Resent Indictment - Federal Goverment - IQD

[Dinar Buddy]

Read the article... Link: http://www.ice.gov/news/releases/1305/130521rapidcity.htm

 

 

News Releases

May 21, 2013

Rapid City, SD

South Dakota man pleads guilty to evading reporting requirements for importing foreign currency
Will forfeit assets worth $1.2 million

 

RAPID CITY, S.D. – A western South Dakota man pleaded guilty in federal court Friday to evading federal reporting requirements for importing foreign currency. As part of a plea agreement he will forfeit currency and assets with an estimated value of $1.2 million.

This guilty plea resulted from an investigation by U.S. Immigration and Customs Enforcement’s (ICE) Homeland Security Investigations (HSI), and the Internal Revenue Service’s Criminal Investigation (IRS CI), with the cooperation of U.S. Customs and Border Protection (CBP) and the Lead, S.D., Police Department.

David Olmsted, aka Dale Cooper Jr., 60, of Lead, S.D., pleaded guilty to evading reporting requirements for foreign currency transactions. According to court records, Olmsted will forfeit assets and currency worth at least $1.2 million, to include:

• $290,000 in bank accounts,
• about 449,000,000 Iraqi dinars (valued at $404,000), and
• about $500,000 in vehicles, collectible coins, and additional substitute assets.

Olmsted may also be required to pay restitution to his financial investors.

• According to court documents, 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 in February 2011. He had previously been federally licensed to conduct foreign currency transactions in 2004 and 2006, but his license lapsed in 2008. Also, importing Iraqi currency is against federal law.

Federal law also requires the reporting of all transactions exceeding $10,000. Olmsted illegally split the shipments to avoid exceeding that amount, and to avoid having to report the shipments to the U.S. Department of Treasury. He always had these shipments sent to residential addresses, rather than those of his businesses.

In addition, he solicited investors to fund his activities in a convoluted financial scam, whereby he promised to convert U.S. currency to dinars by selling and buying jewelry and collectible coins. He promised significant returns on the exchange of dinars for dollars to his investors.

Olmsted funneled the illicit proceeds through business and personal bank accounts in South Dakota and Wyoming. He used the proceeds from his scam to finance Internet sales and purchases of foreign currency, jewelry and collectible coins via two businesses he previously owned: Black Hills President’s Park, and the Iraqi Dinar Financial Group, both based out of his home.

In addition to the forfeiture of his assets, the maximum penalty upon conviction is five years’ imprisonment and/or a $250,000 fine. A pre-sentence investigation was ordered and a sentencing date was set for Sept. 13. Olmsted was released on bond pending sentencing.

 

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News Releases

May 21, 2013

Rapid City, SD

South Dakota man pleads guilty to evading reporting requirements for importing foreign currency
Will forfeit assets worth $1.2 million

 

RAPID CITY, S.D. – A western South Dakota man pleaded guilty in federal court Friday to evading federal reporting requirements for importing foreign currency. As part of a plea agreement he will forfeit currency and assets with an estimated value of $1.2 million.

This guilty plea resulted from an investigation by U.S. Immigration and Customs Enforcement’s (ICE) Homeland Security Investigations (HSI), and the Internal Revenue Service’s Criminal Investigation (IRS CI), with the cooperation of U.S. Customs and Border Protection (CBP) and the Lead, S.D., Police Department.

David Olmsted, aka Dale Cooper Jr., 60, of Lead, S.D., pleaded guilty to evading reporting requirements for foreign currency transactions. According to court records, Olmsted will forfeit assets and currency worth at least $1.2 million, to include:

• $290,000 in bank accounts,
• about 449,000,000 Iraqi dinars (valued at $404,000), and
• about $500,000 in vehicles, collectible coins, and additional substitute assets.

Olmsted may also be required to pay restitution to his financial investors.

According to court documents, 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 in February 2011. He had previously been federally licensed to conduct foreign currency transactions in 2004 and 2006, but his license lapsed in 2008. Also, importing Iraqi currency is against federal law.

Federal law also requires the reporting of all transactions exceeding $10,000. Olmsted illegally split the shipments to avoid exceeding that amount, and to avoid having to report the shipments to the U.S. Department of Treasury. He always had these shipments sent to residential addresses, rather than those of his businesses.

In addition, he solicited investors to fund his activities in a convoluted financial scam, whereby he promised to convert U.S. currency to dinars by selling and buying jewelry and collectible coins. He promised significant returns on the exchange of dinars for dollars to his investors.

Olmsted funneled the illicit proceeds through business and personal bank accounts in South Dakota and Wyoming. He used the proceeds from his scam to finance Internet sales and purchases of foreign currency, jewelry and collectible coins via two businesses he previously owned: Black Hills President’s Park, and the Iraqi Dinar Financial Group, both based out of his home.

In addition to the forfeiture of his assets, the maximum penalty upon conviction is five years’ imprisonment and/or a $250,000 fine. A pre-sentence investigation was ordered and a sentencing date was set for Sept. 13. Olmsted was released on bond pending sentencing.

[easyrider]

then why did the banks sell IQD and why do the big name dealers still sell it it had to come from somewhere overseas, They would have been shut down if it was against federal law.  This guy got screwed because he wasnt licensed any longer to sell.

there are certain guidelines im sure you have to go through when getting foreign currency to the states to sell. this guy obviously did not follow them.

[DinarThug]

Shhhh, Quit Interrupting With Ur Facts Easy !

 

Inspector Dinar Buddy Is About To Blow The Lid Off Of This Whole Dinar Scam Thingy !

 

 

                                                  

[quadkidd1]

Maybe this is the Morman guy whatshisname got hooked up with...............

Quad

[larryk43]

Shhhh, Quit Interrupting With Ur Facts Easy !

 

Inspector Dinar Buddy Is About To Blow The Lid Off Of This Whole Dinar Scam Thingy !

 

 

                                                  

Very good, he and his twin brother Inspector Clouseau will get to the bottom of it I'm sure - if everyone around them doesn't die first - LOL      

[Texas1]

I like the title, I'm sure the guy does resent the recent indictment.........

[ScooterScum]

Shhhh, Quit Interrupting With Ur Facts Easy !

 

Inspector Dinar Buddy Is About To Blow The Lid Off Of This Whole Dinar Scam Thingy !

 

 

                                                  

Yeah Easy, Quit obscuring the story with facts. It isn't fair. LMAO

[wpsmit]

How resent was this? yesterday? last week? Oh 5 months ago? Old, Old news, and I recent it

[ReinMan]

Some hype for the next few days. 

We shall see....

[DinarBam]

From May of 2013. This was sent.....then resent, but it is not recent!