DID STERLINGS INDICTMENT PROVE THE RV IS A SCAM

Chaz wrote:If this was a honest investment,why would the main stream ,investment companies,forex investors,banks,be involved,not one says it a good investment, and even the banks when you mention the dinar,they say they will never deal with the dinar,Iraq is to unstable. It a scam, but yet Wells Fargo is suppose to be cashing everyone out according to the gurus,now who are you going to believe?
  Sincerely blessings Charles

kenlej wrote:Sterling Currency Group’s leaders lived the high-life: mansions in Buckhead and Brookhaven, luxury cars, property along the Florida panhandle. One even flies a private stunt plane, records state.


They trumpeted their good works, too. Tyson Rhame, an Air Force Academy graduate who lives in Brookhaven, ran a family foundation that got notice for its donations to DeKalb County schools. News accounts said his partners in Sterling, Buckhead’s James and Carol Laurette Shaw, donated 100 acres for Savannah College of Art and Design’s equestrian center. The pavilion is named in their honor.

But the business that helped bankroll their lifestyle and largess — dealing in Iraqi currency — is a scam, according to a federal complaint seeking to seize homes, cars and aircraft. And, court documents say, the philanthropists fretted about getting caught.

“We are risking serious jail time as promoters of a Ponzi scheme…” James Shaw wrote Rhame in a 2010 email, according to the complaint filed in U.S. District Court in Atlanta. In the same email, Shaw said his wife had been “very nervous” and “crying” because “she knows we are running an illegal operation.”


Does this mean that they knew that what they were doing was illegal? I would think so!! 


Sterling, also known as Dinar Banker, operated in the obscure and lightly-regulated world of foreign currency trading, where investors take bets on whether the value of a country’s money will rise or fall. On its website, Sterling bills itself as “Your #1 Source for Buying & Selling Iraqi Dinar.”


“We believe in serving our customers with Integrity & Transparency,” it says.

The federal complaint says that Sterling used a well-known scheme. After the Iraq War began in 2003, various promoters began circulating online rumors that the U.S. Department of the Treasury planned to give the country’s currency a massive boost. When the currency was revalued, holders of dinar would get rich cashing out, the scheme goes.

Sterling was wildly successful selling hard currency, according to investigators. Since 2004, the company claimed $600 million in gross sales, the complaint says. In 2011 alone, their gross receipts totaled more than $245 million, according to the court filing

Bundles of dinars would arrive at Atlanta’s Hartsfield-Jackson International Airport from the Middle East, then were hauled in trucks to an area office. Employees sold them them via phone and online across the U.S. and Canada.

Investors could snap them up on layaway, or cash on delivery.

Dinar promoters ran chat rooms and hosted conference calls to make sure buyers were eager. One pitchmen, identified only as “TerryK” in the complaint, was secretly on Sterling’s payroll to the tune of $150,000, the complaint states.

Dinar trading was poised to go mainstream, the company suggested on its website in 2010, according to the federal complaint. Clients would be able to exchange their Iraqi currency at kiosks and “remote satellite offices” at major airports, including Atlanta, Chicago-O’Hare and New York-JFK.

And Sterling assured investors it would be a trusted supplier in an industry rife with scams. On its website, it states it is registered as a Money Service Business with the Treasury Department, has an A rating with the Better Business Bureau and “supplies a Certificate of Authenticity with every currency order that guarantees in writing that all of our currency is authentic. Our currency is legally obtained, legally transported, legally declared, and from non-criminal origin.”

“We are proud of our ‘Sterling’ reputation and the trust our customers put in us!” the website said.

The predicted currency reset never happened. Currently, it takes 1,200 dinar to equal the value of $1. These promotions have become such a concern to the FBI that it set up a webpage to field tips from possible victims.

On the day of the FBI raid, “TerryK” told investigators he made up claims that he had sources who knew the dinar was about to rise, court documents say. A Sterling executive told the FBI that such rumors were a “mythology.”

The government alleges that Sterling laundered revenues through a complex network of companies and accounts. The complaint names numerous companies and trusts said to be linked.

Alex Rue, a securities attorney and former lawyer with the Securities and Exchange Commission, said investors should be wary of claims of opportunities that are too good to be true.

“There is always an element of, ‘Why am I so lucky?’” Rue said.

This was written when they were raided June 10,2015.

They were criminally indicted Feb 23 2016. 

A federal grand jury has indicted three executive officers of an Atlanta currency exchange firm that at one time was one of the nation's largest sellers and exchangers of Iraqi currency, the U.S. attorney in Atlanta announced Monday.

Tyson Rhame, 51, and James Shaw, 53—co-owners of the Sterling Currency Group—and company COO Frank Bell, 54, were indicted on multiple charges of conspiracy, mail fraud and wire fraud. Rhame and Shaw were also charged with multiple counts of money-laundering.

The indictment also charges Terrence Keller, a 55-year-old Internet promoter, with multiple counts of fraud. Federal prosecutors say Sterling paid Keller to illegally "pump" sales of the Iraqi dinar.

A Kentucky resident also known as TerryK, Keller ran an Internet website and chat room known as "The GET Team" that he used—along with weekly conference calls with potential investors—to promote investments in the Iraqi currency, often with a Sterling representative joining, prosecutors said.

Federal authorities have already seized and are seeking the forfeiture of the defendants' assets, including: millions of dollars held in dozens of financial accounts; millions in foreign currencies; three private airplanes; two Mercedes and an Audi Quatro; real estate in Brookhaven, Atlanta, Panama City Beach, Florida, and Charlotte, North Carolina; and 48 trusts, capital investment groups and limited liability companies in which the defendants had invested.

Sterling Currency Group, a limited liability company, also did business as Sterling Online Processing Services LLC, and Dinar Banker Sterling sold and exchanged so-called "exotic currencies," including most predominantly the Iraqi dinar.

Sterling Currency said in a news release that since federal authorities obtained search warrants and filed a civil forfeiture complaint as part of the investigation of Sterling Currency and what it labeled "the Iraqi dinar industry," Sterling has provided evidence to the U.S. attorney that it believes "demonstrated … that the central fact allegations in the civil forfeiture complaint were inaccurate, and in some instances flatly false." But, the release said, the U.S. attorney secured a criminal indictment anyway.

"From Sterling's perspective, these charges are without any merit. Sterling, a lawful business which sold a lawful product, was owned and operated by law-abiding and conscientious individuals, two of whom served extensively in the United States Armed Forces," the release said. "These executives worked hard to ensure Sterling complied with all state and federal laws and regulations. This included investing enormous resources into its compliance program and maintaining extensive legal and other professional counsel to ensure it was fully compliant with all applicable laws. Sterling and the named individuals strongly deny the U.S. attorney's charges and look forward to vigorously defending themselves throughout this process and at trial."

Mike Brown of Alston & Bird, Rhame's criminal defense attorney, told the Daily Report on Tuesday, "We look forward to defending Mr. Rhame and are confident that when the facts come out there will be a conclusion that he committed no crime.

According to the indictment, a key component of what federal authorities say was the illegal pumping scheme was Keller, who made "materially false" statements to followers of his website that he had information verified by "high-level confidential sources" in the U.S. government, the Iraqi government, major financial institutions and other international organizations. He also told followers that he had no financial motive to promote investments in the dinar but was rather an altruist who shared his knowledge so that others might benefit.

Prosecutors said Keller fueled financial speculation by predicting an imminent "revaluation" of the dinar that would lead to a quick, exponential rise in value over U.S. dollars and other stable foreign currencies. Holders of dinars would realize potentially enormous gains if a revaluation occurred. And the participation of Sterling's executives on Keller's conference calls and chat forums provided validation to Keller's followers that his claims about a revaluation of the dinar were credible, according to the indictment. Keller and his GET Team, prosecutors said, was one of the leading Internet-based proponents of speculation on a dinar revaluation.

Sterling executives didn't make direct representations about the likelihood of a revaluation or offer investment advice to Keller's followers, but the indictment said that Sterling executives "assured listeners" on Keller's conference calls that Sterling was prepared and able to handle the high volume of dinar exchanges that would likely occur once the Iraqi currency was revaluated.

Prosecutors said Keller had a secret financial arrangement with Rhame, Shaw, and Bell and was paid more than $160,000 to fuel speculation in currency sales, particularly the dinar. Keller's promotional activities generated millions of dollars in sales for Sterling Currency, which sold the dinar and other "exotic currencies" as Sterling Online Processing Services and Dinar Banker, prosecutors said.

The indictment also contends that Rhame, Shaw and Bell never believed that Keller had the high-level sources he claimed to have and warned their own employees not to speculate. But, the indictment said, Sterling executives also knew that Keller's alleged pumping activities were essential to their company's financial success and would continue to boost their sales. The dinar has not yet been revalued.

Rhame is alleged to have told colleagues that Keller and his GET Team had generated as much as 80 percent of Sterling's business and was Sterling's single largest referrer, prosecutors added. From 2010 to 2015, prosecutors said that Sterling grossed over $600 million in revenue in currency sales and generated over $180 million in distributions for the company co-owners.

"Investors in the Iraqi dinar, like all investors, are entitled to make an informed choice based on honest and transparent information," U.S. Attorney John Horn in announcing the indictment. "These defendants are alleged to have defrauded investors by spreading misinformation about the investment potential of the Iraqi dinar in order to profit from sale of the currency.

People ask how can they get indicted when any day there will be a Revaluation of the Iraqi Dinar? Well they can't so that proves that the RV is simply a never ending Nigerian scam .

Evidence showed the defendants made investors believe they would get rich by investing in the Iraqi dinar because it was about to revalue. Such a revaluation did not come.