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Thread: No RV for the Sterling Currency Group

  1. #1
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    No RV for the Sterling Currency Group

    Prosecutors Seek to Seize Assets of Iraqi Currency Dealers


    ATLANTA — Jun 11, 2015, 1:31 PM ET
    By JEFF MARTIN Associated Press









    Federal authorities want to seize airplanes, homes, luxury cars and beach properties from a Georgia-based corporation dealing in Iraqi currency.

    In a federal complaint, prosecutors say Atlanta-based Sterling Currency Group LLC is among the largest sellers of the Iraqi dinar in the U.S.
    Prosecutors say the business is built on what they describe as a scam to defraud investors hoping to cash in on a "revaluation" of the currency.
    The idea that the currency will be "revalued," resulting in a sharp rise in its worth, "has spread throughout the Internet and is promoted by a variety of Internet blogs and individuals who hold themselves out to be currency experts or 'dinar gurus,'" the complaint says.

    <Snip>


    In the recently unsealed, 48-page complaint, prosecutors say company representatives spread false information in predicting the dinar would rise sharply in value.
    "Sterling's business practices have included publishing information on its own website that its principals knew to be untrue and disseminating false information over the telephone," the complaint states.
    Full Article at this link.

    Sterling were the big boys, perhaps the biggest. This is going to send shockwaves through the dinarosphere because they weren't the only ones paying pumpers to,..you know, pump dinar sales. James "Adam Montana" Wolf seems to be deleting any mention of the raid from his DinarVets forum, guess he hasn't figured out how to spin this yet. And he isn't alone. When the BH Group went down, they were a drop in a bucket, Sterling, is one of the buckets.

    My thanks to Deana for the link to the complaint. The list of defendants, properties, shell companies and trusts being made subject to foreclosure on is three pages long. Just a few highlights:

    I. Introduction

    1.This Complaint seeks forfeiture of the
    below-listed properties to the United
    States as proceeds of specified unlawful
    activities and properties involved in
    money laundering offenses of Sterling
    Currency Group, LLC (“Sterling”); Sterling
    Online Processing Services, LLC (Sterling
    Online); GID Partners, LLC (GID); Alex
    Capital Holdings LLC (Alex); James Shaw
    (J.Shaw); Carole Laurette Shaw
    (C.Shaw); Tyson Rhame (Rhame); Frank Bell
    (Bell), and other entities controlled by
    these same businesses and individuals that
    have used the facilities of interstate
    commerce in a scheme to defraud investors
    in the Iraqi dinar by publishing and
    disseminating false information about the
    viability of that currency as an
    investment:

    B.Knowledge of the Scam

    15. Sterling’s success is at least
    partially attributable to its use of the facilities of
    interstate commerce, including wire communications,
    both directly and indirectly, to disseminate false
    and misleading information about the possibility of a
    revaluation of the dinar and to steer customers toward
    choosing Sterling over its competitors.

    16. The revaluation (or simply, “RV”) theory has
    spread throughout the Internet and is promoted by
    a variety of internet blogs and individuals who hold
    themselves out to be currency experts or
    “dinar gurus.” According to the RV theory, the dinar
    will experience an abrupt , exponential rise in value
    against the U.S. dollar and hence yield enormous profits
    for dinar holders.

    17. An individual who worked for Sterling from
    approximately 2013 to 2015 confirmed that Bell
    at one point told customer service center
    representatives in a meeting that there would
    never be an Iraqi dinar revaluation. Bell
    instructed the representatives not to tell
    callers that the revaluation will never occur
    but to tell the callers to do their own research.
    i.Sterling’s Use of the RV Promoters’ Web Sites

    23.Sterling has knowingly benefitted from
    false representations made by web
    sites and blogs, including “The GET Team.”

    24.The GET Team, which is led by an in
    dividual known as TerryK, runs an
    internet chat room and weekly conferen
    ce calls in which information about the
    Iraqi dinar is discussed. During those
    chats and conferences, TerryK spreads false
    information suggesting that the reva
    luation is about to occur.

    25.In a September 13, 2010, email, TerryK
    introduced himself to Rhame:
    Ty, My name is TerryK, I own the wo
    rlds [sic] largest Dinar web site
    going....we have currently 7200 members
    and currently we hold two calls a
    week with about 1500 on the call and 100
    ’s if not 1,000’s on skype listening
    in...what I would like to do is open a
    discussion with you and maybe have
    you on a call this coming wed night.
    It starts at 9pm and thought maybe 10-
    15 min on how you operate, how to ca
    sh in with your firm and then a
    question and answers session....let
    me know via email [sic].
    terryk.

    26.Thereafter, beginning at least as ea
    rly as 2011, Sterling began making
    monthly payments in the amount of $4,000
    to TerryK. In total, Sterling has paid
    TerryK more than $150,000 since 2011.
    By Jove, I think they've got it. The entire driving force of the dinar scam summed up. Dinar importers pretending to be legal money service businesses unrelated to the frothing from the mouth pumpers. Except the pumpers are paid by the dinar sellers. Who's a thunk it?

    One small footnote to add, Terryk of the GET Team mentioned above had more than one sort of junior partners. One of them was Rodney "Gankans" Blackburn who's had four or five ponzi/pyramid schemes implode underneath him so far this year dispite his best efforts to promote them.


    Late edit to add a link to the FBI's Dinar Investment Investigation response form:

    If you or a relative have been told that you will make enormous profits from the purchase of the Iraqi dinar, Vietnamese dong, Indonesian rupiah, or other foreign currency, the FBI encourages you to complete this victim questionnaire.
    Last edited by GlimDropper; 06-11-2015 at 06:04 PM.
    So your prophets of finance have fallen on their collective proverbial face, and you hear muffled voices calling: Welcome to the human race.
    You made a killing dealing real estate at NASA selling cemetery plots in outer space til some falling coffins crashed upon your doorstep: Welcome to the human race.

    Open up your heart...

    Welcome to RealScam.com.

  2. #2
    GlimDropper's Avatar
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    Re: No RV for the Sterling Currency Group

    Just a "chat log" from the dinarosphere so grain of salt warning. This was said to have been posted on June 4rth:

    [TERRYK] WELL I WILL TELL YOU ALL THIS…PART OF THE STORY IS TRUE



    [TERRYK] I WAS DETAINED YESTERDAY FOR ABOUT 5 HOURS BY THE FBI

    [TERRYK] THEY DID RAID MY HOME…11 OFFICERS

    [TERRYK] THEY TOOK ALL ELECTRONICS AND THUMBDRIVES…PAPERWORK

    [TERRYK] THIS IS BECAUSE WE HAVE A BANNER ON THE SITE, NO DIFFERENT THAN THE OTHER BANNERS, HOWEVER THEIR IS SOME ISSUES WITH STERLING THEY ARE LOOKING AT THAT IM NOT AT LIBRITY NOR DO I REALLY KNOW WHATS GOING ON

    [TERRYK] IM NOT UNDER ARREST…IM ALLOWED TO MAINTAIN THE SITE, AND HOW I DO BUSINESS

    [TERRYK] NOW YOU KNOW THE TRUTH

    [TERRYK] NOW THE RUMOR MILL GOING AROUND IS THAT ALL DINAR SITES WILL BE GOING DOWN hSOON

    [TERRYK] THE OTHER BANNERS ARE NOT QUESTIONED JUST STERLING



    [TERRYK] I WANT TO MAKE SURE YOU ALL KNOW THIS


    [TERRYK] I AM NOT AN EMPLOYEE OF STERLING …NEVER HAVE BEEN



    [pmscott55] ericasmom Sterling page is still up and working just loged in

    [TERRYK] I THINK THATS WHATS BEEN SAID OUT OF ATLANTA PAPER OR SOME SITE

    [TERRYK] I DONT KNOW ANY DETAILS OTHER THAT WHAT THE PAPER HAS SAID ABOUT STERLING



    [TERRYK] NOW SOME OF THE STAFF HERE WERE VISITED AS WELL

    [TERRYK] I WILL TELL YOU THAT

    [TERRYK] KEEP IN MIND WHAT WE HAVE ALWAYS SAID



    [TERRYK] TREAT EVERYTHING WE DISCUSS AS RUMOR


    [TERRYK] BUT AS THEY WENT THRU MY HOME YESTERDAY, HAD ME IN ONE ROOM, MY WIFE IN ANOTHER AND BEING ASKED QUESTIONS FOR 3 HOURS ITS A LITTLE SCARY

    [TERRYK] AND THEN ANOTHER 2 HOURS WATCHING THEM GO THRU ALL YOUR STUFF

    So your prophets of finance have fallen on their collective proverbial face, and you hear muffled voices calling: Welcome to the human race.
    You made a killing dealing real estate at NASA selling cemetery plots in outer space til some falling coffins crashed upon your doorstep: Welcome to the human race.

    Open up your heart...

    Welcome to RealScam.com.

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