Idaho seizes Iraqi dinars from investment scheme

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by Associated Press

KTVB.COM

Posted on August 15, 2009 at 4:35 PM

Updated Tuesday, Oct 13 at 4:52 PM

COEUR D'ALENE -- The state of Idaho has seized about $1 million worth of Iraqi dinars used in an investment scheme.

Coeur d'Alene resident Jack Lee Smiley was found guilty of securities fraud last year and ordered to pay $1.2 million in restitution to investors he misled in a scheme to invest in Iraqi currency. But Smiley was jailed in October for refusing to comply with a court order to turn over the dinars.

Jim Burns, investigations chief with the Department of Finance Securities Bureau, wouldn't say how or where the 1.2 billion dinars were recovered. The dinars, worth less than a penny each, will be used to pay restitution.

Smiley is expected to be released from jail on Thursday now that the dinars are in the state's possession.

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