Lead man sentenced for importing dinars

[Russ63]

A Lead man who schemed to illegally import Iraqi dinars and swindled investors has been ordered to pay his victims $178,867 in restitution.

When he pleaded guilty to unlawfully structuring financial transactions in May, 60-year-old David Olmsted, also known as Dale Cooper, agreed to forfeit $1.2 million in cash and assets for by-passing federal import laws to ship dinars into the United States.

Olmsted arranged to have Iraqi dinars sent from Jordan to the United States in shipments of less than $10,000 to avoid having to report the imports to the Department of Treasury. He promised investors financial benefits by converting their dollars to dinars.

Olmsted will spend three years on federal supervised release.  

http://rapidcityjournal.com/news/local/communities/lead-deadwood/lead-man-sentenced-for-importing-dinars/article_dbf6b3c4-9b8a-511e-b5bf-f16c65e2e365.html

 

 

Does this mean if we bring back Dinars from Iraq we can get into trouble? Because I brought some back from Iraq with me and it was less than $10,000.

[patb1]

RUSS

IT appears that this man was doing this to avoid reporting this to  the ust so that he could  make a financial gain off his investors.

In my opinion  I don't see any problem with what you did  because you are not trying to  convince investors  to give you  dollars for dinar and make  a profit off them    by avoiding UST laws.  Just my opinion of course  , NOT A LEGAL COUNSEL.

.

Rest well

[Dinar Buddy]

Agreed he was avoiding the UST.  Question: Is it legal to get currency of any quantity out of Iraq, via Jordan to the US?

 

This guys is in big trouble...

 

FOR IMMEDIATE RELEASE

September 20, 2013

Contact: Ace Crawford
605-341-1915

 

United States Attorney Brendan V. Johnson announced that a Lead, South Dakota, man convicted of Unlawful Structure of Transactions to Evade Reporting Requirements was sentenced on September 13, 2013, by Chief Judge Jeffrey L. Viken, U.S. District Court. 

David Olmsted, a/k/a Dale Cooper, Jr., age 60, was sentenced to 3 years’ probation, and was ordered to pay $100 to the Federal Crime Victims Fund and $178,867.08 in restitution to individuals who purchased dinar from Olmsted but did not receive it.
 
In February 2011, Olmsted arranged for shipments of Iraqi Dinars, the country’s currency, to be sent from the country of Jordan to the United States in split shipments.  Olmsted was aware that every currency shipment had to reported if the value exceeded $10,000, so he split the shipments to avoid exceeding that amount and to avoid having to report the shipments to the Department of Treasury.  He pled guilty on May 21, 2013.

This case was investigated by the U.S. Immigration and Customs Enforcement's Homeland Security Investigations.  Assistant U.S. Attorney Sarah B. Collins prosecuted the case.

[Raleighwood]

 

A Lead man who schemed to illegally import Iraqi dinars and swindled investors has been ordered to pay his victims $178,867 in restitution.

When he pleaded guilty to unlawfully structuring financial transactions in May, 60-year-old David Olmsted, also known as Dale Cooper, agreed to forfeit $1.2 million in cash and assets for by-passing federal import laws to ship dinars into the United States.

Olmsted arranged to have Iraqi dinars sent from Jordan to the United States in shipments of less than $10,000 to avoid having to report the imports to the Department of Treasury. He promised investors financial benefits by converting their dollars to dinars.

Olmsted will spend three years on federal supervised release.  

http://rapidcityjournal.com/news/local/communities/lead-deadwood/lead-man-sentenced-for-importing-dinars/article_dbf6b3c4-9b8a-511e-b5bf-f16c65e2e365.html

 

 

Does this mean if we bring back Dinars from Iraq we can get into trouble? Because I brought some back from Iraq with me and it was less than $10,000.

 

Only if you sell it telling people they are revaluing the currency when they are redenominating!

[zigmeister]

Only if you sell it telling people they are revaluing the currency when they are redenominating!

Telling people the dinar was going to revalue is not what got him in trouble.  It was removing the US treasury out of the picture.  As far as what one tells people when it comes to an RV or RD, being fully honest is a wise decision.  However whether they RV or RD is still not clear cut at this moment in time.

[Raleighwood]

Telling people the dinar was going to revalue is not what got him in trouble.  It was removing the US treasury out of the picture.  As far as what one tells people when it comes to an RV or RD, being fully honest is a wise decision.  However whether they RV or RD is still not clear cut at this moment in time.

I can bet that is part of it if he was promising a revaluation of the dinar. You remember those other clowns that got in trouble with the law that were gurus? One of the charges was lying to people about a revaluation of the dinar, selling dinar off that premise when the CBI is talking about redenominating. 

[zigmeister]

I can bet that is part of it if he was promising a revaluation of the dinar. You remember those other clowns that got in trouble with the law that were gurus? One of the charges was lying to people about a revaluation of the dinar, selling dinar off that premise when the CBI is talking about redenominating. 

Their case as I recall but I could be way off the mark, I did not follow it really, was they told the people they were pooling the money together as a fund in Iraqi Dinar, yes with the premise it would RV.  There wasn't a fund and they pretty much took the money and ran.  You probably know about it more than I do that's for sure.

[dontlop]

This is one guy who got arrested in South Dakota for fraudulently bringing dinar into the us

He wasn't part of the Toledo

Edited September 30, 2013 by dontlop

[Raleighwood]

Their case as I recall but I could be way off the mark, I did not follow it really, was they told the people they were pooling the money together as a fund in Iraqi Dinar, yes with the premise it would RV. There wasn't a fund and they pretty much took the money and ran. You probably know about it more than I do that's for sure.

They did get in trouble also for the fake hedge fund, there was also a lot of fraudulent lying about the US holding dinar, that whole executive order that had nothing to do with protecting dinar holders and lying about a revaluation of the dinar that was gonna make them rich. Quite interesting.....

[dontlop]

They did get in trouble also for the fake hedge fund, there was also a lot of fraudulent lying about the US holding dinar, that whole executive order that had nothing to do with protecting dinar holders and lying about a revaluation of the dinar that was gonna make them rich. Quite interesting.....

Your confused

The by group in Toledo set up fake hedge funds not this guy

Bh group

By group is briefings buddys

Bh group

This phone likes to change words

Brietlings buddys

I reposted the original from 2011 when this happened in the news section

[Raleighwood]

Your confused

The by group in Toledo set up fake hedge funds not this guy

Bh group

By group is briefings buddys

Bh group

This phone likes to change words

Brietlings buddys

I reposted the original from 2011 when this happened in the news section

I know....I wasnt referring to this guy in my last post

[dontlop]

Uh huh

[Raleighwood]

Hey Zig,

 

  Read this....its the indictment papers. Talks about pumping a revaluation, making buyers rich when the CBI is redenominating, lies about the UST holding dinar for profit and how they are going to facilitate exchanging dinars when in fact they said they will not be exchanging dinars for anyone. Lots of things that really make you wonder about this whole thing.

 

http://ftpcontent.worldnow.com/wtvg/docs/120920_BHgroup.pdf

[zigmeister]

Hey Zig,

 

  Read this....its the indictment papers. Talks about pumping a revaluation, making buyers rich when the CBI is redenominating, lies about the UST holding dinar for profit and how they are going to facilitate exchanging dinars when in fact they said they will not be exchanging dinars for anyone. Lots of things that really make you wonder about this whole thing.

 

http://ftpcontent.worldnow.com/wtvg/docs/120920_BHgroup.pdf

I have to agree sometimes it does make you wonder.  This looks like the case the plaintiffs built around their suit.  Do you know if the case settled?  Were they able to level all the complaints against them?  I kind of laughed at the paragraph the United States would not be redeeming dinar in an re denomination, if there is a re denomination.

[Raleighwood]

I have to agree sometimes it does make you wonder.  This looks like the case the plaintiffs built around their suit.  Do you know if the case settled?  Were they able to level all the complaints against them?  I kind of laughed at the paragraph the United States would not be redeeming dinar in an re denomination, if there is a re denomination.

From what I understand, Rudy is doing time.....

 

Zig you know that its completely plausible for anyone outside Iraq to get shafted holding dinar. Dealers cant promise they will be able to exchange. And being as how this was a federal case, they seem pretty serious about the UST not taking any dinar should there be a redenomination. It does make you question the validity of all this.

[WorkerBee]

I have to agree sometimes it does make you wonder.  This looks like the case the plaintiffs built around their suit.  Do you know if the case settled?  Were they able to level all the complaints against them?  I kind of laughed at the paragraph the United States would not be redeeming dinar in an re denomination, if there is a re denomination.

Not sure I understand your comment....If there is a redenomination or any kind of exchange, it will be Iraq redeeming dinar not the US, right?

[dontlop]

It will be redeemed for goods and services in iraq

If a govt redeems them then that govt can redeem them for goods and services in Iraq

Govts. Buy oil for their reserves

Then sometimes govts. Release some of those oil reserves to bring down oil prices to stimulate their local economy's

[WorkerBee]

It will be redeemed for goods and services in iraq

If a govt redeems them then that govt can redeem them for goods and services in Iraq

Govts. Buy oil for their reserves

Then sometimes govts. Release some of those oil reserves to bring down oil prices to stimulate their local economy's

US banks would be facilitators, the ultimate redemption would be from Iraq. They own the debt, it's their currency.

[dontlop]

US strategic reserves can hold up to 727 million barrels

Global reserves are around 4 billion barrels

Fiat currency's are only redeemable for goods and services

Gold standard is out globally

Anyone can buy debt in any country I bought some Iraqi debt notes Vietnam debt notes And have us debt notes

I guess they could be redeemed for petro dollars like every other currency can be redeemed into petro dollars

Our military uses lots of fuel

[dontlop]

US banks would be facilitators, the ultimate redemption would be from Iraq. They own the debt, it's their currency.

Yep just like the dollar final redemption is in the us for goods and services

Many country's accept the dollar because they can buy many types of goods and services from the us and as they spend those dollars here in the us our economy grows so its good to spread our currency around the globe .

That's what Iraq is doing spreading their currency around the globe so we will eventually be buying goods and services in Iraq with them

The strategic framework agreement calls to unleash the private sector in Iraq

It's coming

The word unleash is good

And it tells us they are still on a leash

It was supposed to happen earlier this year then last week an article came out about activating the strategic framework agreement with the United States

It say in that framework agreement it will unleash the private sector

[WorkerBee]

Yep just like the dollar final redemption is in the us for goods and services

Many country's accept the dollar because they can buy many types of goods and services from the us and as they spend those dollars here in the us our economy grows so its good to spread our currency around the globe .

That's what Iraq is doing spreading their currency around the globe so we will eventually be buying goods and services in Iraq with them

The strategic framework agreement calls to unleash the private sector in Iraq

It's coming

The word unleash is good

And it tells us they are still on a leash

It was supposed to happen earlier this year then last week an article came out about activating the strategic framework agreement with the United States

It say in that framework agreement it will unleash the private sector

LOL, what they are spreading is a worthless currency, the demand hasn't caught up with the supply.  Maybe one day though!

[dontlop]

They spread it out while its worthless then add value to it and when it is redeemed they gain all that wealth for their goods and services

Their economy will take off as those dinars return

Just like if everyone holding dollars around the world if they all decided to spend those dollars for goods and services in America our economy would be booming

China is holding a couple trillion of our debt and as the dollar devalues they are losing money so they would be better off buying American goods as soon as they get those dollars and not hold them

It's built into the system they just don't understand it

We buy from them then they buy from us

They think they will just hold our dollar and we will go broke

Wrong we will just print up more devalue it all and adjust our wages accordingly

They hold our dollar till its worthless they lose not us

[rulesforrebels]

anyone who's ever worked in banking or insurance or heck even a car dealership knows that stuff over 10k you have to report. some people will try to do small stuff under 10k in several transactions to avoid being reported and  when people do this its called structuring.

 

now technically its not illegal. for example say a business is a small business or a startup and can only afford to buy say 6k of inventory at a time. just because they are doing lots of transactions under 10k doesnt meant they are laundering money or trying to hide from reporting, however this guy obviously ran a multi million dollar business and still did apparently all his transactions under 10k so he was doing it just to avoid reporting. 

Telling people the dinar was going to revalue is not what got him in trouble.  It was removing the US treasury out of the picture.  As far as what one tells people when it comes to an RV or RD, being fully honest is a wise decision.  However whether they RV or RD is still not clear cut at this moment in time.

is this the same guy as part of the BH group? if thats the case it was straight up fraud it was a hedgefund that didnt exist. this guy was bringing in currency either over 10k and not reporting it or "structuring" and bringing in amounts smaller than 10k just to avoid reporting it. i wonder the legality of doing this. personally i dont know how much id trust mail comming from jordan. you would think a smart business person would try to do things under 10k so if a package gets lost it doesnt destroy your ubusiness, still sucks but not going to put you under. 

[keepmwlknfny]

Not sure I understand your comment....If there is a redenomination or any kind of exchange, it will be Iraq redeeming dinar not the US, right?

I think basically the indictment was saying that if they redenominate the US wont be handling exchanging them period

[dontlop]

That's why rich Americans invest their money and not hold on to cash products business real estate stocks go up as the dollar devalues

It's not good to hold dollars

Own a couple car lots a steel mill but don't hold cash

The world got it wrong when they hold the dollar

But if they spend those dollars America's economy booms

They cannot destroy our system no matter how hard they try

We set it up

Lol

The indictment said there were no plans to hold dinar

Those clowns said the us treasury held trillions of dinar

The FBI said the treasury had no dinar and had no plans of buying any for their reserves

That was one of the fraud charges brought against the bh group who wasn't involved with this guy this topic is about

Edited September 30, 2013 by dontlop