfully caused to be delivered the following mailings to the Sterling customers identified by initials below, by the Postal Service and by private and commercial interstate carrier:

CountDate
(On or about)
Mailing
24/29/2011Money Order for $489.00 mailed from J.H. to Sterling
38/22/2011Money Order for $303.00 mailed from R.G. to Sterling
49/29/2011Money Order for $2,380.00 mailed from K.C. to Sterling
55/8/2012Cashier’s check for $2,845.00 mailed from R.W. to Sterling
69/4/2012Cashier’s check for $120.00 mailed from L.B. to Sterling
710/8/2014Cashier’s check for $1,165.00 mailed from M.G. to Sterling
All in violation of Title 18, United States Code, Sections 1341 and 2.
Counts Eight Through Eleven
Wire Fraud
(18 U.S.C. §§ 1343,1349, and 2)
19. The Grand Jury re-alleges and incorporates herein by reference the factual allegations set forth in paragraphs 2-16.
20. On or about the dates listed below, within the Northern District of Georgia, the defendants, TYSON RHAME, TERRENCE KELLER, also known as TerryK, JAMES SHAW, and FRANK BELL, aided and abetted by each other and others known and unknown to the Grand Jury, for the purpose of executing and attempting to execute the above-described scheme and artifice to defraud, knowingly and willfully caused the following wire communications to be transmitted in interstate commerce:

CountDateWire Communication
87/11/2011Wire transfer of $1,089.00 from A.L. to Sterling
908/11/2011Wire teansfer of $2,402.00 from L.P. to Sterling
101/10/2012Wire transfer of $11,370 from D.G. to Sterling
115/14/2015Wire transfer of $480 from K.H. to Sterling
All in violation of Title 18, United States Code, Sections 1343,1349, and 2.
Count Twelve
Money Laundering Conspiracy
(18 U.S.C. § 1956(h))
21. The Grand Jury re-alleges and incorporates herein by reference the factual allegations set forth in paragraphs 2-16.

22. Beginning in or about 2010, and continuing to on or about June 3, 2015, in the Northern District of Georgia and elsewhere, the defendants, TYSON RHAME and JAMES SHAW, did knowingly combine, conspire, and agree with each other and with others, both known and unknown to the Grand Jury, to commit offenses against the United States in violation of Title 18, United States Code, Section 1957, to wit: to knowingly engage and attempt to engage in monetary transactions by, through or to a financial institution, affecting interstate and foreign commerce, in criminally derived property of a value greater than $10,000, such property having been derived from a specified unlawful activity, to wit: mail fraud, in violation of 18 U.S.C. § 1341, and wire fraud, in violation of Title 18, United States Code, Section 1343; in violation of Title 18, United States Code, Section 1957.
All in violation of Title 18, United States Code, Section 1956(h).

Counts Thirteen Through Twenty-Four
Money Laundering
(18 U.S.C. §§ 1957 and 2)
23. The Grand Jury re-alleges and incorporates herein by reference the factual allegations set forth in paragraphs 2-16.

24. On or about the dates listed below, within the Northern District of Georgia and elsewhere, the defendants, TYSON RHAME and JAMES SHAW, aided and abetted by each other and others known and unknown to the Grand Jury, did knowingly engage and attempt to engage in monetary transactions by, through or to a financial institution, affecting interstate commerce, as described below, each such transaction knowingly involving criminally derived property of a value greater than $10,000, such property having been derived from a specified unlawful activity, that is mail fraud, in violation of Title 18, United States Code, Section 1341, and wire fraud, in violation of Title 18, United States Code, Section 1343, each transaction constituting a separate count as set forth below:

CountDateMonetary Transaction
1301/24/2011Transfer in the amount of $150,000 from a PrivateBank account controlled by SHAW, ending in account number 6748, to another Private Bank account controlled by SHAW, ending in account number 4531
1402/18/2011Transfer in the amount of $75,000 from a USAA account controlled by RHAME, ending in account number 4327-2, to a financial account in the name of a third party with initials “T.A.G.”
1503/22/2011Check in the amount of $1,000,000 from a USAA account controlled by RHAME, ending in account number 4327-2, issued to “TYSON RHAME”, which was then deposited in a Navy Federal Credit Union Account controlled by RHAME, ending in account number 6340.
1603/23/2011Check in the amount of $800,000 from a PrivateBank account controlled by SHAW, ending in account number 4531, issued to a third party with initials “F.F.C.”
1710/25/2012Transfer in the amount of $700,000 from a Wells Fargo Bank account controlled by RHAME, ending in account number 8032, to a Wells Fargo Advisors account controlled by RHAME, ending in account number 7939.
1812/31/2012Transfer in the amount of $5,000,000 from a Merrill Lynch account controlled by SHAW, ending in account number 2089, to another Merrill Lynch account controlled by SHAW, ending in account number 0471.
1904/04/2013Transfer in the amount of $500,000 from a Wells Fargo account controlled by RHAME, ending in account number ending in 8032, to a third party with initials “Y.N.”
2006/21/2013Transfer in the amount of $2,929,000 from a Merrill Lynch account controlled by SHAW, ending in account number 2089, to another Merrill Lynch account controlled by SHAW, ending in account number 2066.
2107/30/2014Transfer in the amount of $3,000,000 from a Merrill Lynch account controlled by RHAME, ending in account number 2062, to a Wells Fargo account controlled by Rhame, ending in account number 5439.
2210/27/2014Transfer in the amount of $2,500,000 from a Merrill Lynch account controlled by SHAW, ending in account number 2089, to a Merrill Lynch account controlled by SHAW, ending in account number 2050.
2301/07/2015Transfer in the amount of $750,000 from a Merrill Lynch account controlled by SHAW, ending in account number 2089, to a Merrill Lynch account controlled by SHAW, ending in account number 2050.
2401/26/2015Transfer in the amount of $2,500,000 from a Merrill Lynch account controlled by RHAME, ending in account number 2062, to a Wells Fargo account controlled by RHAME, ending in account number 5493.
All in violation of Title 18, United States Code, Sections 1957 and 2.

Forfeiture Provision 

  For remainder of indictment, go to:  https://www.iraqidinar.org/criminal-indictment-of-james-shaw-tyson-rhame-frank-bell/


Last edited by Ssmith on Wed Feb 24, 2016 4:26 pm; edited 1 time in total
Ssmith
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Sterling Indictment Empty Re: Sterling Indictment

Post by MarcusCurtis on Wed Feb 24, 2016 4:12 pm

Thanks for posting this Ssmith, but The Link did not open.

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Sterling Indictment Empty Re: Sterling Indictment

Post by Ssmith on Wed Feb 24, 2016 4:25 pm

Ssmith
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Sterling Indictment Empty Re: Sterling Indictment

Post by MarcusCurtis on Wed Feb 24, 2016 4:41 pm

Thank You Ssmith! I appreciate it.

*****************
Listen to the Podcasts on Iraq Currency Watch

it's hard to reason with someone who has not used logic and reason to arrive at their conclusions.

"Facts are stubborn things" -John Adams
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