Dinar Revaluation Schemes Probed By FBI

As the FBI investigates Iraqi Dinar dealers, do you suspect that there’s something amiss with the troubled currency?

For years, I’ve been reporting that sellers of the currency haven’t been on the up and up about its prospects.
The pitch has been simple: Buy the dinar and get rich — when, and if,  it’s revalued.

Sellers of the dinar have promised untold thousands of investors that they would make out like bandits when the Iraqi government established a new value for their currency, which is only worth a fraction of the dollar’s value.

But to date, the Aladdin-like payday didn’t happen, although myriad sellers have been pumping the Internet full of fake news on imminent revaluations for years.

As you can see from reading any news account on what’s happening in Iraq, it’s effectively shredded into three, maybe four sectarian areas. The insurgent Sunni group ISIS (or ISIL or Daesh), controls the Western part of the country and Mosul, the oil-producing city. The Kurds control the Northeast. And various Sunni and Shiite groups control the rest. It’s a catastrophe, both from a humanitarian and political standpoint.
That leaves the dinar in a a basket of woe. Will it be revalued to make all of its holders rich? It seems unlikely given the chaotic political situation, which is even worse than before the U.S. invaded after 9/11.

So what are dinar peddlers actually selling? Well, paper for one thing. Extreme, unrealistic hope for another.

A bevy of state agencies have warned against buying the dinar as an investment as have I (several times over the past several years). You’d be better off holding your money in a FDIC insured savings or checking account, which pays almost no interest.
Here’s what the FBI said of its probe:

“The FBI and Internal Revenue Service – Criminal Investigation (IRS-CI) are investigating a currency investment scheme involving the Iraqi dinar and certain other foreign currencies.
Since the 2003 Iraq war, various promoters have claimed that the Iraqi dinar will undergo a “revaluation,” meaning that dinar holders would make enormous profits.



Many of these promoters claim to have high-level sources in the government or the financial industry. Several state agencies, major financial institutions, and consumer protection groups have cautioned that this is a scam.”


The latest wrinkle in the dinar drama, though, comes not from Washington, but from Atlanta.

Investigators are probing the business dealings of Tyson Rhame, whose Sterling Currency Group is a major dinar dealer. 

According to the Triad Business Journal:
Investigators claim the company, which acts as a buyer and seller of the Iraqi dinar, has been defrauding investors by spreading false information about buying the Iraqi currency as an investment.


The FBI has been investigating schemes involving the purchase of Iraqi dinar…That revaluation has not occurred, and many believe it will never occur, the court filing indicates. Revenue for the company swelled from $26 million in 2010 to $245 million in 2011, and it topped $100 million in 2012 and 2013, according to the filing. Through the first nine months of 2014, the company saw $85 million in revenue.


In response to a request for comment, an attorney representing Rhame offered a written statement that also appears on Sterling Currency Group’s website.


The statement says that Sterling Currency Group was “completely surprised by the recent federal complaint and strongly denies any allegations of wrong doing.”


What You Can Do

If you’re working with a legitimate dealer, they should buy back your dinar.

Of course, they will probably charge you a commission again and value the currency at today’s prices, so it’s almost certain you won’t get all of your money back.

If you want to tell the FBI about your experience with a dinar seller, here’s their form. I don’t know if they’ll contact you — that’s up to them — but at least you know they’re looking into it. It’s about time.


http://www.forbes.com/sites/johnwasik/2015/06/19/dinar-revaluation-schemes-probed-by-fbi

it really does not matter if the fbi is investigating  look at lyin Hillary she is as guilty as sin and she walks

Jayzze wrote:it really does not matter if the fbi is investigating  look at lyin Hillary she is as guilty as sin and she walks

http://www.dinardaily.net/t55929-another-dinar-dealer-will-be-sentenced

http://www.dinardaily.net/t55848-illinois-man-pleads-guilty-to-wire-fraud-in-connection-to-sales-of-iraqi-currency

http://www.dinardaily.net/t55299-currency-scam-in-great-falls-mt

http://www.dinardaily.net/t49688-us-man-pleads-guilty-to-illegal-dinar-sales-it-was-smuggled-iqd

http://www.dinardaily.net/t55186-another-douchenozzle-goes-to-prison

http://www.dinardaily.net/t55965-sixth-circuit-foreign-currency-scheme-doesnt-pay

http://www.dinardaily.net/t55966-top-secret-iraqi-cash-and-oil-contracts-scheme-brings-criminal-charges-sec-trouble-for-utah-man

http://www.dinardaily.net/t55967-woman-gets-prison-for-460k-fraud

http://www.dinardaily.net/t55968-global-transaction-services-head-indicted-for-money-laundering

http://www.dinardaily.net/t55971-colo-tells-firm-to-stop-promoting-investments-in-iraqi-dinar

etc, etc...