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US Man Pleads Guilty to Illegal Dinar Sales

SnowGlobe7

By SnowGlobe7,
in Buying and Selling Dinar

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SnowGlobe7 Newbie

SnowGlobe7

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US Man Pleads Guilty to Illegal Dinar Sales

Posted on 02 June 2013. Tags: dinar, forex, IQD, iraqi dinar

By John Lee.

An American man has pleaded guilty to operating an illegal business selling Iraqi dinar.

ArgusLeader reports that 60-year-old David Olmsted, also known as Dale Cooper Jr., received daily Federal Express packages with shrink-wrapped piles of dinar bills that had been smuggled out of Iraq and into Jordan.

The man, from South Dakota, was charged in federal court with operating an unlicensed money transmitting business, failure to report on exporting and importing monetary instruments, and unlawful structure of transactions to evade reporting requirements.

He remains free on bond until a sentencing hearing in September. He faces a maximum sentence of five years in prison and a $250,000 fine.

(Source: ArgusLeader)

http://www.iraq-businessnews.com/tag/iraqi-dinar/

 

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dontlop Newbie

dontlop

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I SAW THIS AWHILE BACK ...WHAT THIS TELLS ME IS THERE ARE LEGAL DINAR SALES AND ILLEGAL DINAR SALES 

or everyone would be arrested thats selling dinars .. they sell them on ebay .. it makes ya wonder

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supergirl Newbie

supergirl

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Lake Worth attorney McCabe sued for sham Iraqi Dinar deal

June 26, 2013 03:00PM

McCabe-Dinar.gif

Attorney Timothy McCabe, Iraqi Dinar

Lake Worth attorney Timothy McCabe, who was accused of pilfering client funds to pay his own mortgage, was holding 50 million Iraqi Dinars for a corporate client, to whom he promised a “significant profit,” when he disappeared last spring, the Palm Beach Post reported.

 

McCabe turned himself in to the authorities Thursday, after disappearing April 2 with no word to clients or family. He was reportedly involved in several side businesses, which friends say included the purchase of Iraqi currency. PVP Conservation Trust filed a lawsuit in late May, in which the first mention of the money exchange investment was made.

 

The suit, filed by Boca Raton-based attorney Michael Moccia, said McCabe disappeared two weeks after finalizing a deal on March 15. According to the suit, PVP believed the 50 million in Iraqi Dinar, about $43,100, was to be held in trust by McCabe’s firm.

 

The lawsuit says that a transaction involving the Dinar was to take place in Reno, Nev., “due to Reno being a safe haven for this type of transaction.” [Palm Beach Post] –Julie Strickland

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saradise Newbie

saradise

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I would like to recheck... how do we know 100% it is legal to purchase dinar as a us citizen?  The Executive Order 13303 has nothing to do with currency, only oil... 

"According to the Presidential Order 13303 U.S. citizens are allowed to invest in the New Iraq. Under this Order and the Coalition Provisional Government Order 39, a U.S. Citizen has the same rights to invest in Iraq as an Iraqi Citizen."

 

And yes, many banks sold it for a long time. Most of my dinar was purchased from the bank.

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Maggie123 Newbie

Maggie123

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The banks dropped it because they saw it was a waste of time.

 

Ummm Yeah... maybe because a bunch of stary eyed people came in asking if they would be doing the exchange.

 

Hahaha... I would never mention dinar in my bank if I wanted to be taken serious in any way. ;)  

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jon29 Newbie

jon29

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Ummm Yeah... maybe because a bunch of stary eyed people came in asking if they would be doing the exchange.

 

Hahaha... I would never mention dinar in my bank if I wanted to be taken serious in any way. ;)  

 

:lol: you got that right, my bank knows No....thing!

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dontlop Newbie

dontlop

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I would like to recheck... how do we know 100% it is legal to purchase dinar as a us citizen?  The Executive Order 13303 has nothing to do with currency, only oil... 

There are no restrictions or taxes on the purchase or sale of currency;

 read up under monetary policy on this link .. second paragraph under monetary policy .

http://www.iraqitic.com/iraqiTIC_policyEnvironment_en.php

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rulesforrebels Newbie

rulesforrebels

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I dont believe there's any way to detect which bills came here legally and which came here illegally. It's the sellers doing business illegally that have the trouble, probably not us as buyers. This guy obviously wasn't running a very professional outfit as he didn't even have a MSB license which is the most basic element of selling DInar. Does anyone know hwat site he operated? 

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caz1104 Newbie

caz1104

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Lake Worth attorney McCabe sued for sham Iraqi Dinar deal

June 26, 2013 03:00PM

McCabe-Dinar.gif

Attorney Timothy McCabe, Iraqi Dinar

Lake Worth attorney Timothy McCabe, who was accused of pilfering client funds to pay his own mortgage, was holding 50 million Iraqi Dinars for a corporate client, to whom he promised a “significant profit,” when he disappeared last spring, the Palm Beach Post reported.

 

McCabe turned himself in to the authorities Thursday, after disappearing April 2 with no word to clients or family. He was reportedly involved in several side businesses, which friends say included the purchase of Iraqi currency. PVP Conservation Trust filed a lawsuit in late May, in which the first mention of the money exchange investment was made.

 

The suit, filed by Boca Raton-based attorney Michael Moccia, said McCabe disappeared two weeks after finalizing a deal on March 15. According to the suit, PVP believed the 50 million in Iraqi Dinar, about $43,100, was to be held in trust by McCabe’s firm.

 

The lawsuit says that a transaction involving the Dinar was to take place in Reno, Nev., “due to Reno being a safe haven for this type of transaction.” [Palm Beach Post] –Julie Strickland

 

 Goes to show just because one is a lawyer...........................doesn't mean they're smart-peace

 

Have a wonderful 4th SG 

Edited by caz1104
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supergirl Newbie

supergirl

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 Goes to show just because one is a lawyer...........................doesn't mean they're smart-peace

 

Have a wonderful 4th SG 

 

Thanks Caz you too.  I'm trying to decide if I should party hard on the 4th or save it for my birthday on the 5th.  I'm getting to old for double duty any more ...LOL

Edited by supergirl
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caz1104 Newbie

caz1104

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Thanks Caz you too.  I'm trying to decide if I should party hard on the 4th or save it for my birthday on the 5th.  I'm getting to old for double duty any more ...LOL

SG!! Come on now, you can't fool a fool-lol.  You're as fine as wine in my book and got plenty left in the tank. Have a Beautiful and eventful Birthday! You only hit 21 once - peace  

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