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Dinar Fraud Trial Begins
Iraq, May 10, 2014
Ohio based publication The Toledo Blade has reported the beginning of a new trial of three local men accused of intentionally deceiving investors with the now familiar refrain that the Iraqi dinar will dramatically revalue.
The accused ran a firm BH Group along with two hedge funds, with one defendant allegedly lying about fighting in Iraq. The scale of the fraud is reported to be $23 million.
According to the report, the men are accused of promoting the currency, “as a potentially profitable investment on the theory that at some unknown point in time a “revaluation” would occur. If the Iraqi government would increase the value of its currency from a tenth of a penny to, say, $2, a $25 investment could turn into $50,000.”
All of the defendants have been charged with conspiracy to commit wire fraud and wire fraud as well as various other related financial crimes.
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Iraq, May 10, 2014
Ohio based publication The Toledo Blade has reported the beginning of a new trial of three local men accused of intentionally deceiving investors with the now familiar refrain that the Iraqi dinar will dramatically revalue.
The accused ran a firm BH Group along with two hedge funds, with one defendant allegedly lying about fighting in Iraq. The scale of the fraud is reported to be $23 million.
According to the report, the men are accused of promoting the currency, “as a potentially profitable investment on the theory that at some unknown point in time a “revaluation” would occur. If the Iraqi government would increase the value of its currency from a tenth of a penny to, say, $2, a $25 investment could turn into $50,000.”
All of the defendants have been charged with conspiracy to commit wire fraud and wire fraud as well as various other related financial crimes.
[You must be registered and logged in to see this link.]
