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bostonangler

Atlanta men convicted of fraud in $600M currency exchange case

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The co-owners and chief operating officer of one of the largest Iraqi dinar exchangers in the United States were convicted by a federal jury following a five-week trial, the U.S. Attorney’s Northern District of Georgia office announced Wednesday.

Tyson Rhame, 53, and James Shaw, 55, both of Atlanta, and Frank Bell, 55, of Decatur, were each convicted of mail and wire fraud conspiracy, as well as multiple counts of mail and wire fraud. Rhame and Bell were also convicted of making false statements to federal law enforcement agents.

“These executives engaged in a lengthy campaign to defraud investors by spreading lies about the investment potential of the Iraqi dinar,” acting U.S. Attorney Kurt R. Erskine said in a news release. “These convictions resulted from years of investigation, which included dozens of electronic and physical search warrants, hundreds of witness interviews, and extensive financial analysis.”

In a news release, Chris Hacker, special agent in charge of FBI Atlanta, said, “The conviction of these three defendants is the result of an extensive effort by the government to protect investors from those who make unsubstantiated claims about the potential revaluation of a foreign currency. Their greed led them to steal the hopes of unsuspecting investors and ultimately led them to their demise. The FBI and its partners make it a priority to root out and punish anyone who preys on investors for their own selfish desires.”

In a news release, Thomas J. Holloman, special agent in charge, IRS-Criminal Investigation, added, “This was a trial about fraudulent inducements, conspiracy, investment fraud and outright greed. Rhame, Shaw, and Bell saw an opportunity to build their personal net worth and business position in the currency market by seizing on investors’ desire for high returns on their investments. At the end of the trial, the jury agreed with the government and found the Sterling Currency Group co-owners and chief operating officer guilty of the conspiracy and the underlying frauds.  Despite the challenges these complex cases present, IRS-CI is committed to working with our partners at the FBI, and the U.S. Attorney’s Office to show white-collar fraud is still an investigative priority.”

According to Erskine, the charges, and other information presented in court, Rhame and Shaw owned and operated the Sterling Currency Group, which was once one of the country’s largest sellers of the Iraqi dinar. Bell was Sterling’s chief operating officer. Between 2010 and June 2015, Sterling grossed over $600 million in revenue from the sale of the Iraqi dinar and other currencies, while Rhame and Shaw received over $180 million in distributions.

The evidence at trial established that the defendants took steps to make investors believe they would get rich by investing in the Iraqi dinar. At one point, Rhame posted information on Sterling’s website falsely suggesting that the dinar was about to revalue. At other times, Rhame and Bell falsely claimed Sterling would cash out investors at airports around the country following a dinar “revaluation.” The defendants also paid substantial sums of money to third parties who in turn spread false information about the dinar on conference calls and Internet chat rooms.

The jury acquitted the defendants of money laundering charges. A fourth defendant, Terrence Keller, was acquitted of all charges at trial.

https://www.mdjonline.com/neighbor_newspapers/northside_sandy_springs/news/atlanta-men-convicted-of-fraud-in-m-currency-exchange-case/article_86b0539e-cccf-11e8-89cc-6bbc922d9fe4.html

 

B/A

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When it does revalue will they get an apology?   

 

The rumor section Gurus better watch out,  They make theses types of claims everyday.  Good thing they're not selling dinars .

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2 minutes ago, Floridian said:

 

How could that have been possible?  

Maybe he gave them info on the other 3.

 

That is what I was thinking he talked and walked. 

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13 minutes ago, nannab said:

 

That is what I was thinking he talked and walked. 

Yep guaranteed 

only way you walk

even in canada

cut a deal for dirt on higher guys

 

these guys would of been offered same deal

but maybe there was no higher guys to get??

except okie

but he is in a plane or a boat

they can’t trace him

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I called out TerryK as a crook years ago and was banned from a different site for it. The guy is a snake with no scruples whatsoever.

 

 :twocents:  pp

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Good find B/A +

The jury acquitted the defendants of money laundering charges. A fourth defendant, Terrence Keller, was acquitted of all charges at trial.

Terry K

 

Starr

Edited by Starrider
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It always amazes me that people can defraud and or steal that much money and think they will never get caught. $600M is not something you just casually walk away with and not get noticed by the big guys. Anyways the part that stuck out the most was that they paid individuals to spread lies about a potential "RV". Goes to show why so many people were popping up over the years with all this knowledge and dates and now they have all vanished. There are still a few of course

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Check this article out about Mr Rhame. The guy was an Air Force LTC. Unbelievable.. 

 

https://www.veteranstoday.com/2018/09/20/tyson-rhame-business-success-mentor/

 

 

 

About Tyson Rhame

tyson-rhame2.pngA graduate of the U.S. Air Force Academy who holds the rank of Lt. Colonel in the USAF Reserves, entrepreneur Ty Rhame credits his military background with giving him the skills he needed to become the successful businessman he is today. He is owner or partner in a diverse portfolio of businesses and continues to seek new opportunities for investment.

Ty Rhame is also committed to philanthropy and has made significant charitable donations both personally and through his businesses. He established the Rhame Family Foundation in 2012 to enrich the educational experience of k-12 students in Atlanta public schools and support local nonprofits.

 

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Does this mean the Iraqi currency that people received is NO good, or is this conviction just about the fact that they overcharged and misrepresented the timing of the RV to people?

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Several years ago an attorney in Nashville got in trouble for investing some trust money into the IQD.  They sold it off to recover the money but the attorney was charged in the case.  I wondered what would become of that post RV.  

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Bought mine from these guys.

 

Bottom line...fraud's against the law. The FBI won't look the other way if you're flat out lying to people.

 

The fact that they'd even hire some guy to shill for them on guru sites WHILE they were living large was just plain dumb.

 

I read a really great interview with someone awhile back who sells dinar, wish I could remember the link, I'd post it.

 

They themselves didn't think it would revalue, but the business itself is totally legit. He was like, "The niche/profit margin was large, etc", not sure if they're still in business, but felt like it was more realistic to read an actual dealer's take on it, in retrospect.

 

 

 

Edited by justchecking123
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1 hour ago, markb57 said:

this dinar investment is all speculation. No guarantee it will ever revalue. That was made clear on the site from the beginning.

 

Is that right?  😲

Well, are we all just wasting our time or what?

And then, why are people paying for VIP, etc?

I'd like to see where your above statement is written.

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I think all investments are in some way speculative.  There is no such thing as a sure thing except death.  I think this investment will pay off.  Just how and how much is anyone's guess.  Hence the speculation.

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Well I believe in this because the internet said so LOL

 

Still cannot copy n paste Sorry

 

 

 

 

Starr

Edited by Starrider
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31 minutes ago, Floridian said:

Is that right?  😲

Well, are we all just wasting our time or what?

 

Well , if one hasn't asked oneself that question many times by now one has not been involved in this very long ...... just keeping it light floridian :twothumbs: ....some have already bailed on this speculation some have their position size of iqd where it doesn't keep them from sleeping well and they carry on with life and will ride it out to be a hero or zero .... cheers 

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