Jack Smiley has been arrested and is currently in the Kootenai County Jail with a $100,000 bond. He has been charged with Grand Theft, General Fraud, Commodity Fraud, and 2 counts of Forgery.
These criminal charges have been brought by the Kootenai County prosecutor.
Thursday, September 10, 2009
Tuesday, September 8, 2009
Distribution Order
Judge Mitchell has approved distribution of the Dinars, and has ordered the Receiver to distribute Dinars to all investors. The Department of Finance will not be converting the Dinars to dollars and sending out US Currency. All investors will receive Dinars.
The Receiver was able to sell some of Smiley's property, and has a small cash balance on hand. This will be used to pay for shipping. If there is any money left over once all costs have been paid, Judge Mitchell has ordered the receiver to pay this out to investors at the same ratio as the Dinar distribution. Thus, it is possible that investors may receive a small check at a later date. Keep your addresses current with the Department until the entire process is complete.
The Receiver is beginning to distribute the Dinars. Given that well over a hundred separate shipments must be made, probably close to two hundred, and the associated count and arrangements for tracking the shipments, it will take the Receiver at least a few days, and probably more, to complete all shipments.
For those investors who choose to do so, you may call the Receiver and make arrangements to travel to Boise to pick up your Dinars. Do not just show up here and ask for Dinars, call in advance and make an appointment. The Dinars are stored in a bank vault and must be retrieved and counted before they can be handed over.
The Receiver is Tim Martin, at (208) 332-8079.
The Receiver was able to sell some of Smiley's property, and has a small cash balance on hand. This will be used to pay for shipping. If there is any money left over once all costs have been paid, Judge Mitchell has ordered the receiver to pay this out to investors at the same ratio as the Dinar distribution. Thus, it is possible that investors may receive a small check at a later date. Keep your addresses current with the Department until the entire process is complete.
The Receiver is beginning to distribute the Dinars. Given that well over a hundred separate shipments must be made, probably close to two hundred, and the associated count and arrangements for tracking the shipments, it will take the Receiver at least a few days, and probably more, to complete all shipments.
For those investors who choose to do so, you may call the Receiver and make arrangements to travel to Boise to pick up your Dinars. Do not just show up here and ask for Dinars, call in advance and make an appointment. The Dinars are stored in a bank vault and must be retrieved and counted before they can be handed over.
The Receiver is Tim Martin, at (208) 332-8079.
Thursday, September 3, 2009
Receiver Report
We faxed the receiver report to the judge today. Once he signs it, the Department will begin to distribute Dinars.
The Department proposed that investors who wish to pick up their Dinars may make arrangements with the Dept. to travel to Boise to recieve their Dinars. Dinars not picked up will be mailed by registered mail to the investors. These two proposals must first be approved by the Judge before the Dept. can move ahead with this plan.
Due to logistical difficulties, the Dept. will not be converting the Dinars to dollars. The Dept. will deliver Dinars to all investors, and it is up to the individual investor to convert them into dollars.
Mr. Smiley bought his Dinars through the web site Dinartrade.com. The Dept spoke with the owner of Dinartrade.com, and he expressed that he is willing to repurchase the Dinars. This is one option to convert.
The Dept. cannot and does not vouch for Dinartrade.com, and makes no representation about the site's or the owner's reliability or honesty. The Dept. is not recommending that you use Dinartrade.com. On the other hand, the Dept is not recommending that you do not use Dinartrade.com.
Simply put, the Dept knows very little about Dinartrade.com and cannot make any recommendation, one way or the other, about the site or its owner.
The Department proposed that investors who wish to pick up their Dinars may make arrangements with the Dept. to travel to Boise to recieve their Dinars. Dinars not picked up will be mailed by registered mail to the investors. These two proposals must first be approved by the Judge before the Dept. can move ahead with this plan.
Due to logistical difficulties, the Dept. will not be converting the Dinars to dollars. The Dept. will deliver Dinars to all investors, and it is up to the individual investor to convert them into dollars.
Mr. Smiley bought his Dinars through the web site Dinartrade.com. The Dept spoke with the owner of Dinartrade.com, and he expressed that he is willing to repurchase the Dinars. This is one option to convert.
The Dept. cannot and does not vouch for Dinartrade.com, and makes no representation about the site's or the owner's reliability or honesty. The Dept. is not recommending that you use Dinartrade.com. On the other hand, the Dept is not recommending that you do not use Dinartrade.com.
Simply put, the Dept knows very little about Dinartrade.com and cannot make any recommendation, one way or the other, about the site or its owner.
Wednesday, July 29, 2009
Dinar distribution
The Receiver has been contacting investors in order to verify their claims for part of the recovery. He has imposed a deadline for response of August 7, 2009.
Thereafter, he will determine what has been claimed and prepare a Receiver's report for Judge Mitchell. We will also provide a proposed order for the judge, approving the plan for distribution. After the judge signs the order, or a revised order is he desires changes, the Receiver can begin distribution of the Dinars.
The Receiver is also exploring the feasibility of converting the Dinars back to dollars, and distributing dollars to investors who choose that option. A consideration for the Receiver is that dumping many Dinars into the market all at once may depress the price and lower their value. Whether this will occur has not yet been determined. However, if this is a risk, the Receiver may have to control the release rate in order not to artificially lower the value of the Dinars.
Thereafter, he will determine what has been claimed and prepare a Receiver's report for Judge Mitchell. We will also provide a proposed order for the judge, approving the plan for distribution. After the judge signs the order, or a revised order is he desires changes, the Receiver can begin distribution of the Dinars.
The Receiver is also exploring the feasibility of converting the Dinars back to dollars, and distributing dollars to investors who choose that option. A consideration for the Receiver is that dumping many Dinars into the market all at once may depress the price and lower their value. Whether this will occur has not yet been determined. However, if this is a risk, the Receiver may have to control the release rate in order not to artificially lower the value of the Dinars.
Wednesday, July 1, 2009
Smiley released
At the hearing regarding Mr. Smiley's continuing incarceration, Judge Mitchell ruled that Mr. Smiley will be released from jail at 10:00 AM on Thursday, 2 July 2009.
Tuesday, June 30, 2009
Status 30 June 2009
All the Dinars were recovered. The Department finished counting the Dinars, and arrived at essentially the same total. The Dinars were examined by the Secret Service again, and, again were confirmed to have all the anti-counterfeiting measures expected in currency.
The Dinars have been packaged, sealed and are stored in a bank vault.
Proof of Claim. The Department is going through the process of confirming how much each investor invested with Jack Smiley. The Department cannot simply accept a person's unsupported claim, and will require some proof or evidence of the amount actually invested.
Send documentation of your investment to the Department. Smiley's record keeping was inaccurate and unclear, and in many cases it is difficult to tell how much the investor actually gave to Smiley. The Joint Venture agreements alone probably cannot support a claim, for various reasons. The best evidence will be cancelled checks, or wire transfer receipts. Bank statements or records that show withdrawals of money in amounts and on dates that coincide with the Joint Venture Agreements are also helpful. Although many investors have already provided this documentation, the verification process make take a few weeks. The Department is preparing to notify investors who need to provide more documentation.
You can fax your material (208) 332-8016.
The process. Once the Department is satisfied that investors have verified their claims, it can determine how the Dinars will be distributed. That is, if 80% of the money was recovered, for example, investors will get 80% of their investment. The Department must provide the Judge with an accounting showing how it plans to distribute the Dinars, and cannot distribute them until the Judge signs off on the plan. The judge will oversee the entire distribution process.
The Department's interest. Some investors appear to believe Smiley's absurd claim that the State will keep some of the Dinars. The Department is not legally entitled to keep any of the money. The Department is entitled to be paid the penalty Smiley was ordered to pay, but the Department is not going to take the penalty from the Dinars unless all investors recover 100% of their investment and some surplus exists. This does not seem likely. Again, remember that the Judge will be overseeing the distribution.
Jack Smiley's status. A telephonic status conference has been set for Tuesday, 30 June 2009 with Judge Mitchell regarding Smiley's ongoing incarceration. Now that the Dinars have been recovered, ongoing incarceration cannot have a coercive effect, and civil contempt is over. It is likely that Smiley will be released from jail very soon.
The Dinars have been packaged, sealed and are stored in a bank vault.
Proof of Claim. The Department is going through the process of confirming how much each investor invested with Jack Smiley. The Department cannot simply accept a person's unsupported claim, and will require some proof or evidence of the amount actually invested.
Send documentation of your investment to the Department. Smiley's record keeping was inaccurate and unclear, and in many cases it is difficult to tell how much the investor actually gave to Smiley. The Joint Venture agreements alone probably cannot support a claim, for various reasons. The best evidence will be cancelled checks, or wire transfer receipts. Bank statements or records that show withdrawals of money in amounts and on dates that coincide with the Joint Venture Agreements are also helpful. Although many investors have already provided this documentation, the verification process make take a few weeks. The Department is preparing to notify investors who need to provide more documentation.
You can fax your material (208) 332-8016.
The process. Once the Department is satisfied that investors have verified their claims, it can determine how the Dinars will be distributed. That is, if 80% of the money was recovered, for example, investors will get 80% of their investment. The Department must provide the Judge with an accounting showing how it plans to distribute the Dinars, and cannot distribute them until the Judge signs off on the plan. The judge will oversee the entire distribution process.
The Department's interest. Some investors appear to believe Smiley's absurd claim that the State will keep some of the Dinars. The Department is not legally entitled to keep any of the money. The Department is entitled to be paid the penalty Smiley was ordered to pay, but the Department is not going to take the penalty from the Dinars unless all investors recover 100% of their investment and some surplus exists. This does not seem likely. Again, remember that the Judge will be overseeing the distribution.
Jack Smiley's status. A telephonic status conference has been set for Tuesday, 30 June 2009 with Judge Mitchell regarding Smiley's ongoing incarceration. Now that the Dinars have been recovered, ongoing incarceration cannot have a coercive effect, and civil contempt is over. It is likely that Smiley will be released from jail very soon.
Sunday, June 21, 2009
Dinars recovered
The Department of Finance has recovered most if not all of the missing Dinars. The Department will count them and do an accounting to determine how many were recovered, and will begin the process of making restitution to investors.
The Department will initially determine the appropriate ratio of distribution. That is, depending on how many Dinars are actually present, a given investor might get 50 cents on the dollar, or 90 cents, or whatever. Once the ratio is determined, investors who choose to receive Dinars will get their Dinars. The remaining Dinars will be converted to cash, if that is possible, and the money will be distributed in the same ratio.
This process will be overseen and approved by Judge Mitchell, and may take some weeks to accomplish.
This blog will be updated as new information is available.
The Department will initially determine the appropriate ratio of distribution. That is, depending on how many Dinars are actually present, a given investor might get 50 cents on the dollar, or 90 cents, or whatever. Once the ratio is determined, investors who choose to receive Dinars will get their Dinars. The remaining Dinars will be converted to cash, if that is possible, and the money will be distributed in the same ratio.
This process will be overseen and approved by Judge Mitchell, and may take some weeks to accomplish.
This blog will be updated as new information is available.
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