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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 last month by a federal jury following a five-week trial.

Tyson Rhame, James Shaw, and Frank Bell 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,” said Acting U.S. Attorney Kurt R. Erskine. “These convictions resulted from years of investigation, which included dozens of electronic and physical search warrants, hundreds of witness interviews, and extensive financial analysis.”

“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,” said Chris Hacker, Special Agent in Charge of FBI Atlanta. “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.”

“This was a trial about fraudulent inducements, conspiracy, investment fraud and outright greed,” said Thomas J. Holloman, Special Agent in Charge, IRS-Criminal Investigation. “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 Acting U.S Attorney 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 that 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.

Tyson Rhame, 53, and James Shaw, 55, both of Atlanta, Georgia, and Frank Bell, 55, of Decatur, Georgia, were convicted of conspiracy to commit mail and wire fraud and multiple mail and wire fraud counts. Rhame and Bell were also convicted of making false statements to federal agents regarding Sterling’s operations. The jury acquitted the defendants of money laundering charges. A fourth defendant, Terrence Keller, was acquitted of all charges at trial.

(Source: US Dept of Justice)
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Hey FBI, Where were(are) you with the Clinton foundation and their criminal theft of Haiti money (among other crimes)? To name just a few.  Eh? I don't hear you. Oh Silence eh. Get off your fake high horse and start doing your job properly doling out justice equally. So please FBI spare me and everyone else your holier than thou platitudes until you do so.

 

As for this RV. People have a better chance of the Dinar RVing than they do with ever winning government operated lotteries which in fact do prey on the poor even more so.

 

I don't like pumpers but I also lay blame on these "investors". I do use the investor term lightly. Anyone who invests into anything without doing their research first I wouldn't call investors and to be honest gets what they deserve. Also, who's the greedy? The pumper or the "investor" who believes/thinks they will get overnight riches?  This is exactly what the government targets with lotteries. Overnight riches with the drawing of balls.

 

Edited by NextYear
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Any legit Company selling currency in the US has to be licensed.  With that comes stringent rules, regs and record keeping. I suspect they broke many rules.  The "reserve" program had to be illegal from what little I know.......

 

As for the promise of an RV............what if it is an RI.........reinstated to what it was before the US bumped it down with the sanctions and all......?

 

What if a change in value is a part of a global currency reset......?

 

There are still companies selling IQD...........why is that if it's a scam.....?

 

Think I'll hang on and see what happens..........JMO.........CL

 

 

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From what I understand, there are still companies selling IQD because it's the currency of Iraq and not a scam.  You can buy it just as you buy Euros, Yen, GBP, etc.

 

The scam that Sterling perpetrated was in the selling of "reserves" whereby they hired people like Terry K and others to lie about their "inside information" and "contacts in Iraq" promising that the Dinar was going to revalue within a certain period of time.  From what I read, people put  down payments on large amounts of dinar, thinking it would revalue as promised.  When it didn't revalue, the so-called down payment was lost.

 

What I don't understand is how Terry K got off Scott Free, when he was the guy that got paid to lie about an imminent revaluation.  He knew he was lying.  He got paid to make up information and spread it on dinar boards and conference calls.  The only thing I can think of is that he sang like a canary and got "immunity" like Maliki.  LOL LOL

 

 

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Some here may be owed currency from Sterling....this might help....

 

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The United States Department of Justice
Northern District of Georgia

You are here

Sterling Currency Action

 

Information Concerning Sterling Currency Group, LLC Actions

The United States Attorney’s Office has filed two separate forfeiture actions related to Sterling Currency Group, LLC and investments in foreign currency: United States v. Real Property Located at 225 Valley Road, N.W., et. al. (Civil Action Number 1:15-CV-2032) and United States v. Approximately 8,671,456,050 in Iraqi Dinars, et. al. (Civil Action Number 1:15-CV-2677).

Additionally, there is a related pending criminal matter: United States v. Rhame, et al., Criminal Action No. 1:16-CR-067. Information will be updated on the publicly available docket reports for these actions.

Please be informed that under the regulations found at 28 C.F.R. Part 9, victims of an offense who have suffered a pecuniary loss of a specific amount as demonstrated by documentary evidence may seek remission or mitigation of forfeiture. If the government prevails in the forfeiture actions, it will distribute information regarding the ability of individual victims to file a petition of remission. You may visit http://www.justice.gov/criminal-afmls/victims-forms to learn more about the petition for remission process. Although there is no required legal form or format for filing a petition for remission, the website provides a sample petition that victims may use as a guide.

We ask that you visit this website periodically for updates on these proceedings. Unfortunately, the United States Attorney’s Office is prohibited by law from providing legal advice related to these cases. Individuals who believe they have been impacted by these proceedings may choose to seek assistance from a lawyer who will be able to explain the forfeiture process.

Please also note that if you believe you are a victim of a scheme involving the Iraqi dinar you may contact the FBI. The FBI website states:

ince the 2003 Iraq war, various promoters have claimed that the Iraqi dinar will undergo a “revaluation” (RV), 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.

If you wish to contact the FBI about this matter you may do so at https://forms.fbi.gov/iraqi-dinar-investment-investigation

Members of the public are reminded that the indictment only contains charges. The defendants are presumed innocent of the charges and it will be the government’s burden to prove the defendants’ guilt beyond a reasonable doubt at trial.

CASE STATUS UPDATES

United States v. Tyson Rhame, et. al., 1:16-CR-67-SCJ-CMS

On October 9, 2018, the defendants TYSON RHAME, JAMES SHAW, and FRANK BELL were convicted of conspiracy to commit mail and wire fraud, mail fraud, and wire fraud. The defendants RHAME and BELL were also convicted of making false statements to federal agents. The defendants were acquitted of money laundering charges.

Sentencing Hearing

The next stage in these proceedings will be the sentencing hearings for the defendants, TYSON RHAME, JAMES SHAW, and FRANK BELL. You are welcome to attend this proceeding; however, unless you have received a subpoena, your attendance is not required by the Court. If you plan on attending, you may want to verify the date and time by using the VNS Call Center or website. If you are a victim of the charged offense(s) and wish to speak at sentencing, please call our office well in advance of the scheduled  hearing date. PLEASE NOTE: If you plan on attending the hearing, we suggest that you call our office at 404-581-6179, 404-581-6041 or 404-581-6102 one business day before the hearing to confirm the date and time. This call will help ensure that you receive up-to-date information on the status of the hearing.

 Restitution

One of the issues that the Court will take up at the sentencing hearing is the amount of restitution owed to the victims of the offense(s). Under the Mandatory Victim Restitution Act, 18 U.S.C. § 3663A, offenders are required to pay restitution to the victims of the offense. After the Court determines this amount, our office will send you formal notification as to how to apply for restitution. You are not required to attend the sentencing hearing to be considered for restitution.

Crime Victims’ Rights Act

Under the Crime Victims’ Rights Act, 18 U.S.C. § 3771, victims have a statutory right to be heard by the sentencing court. If you consider yourself to be a victim of the offense, we encourage you to complete the attached questionnaire and return to our office at the following mailing address:

Christie Jones
Victim Witness Coordinator
U.S. Attorney’s Office
Northern District of Georgia
75 Ted Turner Drive, SW, Suite 600
Atlanta, GA 30303

Our office will compile completed forms and ensure that they are submitted to the District Court prior to the sentencing hearing.

Receiving Notifications

If you have not received notifications from our office from the Victim Notification System which provides you with upcoming hearing dates on this case, it is your responsibility to contact Christie Jones at 404-581-6102 or Ebony Usry at 404-581-6179 so you can be added to this system. We will need your name, email address, phone number, and mailing address to add you to the system for notification purposes. If you do not need to speak with one of us, you can leave a message on our voicemail with this information.  

 

September 4, 2018 - Trial of criminal case

August 28, 2018 – Pretrial conference hearing in criminal case

February 27, 2018 – Pretrial conference hearing in criminal case

November 09, 2017 -  Status Hearing in criminal case

March 07, 2017 - Superseding Indictment

February 22, 2016 - Proposed Amended Complaint

PUBLIC NOTIFICATIONS
       
RESOURCES

Information on Victim Witness Program

Information and Assistance for Federal Crime Victims and Witnesses

Crime Victims' Rights Under the Justice for All Act (18 United States Code § 3771)

Victim Rights Under Title 42 United States (Code § 10606(b))

Victim / Witness & Criminal Justice System Information

Victim / Witness Home Page

CONTACT INFORMATION

Christie Smith Jones
Victim Witness Coordinator
Tel: 404.581.6102
Christie.Jones@usdoj.gov

Ebony Usry
Victim Witness Assistant
Tel: 404.581.6179
Beth.Dozier@usdoj.gov

 

Updated October 24, 2018
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On ‎11‎/‎23‎/‎2018 at 8:41 PM, jg1 said:

The co-owners and chief operating officer of one of the largest Iraqi dinar exchangers in the United States were convicted last month by a federal jury following a five-week trial.

Tyson Rhame, James Shaw, and Frank Bell 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,” said Acting U.S. Attorney Kurt R. Erskine. “These convictions resulted from years of investigation, which included dozens of electronic and physical search warrants, hundreds of witness interviews, and extensive financial analysis.”

“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,” said Chris Hacker, Special Agent in Charge of FBI Atlanta. “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.”

“This was a trial about fraudulent inducements, conspiracy, investment fraud and outright greed,” said Thomas J. Holloman, Special Agent in Charge, IRS-Criminal Investigation. “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 Acting U.S Attorney 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 that 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.

Tyson Rhame, 53, and James Shaw, 55, both of Atlanta, Georgia, and Frank Bell, 55, of Decatur, Georgia, were convicted of conspiracy to commit mail and wire fraud and multiple mail and wire fraud counts. Rhame and Bell were also convicted of making false statements to federal agents regarding Sterling’s operations. The jury acquitted the defendants of money laundering charges. A fourth defendant, Terrence Keller, was acquitted of all charges at trial.

(Source: US Dept of Justice)
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Terrence Keller... i.e. TerryK

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