This is the first dinar update. The idea here is to pass along news as the investment implodes. I won’t focus on research, speculation, or what the dinar is going to do. I will simply pass along information about what is going on now.
It Looks like another dinar dealer is in trouble. 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. This is according to the ICE website.
ICE is an acronym for Immigration and Customs Enforcement (ICE).
“U.S. Immigration and Customs Enforcement is the principal investigative arm of the U.S. Department of Homeland Security (DHS) and the second largest investigative agency in the federal government. Created in 2003 through a merger of the investigative and interior enforcement elements of the U.S. Customs Service and the Immigration and Naturalization Service, ICE now has more than 20,000 employees in offices in all 50 states and 47 foreign countries.”
“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.”
Wow from Jordan? Imagine that!
“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.”
Wait hold the phone…….It is Illegal to import Iraqi dinar? where is that 13303 presidential order when you need it? This is according to ICE which is a part of homeland security. They should know what the custom laws are!
“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.”
Now it looks like Iraq is getting closer to a redenomination
According to Iraq’s semi-official Alsabaah newspaper, the finance committee received specimens of the new Iraq banknotes from the Central Bank of Iraq. The specimens were of the 25, 50, 100, and 200 dinars. The committee urged the central bank to delay the introduction of the new currency from January 2013 to July 2013 to study all the aspects of the process.
This report is from Banknote News
If this report is true this means that Iraq is close to starting the redenomination process. This is when things are about to get interesting.