July 1, 2009 in Idaho

Idaho seizes Iraqi dinars in investment scheme case

Man promised victims they’d get big payoff when currency rose in value, state says

Becky Kramer beckyk@spokesman.com, (208) 765-7122

The state of Idaho has seized about $1 million worth of Iraqi dinars purchased in a Coeur d’Alene man’s investment scheme.

Jack Lee Smiley purportedly promised to turn a $1,000 investment into a $1 million windfall for investors who’d give him money to buy up Iraqi dinars. He told investors the dinars would increase in value when a new currency – backed by the United States, England and Israel and tied to oil contracts – was issued in late 2007, court records said.

Smiley ran the promotion from 2004 until April 2007, despite a 2005 cease-and-desist order issued by the …

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