By John Lee.
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. Read the full story here.
(Source: The Toledo Blade)